EQUITY RESIDENTIAL, 8-K filed on 6/13/2012
Current report filing
Document and Entity Information (USD $)
12 Months Ended
Dec. 31, 2011
Feb. 17, 2012
Jun. 30, 2011
Entity Registrant Name
EQUITY RESIDENTIAL 
 
 
Entity Central Index Key
0000906107 
 
 
Document Type
8-K 
 
 
Document Period End Date
Dec. 31, 2011 
 
 
Amendment Flag
false 
 
 
Document Fiscal Year Focus
2011 
 
 
Document Fiscal Period Focus
FY 
 
 
Current Fiscal Year End Date
--12-31 
 
 
Entity Well-known Seasoned Issuer
Yes 
 
 
Entity Voluntary Filers
No 
 
 
Entity Current Reporting Status
Yes 
 
 
Entity Filer Category
Large Accelerated Filer 
 
 
Entity Public Float
 
 
$ 17,400,000,000 
Entity Common Stock, Shares Outstanding
 
300,240,671 
 
Partnership Interest [Member]
 
 
 
Entity Registrant Name
ERP OPERATING LIMITED PARTNERSHIP 
 
 
Entity Central Index Key
0000931182 
 
 
Document Type
8-K 
 
 
Document Period End Date
Dec. 31, 2011 
 
 
Amendment Flag
false 
 
 
Document Fiscal Year Focus
2011 
 
 
Document Fiscal Period Focus
FY 
 
 
Current Fiscal Year End Date
--12-31 
 
 
Entity Well-known Seasoned Issuer
Yes 
 
 
Entity Voluntary Filers
No 
 
 
Entity Current Reporting Status
Yes 
 
 
Entity Filer Category
Non-accelerated Filer 
 
 
CONSOLIDATED BALANCE SHEETS (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
Investment in real estate
 
 
Land
$ 4,367,816 
$ 4,110,275 
Depreciable property
15,554,740 
15,226,512 
Projects under development
160,190 
130,337 
Land held for development
325,200 
235,247 
Investment in real estate
20,407,946 
19,702,371 
Accumulated depreciation
(4,539,583)
(4,337,357)
Investment in real estate, net
15,868,363 
15,365,014 
Cash and cash equivalents
383,921 
431,408 
Investments in unconsolidated entities
12,327 
3,167 
Deposits - restricted
152,237 
180,987 
Escrow deposits - mortgage
10,692 
12,593 
Deferred financing costs, net
44,608 
42,033 
Other assets
187,155 
148,992 
Total assets
16,659,303 
16,184,194 
Liabilities:
 
 
Total Debt
4,111,487 
4,762,896 
Notes, net
5,609,574 
5,185,180 
Lines of credit
0 
0 
Accounts payable and accrued expenses
35,206 
39,452 
Accrued interest payable
88,121 
98,631 
Other liabilities
291,289 
304,202 
Security deposits
65,286 
60,812 
Distributions payable
179,079 
140,905 
Total liabilities
10,380,042 
10,592,078 
Commitments and contingencies
   
   
Redeemable Noncontrolling Interests - Operating Partnership
416,404 
383,540 
Shareholders' equity:
 
 
Preferred Shares of beneficial interest, 0.01 par value; 100,000,000 shares authorized; 1,600,000 shares issued and outstanding as of December 31, 2011 and December 31, 2010
200,000 
200,000 
Common Shares of beneficial interest, $0.01 par value; 1,000,000,000 shares authorized; 297,508,185 shares issued and outstanding as of December 31, 2011 and 290,197,242 shares issued and outstanding as of December 31, 2010
2,975 
2,902 
Paid in capital
5,047,186 
4,741,521 
Retained earnings
615,572 
203,581 
Accumulated other comprehensive (loss) income
(196,718)
(57,818)
Total shareholders' equity
5,669,015 
5,090,186 
Noncontrolling Interests:
 
 
Operating Partnership
119,536 
110,399 
Partially Owned Properties
74,306 
7,991 
Total Noncontrolling Interests
193,842 
118,390 
Total equity
5,862,857 
5,208,576 
Total liabilities and equity
$ 16,659,303 
$ 16,184,194 
CONSOLIDATED BALANCE SHEETS OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) (USD $)
Dec. 31, 2011
Dec. 31, 2010
Investment in real estate
 
 
Land
$ 4,367,816,000 
$ 4,110,275,000 
Depreciable property
15,554,740,000 
15,226,512,000 
Projects under development
160,190,000 
130,337,000 
Land held for development
325,200,000 
235,247,000 
Investment in real estate
20,407,946,000 
19,702,371,000 
Accumulated depreciation
(4,539,583,000)
(4,337,357,000)
Investment in real estate, net
15,868,363,000 
15,365,014,000 
Cash and cash equivalents
383,921,000 
431,408,000 
Investments in unconsolidated entities
12,327,000 
3,167,000 
Deposits - restricted
152,237,000 
180,987,000 
Escrow deposits - mortgage
10,692,000 
12,593,000 
Deferred financing costs, net
44,608,000 
42,033,000 
Other assets
187,155,000 
148,992,000 
Total assets
16,659,303,000 
16,184,194,000 
Liabilities:
 
 
Mortgage notes payable
4,111,487,000 
4,762,896,000 
Notes, net
5,609,574,000 
5,185,180,000 
Lines of credit
0 
0 
Accounts payable and accrued expenses
35,206,000 
39,452,000 
Accrued interest payable
88,121,000 
98,631,000 
Other liabilities
291,289,000 
304,202,000 
Security deposits
65,286,000 
60,812,000 
Distributions payable
179,079,000 
140,905,000 
Total liabilities
10,380,042,000 
10,592,078,000 
Commitments and contingencies
   
   
Partners' Capital:
 
 
Accumulated other comprehensive (loss)
(196,718,000)
(57,818,000)
Noncontrolling Interests - Partially Owned Properties
74,306,000 
7,991,000 
Total liabilities and equity
16,659,303,000 
16,184,194,000 
OPERATING PARTNERSHIP
 
 
Investment in real estate
 
 
Land
4,367,816,000 
4,110,275,000 
Depreciable property
15,554,740,000 
15,226,512,000 
Projects under development
160,190,000 
130,337,000 
Land held for development
325,200,000 
235,247,000 
Investment in real estate
20,407,946,000 
19,702,371,000 
Accumulated depreciation
(4,539,583,000)
(4,337,357,000)
Investment in real estate, net
15,868,363,000 
15,365,014,000 
Cash and cash equivalents
383,921,000 
431,408,000 
Investments in unconsolidated entities
12,327,000 
3,167,000 
Deposits - restricted
152,237,000 
180,987,000 
Escrow deposits - mortgage
10,692,000 
12,593,000 
Deferred financing costs, net
44,608,000 
42,033,000 
Other assets
187,155,000 
148,992,000 
Total assets
16,659,303,000 
16,184,194,000 
Liabilities:
 
 
Mortgage notes payable
4,111,487,000 
4,762,896,000 
Notes, net
5,609,574,000 
5,185,180,000 
Lines of credit
0 
0 
Accounts payable and accrued expenses
35,206,000 
39,452,000 
Accrued interest payable
88,121,000 
98,631,000 
Other liabilities
291,289,000 
304,202,000 
Security deposits
65,286,000 
60,812,000 
Distributions payable
179,079,000 
140,905,000 
Total liabilities
10,380,042,000 
10,592,078,000 
Redeemable Limited Partners
416,404,000 
383,540,000 
Partners' Capital:
 
 
Preference Units
200,000,000 
200,000,000 
General Partner
5,665,733,000 
4,948,004,000 
Limited Partners
119,536,000 
110,399,000 
Accumulated other comprehensive (loss)
(196,718,000)
(57,818,000)
Total partners' capital
5,788,551,000 
5,200,585,000 
Noncontrolling Interests - Partially Owned Properties
74,306,000 
7,991,000 
Total capital
5,862,857,000 
5,208,576,000 
Total liabilities and equity
$ 16,659,303,000 
$ 16,184,194,000 
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)
Dec. 31, 2011
Dec. 31, 2010
Shareholders' equity:
 
 
Preferred Shares of beneficial interest, par value
$ 0.01 
$ 0.01 
Preferred Shares of beneficial interest, shares authorized
100,000,000 
100,000,000 
Preferred Shares of beneficial interest, shares issued
1,600,000 
1,600,000 
Preferred Shares of beneficial interest, shares outstanding
1,600,000 
1,600,000 
Common Shares of beneficial interest, par value
$ 0.01 
$ 0.01 
Common Shares of beneficial interest, shares authorized
1,000,000,000 
1,000,000,000 
Common Shares of beneficial interest, shares issued
297,508,185 
290,197,242 
Common Shares of beneficial interest, shares outstanding
297,508,185 
290,197,242 
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
In Thousands, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
REVENUES
 
 
 
Rental income
$ 1,960,243 
$ 1,744,768 
$ 1,610,469 
Fee and asset management
9,026 
9,476 
10,346 
Total revenues
1,969,269 
1,754,244 
1,620,815 
EXPENSES
 
 
 
Property and maintenance
412,233 
397,573 
365,448 
Real estate taxes and insurance
219,743 
209,023 
187,895 
Property management
82,133 
80,087 
71,300 
Fee and asset management
4,279 
4,998 
7,345 
Depreciation
642,415 
608,612 
514,200 
General and administrative
43,606 
39,881 
38,985 
Impairment
0 
45,380 
11,124 
Total expenses
1,404,409 
1,385,554 
1,196,297 
Operating income
564,860 
368,690 
424,518 
Interest and other income
7,977 
5,166 
16,578 
Other expenses
(14,557)
(11,928)
(6,477)
Interest:
 
 
 
Expense incurred, net
(468,320)
(465,792)
(490,670)
Amortization of deferred financing costs
(17,006)
(10,114)
(12,327)
Income (loss) before income and other taxes, (loss) from investments in unconsolidated entities, net gain (loss) on sales of unconsolidated entities and land parcels and discontinued operations
72,954 
(113,978)
(68,378)
Income and other tax (expense) benefit
(728)
(292)
(2,716)
(Loss) from investments in unconsolidated entities
0 
(735)
(2,815)
Net gain on sales of unconsolidated entities
0 
28,101 
10,689 
Net (loss) gain on sales of land parcels
4,217 
(1,395)
0 
(Loss) income from continuing operations
76,443 
(88,299)
(63,220)
Discontinued operations, net
858,754 
384,282 
445,249 
Net income
935,197 
295,983 
382,029 
Net (income) loss attributable to Noncontrolling Interests:
 
 
 
Operating Partnership
(40,780)
(13,099)
(20,305)
Preference Interests and Units
0 
0 
(9)
Partially Owned Properties
(832)
726 
558 
Net income attributable to controlling interests
893,585 
283,610 
362,273 
Preferred distributions
(13,865)
(14,368)
(14,479)
Net income available to Common Shares
$ 879,720 
$ 269,242 
$ 347,794 
Earnings per share - basic:
 
 
 
(Loss) from continuing operations available to Common Shares
$ 0.200 
$ (0.344)
$ (0.266)
Net income available to Common Shares
$ 2.984 
$ 0.952 
$ 1.271 
Weighted average Common Shares outstanding
294,856 
282,888 
273,609 
Earnings per share - diluted:
 
 
 
(Loss) from continuing operations available to Common Shares
$ 0.198 
$ (0.344)
$ (0.266)
Net income available to Common Shares
$ 2.950 
$ 0.952 
$ 1.271 
Weighted average Common Shares outstanding
312,065 
282,888 
273,609 
CONSOLIDATED STATEMENTS OF OPERATIONS OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) (USD $)
Share data in Thousands, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
REVENUES
 
 
 
Rental income
$ 1,960,243,000 
$ 1,744,768,000 
$ 1,610,469,000 
Fee and asset management
9,026,000 
9,476,000 
10,346,000 
Total revenues
1,969,269,000 
1,754,244,000 
1,620,815,000 
EXPENSES
 
 
 
Property and maintenance
412,233,000 
397,573,000 
365,448,000 
Real estate taxes and insurance
219,743,000 
209,023,000 
187,895,000 
Property management
82,133,000 
80,087,000 
71,300,000 
Fee and asset management
4,279,000 
4,998,000 
7,345,000 
Depreciation
642,415,000 
608,612,000 
514,200,000 
General and administrative
43,606,000 
39,881,000 
38,985,000 
Impairment
0 
45,380,000 
11,124,000 
Total expenses
1,404,409,000 
1,385,554,000 
1,196,297,000 
Operating income
564,860,000 
368,690,000 
424,518,000 
Interest and other income
7,977,000 
5,166,000 
16,578,000 
Other expenses
(14,557,000)
(11,928,000)
(6,477,000)
Interest:
 
 
 
Expense incurred, net
(468,320,000)
(465,792,000)
(490,670,000)
Amortization of deferred financing costs
(17,006,000)
(10,114,000)
(12,327,000)
Income (loss) before income and other taxes, (loss) from investments in unconsolidated entities, net gain (loss) on sales of unconsolidated entities and land parcels and discontinued operations
72,954,000 
(113,978,000)
(68,378,000)
Income and other tax (expense) benefit
(728,000)
(292,000)
(2,716,000)
(Loss) from investments in unconsolidated entities
0 
(735,000)
(2,815,000)
Net gain on sales of unconsolidated entities
0 
28,101,000 
10,689,000 
Net gain (loss) on sales of land parcels
4,217,000 
(1,395,000)
0 
(Loss) income from continuing operations
76,443,000 
(88,299,000)
(63,220,000)
Discontinued operations, net
858,754,000 
384,282,000 
445,249,000 
Net income
935,197,000 
295,983,000 
382,029,000 
Net (income) attributable to Noncontrolling Interests - Partially Owned Properties
(832,000)
726,000 
558,000 
Net income attributable to controlling interests
893,585,000 
283,610,000 
362,273,000 
ALLOCATION OF NET INCOME:
 
 
 
Preference Interests and Junior Preference Units
0 
0 
9,000 
Earnings per Unit - basic:
 
 
 
Weighted average Units outstanding
308,062 
296,527 
289,167 
Earnings per Unit - diluted:
 
 
 
Weighted average Units outstanding
312,065 
296,527 
289,167 
OPERATING PARTNERSHIP
 
 
 
REVENUES
 
 
 
Rental income
1,960,243,000 
1,744,768,000 
1,610,469,000 
Fee and asset management
9,026,000 
9,476,000 
10,346,000 
Total revenues
1,969,269,000 
1,754,244,000 
1,620,815,000 
EXPENSES
 
 
 
Property and maintenance
412,233,000 
397,573,000 
365,448,000 
Real estate taxes and insurance
219,743,000 
209,023,000 
187,895,000 
Property management
82,133,000 
80,087,000 
71,300,000 
Fee and asset management
4,279,000 
4,998,000 
7,345,000 
Depreciation
642,415,000 
608,612,000 
514,200,000 
General and administrative
43,606,000 
39,881,000 
38,985,000 
Impairment
0 
45,380,000 
11,124,000 
Total expenses
1,404,409,000 
1,385,554,000 
1,196,297,000 
Operating income
564,860,000 
368,690,000 
424,518,000 
Interest and other income
7,977,000 
5,166,000 
16,578,000 
Other expenses
(14,557,000)
(11,928,000)
(6,477,000)
Interest:
 
 
 
Expense incurred, net
(468,320,000)
(465,792,000)
(490,670,000)
Amortization of deferred financing costs
(17,006,000)
(10,114,000)
(12,327,000)
Income (loss) before income and other taxes, (loss) from investments in unconsolidated entities, net gain (loss) on sales of unconsolidated entities and land parcels and discontinued operations
72,954,000 
(113,978,000)
(68,378,000)
Income and other tax (expense) benefit
(728,000)
(292,000)
(2,716,000)
(Loss) from investments in unconsolidated entities
0 
(735,000)
(2,815,000)
Net gain on sales of unconsolidated entities
0 
28,101,000 
10,689,000 
Net gain (loss) on sales of land parcels
4,217,000 
(1,395,000)
0 
(Loss) income from continuing operations
76,443,000 
(88,299,000)
(63,220,000)
Discontinued operations, net
858,754,000 
384,282,000 
445,249,000 
Net income
935,197,000 
295,983,000 
382,029,000 
Net (income) attributable to Noncontrolling Interests - Partially Owned Properties
(832,000)
726,000 
558,000 
Net income attributable to controlling interests
934,365,000 
296,709,000 
382,587,000 
ALLOCATION OF NET INCOME:
 
 
 
Preference Units
13,865,000 
14,368,000 
14,479,000 
Preference Interests and Junior Preference Units
0 
0 
9,000 
General Partner
879,720,000 
269,242,000 
347,794,000 
Limited Partners
40,780,000 
13,099,000 
20,305,000 
Net income available to Units
$ 920,500,000 
$ 282,341,000 
$ 368,099,000 
Earnings per Unit - basic:
 
 
 
Income (loss) from continuing operations available to Units
$ 0.200 
$ (0.344)
$ (0.266)
Net income available to Units
$ 2.984 
$ 0.952 
$ 1.271 
Weighted average Units outstanding
308,062 
296,527 
289,167 
Earnings per Unit - diluted:
 
 
 
Income (loss) from continuing operations available to Units
$ 0.198 
$ (0.344)
$ (0.266)
Net income available to Units
$ 2.950 
$ 0.952 
$ 1.271 
Weighted average Units outstanding
312,065 
296,527 
289,167 
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Net income
$ 935,197 
$ 295,983 
$ 382,029 
Other comprehensive (loss) income - derivative instruments:
 
 
 
Unrealized holding gains (losses) arising during the year
(143,598)
(65,894)
37,676 
Losses reclassified into earnings from other comprehensive income
4,343 
3,338 
3,724 
Other
0 
0 
(449)
Other comprehensive income (loss) - other instruments:
 
 
 
Unrealized holding gains arising during the year
355 
57 
3,574 
(Gains) realized during the year
0 
0 
(4,943)
Other comprehensive (loss) income
(138,900)
(62,499)
40,480 
Comprehensive income
796,297 
233,484 
422,509 
Comprehensive (income) attributable to Noncontrolling Interests
(41,612)
(12,373)
(19,756)
Comprehensive income attributable to controlling interests
$ 754,685 
$ 221,111 
$ 402,753 
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Comprehensive income:
 
 
 
Net income
$ 935,197 
$ 295,983 
$ 382,029 
Other comprehensive (loss) income - derivative instruments:
 
 
 
Unrealized holding gains (losses) arising during the year
(143,598)
(65,894)
37,676 
Accumulated other comprehensive income
4,343 
3,338 
3,724 
Other
0 
0 
449 
Other comprehensive income (loss) - other instruments:
 
 
 
Unrealized holding gains (losses) arising during the period
(355)
(57)
(3,574)
(Gains) realized during the year
0 
0 
(4,943)
Other comprehensive (loss)
(138,900)
(62,499)
40,480 
Comprehensive income
796,297 
233,484 
422,509 
Comprehensive (income) loss attributable to Noncontrolling Interests - Partially Owned Properties
(832)
726 
558 
Comprehensive income attributable to controlling interests
754,685 
221,111 
402,753 
OPERATING PARTNERSHIP
 
 
 
Comprehensive income:
 
 
 
Net income
935,197 
295,983 
382,029 
Other comprehensive (loss) income - derivative instruments:
 
 
 
Unrealized holding gains (losses) arising during the year
(143,598)
(65,894)
37,676 
Accumulated other comprehensive income
(4,343)
(3,338)
(3,724)
Other comprehensive income (loss) - other instruments:
 
 
 
Comprehensive income attributable to controlling interests
$ 795,465 
$ 234,210 
$ 423,067 
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
Net income
$ 935,197 
$ 295,983 
$ 382,029 
Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation
663,616 
673,403 
600,375 
Amortization of deferred financing costs
17,846 
10,406 
13,127 
Amortization of discounts on investment securities
0 
0 
(1,661)
Amortization of discounts and premiums on debt
(1,478)
(471)
5,857 
Amortization of deferred settlements on derivative instruments
3,808 
2,804 
2,228 
Impairment
0 
45,380 
11,124 
Write-off of pursuit costs
5,075 
5,272 
4,838 
Income from technology investments
(4,537)
0 
0 
Loss from investments in unconsolidated entities
0 
735 
2,815 
Distributions from unconsolidated entities - return on capital
319 
61 
153 
Net (gain) on sales of investment securities
0 
0 
(4,943)
Net (gain) on sales of unconsolidated entities
0 
(28,101)
(10,689)
Net (gain) loss on sales of land parcels
(4,217)
1,395 
0 
Net (gain) on sales of discontinued operations
(826,489)
(297,956)
(335,299)
(Loss) on debt extinguishments
0 
2,457 
17,525 
Unrealized loss (gain) on derivative instruments
186 
1 
(3)
Compensation paid with Company Common Shares
21,177 
18,875 
17,843 
Changes in assets and liabilities:
 
 
 
Decrease in deposits - restricted
4,523 
3,316 
3,117 
(Increase) decrease in other assets
(2,743)
(9,048)
11,768 
Increase (decrease) in accounts payable and accrued expenses
332 
(5,454)
(34,524)
(Decrease) in accrued interest payable
(10,510)
(4,000)
(11,997)
(Decrease) increase in other liabilities
(8,245)
9,972 
2,220 
Increase (decrease) in security deposits
4,474 
1,007 
(5,091)
Net cash provided by operating activities
798,334 
726,037 
670,812 
CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
Investment in real estate - acquisitions
(1,441,599)
(1,189,210)
(175,531)
Investment in real estate - development/other
(120,741)
(131,301)
(330,623)
Improvements to real estate
(144,452)
(138,208)
(123,937)
Additions to non-real estate property
(7,110)
(2,991)
(2,028)
Interest capitalized for real estate under development
9,108 
13,008 
34,859 
Proceeds from disposition of real estate, net
1,500,583 
672,700 
887,055 
Investments in unconsolidated entities
(2,021)
0 
0 
Distributions from unconsolidated entities – return of capital
0 
26,924 
6,521 
Purchase of investment securities
0 
0 
(77,822)
Proceeds from sale of investment securities
0 
25,000 
215,753 
Proceeds from technology investments
4,537 
0 
0 
Decrease (increase) in deposits on real estate acquisitions and investments, net
7,631 
137,106 
(250,257)
Decrease in mortgage deposits
1,901 
4,699 
2,437 
Consolidation of previously unconsolidated properties
0 
(26,854)
0 
Deconsolidation of previously consolidated properties
28,360 
11,708 
0 
Acquisition of Noncontrolling Interests - Partially Owned Properties
(12,809)
(16,023)
(11,480)
Net cash (used for) provided by investing activities
(194,828)
(639,458)
105,229 
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
Loan and bond acquisition costs
(20,421)
(8,811)
(9,291)
Mortgage notes payable:
 
 
 
Proceeds
190,905 
173,561 
738,798 
Restricted cash
16,596 
73,232 
46,664 
Lump sum payoffs
(974,956)
(635,285)
(939,022)
Scheduled principal repayments
(16,726)
(16,769)
(17,763)
(Loss) gain on debt extinguishments
0 
(2,457)
2,400 
Notes, net:
 
 
 
Proceeds
996,190 
595,422 
0 
Lump sum payoffs
(575,641)
0 
(850,115)
(Loss) gain on debt extinguishments
0 
0 
(19,925)
Lines of credit:
 
 
 
Proceeds
1,455,000 
5,513,125 
0 
Repayments
(1,455,000)
(5,513,125)
0 
(Payments on) proceeds from settlement of derivative instruments
(147,306)
(10,040)
11,253 
Proceeds from sale of Common Shares
173,484 
329,452 
86,184 
Proceeds from Employee Share Purchase Plan (ESPP)
5,262 
5,112 
5,292 
Proceeds from exercise of options
95,322 
71,596 
9,136 
Common Shares repurchased and retired
0 
(1,887)
(1,124)
Redemption of Preferred Shares
0 
(877)
0 
Payment of offering costs
(3,596)
(4,657)
(2,536)
Other financing activities, net
(48)
(48)
(16)
Contributions - Noncontrolling Interests - Partially Owned Properties
75,911 
222 
893 
Contributions - Noncontrolling Interests - Operating Partnership
0 
0 
78 
Distributions:
 
 
 
Common Shares
(432,023)
(379,969)
(488,604)
Preferred Shares
(12,829)
(14,471)
(14,479)
Preference Interests and Units
0 
0 
(12)
Noncontrolling Interests – Operating Partnership
(20,002)
(18,867)
(28,935)
Noncontrolling Interests - Partially Owned Properties
(1,115)
(2,918)
(2,423)
Net cash (used for) provided by financing activities
(650,993)
151,541 
(1,473,547)
Net (decrease) increase in cash and cash equivalents
(47,487)
238,120 
(697,506)
Cash and cash equivalents, beginning of year
431,408 
193,288 
890,794 
Cash and cash equivalents, end of year
383,921 
431,408 
193,288 
SUPPLEMENTAL INFORMATION:
 
 
 
Cash paid for interest, net of amounts capitalized
477,434 
475,374 
508,847 
Net cash (received) paid for income and other taxes
645 
(2,740)
3,968 
Real estate acquisitions/dispositions/other:
 
 
 
Mortgage loans assumed
158,240 
359,082 
0 
Valuation of OP Units issued
0 
8,245 
1,034 
Mortgage loans (assumed) by purchaser
0 
(39,999)
(17,313)
Amortization of deferred financing costs:
 
 
 
Investment in real estate, net
0 
(2,768)
(3,585)
Deferred financing costs, net
17,846 
13,174 
16,712 
Amortization of discounts and premiums on debt:
 
 
 
Investment in real estate, net
0 
0 
(3)
Mortgage notes payable
(8,260)
(9,208)
(6,097)
Notes, net
6,782 
8,737 
11,957 
Amortization of deferred settlements on derivative instruments:
 
 
 
Other liabilities
(535)
(534)
(1,496)
Losses reclassified into earnings from other comprehensive income
4,343 
3,338 
3,724 
Unrealized loss (gain) on derivative instruments:
 
 
 
Other assets
6,826 
13,019 
(33,261)
Mortgage notes payable
(612)
(163)
(1,887)
Notes, net
(2,937)
7,497 
719 
Other liabilities
140,507 
45,542 
(3,250)
Accumulated other comprehensive (loss) income
(143,598)
(65,894)
37,676 
Interest capitalized for real estate and unconsolidated entities under development:
 
 
 
Investment in real estate, net
(8,785)
(13,008)
(34,859)
Investment in unconsolidated entities
(323)
0 
0 
Consolidation of previously unconsolidated properties:
 
 
 
Investment in real estate, net
0 
(105,065)
0 
Investments in unconsolidated entities
0 
7,376 
0 
Deposits - restricted
0 
(42,633)
0 
Mortgage notes payable
0 
112,631 
0 
Net other assets recorded
0 
837 
0 
Deconsolidation of previously consolidated properties:
 
 
 
Investments in unconsolidated entities
(7,135)
(3,167)
0 
Investment in real estate, net
35,495 
14,875 
0 
(Payments on) proceeds from settlement of derivative instruments:
 
 
 
Other assets
0 
0 
11,253 
Other liabilities
(147,306)
(10,040)
0 
Other:
 
 
 
Transfer from notes, net to mortgage notes payable
0 
35,600 
0 
Receivable on sale of Common Shares
$ 0 
$ 37,550 
$ 0 
CONSOLIDATED STATEMENTS OF CASH FLOWS OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) (USD $)
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
Net income
$ 935,197,000 
$ 295,983,000 
$ 382,029,000 
Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation
663,616,000 
673,403,000 
600,375,000 
Amortization of deferred financing costs
17,846,000 
10,406,000 
13,127,000 
Amortization of discounts on investment securities
0 
0 
(1,661,000)
Amortization of discounts and premiums on debt
(1,478,000)
(471,000)
5,857,000 
Amortization of deferred settlements on derivative instruments
3,808,000 
2,804,000 
2,228,000 
Impairment
0 
45,380,000 
11,124,000 
Write-off of pursuit costs
5,075,000 
5,272,000 
4,838,000 
Income from technology investments
(4,537,000)
0 
0 
Loss from investments in unconsolidated entities
0 
735,000 
2,815,000 
Distributions from unconsolidated entities - return on capital
319,000 
61,000 
153,000 
Net (gain) on sales of investment securities
0 
0 
(4,943,000)
Net (gain) on sales of unconsolidated entities
0 
(28,101,000)
(10,689,000)
Net (gain) loss on sales of land parcels
(4,217,000)
1,395,000 
0 
Net (gain) on sales of discontinued operations
(826,489,000)
(297,956,000)
(335,299,000)
(Loss) on debt extinguishments
0 
2,457,000 
17,525,000 
Unrealized loss (gain) on derivative instruments
186,000 
1,000 
(3,000)
Compensation paid with Company Common Shares
21,177,000 
18,875,000 
17,843,000 
Changes in assets and liabilities:
 
 
 
Decrease in deposits - restricted
4,523,000 
3,316,000 
3,117,000 
(Increase) decrease in other assets
(2,743,000)
(9,048,000)
11,768,000 
Increase (decrease) in accounts payable and accrued expenses
332,000 
(5,454,000)
(34,524,000)
(Decrease) in accrued interest payable
(10,510,000)
(4,000,000)
(11,997,000)
(Decrease) increase in other liabilities
(8,245,000)
9,972,000 
2,220,000 
Increase in security deposits
4,474,000 
1,007,000 
(5,091,000)
Net cash provided by operating activities
798,334,000 
726,037,000 
670,812,000 
CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
Investment in real estate - acquisitions
(1,441,599,000)
(1,189,210,000)
(175,531,000)
Investment in real estate - development/other
(120,741,000)
(131,301,000)
(330,623,000)
Improvements to real estate
(144,452,000)
(138,208,000)
(123,937,000)
Additions to non-real estate property
(7,110,000)
(2,991,000)
(2,028,000)
Interest capitalized for real estate and unconsolidated entities under development
(9,108,000)
(13,008,000)
(34,859,000)
Proceeds from disposition of real estate, net
1,500,583,000 
672,700,000 
887,055,000 
Investments in unconsolidated entities
(2,021,000)
0 
0 
Distributions from unconsolidated entities - return of capital
0 
26,924,000 
6,521,000 
Purchase of investment securities
0 
0 
(77,822,000)
Proceeds from sale of investment securities
0 
25,000,000 
215,753,000 
Proceeds from technology investments
(4,537,000)
0 
0 
Decrease (increase) in deposits on real estate acquisitions and investments, net
7,631,000 
137,106,000 
(250,257,000)
Decrease (increase) in mortgage deposits
1,901,000 
4,699,000 
2,437,000 
Consolidation of previously unconsolidated properties
0 
(26,854,000)
0 
Deconsolidation of previously consolidated properties
28,360,000 
11,708,000 
0 
Acquisition of Noncontrolling Interests - Partially Owned Properties
(12,809,000)
(16,023,000)
(11,480,000)
Net cash (used for) provided by investing activities
(194,828,000)
(639,458,000)
105,229,000 
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
Loan and bond acquisition costs
(20,421,000)
(8,811,000)
(9,291,000)
Mortgage notes payable:
 
 
 
Proceeds
190,905,000 
173,561,000 
738,798,000 
Restricted cash
16,596,000 
73,232,000 
46,664,000 
Scheduled principal repayments
(16,726,000)
(16,769,000)
(17,763,000)
(Loss) on debt extinguishments
0 
2,457,000 
(2,400,000)
Notes, net:
 
 
 
Proceeds
996,190,000 
595,422,000 
0 
Repayments of Notes Payable
575,641,000 
0 
850,115,000 
Gain Loss On Debt Extinguishment Notes Net
0 
0 
19,925,000 
Lines of credit:
 
 
 
Repayments
(1,455,000,000)
(5,513,125,000)
0 
(Payments on) proceeds from settlement of derivative instruments
(147,306,000)
(10,040,000)
11,253,000 
Proceeds from EQR's Employee Share Purchase Plan (ESPP)
5,262,000 
5,112,000 
5,292,000 
Proceeds from exercise of EQR options
95,322,000 
71,596,000 
9,136,000 
Payment of offering costs
(3,596,000)
(4,657,000)
(2,536,000)
Other financing activities, net
(48,000)
(48,000)
(16,000)
Contributions - Noncontrolling Interests - Partially Owned Properties
75,911,000 
222,000 
893,000 
Contributions – Limited Partners
0 
0 
78,000 
Distributions:
 
 
 
Preference Interests and Junior Preference Units
0 
0 
(12,000)
Net cash (used for) provided by financing activities
(650,993,000)
151,541,000 
(1,473,547,000)
Net (decrease) increase in cash and cash equivalents
(47,487,000)
238,120,000 
(697,506,000)
Cash and cash equivalents, beginning of year
431,408,000 
193,288,000 
890,794,000 
Cash and cash equivalents, end of year
383,921,000 
431,408,000 
193,288,000 
SUPPLEMENTAL INFORMATION:
 
 
 
Cash paid for interest, net of amounts capitalized
477,434,000 
475,374,000 
508,847,000 
Net cash paid (received) for income and other taxes
645,000 
(2,740,000)
3,968,000 
Real estate acquisitions/dispositions/other:
 
 
 
Mortgage loans assumed
158,240,000 
359,082,000 
0 
Valuation of OP Units issued
0 
8,245,000 
1,034,000 
Mortgage loans (assumed) by purchaser
0 
(39,999,000)
(17,313,000)
Amortization of deferred financing costs:
 
 
 
Investment in real estate, net
0 
(2,768,000)
(3,585,000)
Deferred financing costs, net
17,846,000 
13,174,000 
16,712,000 
Amortization of discounts and premiums on debt:
 
 
 
Investment in real estate, net
0 
0 
(3,000)
Mortgage notes payable
(8,260,000)
(9,208,000)
(6,097,000)
Notes, net
6,782,000 
8,737,000 
11,957,000 
Amortization of deferred settlements on derivative instruments:
 
 
 
Other liabilities
(535,000)
(534,000)
(1,496,000)
Accumulated other comprehensive income
4,343,000 
3,338,000 
3,724,000 
Unrealized loss (gain) on derivative instruments:
 
 
 
Other assets
6,826,000 
13,019,000 
(33,261,000)
Mortgage notes payable
(612,000)
(163,000)
(1,887,000)
Notes, net
(2,937,000)
7,497,000 
719,000 
Other liabilities
140,507,000 
45,542,000 
(3,250,000)
Accumulated other comprehensive (loss) income
(143,598,000)
(65,894,000)
37,676,000 
Interest capitalized for real estate and unconsolidated entities under development:
 
 
 
Investment in real estate, net
(8,785,000)
(13,008,000)
(34,859,000)
Investments in unconsolidated entities
(323,000)
0 
0 
Consolidation of previously unconsolidated properties:
 
 
 
Investment in real estate, net
0 
(105,065,000)
0 
Investments in unconsolidated entities
0 
7,376,000 
0 
Deposits - restricted
0 
(42,633,000)
0 
Mortgage notes payable
0 
112,631,000 
0 
Net other assets recorded
0 
837,000 
0 
Deconsolidation of previously consolidated properties:
 
 
 
Investment in real estate, net
35,495,000 
14,875,000 
0 
Investments in unconsolidated entities
(7,135,000)
(3,167,000)
0 
(Payments on) proceeds from settlement of derivative instruments:
 
 
 
Other assets
0 
0 
11,253,000 
Other liabilities
(147,306,000)
(10,040,000)
0 
Other:
 
 
 
Transfer from notes, net to mortgage notes payable
0 
35,600,000 
0 
OPERATING PARTNERSHIP
 
 
 
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
Net income
935,197,000 
295,983,000 
382,029,000 
Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation
663,616,000 
673,403,000 
600,375,000 
Amortization of deferred financing costs
17,846,000 
10,406,000 
13,127,000 
Amortization of discounts on investment securities
0 
0 
(1,661,000)
Amortization of discounts and premiums on debt
(1,478,000)
(471,000)
5,857,000 
Amortization of deferred settlements on derivative instruments
3,808,000 
2,804,000 
2,228,000 
Impairment
0 
45,380,000 
11,124,000 
Write-off of pursuit costs
5,075,000 
5,272,000 
4,838,000 
Income from technology investments
(4,537,000)
0 
0 
Loss from investments in unconsolidated entities
0 
735,000 
2,815,000 
Distributions from unconsolidated entities - return on capital
319,000 
61,000 
153,000 
Net (gain) on sales of investment securities
0 
0 
(4,943,000)
Net (gain) on sales of unconsolidated entities
0 
(28,101,000)
(10,689,000)
Net (gain) loss on sales of land parcels
(4,217,000)
1,395,000 
0 
Net (gain) on sales of discontinued operations
(826,489,000)
(297,956,000)
(335,299,000)
(Loss) on debt extinguishments
0 
2,457,000 
17,525,000 
Unrealized loss (gain) on derivative instruments
186,000 
1,000 
(3,000)
Compensation paid with Company Common Shares
21,177,000 
18,875,000 
17,843,000 
Changes in assets and liabilities:
 
 
 
Decrease in deposits - restricted
4,523,000 
3,316,000 
3,117,000 
(Increase) decrease in other assets
(2,743,000)
(9,048,000)
11,768,000 
Increase (decrease) in accounts payable and accrued expenses
332,000 
(5,454,000)
(34,524,000)
(Decrease) in accrued interest payable
(10,510,000)
(4,000,000)
(11,997,000)
(Decrease) increase in other liabilities
(8,245,000)
9,972,000 
2,220,000 
Increase in security deposits
4,474,000 
1,007,000 
(5,091,000)
Net cash provided by operating activities
798,334,000 
726,037,000 
670,812,000 
CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
Investment in real estate - acquisitions
(1,441,599,000)
(1,189,210,000)
(175,531,000)
Investment in real estate - development/other
(120,741,000)
(131,301,000)
(330,623,000)
Improvements to real estate
(144,452,000)
(138,208,000)
(123,937,000)
Additions to non-real estate property
(7,110,000)
(2,991,000)
(2,028,000)
Interest capitalized for real estate and unconsolidated entities under development
(9,108,000)
(13,008,000)
(34,859,000)
Proceeds from disposition of real estate, net
1,500,583,000 
672,700,000 
887,055,000 
Investments in unconsolidated entities
2,021,000 
0 
0 
Distributions from unconsolidated entities - return of capital
0 
26,924,000 
6,521,000 
Purchase of investment securities
0 
0 
(77,822,000)
Proceeds from sale of investment securities
0 
25,000,000 
215,753,000 
Proceeds from technology investments
4,537,000 
0 
0 
Decrease (increase) in deposits on real estate acquisitions and investments, net
7,631,000 
137,106,000 
(250,257,000)
Decrease (increase) in mortgage deposits
1,901,000 
4,699,000 
2,437,000 
Consolidation of previously unconsolidated properties
0 
(26,854,000)
0 
Deconsolidation of previously consolidated properties
28,360,000 
11,708,000 
0 
Acquisition of Noncontrolling Interests - Partially Owned Properties
(12,809,000)
(16,023,000)
(11,480,000)
Net cash (used for) provided by investing activities
(194,828,000)
(639,458,000)
105,229,000 
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
Loan and bond acquisition costs
(20,421,000)
(8,811,000)
(9,291,000)
Mortgage notes payable:
 
 
 
Proceeds
190,905,000 
173,561,000 
738,798,000 
Restricted cash
16,596,000 
73,232,000 
46,664,000 
Lump sum payoffs
(974,956,000)
(635,285,000)
(939,022,000)
Scheduled principal repayments
(16,726,000)
(16,769,000)
(17,763,000)
(Loss) on debt extinguishments
0 
2,457,000 
(2,400,000)
Notes, net:
 
 
 
Proceeds
996,190,000 
595,422,000 
0 
Repayments of Notes Payable
575,641,000 
0 
850,115,000 
Gain Loss On Debt Extinguishment Notes Net
0 
0 
(19,925,000)
Lines of credit:
 
 
 
Proceeds
1,455,000,000 
5,513,125,000 
0 
Repayments
(1,455,000,000)
(5,513,125,000)
0 
(Payments on) proceeds from settlement of derivative instruments
(147,306,000)
(10,040,000)
11,253,000 
Proceeds from sale of OP Units
173,484,000 
329,452,000 
86,184,000 
Proceeds from EQR's Employee Share Purchase Plan (ESPP)
5,262,000 
5,112,000 
5,292,000 
Proceeds from exercise of EQR options
95,322,000 
71,596,000 
9,136,000 
OP Units repurchased and retired
0 
(1,887,000)
(1,124,000)
Redemption of Preference Units
0 
(877,000)
0 
Payment of offering costs
(3,596,000)
(4,657,000)
(2,536,000)
Other financing activities, net
(48,000)
(48,000)
(16,000)
Contributions - Noncontrolling Interests - Partially Owned Properties
75,911,000 
222,000 
893,000 
Contributions – Limited Partners
0 
0 
78,000 
Distributions:
 
 
 
OP Units - General Partner
(432,023,000)
(379,969,000)
(488,604,000)
Preference Units
(12,829,000)
(14,471,000)
(14,479,000)
Preference Interests and Junior Preference Units
0 
0 
(12,000)
OP Units - Limited Partners
(20,002,000)
(18,867,000)
(28,935,000)
Noncontrolling Interests - Partially Owned Properties
(1,115,000)
(2,918,000)
(2,423,000)
Net cash (used for) provided by financing activities
(650,993,000)
151,541,000 
(1,473,547,000)
Net (decrease) increase in cash and cash equivalents
(47,487,000)
238,120,000 
(697,506,000)
Cash and cash equivalents, beginning of year
431,408,000 
193,288,000 
890,794,000 
Cash and cash equivalents, end of year
383,921,000 
431,408,000 
193,288,000 
SUPPLEMENTAL INFORMATION:
 
 
 
Cash paid for interest, net of amounts capitalized
477,434,000 
475,374,000 
508,847,000 
Net cash paid (received) for income and other taxes
645,000 
(2,740,000)
3,968,000 
Real estate acquisitions/dispositions/other:
 
 
 
Mortgage loans assumed
158,240,000 
359,082,000 
0 
Valuation of OP Units issued
0 
8,245,000 
1,034,000 
Mortgage loans (assumed) by purchaser
0 
(39,999,000)
(17,313,000)
Amortization of deferred financing costs:
 
 
 
Investment in real estate, net
0 
(2,768,000)
(3,585,000)
Deferred financing costs, net
17,846,000 
13,174,000 
16,712,000 
Amortization of discounts and premiums on debt:
 
 
 
Investment in real estate, net
0 
0 
(3,000)
Mortgage notes payable
(8,260,000)
(9,208,000)
(6,097,000)
Notes, net
6,782,000 
8,737,000 
11,957,000 
Amortization of deferred settlements on derivative instruments:
 
 
 
Other liabilities
(535,000)
(534,000)
(1,496,000)
Accumulated other comprehensive income
(4,343,000)
(3,338,000)
(3,724,000)
Unrealized loss (gain) on derivative instruments:
 
 
 
Other assets
6,826,000 
13,019,000 
(33,261,000)
Mortgage notes payable
(612,000)
(163,000)
(1,887,000)
Notes, net
(2,937,000)
7,497,000 
719,000 
Other liabilities
140,507,000 
45,542,000 
(3,250,000)
Accumulated other comprehensive (loss) income
(143,598,000)
(65,894,000)
37,676,000 
Interest capitalized for real estate and unconsolidated entities under development:
 
 
 
Investment in real estate, net
(8,785,000)
(13,008,000)
(34,859,000)
Investments in unconsolidated entities
(323,000)
0 
0 
Consolidation of previously unconsolidated properties:
 
 
 
Investment in real estate, net
0 
(105,065,000)
0 
Investments in unconsolidated entities
0 
7,376,000 
0 
Deposits - restricted
0 
(42,633,000)
0 
Mortgage notes payable
0 
112,631,000 
0 
Net other assets recorded
0 
837,000 
0 
Deconsolidation of previously consolidated properties:
 
 
 
Investment in real estate, net
35,495,000 
14,875,000 
0 
Investments in unconsolidated entities
(7,135,000)
(3,167,000)
0 
(Payments on) proceeds from settlement of derivative instruments:
 
 
 
Other assets
0 
0 
11,253,000 
Other liabilities
(147,306,000)
(10,040,000)
0 
Other:
 
 
 
Receivable on sale of OP Units
0 
37,550,000 
0 
Transfer from notes, net to mortgage notes payable
$ 0 
$ 35,600,000 
$ 0 
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (USD $)
Total
USD ($)
PREFERRED SHARES
USD ($)
Series E Preferred Stock [Member]
Series H Preferred Stock [Member]
COMMON SHARES, $0.01 PAR VALUE
USD ($)
PAID IN CAPITAL
USD ($)
RETAINED EARNINGS
USD ($)
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME
USD ($)
OPERATING PARTNERSHIP
USD ($)
PREFERENCE INTERESTS AND UNITS
USD ($)
Partially Owned Properties [Member]
USD ($)
Beginning Balance at Dec. 31, 2008
 
$ 208,786,000 
 
 
$ 2,728,000 
$ 4,273,489,000 
$ 456,152,000 
$ (35,799,000)
$ 137,645,000 
$ 184,000 
$ 25,520,000 
Stock Redeemed or Called During Period, Value
 
0 
 
 
 
 
 
 
 
 
 
Conversion of 7.00% Series E Cumulative Convertible
 
(13,000)
 
 
 
 
 
 
 
 
 
Conversion of 7.00% Series H Cumulative Convertible
 
0 
 
 
 
 
 
 
 
 
 
Preferred Stock Preference Units Dividend Rate Percentage
 
 
7.00% 
7.00% 
 
 
 
 
 
 
 
Common Share Issuance:
 
 
 
 
 
 
 
 
 
 
 
Conversion of Preferred Shares into Common Shares
 
 
 
 
0 
13,000 
 
 
 
 
 
Conversion of OP Units into Common Shares
 
 
 
 
27,000 
48,776,000 
 
 
(48,803,000)
 
 
Issuance of Common Shares
123,700,000 
 
 
 
35,000 
123,699,000 
 
 
 
 
 
Exercise of share options
 
 
 
 
4,000 
9,132,000 
 
 
 
 
 
Employee Share Purchase Plan (ESPP)
 
 
 
 
3,000 
5,289,000 
 
 
 
 
 
Conversion of restricted shares to LTIP Units
 
 
 
 
0 
0 
 
 
0 
 
 
Share-based employee compensation expense:
 
 
 
 
 
 
 
 
 
 
 
Adjustments, Share-based Compensation, Requisite Service Period Recognition
 
 
 
 
3,000 
 
 
 
 
 
 
Compensation Expense Related Performance Shares
 
 
 
 
 
179,000 
 
 
 
 
 
Restricted shares
 
 
 
 
 
11,129,000 
 
 
 
 
 
Share options
 
 
 
 
 
5,996,000 
 
 
 
 
 
ESPP discount
 
 
 
 
 
1,303,000 
 
 
 
 
 
Common Shares repurchased and retired
 
 
 
 
 
(1,124,000)
 
 
 
 
 
Offering costs
 
 
 
 
 
(2,536,000)
 
 
 
 
 
Supplemental Executive Retirement Plan (SERP)
 
 
 
 
 
27,809,000 
 
 
 
 
 
Acquisition of Noncontrolling Interests - Partially Owned Properties
 
 
 
 
 
(1,496,000)
 
 
 
 
(11,705,000)
Change in market value
14,544,000 
 
 
 
 
(14,544,000)
 
 
 
 
 
Adjustment for Noncontrolling Interests ownership in Operating Partnership
 
 
 
 
 
(9,688,000)
 
 
9,688,000 
 
 
Net income attributable to controlling interests
362,273,000 
 
 
 
 
 
362,273,000 
 
 
 
 
Common Share distributions
 
 
 
 
 
 
(450,287,000)
 
 
 
 
Preferred Share distributions
 
 
 
 
 
 
(14,479,000)
 
 
 
 
Accumulated other comprehensive (loss) income - derivative instruments:
 
 
 
 
 
 
 
 
 
 
 
Unrealized holding gains (losses) arising during the year
37,676,000 
 
 
 
 
 
 
37,676,000 
 
 
 
Losses reclassified into earnings from other comprehensive income
3,724,000 
 
 
 
 
 
 
(3,724,000)
 
 
 
Other
449,000 
 
 
 
 
 
 
449,000 
 
 
 
Accumulated other comprehensive income (loss) - other instruments:
 
 
 
 
 
 
 
 
 
 
 
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax
3,574,000 
 
 
 
 
 
 
3,574,000 
 
 
 
(Gains) realized during the year
(4,943,000)
 
 
 
 
 
 
4,943,000 
 
 
 
Issuance of OP Units to Noncontrolling Interests
 
 
 
 
 
 
 
 
1,034,000 
 
 
Issuance of LTIP Units to Noncontrolling Interests
 
 
 
 
 
 
 
 
78,000 
 
 
Conversion of OP Units held by Noncontrolling Interests into OP Units held by General Partner
 
 
 
 
27,000 
48,776,000 
 
 
(48,803,000)
 
 
Equity Compensation associated with Noncontrolling Interests
 
 
 
 
 
 
 
 
1,194,000 
 
 
Net income
382,029,000 
 
 
 
 
 
 
 
20,305,000 
 
(558,000)
Distributions to Noncontrolling Interests
 
 
 
 
 
 
 
 
(25,679,000)
 
(2,439,000)
Change in carrying value of Redeemable Noncontrolling Interests - Operating Partnership
(20,658,000)
 
 
 
 
 
 
 
20,658,000 
 
 
Conversion of Junior Preference Units
 
 
 
 
 
 
 
 
 
(184,000)
 
Contributions by Noncontrolling Interests
 
 
 
 
 
 
 
 
 
 
893,000 
Other
 
 
 
 
 
 
 
 
 
 
(657,000)
Ending Balance at Dec. 31, 2009
 
208,773,000 
 
 
2,800,000 
4,477,426,000 
353,659,000 
4,681,000 
116,120,000 
0 
11,054,000 
Stock Redeemed or Called During Period, Value
 
(834,000)
 
 
 
 
 
 
 
 
 
Conversion of 7.00% Series E Cumulative Convertible
 
(7,378,000)
 
 
 
 
 
 
 
 
 
Conversion of 7.00% Series H Cumulative Convertible
 
(561,000)
 
 
 
 
 
 
 
 
 
Preferred Stock Preference Units Dividend Rate Percentage
 
 
7.00% 
7.00% 
 
 
 
 
 
 
 
Common Share Issuance:
 
 
 
 
 
 
 
 
 
 
 
Conversion of Preferred Shares into Common Shares
 
 
 
 
3,000 
7,936,000 
 
 
 
 
 
Conversion of OP Units into Common Shares
 
 
 
 
9,000 
19,713,000 
 
 
(19,722,000)
 
 
Issuance of Common Shares
291,900,000 
 
 
 
61,000 
291,841,000 
 
 
 
 
 
Exercise of share options
 
 
 
 
25,000 
71,571,000 
 
 
 
 
 
Employee Share Purchase Plan (ESPP)
 
 
 
 
2,000 
5,110,000 
 
 
 
 
 
Conversion of restricted shares to LTIP Units
 
 
 
 
0 
0 
 
 
0 
 
 
Share-based employee compensation expense:
 
 
 
 
 
 
 
 
 
 
 
Adjustments, Share-based Compensation, Requisite Service Period Recognition
 
 
 
 
2,000 
 
 
 
 
 
 
Compensation Expense Related Performance Shares
 
 
 
 
 
0 
 
 
 
 
 
Restricted shares
 
 
 
 
 
9,779,000 
 
 
 
 
 
Share options
 
 
 
 
 
7,421,000 
 
 
 
 
 
ESPP discount
 
 
 
 
 
1,290,000 
 
 
 
 
 
Common Shares repurchased and retired
 
 
 
 
 
(1,887,000)
 
 
 
 
 
Offering costs
 
 
 
 
 
(4,657,000)
 
 
 
 
 
Supplemental Executive Retirement Plan (SERP)
 
 
 
 
 
8,559,000 
 
 
 
 
 
Acquisition of Noncontrolling Interests - Partially Owned Properties
 
 
 
 
 
(16,888,000)
 
 
 
 
175,000 
Change in market value
129,918,000 
 
 
 
 
(129,918,000)
 
 
 
 
 
Adjustment for Noncontrolling Interests ownership in Operating Partnership
 
 
 
 
 
(5,775,000)
 
 
5,775,000 
 
 
Net income attributable to controlling interests
283,610,000 
 
 
 
 
 
283,610,000 
 
 
 
 
Common Share distributions
 
 
 
 
 
 
(419,320,000)
 
 
 
 
Preferred Share distributions
 
 
 
 
 
 
(14,368,000)
 
 
 
 
Accumulated other comprehensive (loss) income - derivative instruments:
 
 
 
 
 
 
 
 
 
 
 
Unrealized holding gains (losses) arising during the year
(65,894,000)
 
 
 
 
 
 
(65,894,000)
 
 
 
Losses reclassified into earnings from other comprehensive income
3,338,000 
 
 
 
 
 
 
(3,338,000)
 
 
 
Other
0 
 
 
 
 
 
 
0 
 
 
 
Accumulated other comprehensive income (loss) - other instruments:
 
 
 
 
 
 
 
 
 
 
 
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax
57,000 
 
 
 
 
 
 
57,000 
 
 
 
(Gains) realized during the year
0 
 
 
 
 
 
 
0 
 
 
 
Issuance of OP Units to Noncontrolling Interests
 
 
 
 
 
 
 
 
8,245,000 
 
 
Issuance of LTIP Units to Noncontrolling Interests
 
 
 
 
 
 
 
 
0 
 
 
Conversion of OP Units held by Noncontrolling Interests into OP Units held by General Partner
 
 
 
 
9,000 
19,713,000 
 
 
(19,722,000)
 
 
Equity Compensation associated with Noncontrolling Interests
 
 
 
 
 
 
 
 
2,524,000 
 
 
Net income
295,983,000 
 
 
 
 
 
 
 
13,099,000 
 
(726,000)
Distributions to Noncontrolling Interests
 
 
 
 
 
 
 
 
(20,300,000)
 
(2,952,000)
Change in carrying value of Redeemable Noncontrolling Interests - Operating Partnership
(4,658,000)
 
 
 
 
 
 
 
4,658,000 
 
 
Conversion of Junior Preference Units
 
 
 
 
 
 
 
 
 
0 
 
Contributions by Noncontrolling Interests
 
 
 
 
 
 
 
 
 
 
222,000 
Other
 
 
 
 
 
 
 
 
 
 
218,000 
Ending Balance at Dec. 31, 2010
5,208,576,000 
200,000,000 
 
 
2,902,000 
4,741,521,000 
203,581,000 
(57,818,000)
110,399,000 
0 
7,991,000 
Stock Redeemed or Called During Period, Value
 
0 
 
 
 
 
 
 
 
 
 
Conversion of 7.00% Series E Cumulative Convertible
 
0 
 
 
 
 
 
 
 
 
 
Conversion of 7.00% Series H Cumulative Convertible
 
0 
 
 
 
 
 
 
 
 
 
Preferred Stock Preference Units Dividend Rate Percentage
 
 
7.00% 
7.00% 
 
 
 
 
 
 
 
Common Share Issuance:
 
 
 
 
 
 
 
 
 
 
 
Conversion of Preferred Shares into Common Shares
 
 
 
 
0 
0 
 
 
 
 
 
Conversion of OP Units into Common Shares
 
 
 
 
3,000 
8,577,000 
 
 
(8,580,000)
 
 
Issuance of Common Shares
201,941,887 
 
 
 
39,000 
201,903,000 
 
 
 
 
 
Exercise of share options
 
 
 
 
29,000 
95,293,000 
 
 
 
 
 
Employee Share Purchase Plan (ESPP)
 
 
 
 
1,000 
5,261,000 
 
 
 
 
 
Conversion of restricted shares to LTIP Units
 
 
 
 
(1,000)
(3,933,000)
 
 
3,934,000 
 
 
Share-based employee compensation expense:
 
 
 
 
 
 
 
 
 
 
 
Adjustments, Share-based Compensation, Requisite Service Period Recognition
 
 
 
 
2,000 
 
 
 
 
 
 
Compensation Expense Related Performance Shares
 
 
 
 
 
0 
 
 
 
 
 
Restricted shares
 
 
 
 
 
9,100,000 
 
 
 
 
 
Share options
 
 
 
 
 
9,545,000 
 
 
 
 
 
ESPP discount
 
 
 
 
 
1,194,000 
 
 
 
 
 
Common Shares repurchased and retired
 
 
 
 
 
0 
 
 
 
 
 
Offering costs
 
 
 
 
 
(3,596,000)
 
 
 
 
 
Supplemental Executive Retirement Plan (SERP)
 
 
 
 
 
10,765,000 
 
 
 
 
 
Acquisition of Noncontrolling Interests - Partially Owned Properties
 
 
 
 
 
(4,784,000)
 
 
 
 
(8,025,000)
Change in market value
22,714,000 
 
 
 
 
(22,714,000)
 
 
 
 
 
Adjustment for Noncontrolling Interests ownership in Operating Partnership
 
 
 
 
 
(946,000)
 
 
946,000 
 
 
Net income attributable to controlling interests
893,585,000 
 
 
 
 
 
893,585,000 
 
 
 
 
Common Share distributions
 
 
 
 
 
 
(467,729,000)
 
 
 
 
Preferred Share distributions
 
 
 
 
 
 
(13,865,000)
 
 
 
 
Accumulated other comprehensive (loss) income - derivative instruments:
 
 
 
 
 
 
 
 
 
 
 
Unrealized holding gains (losses) arising during the year
(143,598,000)
 
 
 
 
 
 
(143,598,000)
 
 
 
Losses reclassified into earnings from other comprehensive income
4,343,000 
 
 
 
 
 
 
(4,343,000)
 
 
 
Other
0 
 
 
 
 
 
 
0 
 
 
 
Accumulated other comprehensive income (loss) - other instruments:
 
 
 
 
 
 
 
 
 
 
 
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax
355,000 
 
 
 
 
 
 
355,000 
 
 
 
(Gains) realized during the year
0 
 
 
 
 
 
 
0 
 
 
 
Issuance of OP Units to Noncontrolling Interests
 
 
 
 
 
 
 
 
0 
 
 
Issuance of LTIP Units to Noncontrolling Interests
 
 
 
 
 
 
 
 
0 
 
 
Conversion of OP Units held by Noncontrolling Interests into OP Units held by General Partner
 
 
 
 
3,000 
8,577,000 
 
 
(8,580,000)
 
 
Equity Compensation associated with Noncontrolling Interests
 
 
 
 
 
 
 
 
3,641,000 
 
 
Net income
935,197,000 
 
 
 
 
 
 
 
40,780,000 
 
832,000 
Distributions to Noncontrolling Interests
 
 
 
 
 
 
 
 
(21,434,000)
 
(1,163,000)
Change in carrying value of Redeemable Noncontrolling Interests - Operating Partnership
10,150,000 
 
 
 
 
 
 
 
(10,150,000)
 
 
Conversion of Junior Preference Units
 
 
 
 
 
 
 
 
 
0 
 
Contributions by Noncontrolling Interests
 
 
 
 
 
 
 
 
 
 
75,911,000 
Other
 
 
 
 
 
 
 
 
 
 
(1,240,000)
Ending Balance at Dec. 31, 2011
$ 5,862,857,000 
$ 200,000,000 
 
 
$ 2,975,000 
$ 5,047,186,000 
$ 615,572,000 
$ (196,718,000)
$ 119,536,000 
$ 0 
$ 74,306,000 
CONSOLIDATED STATEMENT OF CHANGES IN CAPITAL OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) (USD $)
Total
USD ($)
Preferred Stock [Member]
USD ($)
Series E Preferred Stock [Member]
Series H Preferred Stock [Member]
Preference Interests And Units [Member]
USD ($)
General Partner [Member]
USD ($)
Limited Partner [Member]
USD ($)
Accumulated Other Comprehensive Income (Loss) [Member]
USD ($)
Partially Owned Properties [Member]
USD ($)
Balance, beginning of year at Dec. 31, 2008
 
$ 208,786,000 
 
 
$ 184,000 
$ 4,732,369,000 
$ 137,645,000 
$ (35,799,000)
 
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest
 
 
 
 
 
 
 
 
11,054,000 
Stock Units Redeemed Or Called During Period Value
 
0 
 
 
 
 
 
 
 
Conversion Of Series E Cumulative Convertible
 
(13,000)
 
 
 
 
 
 
 
Conversion Of Series H Cumulative Convertible
 
0 
 
 
 
 
 
 
 
Preferred Stock Preference Units Dividend Rate Percentage
 
 
7.00% 
7.00% 
 
 
 
 
 
Conversion of Junior Preference Units
 
 
 
 
(184,000)
 
 
 
 
OP Unit Issuance:
 
 
 
 
 
 
 
 
 
Stock Issued During Period, Value, Conversion of Convertible Securities
 
 
 
 
 
13,000 
 
 
 
Conversion of OP Units held by Limited Partners into OP Units held by General Partner
 
 
 
 
 
48,803,000 
(48,803,000)
 
 
Issuance of OP Units
 
 
 
 
 
123,734,000 
 
 
 
Exercise of EQR share options
 
 
 
 
 
9,136,000 
 
 
 
EQR's Employee Share Purchase Plan (ESPP)
 
 
 
 
 
5,292,000 
 
 
 
Conversion of EQR restricted shares to LTIP Units
 
 
 
 
 
0 
0 
 
 
Share-based employee compensation expense:
 
 
 
 
 
 
 
 
 
Compensation Expense Related Performance Shares
 
 
 
 
 
179,000 
 
 
 
EQR restricted shares
 
 
 
 
 
11,132,000 
 
 
 
EQR share options
 
 
 
 
 
5,996,000 
 
 
 
EQR ESPP discount
 
 
 
 
 
1,303,000 
 
 
 
OP Units repurchased and retired
 
 
 
 
 
(1,124,000)
 
 
 
Offering costs
 
 
 
 
 
2,536,000 
 
 
 
Net income available to Units - General Partner
 
 
 
 
 
347,794,000 
 
 
 
OP Units - General Partner distributions
 
 
 
 
 
(450,287,000)
 
 
 
Supplemental Executive Retirement Plan (SERP)
 
 
 
 
 
27,809,000 
 
 
 
Acquisition of Noncontrolling Interests - Partially Owned Properties
 
 
 
 
 
(1,496,000)
 
 
(11,705,000)
Change in market value of Redeemable Limited Partners
 
 
 
 
 
(14,544,000)
 
 
 
Adjustment for Limited Partners ownership in Operating Partnership
 
 
 
 
 
(9,688,000)
9,688,000 
 
 
Issuance of OP Units to Noncontrolling Interests
 
 
 
 
 
 
1,034,000 
 
 
Issuance Of Long Term Incentive Plan Units Into Noncontrolling Interest
 
 
 
 
 
 
78,000 
 
 
Equity compensation associated with Units - Limited Partners
 
 
 
 
 
 
1,194,000 
 
 
Net income available to Units - Limited Partners
 
 
 
 
 
 
20,305,000 
 
 
Units - Limited Partners distributions
 
 
 
 
 
 
(25,679,000)
 
 
Change in carrying value of Redeemable Limited Partners
 
 
 
 
 
 
20,658,000 
 
 
Accumulated other comprehensive (loss) income - derivative instruments:
 
 
 
 
 
 
 
 
 
Unrealized holding gains (losses) arising during the year
37,676,000 
 
 
 
 
 
 
37,676,000 
 
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Net of Tax
(3,724,000)
 
 
 
 
 
 
3,724,000 
 
Other
449,000 
 
 
 
 
 
 
449,000 
 
Accumulated other comprehensive income (loss) - other instruments:
 
 
 
 
 
 
 
 
 
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax
3,574,000 
 
 
 
 
 
 
3,574,000 
 
(Gains) realized during the year
4,943,000 
 
 
 
 
 
 
(4,943,000)
 
Net income
382,029,000 
 
 
 
 
 
 
 
(558,000)
Contributions by Noncontrolling Interests
 
 
 
 
 
 
 
 
893,000 
Distributions to Noncontrolling Interests
 
 
 
 
 
 
 
 
2,439,000 
Stockholders' Equity, Other
 
 
 
 
 
 
 
 
(657,000)
Balance, end of period at Dec. 31, 2009
 
208,773,000 
 
 
0 
4,833,885,000 
116,120,000 
4,681,000 
 
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest
5,208,576,000 
 
 
 
 
 
 
 
7,991,000 
Stock Units Redeemed Or Called During Period Value
 
(834,000)
 
 
 
 
 
 
 
Conversion Of Series E Cumulative Convertible
 
(7,378,000)
 
 
 
 
 
 
 
Conversion Of Series H Cumulative Convertible
 
(561,000)
 
 
 
 
 
 
 
Preferred Stock Preference Units Dividend Rate Percentage
 
 
7.00% 
7.00% 
 
 
 
 
 
Conversion of Junior Preference Units
 
 
 
 
0 
 
 
 
 
OP Unit Issuance:
 
 
 
 
 
 
 
 
 
Stock Issued During Period, Value, Conversion of Convertible Securities
 
 
 
 
 
7,939,000 
 
 
 
Conversion of OP Units held by Limited Partners into OP Units held by General Partner
 
 
 
 
 
19,722,000 
(19,722,000)
 
 
Issuance of OP Units
 
 
 
 
 
291,902,000 
 
 
 
Exercise of EQR share options
 
 
 
 
 
71,596,000 
 
 
 
EQR's Employee Share Purchase Plan (ESPP)
 
 
 
 
 
5,112,000 
 
 
 
Conversion of EQR restricted shares to LTIP Units
 
 
 
 
 
0 
0 
 
 
Share-based employee compensation expense:
 
 
 
 
 
 
 
 
 
Compensation Expense Related Performance Shares
 
 
 
 
 
0 
 
 
 
EQR restricted shares
 
 
 
 
 
9,781,000 
 
 
 
EQR share options
 
 
 
 
 
7,421,000 
 
 
 
EQR ESPP discount
 
 
 
 
 
1,290,000 
 
 
 
OP Units repurchased and retired
 
 
 
 
 
(1,887,000)
 
 
 
Offering costs
 
 
 
 
 
4,657,000 
 
 
 
Net income available to Units - General Partner
 
 
 
 
 
269,242,000 
 
 
 
OP Units - General Partner distributions
 
 
 
 
 
(419,320,000)
 
 
 
Supplemental Executive Retirement Plan (SERP)
 
 
 
 
 
8,559,000 
 
 
 
Acquisition of Noncontrolling Interests - Partially Owned Properties
 
 
 
 
 
(16,888,000)
 
 
175,000 
Change in market value of Redeemable Limited Partners
 
 
 
 
 
(129,918,000)
 
 
 
Adjustment for Limited Partners ownership in Operating Partnership
 
 
 
 
 
(5,775,000)
5,775,000 
 
 
Issuance of OP Units to Noncontrolling Interests
 
 
 
 
 
 
8,245,000 
 
 
Issuance Of Long Term Incentive Plan Units Into Noncontrolling Interest
 
 
 
 
 
 
0 
 
 
Equity compensation associated with Units - Limited Partners
 
 
 
 
 
 
2,524,000 
 
 
Net income available to Units - Limited Partners
 
 
 
 
 
 
13,099,000 
 
 
Units - Limited Partners distributions
 
 
 
 
 
 
(20,300,000)
 
 
Change in carrying value of Redeemable Limited Partners
 
 
 
 
 
 
4,658,000 
 
 
Accumulated other comprehensive (loss) income - derivative instruments:
 
 
 
 
 
 
 
 
 
Unrealized holding gains (losses) arising during the year
(65,894,000)
 
 
 
 
 
 
(65,894,000)
 
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Net of Tax
(3,338,000)
 
 
 
 
 
 
3,338,000 
 
Other
0 
 
 
 
 
 
 
0 
 
Accumulated other comprehensive income (loss) - other instruments:
 
 
 
 
 
 
 
 
 
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax
57,000 
 
 
 
 
 
 
57,000 
 
(Gains) realized during the year
0 
 
 
 
 
 
 
0 
 
Net income
295,983,000 
 
 
 
 
 
 
 
(726,000)
Contributions by Noncontrolling Interests
 
 
 
 
 
 
 
 
222,000 
Distributions to Noncontrolling Interests
 
 
 
 
 
 
 
 
2,952,000 
Stockholders' Equity, Other
 
 
 
 
 
 
 
 
218,000 
Balance, end of period at Dec. 31, 2010
 
200,000,000 
 
 
0 
4,948,004,000 
110,399,000 
(57,818,000)
 
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest
5,862,857,000 
 
 
 
 
 
 
 
74,306,000 
Stock Units Redeemed Or Called During Period Value
 
0 
 
 
 
 
 
 
 
Conversion Of Series E Cumulative Convertible
 
0 
 
 
 
 
 
 
 
Conversion Of Series H Cumulative Convertible
 
0 
 
 
 
 
 
 
 
Preferred Stock Preference Units Dividend Rate Percentage
 
 
7.00% 
7.00% 
 
 
 
 
 
Conversion of Junior Preference Units
 
 
 
 
0 
 
 
 
 
OP Unit Issuance:
 
 
 
 
 
 
 
 
 
Stock Issued During Period, Value, Conversion of Convertible Securities
 
 
 
 
 
0 
 
 
 
Conversion of OP Units held by Limited Partners into OP Units held by General Partner
 
 
 
 
 
8,580,000 
(8,580,000)
 
 
Issuance of OP Units
 
 
 
 
 
201,942,000 
 
 
 
Exercise of EQR share options
 
 
 
 
 
95,322,000 
 
 
 
EQR's Employee Share Purchase Plan (ESPP)
 
 
 
 
 
5,262,000 
 
 
 
Conversion of EQR restricted shares to LTIP Units
 
 
 
 
 
(3,934,000)
3,934,000 
 
 
Share-based employee compensation expense:
 
 
 
 
 
 
 
 
 
Compensation Expense Related Performance Shares
 
 
 
 
 
0 
 
 
 
EQR restricted shares
 
 
 
 
 
9,102,000 
 
 
 
EQR share options
 
 
 
 
 
9,545,000 
 
 
 
EQR ESPP discount
 
 
 
 
 
1,194,000 
 
 
 
OP Units repurchased and retired
 
 
 
 
 
0 
 
 
 
Offering costs
 
 
 
 
 
3,596,000 
 
 
 
Net income available to Units - General Partner
 
 
 
 
 
879,720,000 
 
 
 
OP Units - General Partner distributions
 
 
 
 
 
(467,729,000)
 
 
 
Supplemental Executive Retirement Plan (SERP)
 
 
 
 
 
10,765,000 
 
 
 
Acquisition of Noncontrolling Interests - Partially Owned Properties
 
 
 
 
 
(4,784,000)
 
 
(8,025,000)
Change in market value of Redeemable Limited Partners
 
 
 
 
 
(22,714,000)
 
 
 
Adjustment for Limited Partners ownership in Operating Partnership
 
 
 
 
 
(946,000)
946,000 
 
 
Issuance of OP Units to Noncontrolling Interests
 
 
 
 
 
 
0 
 
 
Issuance Of Long Term Incentive Plan Units Into Noncontrolling Interest
 
 
 
 
 
 
0 
 
 
Equity compensation associated with Units - Limited Partners
 
 
 
 
 
 
3,641,000 
 
 
Net income available to Units - Limited Partners
 
 
 
 
 
 
40,780,000 
 
 
Units - Limited Partners distributions
 
 
 
 
 
 
(21,434,000)
 
 
Change in carrying value of Redeemable Limited Partners
 
 
 
 
 
 
(10,150,000)
 
 
Accumulated other comprehensive (loss) income - derivative instruments:
 
 
 
 
 
 
 
 
 
Unrealized holding gains (losses) arising during the year
(143,598,000)
 
 
 
 
 
 
(143,598,000)
 
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Net of Tax
(4,343,000)
 
 
 
 
 
 
4,343,000 
 
Other
0 
 
 
 
 
 
 
0 
 
Accumulated other comprehensive income (loss) - other instruments:
 
 
 
 
 
 
 
 
 
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax
355,000 
 
 
 
 
 
 
355,000 
 
(Gains) realized during the year
0 
 
 
 
 
 
 
0 
 
Net income
935,197,000 
 
 
 
 
 
 
 
832,000 
Contributions by Noncontrolling Interests
 
 
 
 
 
 
 
 
75,911,000 
Distributions to Noncontrolling Interests
 
 
 
 
 
 
 
 
1,163,000 
Stockholders' Equity, Other
 
 
 
 
 
 
 
 
(1,240,000)
Balance, end of period at Dec. 31, 2011
 
$ 200,000,000 
 
 
$ 0 
$ 5,665,733,000 
$ 119,536,000 
$ (196,718,000)
 
Business
Business
Business
Equity Residential (“EQR”), a Maryland real estate investment trust (“REIT”) formed in March 1993, is an S&P 500 company focused on the acquisition, development and management of high quality apartment properties in top United States growth markets. ERP Operating Limited Partnership ("ERPOP"), an Illinois limited partnership, was formed in May 1993 to conduct the multifamily residential property business of Equity Residential. EQR has elected to be taxed as a REIT. 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. Unless otherwise indicated, the notes to consolidated financial statements apply to both the Company and the Operating Partnership.
EQR is the general partner of, and as of December 31, 2011 owned an approximate 95.7% ownership interest in ERPOP. All of the Company's 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. EQR issues public equity from time to time but 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 Company's 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.
As of December 31, 2011, the Company, directly or indirectly through investments in title holding entities, owned all or a portion of 427 properties located in 15 states and the District of Columbia consisting of 121,974 apartment units. The ownership breakdown includes (table does not include various uncompleted development properties):
            
 
 
Properties
 
Apartment Units
Wholly Owned Properties
 
404

 
113,157

Partially Owned Properties – Consolidated
 
21

 
3,916

Military Housing
 
2

 
4,901

 
 
427

 
121,974


The “Wholly Owned Properties” are accounted for under the consolidation method of accounting. The Company beneficially owns 100% fee simple title to 400 of the 404 Wholly Owned Properties and all but one of its wholly owned development properties and land parcels. The Company owns the building and improvements and leases the land underlying the improvements under long-term ground leases that expire in 2026, 2077, 2101 and 2104 for the four operating properties, respectively, and 2110 for one land parcel. These properties are consolidated and reflected as real estate assets while the ground leases are accounted for as operating leases.
The “Partially Owned Properties – Consolidated” are controlled by the Company but have partners with noncontrolling interests and are accounted for under the consolidation method of accounting. The “Military Housing” properties consist of investments in limited liability companies that, as a result of the terms of the operating agreements, are accounted for as management contract rights with all fees recognized as fee and asset management revenue.
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies
Basis of Presentation
Due to the Company’s ability as general partner to control either through ownership or by contract the Operating Partnership and its subsidiaries, the Operating Partnership and each such subsidiary has been consolidated with the Company for financial reporting purposes, except for two unconsolidated developments and our military housing properties. The consolidated financial statements also include all variable interest entities for which the Company is the primary beneficiary.
Noncontrolling interests represented by EQR's indirect 1% interest in various entities are immaterial and have not been accounted for in the Consolidated Financial Statements of the Operating Partnership. In addition, certain amounts due from EQR for its 1% interest in various entities have not been reflected in the Consolidated Balance Sheets of the Operating Partnership since such amounts are immaterial.

Real Estate Assets and Depreciation of Investment in Real Estate
Effective for business combinations on or after January 1, 2009, an acquiring entity is required to recognize all assets acquired and liabilities assumed in a transaction at the acquisition-date fair value with limited exceptions. In addition, an acquiring entity is required to expense acquisition-related costs as incurred (amounts are included in the other expenses line item in the consolidated statements of operations), value noncontrolling interests at fair value at the acquisition date and expense restructuring costs associated with an acquired business.
The Company allocates the purchase price of properties to net tangible and identified intangible assets acquired based on their fair values. In making estimates of fair values for purposes of allocating purchase price, the Company utilizes a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property, our own analysis of recently acquired and existing comparable properties in our portfolio and other market data. The Company also considers information obtained about each property as a result of its pre-acquisition due diligence, marketing and leasing activities in estimating the fair value of the tangible and intangible assets acquired. The Company allocates the purchase price of acquired real estate to various components as follows:
▪
Land – Based on actual purchase price adjusted to fair value (as necessary) if acquired separately or market research/comparables if acquired with an operating property.
▪
Furniture, Fixtures and Equipment – Ranges between $8,000 and $13,000 per apartment unit acquired as an estimate of the fair value of the appliances and fixtures inside an apartment unit. The per-apartment unit amount applied depends on the type of apartment building acquired. Depreciation is calculated on the straight-line method over an estimated useful life of five years.
▪
In-Place Leases – The Company considers the value of acquired in-place leases and the amortization period is the average remaining term of each respective in-place acquired lease.
▪
Other Intangible Assets – The Company considers whether it has acquired other intangible assets, including any customer relationship intangibles and the amortization period is the estimated useful life of the acquired intangible asset.
▪
Building – Based on the fair value determined on an “as-if vacant” basis. Depreciation is calculated on the straight-line method over an estimated useful life of thirty years.
Replacements inside an apartment unit such as appliances and carpeting are depreciated over an estimated useful life of five to ten years. Expenditures for ordinary maintenance and repairs are expensed to operations as incurred and significant renovations and improvements that improve and/or extend the useful life of the asset are capitalized over their estimated useful life, generally five to fifteen years. Initial direct leasing costs are expensed as incurred as such expense approximates the deferral and amortization of initial direct leasing costs over the lease terms. Property sales or dispositions are recorded when title transfers to unrelated third parties, contingencies have been removed and sufficient cash consideration has been received by the Company. Upon disposition, the related costs and accumulated depreciation are removed from the respective accounts. Any gain or loss on sale is recognized in accordance with accounting principles generally accepted in the United States.
The Company classifies real estate assets as real estate held for disposition when it is certain a property will be disposed of (see further discussion below).
The Company classifies properties under development and/or expansion and properties in the lease-up phase (including land) as construction-in-progress until construction has been completed and all certificates of occupancy permits have been obtained.
Impairment of Long-Lived Assets
The Company periodically evaluates its long-lived assets, including its investments in real estate, for indicators of impairment. The judgments regarding the existence of impairment indicators are based on factors such as operational performance, market conditions and legal and environmental concerns, as well as the Company’s ability to hold and its intent with regard to each asset. Future events could occur which would cause the Company to conclude that impairment indicators exist and an impairment loss is warranted.
For long-lived assets to be held and used, the Company compares the expected future undiscounted cash flows for the long-lived asset against the carrying amount of that asset. If the sum of the estimated undiscounted cash flows is less than the carrying amount of the asset, the Company would record an impairment loss for the difference between the estimated fair value and the carrying amount of the asset.
For long-lived assets to be disposed of, an impairment loss is recognized when the estimated fair value of the asset, less the estimated cost to sell, is less than the carrying amount of the asset measured at the time that the Company has determined it will sell the asset. Long-lived assets held for disposition and the related liabilities are separately reported, with the long-lived assets reported at the lower of their carrying amounts or their estimated fair values, less their costs to sell, and are not depreciated after reclassification to real estate held for disposition.
Cost Capitalization
See the Real Estate Assets and Depreciation of Investment in Real Estate section for a discussion of the Company’s policy with respect to capitalization vs. expensing of fixed asset/repair and maintenance costs. In addition, the Company capitalizes an allocation of the payroll and associated costs of employees directly responsible for and who spend their time on the supervision of major capital and/or renovation projects. These costs are reflected on the balance sheet as an increase to depreciable property.
For all development projects, the Company uses its professional judgment in determining whether such costs meet the criteria for capitalization or must be expensed as incurred. The Company capitalizes interest, real estate taxes and insurance and payroll and associated costs for those individuals directly responsible for and who spend their time on development activities, with capitalization ceasing no later than 90 days following issuance of the certificate of occupancy. These costs are reflected on the balance sheet as construction-in-progress for each specific property. The Company expenses as incurred all payroll costs of on-site employees working directly at our properties, except as noted above on our development properties prior to certificate of occupancy issuance and on specific major renovations at selected properties when additional incremental employees are hired.
Cash and Cash Equivalents
The Company considers all demand deposits, money market accounts and investments in certificates of deposit and repurchase agreements purchased with a maturity of three months or less at the date of purchase to be cash equivalents. The Company maintains its cash and cash equivalents at financial institutions. The combined account balances at one or more institutions typically exceed the Federal Depository Insurance Corporation (“FDIC”) insurance coverage, and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company believes that the risk is not significant, as the Company does not anticipate the financial institutions’ non-performance.
Investment Securities
Investment securities are included in other assets in the consolidated balance sheets. These securities are classified as held-to-maturity and carried at amortized cost if management has the positive intent and ability to hold the securities to maturity. Otherwise, the securities are classified as available-for-sale and carried at estimated fair value with unrealized gains and losses included in accumulated other comprehensive (loss), a separate component of shareholders’ equity/partners' capital.
Deferred Financing Costs
Deferred financing costs include fees and costs incurred to obtain the Company’s lines of credit and long-term financings. These costs are amortized over the terms of the related debt. Unamortized financing costs are written off when debt is retired before the maturity date. The accumulated amortization of such deferred financing costs was $37.7 million and $43.9 million at December 31, 2011 and 2010, respectively.
Fair Value of Financial Instruments, Including Derivative Instruments
The valuation of financial instruments requires the Company to make estimates and judgments that affect the fair value of the instruments. The Company, where possible, bases the fair values of its financial instruments, including its derivative instruments, on listed market prices and third party quotes. Where these are not available, the Company bases its estimates on current instruments with similar terms and maturities or on other factors relevant to the financial instruments.
In the normal course of business, the Company is exposed to the effect of interest rate changes. The Company seeks to manage these risks by following established risk management policies and procedures including the use of derivatives to hedge interest rate risk on debt instruments.
The Company has a policy of only entering into contracts with major financial institutions based upon their credit ratings and other factors. When viewed in conjunction with the underlying and offsetting exposure that the derivatives are designed to hedge, the Company has not sustained a material loss from these instruments nor does it anticipate any material adverse effect on its net income or financial position in the future from the use of derivatives.
The Company recognizes all derivatives as either assets or liabilities in the consolidated balance sheets and measures those instruments at fair value. In addition, fair value adjustments will affect either shareholders’ equity/partners' capital or net income depending on whether the derivative instruments qualify as a hedge for accounting purposes and, if so, the nature of the hedging activity. When the terms of an underlying transaction are modified, or when the underlying transaction is terminated or completed, all changes in the fair value of the instrument are marked-to-market with changes in value included in net income each period until the instrument matures. Any derivative instrument used for risk management that does not meet the hedging criteria is marked-to-market each period. The Company does not use derivatives for trading or speculative purposes.

Revenue Recognition
Rental income attributable to residential leases is recorded on a straight-line basis, which is not materially different than if it were recorded when due from residents and recognized monthly as it was earned. Leases entered into between a resident and a property for the rental of an apartment unit are generally year-to-year, renewable upon consent of both parties on an annual or monthly basis. Fee and asset management revenue and interest income are recorded on an accrual basis.
Share-Based Compensation
The Company expenses share-based compensation such as restricted shares and share options. Any common share of beneficial interest, $0.01 par value per share (the "Common Shares") issued pursuant to EQR's incentive equity compensation and employee share purchase plans will result in ERPOP issuing units of limited partnership interest ("OP Units") to EQR on a one-for-one basis, with ERPOP receiving the net cash proceeds of such issuances.
The fair value of the option grants are recognized over the vesting period of the options. The fair value for the Company's share options was estimated at the time the share options were granted using the Black-Scholes option pricing model with the primary grant in each year having the following weighted average assumptions:

    
 
 
2011
 
2010
 
2009
Expected volatility (1)
 
27.1%
 
32.4%
 
26.8%
Expected life (2)
 
5 years
 
5 years
 
5 years
Expected dividend yield (3)
 
4.56%
 
4.85%
 
4.68%
Risk-free interest rate (4)
 
2.27%
 
2.29%
 
1.89%
Option valuation per share
 
$8.36
 
$6.18
 
$3.38

(1)
Expected volatility – For 2011, estimated based on the historical ten-year volatility of EQR’s share price measured on a monthly basis. Prior to 2011, estimated based on the historical volatility of EQR's share price, on a monthly basis, for a period matching the expected life of each grant. This change in estimate reflects the Company's belief that the historical ten-year period provides a better estimate of the expected volatility in EQR shares over the expected life of the options.
(2)
Expected life – Approximates the actual weighted average life of all share options granted since the Company went public in 1993.
(3)
Expected dividend yield – Calculated by averaging the historical annual yield on EQR shares for a period matching the expected life of each grant, with the annual yield calculated by dividing actual dividends by the average price of EQR’s shares in a given year.
(4)
Risk-free interest rate – The most current U.S. Treasury rate available prior to the grant date for a period matching the expected life of each grant.
The valuation method and assumptions are the same as those the Company used in accounting for option expense in its consolidated financial statements. The Black-Scholes option valuation model was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable. This model is only one method of valuing options and the Company’s use of this model should not be interpreted as an endorsement of its accuracy. Because the Company’s share options have characteristics significantly different from those of traded options, and because changes in the subjective input assumptions can materially affect the fair value estimate, in management’s opinion, the existing models do not necessarily provide a reliable single measure of the fair value of its share options and the actual value of the options may be significantly different.
Income and Other Taxes
Due to the structure of EQR as a REIT and the nature of the operations of its operating properties, no provision for federal income taxes has been made at the EQR level. In addition, ERPOP generally is not liable for federal income taxes as the partners recognize their proportionate share of income or loss in their tax returns; therefore no provision for federal income taxes has been made at the ERPOP level. Historically, the Company has generally only incurred certain state and local income, excise and franchise taxes. The Company has elected Taxable REIT Subsidiary (“TRS”) status for certain of its corporate subsidiaries and as a result, these entities will incur both federal and state income taxes on any taxable income of such entities after consideration of any net operating losses.
Deferred tax assets and liabilities applicable to the TRS are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. These assets and liabilities are measured using enacted tax rates for which the temporary differences are expected to be recovered or settled. The effects of changes in tax rates on deferred tax assets and liabilities are recognized in earnings in the period enacted. The Company’s deferred tax assets are generally the result of tax affected amortization of goodwill, differing depreciable lives on capitalized assets and the timing of expense recognition for certain accrued liabilities. As of December 31, 2011, the Company has recorded a deferred tax asset of approximately $31.7 million, which is fully offset by a valuation allowance due to the uncertainty in forecasting future TRS taxable income.
The Company provided for income, franchise and excise taxes allocated as follows in the consolidated statements of operations for the years ended December 31, 2011, 2010 and 2009 (amounts in thousands):

    
 
 
Year Ended December 31,
 
 
2011
 
2010
 
2009
Income and other tax expense (benefit) (1)
 
$
728

 
$
292

 
$
2,716

Discontinued operations, net (2)
 
(243
)
 
86

 
(1,073
)
Provision for income, franchise and excise taxes (3)
 
$
485

 
$
378

 
$
1,643


(1)
Primarily includes state and local income, excise and franchise taxes.
(2)
Primarily represents federal income taxes (recovered) on the gains on sales of condominium units owned by a TRS and included in discontinued operations. Also represents state and local income, excise and franchise taxes on operating properties sold and included in discontinued operations.
(3)
All provisions for income tax amounts are current and none are deferred.
The Company’s TRSs have approximately $71.4 million of NOL carryforwards available as of January 1, 2012 that will expire between 2028 and 2031.
During the years ended December 31, 2011, 2010 and 2009, the Company’s tax treatment of dividends and distributions were as follows:

    

 
Year Ended December 31,
 
 
2011
 
2010
 
2009
Tax treatment of dividends and distributions:
 
 

 
 

 
 

Ordinary dividends
 
$
0.667

 
$
0.607

 
$
0.807

Long-term capital gain
 
0.629

 
0.622

 
0.558

Unrecaptured section 1250 gain
 
0.284

 
0.241

 
0.275

Dividends and distributions declared per
 
 

 
 

 
 

Common Share/Unit outstanding
 
$
1.580

 
$
1.470

 
$
1.640


The cost of land and depreciable property, net of accumulated depreciation, for federal income tax purposes as of December 31, 2011 and 2010 was approximately $11.4 billion and $10.9 billion, respectively.
Noncontrolling Interests
A noncontrolling interest in a subsidiary (minority interest) is in most cases an ownership interest in the consolidated entity that should be reported as equity in the consolidated financial statements and separate from the parent company's equity. In addition, consolidated net income is required to be reported at amounts that include the amounts attributable to both the parent and the noncontrolling interest and the amount of consolidated net income attributable to the parent and the noncontrolling interest are required to be disclosed on the face of the Consolidated Statements of Operations. See Note 3 for further discussion.
Operating Partnership: Net income is allocated to noncontrolling interests based on their respective ownership percentage of the Operating Partnership. The ownership percentage is calculated by dividing the number of OP Units held by the noncontrolling interests by the total OP Units held by the noncontrolling interests and EQR. Issuance of additional Common Shares and OP Units changes the ownership interests of both the noncontrolling interests and EQR. Such transactions and the related proceeds are treated as capital transactions.
Partially Owned Properties: The Company reflects noncontrolling interests in partially owned properties on the balance sheet for the portion of properties consolidated by the Company that are not wholly owned by the Company. The earnings or losses from those properties attributable to the noncontrolling interests are reflected as noncontrolling interests in partially owned properties in the consolidated statements of operations.
Partners' Capital
The "Limited Partners" of ERPOP include various individuals and entities that contributed their properties to ERPOP in exchange for OP Units. The "General Partner" of ERPOP is EQR. Net income is allocated to the Limited Partners based on their respective ownership percentage of the Operating Partnership. The ownership percentage is calculated by dividing the number of OP Units held by the Limited Partners by the total OP Units held by the Limited Partners and the General Partner. Issuance of additional Common Shares and OP Units changes the ownership interests of both the Limited Partners and EQR. Such transactions and the related proceeds are treated as capital transactions.
Redeemable Noncontrolling Interests – Operating Partnership / Redeemable Limited Partners
The Company classifies Redeemable Noncontrolling Interests – Operating Partnership / Redeemable Limited Partners in the mezzanine section of the consolidated balance sheets for the portion of OP Units that EQR is required, either by contract or securities law, to deliver registered Common Shares to the exchanging OP Unit holder. The redeemable noncontrolling interest units / redeemable limited partner units are adjusted to the greater of carrying value or fair market value based on the Common Share price of EQR at the end of each respective reporting period.
Use of Estimates
In preparation of the Company’s financial statements in conformity with accounting principles generally accepted in the United States, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.
Reclassifications
Certain reclassifications considered necessary for a fair presentation have been made to the prior period financial statements in order to conform to the current year presentation. These reclassifications have not changed the results of operations or equity/capital.
Other
In June 2009, the Financial Accounting Standards Board (“FASB”) issued The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles, which superseded all then-existing non-SEC accounting and reporting standards and became the source of authoritative U.S. generally accepted accounting principles recognized by the FASB to be applied by non-governmental entities. The Company adopted the codification as required, effective for the quarter ended September 30, 2009. The adoption of the codification had no impact on the Company’s consolidated results of operations or financial position but changed the way we refer to accounting literature in our reports.
Effective January 1, 2010, in an effort to improve financial standards for transfers of financial assets, more stringent conditions for reporting a transfer of a portion of a financial asset as a sale (e.g. loan participations) are required, the concept of a “qualifying special-purpose entity” and special guidance for guaranteed mortgage securitizations are eliminated, other sale-accounting criteria is clarified and the initial measurement of a transferor’s interest in transferred financial assets is changed. This does not have a material effect on the Company’s consolidated results of operations or financial position.
Effective January 1, 2010, the analysis for identifying the primary beneficiary of a Variable Interest Entity (“VIE”) has been simplified by replacing the previous quantitative-based analysis with a framework that is based more on qualitative judgments. The analysis requires the primary beneficiary of a VIE to be identified as the party that both (a) has the power to direct the activities of a VIE that most significantly impact its economic performance and (b) has an obligation to absorb losses or a right to receive benefits that could potentially be significant to the VIE. For the Company, this includes certain consolidated development partnerships as the Company provides substantially all of the capital for these ventures (other than third party mortgage debt, if any). For the Company, these requirements affected only disclosures and had no impact on the Company’s consolidated results of operations or financial position. See Note 6 for further discussion.

The Company is the controlling partner in various consolidated partnerships owning 21 properties and 3,916 apartment units and various completed and uncompleted development properties having a noncontrolling interest book value of $74.3 million at December 31, 2011. The Company is required to make certain disclosures regarding noncontrolling interests in consolidated limited-life subsidiaries. Of the consolidated entities described above, the Company is the controlling partner in limited-life partnerships owning six properties. These six partnership agreements contain provisions that require the partnerships to be liquidated through the sale of their assets upon reaching a date specified in each respective partnership agreement. The Company, as controlling partner, has an obligation to cause the property owning partnerships to distribute the proceeds of liquidation to the Noncontrolling Interests in these Partially Owned Properties only to the extent that the net proceeds received by the partnerships from the sale of their assets warrant a distribution based on the partnership agreements. As of December 31, 2011, the Company estimates the value of Noncontrolling Interest distributions for these six properties would have been approximately $33.8 million (“Settlement Value”) had the partnerships been liquidated. This Settlement Value is based on estimated third party consideration realized by the partnerships upon disposition of the six Partially Owned Properties and is net of all other assets and liabilities, including yield maintenance on the mortgages encumbering the properties, that would have been due on December 31, 2011 had those mortgages been prepaid. Due to, among other things, the inherent uncertainty in the sale of real estate assets, the amount of any potential distribution to the Noncontrolling Interests in the Company's Partially Owned Properties is subject to change. To the extent that the partnerships' underlying assets are worth less than the underlying liabilities, the Company has no obligation to remit any consideration to the Noncontrolling Interests in these Partially Owned Properties.
Effective January 1, 2011, companies are required to separately disclose purchases, sales, issuances and settlements on a gross basis in the reconciliation of recurring Level 3 fair value measurements. This does not have a material effect on the Company’s consolidated results of operations or financial position. See Note 9 for further discussion.

Effective January 1, 2012, companies will be required to separately disclose the amounts and reasons for any transfers of assets and liabilities into and out of Level 1 and Level 2 of the fair value hierarchy. For fair value measurements using significant unobservable inputs (Level 3), companies will be required to disclose quantitative information about the significant unobservable inputs used for all Level 3 measurements and a description of the Company's valuation processes in determining fair value. In addition, companies will be required to provide a qualitative discussion about the sensitivity of recurring Level 3 measurements to changes in the unobservable inputs disclosed, including the interrelationship between inputs. Companies will also be required to disclose information about when the current use of a non-financial asset measured at fair value differs from its highest and best use and the hierarchy classification for items whose fair value is not recorded on the balance sheet but is disclosed in the notes. The Company does not expect this will have a material effect on its consolidated results of operations or financial position.

Effective January 1, 2009, issuers of certain convertible debt instruments that may be settled in cash on conversion were required to separately account for the liability and equity components of the instrument in a manner that reflects each issuer's nonconvertible debt borrowing rate. As the Company was required to apply this retrospectively, the accounting for its $650.0 million 3.85% convertible unsecured notes that were issued in August 2006 with a final maturity in August 2026 was affected. On August 18, 2011, the Company redeemed these notes at par ($482.5 million was outstanding on August 18, 2011) and no premium was paid. The Company recognized $11.8 million, $18.6 million and $20.6 million in interest expense related to the stated coupon rate of 3.85% for the years ended December 31, 2011, 2010 and 2009, respectively. The amount of the conversion option as of the date of issuance calculated by the Company using a 5.80% effective interest rate was $44.3 million and was amortized to interest expense over the expected life of the convertible notes (through the first put date on August 18, 2011). Total amortization of the cash discount and conversion option discount on the unsecured notes resulted in a reduction to earnings of approximately $5.0 million, $7.8 million and $10.6 million, respectively, or $0.02 per share/Unit, $0.03 per share/Unit and $0.04 per share/Unit, respectively, for the years ended December 31, 2011, 2010 and 2009. In addition, the Company decreased the January 1, 2009 balance of retained earnings (included in general partner's capital in the Operating Partnership's financial statements) by $27.0 million, decreased the January 1, 2009 balance of notes by $17.3 million and increased the January 1, 2009 balance of paid in capital (included in general partner's capital in the Operating Partnership's financial statements) by $44.3 million. The carrying amount of the conversion option remaining in paid in capital (included in general partner's capital in the Operating Partnership's financial statements) was $44.3 million at both December 31, 2011 and 2010. The cash and conversion option discounts were fully amortized at December 31, 2011 and the unamortized cash and conversion option discounts totaled $5.0 million at December 31, 2010
Equity, Capital and Other Interests
Equity Capital And Other Interests [Text Block]
Equity, Capital and Other Interests

Equity and Redeemable Noncontrolling Interests of Equity Residential
The following tables present the changes in the Company’s issued and outstanding Common Shares and “Units” (which includes OP Units and Long-Term Incentive Plan (“LTIP”) Units) for the years ended December 31, 2011, 2010 and 2009:

    
 
 
2011
 
2010
 
2009
Common Shares
 
 

 
 

 
 

Common Shares outstanding at January 1,
 
290,197,242

 
279,959,048

 
272,786,760

Common Shares Issued:
 
 

 
 

 
 

Conversion of Series E Preferred Shares
 
—

 
328,363

 
612

Conversion of Series H Preferred Shares
 
—

 
32,516

 
—

Conversion of OP Units
 
341,594

 
884,472

 
2,676,002

Issuance of Common Shares
 
3,866,666

 
6,151,198

 
3,497,300

Exercise of share options
 
2,945,948

 
2,506,645

 
422,713

Employee Share Purchase Plan (ESPP)
 
113,107

 
157,363

 
324,394

Restricted share grants, net
 
145,616

 
235,767

 
298,717

Common Shares Other:
 
 

 
 

 
 

Conversion of restricted shares to LTIP Units
 
(101,988
)
 
—

 
—

Repurchased and retired
 
—

 
(58,130
)
 
(47,450
)
Common Shares outstanding at December 31,
 
297,508,185

 
290,197,242

 
279,959,048

Units
 
 

 
 

 
 

Units outstanding at January 1,
 
13,612,037

 
14,197,969

 
16,679,777

LTIP Units, net
 
120,112

 
92,892

 
154,616

OP Units issued through acquisitions/consolidations
 
—

 
205,648

 
32,061

Conversion of restricted shares to LTIP Units
 
101,988

 
—

 
—

Conversion of Series B Junior Preference Units
 
—

 
—

 
7,517

Conversion of OP Units to Common Shares
 
(341,594
)
 
(884,472
)
 
(2,676,002
)
Units outstanding at December 31,
 
13,492,543

 
13,612,037

 
14,197,969

Total Common Shares and Units outstanding at December 31,
 
311,000,728

 
303,809,279

 
294,157,017

Units Ownership Interest in Operating Partnership
 
4.3
%
 
4.5
%
 
4.8
%
LTIP Units Issued:
 
 

 
 

 
 

Issuance – per unit
 
—

 
—

 
$0.50
Issuance – contribution valuation
 
—

 
—

 
$0.1 million

OP Units Issued:
 
 

 
 

 
 

Acquisitions/consolidations – per unit
 
—

 
$40.09
 
$26.50
Acquisitions/consolidations – valuation
 
—

 
$8.2 million

 
$0.8 million

Conversion of Series B Junior Preference Units – per unit
 
—

 
—

 
$24.50
Conversion of Series B Junior Preference Units – valuation
 
—

 
—

 
$0.2 million


The equity positions of various individuals and entities that contributed their properties to the Operating Partnership in exchange for OP Units, as well as the equity positions of the holders of LTIP Units, are collectively referred to as the “Noncontrolling Interests – Operating Partnership”. Subject to certain exceptions (including the “book-up” requirements of LTIP Units), the Noncontrolling Interests – Operating Partnership may exchange their Units with EQR for Common Shares on a one-for-one basis. The carrying value of the Noncontrolling Interests – Operating Partnership (including redeemable interests) is allocated based on the number of Noncontrolling Interests – Operating Partnership Units in total in proportion to the number of Noncontrolling Interests – Operating Partnership Units in total plus the number of Common Shares. Net income is allocated to the Noncontrolling Interests – Operating Partnership based on the weighted average ownership percentage during the period.
The Operating Partnership has the right but not the obligation to make a cash payment instead of issuing Common Shares to any and all holders of Noncontrolling Interests – Operating Partnership Units requesting an exchange of their OP Units with EQR. Once the Operating Partnership elects not to redeem the Noncontrolling Interests – Operating Partnership Units for cash, EQR is obligated to deliver Common Shares to the exchanging holder of the Noncontrolling Interests – Operating Partnership Units.
The Noncontrolling Interests – Operating Partnership Units are classified as either mezzanine equity or permanent equity. If EQR is required, either by contract or securities law, to deliver registered Common Shares, such Noncontrolling Interests – Operating Partnership are differentiated and referred to as “Redeemable Noncontrolling Interests – Operating Partnership”. Instruments that require settlement in registered shares can not be classified in permanent equity as it is not always completely within an issuer’s control to deliver registered shares. Therefore, settlement in cash is assumed and that responsibility for settlement in cash is deemed to fall to the Operating Partnership as the primary source of cash for EQR, resulting in presentation in the mezzanine section of the balance sheet. The Redeemable Noncontrolling Interests – Operating Partnership are adjusted to the greater of carrying value or fair market value based on the Common Share price of EQR at the end of each respective reporting period. EQR has the ability to deliver unregistered Common Shares for the remaining portion of the Noncontrolling Interests – Operating Partnership Units that are classified in permanent equity at December 31, 2011 and 2010.
The carrying value of the Redeemable Noncontrolling Interests – Operating Partnership is allocated based on the number of Redeemable Noncontrolling Interests – Operating Partnership Units in proportion to the number of Noncontrolling Interests – Operating Partnership Units in total. Such percentage of the total carrying value of Units which is ascribed to the Redeemable Noncontrolling Interests – Operating Partnership is then adjusted to the greater of carrying value or fair market value as described above. As of December 31, 2011, the Redeemable Noncontrolling Interests – Operating Partnership have a redemption value of approximately $416.4 million, which represents the value of Common Shares that would be issued in exchange with the Redeemable Noncontrolling Interests – Operating Partnership Units.
The following table presents the changes in the redemption value of the Redeemable Noncontrolling Interests – Operating Partnership for the years ended December 31, 2011, 2010 and 2009, respectively (amounts in thousands):

        
 
 
2011
 
2010
 
2009
Balance at January 1,
 
$
383,540

 
$
258,280

 
$
264,394

Change in market value
 
22,714

 
129,918

 
14,544

Change in carrying value
 
10,150

 
(4,658
)
 
(20,658
)
Balance at December 31,
 
$
416,404

 
$
383,540

 
$
258,280


Net proceeds from EQR Common Share and Preferred Share (see definition below) offerings are contributed by EQR to ERPOP. In return for those contributions, EQR receives a number of OP Units in ERPOP equal to the number of Common Shares it has issued in the equity offering (or in the case of a preferred equity offering, a number of preference units in ERPOP equal in number and having the same terms as the Preferred Shares issued in the equity offering). As a result, the net offering proceeds from Common Shares and Preferred Shares are allocated between shareholders’ equity and Noncontrolling Interests – Operating Partnership to account for the change in their respective percentage ownership of the underlying equity of ERPOP.
The Company’s declaration of trust authorizes it to issue up to 100,000,000 preferred shares of beneficial interest, $0.01 par value per share (the “Preferred Shares”), with specific rights, preferences and other attributes as the Board of Trustees may determine, which may include preferences, powers and rights that are senior to the rights of holders of the Company’s Common Shares.
The following table presents the Company’s issued and outstanding Preferred Shares as of December 31, 2011 and 2010:
 
 
 
 
 
 
Amounts in thousands
 
 
Redemption
Date (1)
 
Annual
Dividend per
Share (2)
 
December 31,
2011
 
December 31,
2010
Preferred Shares of beneficial interest, $0.01 par value;
  100,000,000 shares authorized
 
 
 
 
 
 
 
 
8.29% Series K Cumulative Redeemable Preferred; liquidation
  value $50 per share; 1,000,000 shares issued and outstanding
  at December 31, 2011 and December 31, 2010

 
12/10/26
 

$4.145

 
$
50,000

 
$
50,000

6.48% Series N Cumulative Redeemable Preferred; liquidation
  value $250 per share; 600,000 shares issued and outstanding
  at December 31, 2011 and December 31, 2010 (3)

 
06/19/08
 

$16.20

 
150,000

 
150,000

 
 
 
 
 
 
$
200,000

 
$
200,000



(1)
On or after the redemption date, redeemable preferred shares (Series K and N) may be redeemed for cash at the option of the Company, in whole or in part, at a redemption price equal to the liquidation price per share, plus accrued and unpaid distributions, if any.
(2)
Dividends on all series of Preferred Shares are payable quarterly at various pay dates. The dividend listed for Series N is a Preferred Share rate and the equivalent Depositary Share annual dividend is $1.62 per share.
(3)
The Series N Preferred Shares have a corresponding depositary share that consists of ten times the number of shares and one-tenth the liquidation value and dividend per share.


Capital and Redeemable Limited Partners of ERP Operating Limited Partnership
The following tables present the changes in the Operating Partnership's issued and outstanding Units and in the limited partners' Units for the years ended December 31, 2011, 2010 and 2009:
    
 
 
2011
 
2010
 
2009
General and Limited Partner Units
 
 

 
 

 
 

General and Limited Partner Units outstanding at January 1,
 
303,809,279

 
294,157,017

 
289,466,537

Issued to General Partner:
 


 


 


Conversion of Series E Preference Units
 
—

 
328,363

 
612

Conversion of Series H Preference Units
 
—

 
32,516

 
—

Issuance of OP Units
 
3,866,666

 
6,151,198

 
3,497,300

Exercise of EQR share options
 
2,945,948

 
2,506,645

 
422,713

EQR's Employee Share Purchase Plan (ESPP)
 
113,107

 
157,363

 
324,394

EQR's restricted share grants, net
 
145,616

 
235,767

 
298,717

Issued to Limited Partners:
 
 
 
 
 
 
LTIP Units, net
 
120,112

 
92,892

 
154,616

OP Units issued through acquisitions/consolidations
 
—

 
205,648

 
32,061

Conversion of Series B Junior Preference Units
 
—

 
—

 
7,517

OP Units Other:
 
 

 
 

 
 

Repurchased and retired
 
—

 
(58,130
)
 
(47,450
)
General and Limited Partner Units outstanding at December 31,
 
311,000,728

 
303,809,279

 
294,157,017

Limited Partner Units
 
 

 
 

 
 

Limited Partner Units outstanding at January 1,
 
13,612,037

 
14,197,969

 
16,679,777

Limited Partner LTIP Units, net
 
120,112

 
92,892

 
154,616

Limited Partner OP Units issued through acquisitions/consolidations
 
—

 
205,648

 
32,061

Conversion of EQR restricted shares to LTIP Units
 
101,988

 
—

 
—

Conversion of Series B Junior Preference Units
 
—

 
—

 
7,517

Conversion of Limited Partner OP Units to EQR Common Shares
 
(341,594
)
 
(884,472
)
 
(2,676,002
)
Limited Partner Units outstanding at December 31,
 
13,492,543

 
13,612,037

 
14,197,969

Limited Partner Units Ownership Interest in Operating Partnership
 
4.3
%
 
4.5
%
 
4.8
%
Limited Partner LTIP Units Issued:
 
 

 
 

 
 

Issuance – per unit
 
—

 
—

 
$0.50
Issuance – contribution valuation
 
—

 
—

 
$0.1 million

Limited Partner OP Units Issued:
 
 

 
 

 
 

Acquisitions/consolidations – per unit
 
—

 
$40.09
 
$26.50
Acquisitions/consolidations – valuation
 
—

 
$8.2 million

 
$0.8 million

Conversion of Series B Junior Preference Units – per unit
 
—

 
—

 
$24.50
Conversion of Series B Junior Preference Units – valuation
 
—

 
—

 
$0.2 million


The Limited Partners of the Operating Partnership as of December 31, 2011 include various individuals and entities that contributed their properties to the Operating Partnership in exchange for OP Units, as well as the equity positions of the holders of LTIP Units. Subject to certain exceptions (including the “book-up” requirements of LTIP Units), Limited Partners may exchange their Units with EQR for Common Shares on a one-for-one basis. The carrying value of the Limited Partner Units (including redeemable interests) is allocated based on the number of Limited Partner Units in total in proportion to the number of Limited Partner Units in total plus the number of General Partner Units. Net income is allocated to the Limited Partner Units based on the weighted average ownership percentage during the period.
The Operating Partnership has the right but not the obligation to make a cash payment instead of issuing Common Shares to any and all holders of Limited Partner Units requesting an exchange of their OP Units with EQR. Once the Operating Partnership elects not to redeem the Limited Partner Units for cash, EQR is obligated to deliver Common Shares to the exchanging limited partner.
The Limited Partner Units are classified as either mezzanine equity or permanent equity. If EQR is required, either by contract or securities law, to deliver registered Common Shares, Limited Partner Units are differentiated and referred to as “Redeemable Limited Partner Units”. Instruments that require settlement in registered shares can not be classified in permanent equity as it is not always completely within an issuer's control to deliver registered shares. Therefore, settlement in cash is assumed and that responsibility for settlement in cash is deemed to fall to the Operating Partnership as the primary source of cash for EQR, resulting in presentation in the mezzanine section of the balance sheet. The Redeemable Limited Partner Units are adjusted to the greater of carrying value or fair market value based on the Common Share price of EQR at the end of each respective reporting period. EQR has the ability to deliver unregistered Common Shares for the remaining portion of the Limited Partner Units that are classified in permanent equity at December 31, 2011 and 2010.
The carrying value of the Redeemable Limited Partner Units is allocated based on the number of Redeemable Limited Partner Units in proportion to the number of Limited Partner Units in total. Such percentage of the total carrying value of Limited Partner Units which is ascribed to the Redeemable Limited Partner Units is then adjusted to the greater of carrying value or fair market value as described above. As of December 31, 2011, the Redeemable Limited Partner Units have a redemption value of approximately $416.4 million, which represents the value of Common Shares that would be issued in exchange with the Redeemable Limited Partner Units.
The following table presents the changes in the redemption value of the Redeemable Limited Partners for the years ended December 31, 2011, 2010 and 2009, respectively (amounts in thousands):

        
 
 
2011
 
2010
 
2009
Balance at January 1,
 
$
383,540

 
$
258,280

 
$
264,394

Change in market value
 
22,714

 
129,918

 
14,544

Change in carrying value
 
10,150

 
(4,658
)
 
(20,658
)
Balance at December 31,
 
$
416,404

 
$
383,540

 
$
258,280


EQR contributes all net proceeds from its various equity offerings (including proceeds from exercise of options for Common Shares) to ERPOP. In return for those contributions, EQR receives a number of OP Units in ERPOP equal to the number of Common Shares it has issued in the equity offering (or in the case of a preferred equity offering, a number of preference units in ERPOP equal in number and having the same terms as the preferred shares issued in the equity offering).
The following table presents the Operating Partnership's issued and outstanding “Preference Units” as of December 31, 2011 and 2010:
 
 
 
 
 
 
Amounts in thousands
 
 
Redemption
Date (1)
 
Annual
Dividend per
Unit (2)
 
December 31,
2011
 
December 31,
2010
Preference Units:
 
 
 
 

 
 

 
 

8.29% Series K Cumulative Redeemable Preference Units;
  liquidation value $50 per unit; 1,000,000 units issued and
  outstanding at December 31, 2011 and December 31, 2010
 
12/10/26
 

$4.145

 
$
50,000

 
$
50,000

6.48% Series N Cumulative Redeemable Preference Units;
  liquidation value $250 per unit; 600,000 units issued and
  outstanding at December 31, 2011 and December 31, 2010 (3)
 
06/19/08
 

$16.20

 
150,000

 
150,000

 
 
 
 
 

 
$
200,000

 
$
200,000


(1)
On or after the redemption date, redeemable preference units (Series K and N) may be redeemed for cash at the option of the Operating Partnership, in whole or in part, at a redemption price equal to the liquidation price per unit, plus accrued and unpaid distributions, if any, in conjunction with concurrent redemption of the corresponding Company Preferred Shares.
(2)
Dividends on all series of Preference Units are payable quarterly at various pay dates. The dividend listed for Series N is a Preference Unit rate and the equivalent depositary unit annual dividend is $1.62 per unit.
(3)
The Series N Preference Units have a corresponding depositary unit that consists of ten times the number of units and one-tenth the liquidation value and dividend per unit.
Other
An unlimited amount of equity and debt securities remains available for issuance by EQR and ERPOP under effective shelf registration statements filed with the SEC. Most recently, EQR and ERPOP filed a universal shelf registration statement for an unlimited amount of equity and debt securities that became automatically effective upon filing with the SEC in October 2010 and expires on October 15, 2013. As of December 31, 2011, issuances under the ATM (see definition below) share offering program are limited to 9.2 million additional shares. Per the terms of ERPOP's partnership agreement, EQR contributes the net proceeds of all equity offerings to the capital of ERPOP in exchange for additional OP Units (on a one-for-one Common Share per OP Unit basis) or preference units (on a one-for-one preferred share per preference unit basis).
In September 2009, the Company announced the establishment of an At-The-Market (“ATM”) share offering program which would allow EQR to sell up to 17.0 million Common Shares (later increased by 5.7 million Common Shares) from time to time over the next three years into the existing trading market at current market prices as well as through negotiated transactions. Per the terms of ERPOP's partnership agreement, EQR contributes the net proceeds from all equity offerings to the capital of ERPOP in exchange for additional OP Units (on a one-for-one Common Share per OP Unit basis). EQR has 9.2 million Common Shares remaining available for issuance under the ATM program as of December 31, 2011. See Note 18 for further discussion on shares available under this program.
During the year ended December 31, 2011, EQR issued approximately 3.9 million Common Shares at an average price of $52.23 per share for total consideration of approximately $201.9 million through the ATM program. Concurrent with these transactions, ERPOP issued approximately 3.9 million OP Units to EQR. As of December 31, 2011, transactions to issue approximately 0.5 million of the 3.9 million Common Shares had not yet settled. As of December 31, 2011, the Company increased the number of Common Shares issued and outstanding by this amount and recorded a receivable of approximately $28.5 million included in other assets on the consolidated balance sheets. During the year ended December 31, 2010, EQR issued approximately 6.2 million Common Shares at an average price of $47.45 per share for total consideration of approximately $291.9 million through the ATM program. Concurrent with these transactions, ERPOP issued approximately 6.2 million OP Units to EQR. During the year ended December 31, 2009, EQR issued approximately 3.5 million Common Shares at an average price of $35.38 per share for total consideration of approximately $123.7 million through the ATM program. Concurrent with these transactions, ERPOP issued approximately 3.5 million OP Units to EQR. As of December 31, 2009, transactions to issue approximately 1.1 million of the 3.5 million Common Shares had not yet settled. As of December 31, 2009, the Company increased the number of Common Shares issued and outstanding by this amount and recorded a receivable of approximately $37.6 million included in other assets on the consolidated balance sheets.
On June 16, 2011, the shareholders of EQR approved the Company's 2011 Share Incentive Plan (the “2011 Plan”). The 2011 Plan reserved 12,980,741 Common Shares for issuance. In conjunction with the approval of the 2011 Plan, no further awards may be granted under the 2002 Share Incentive Plan. The 2011 Plan expires on June 16, 2021. See Note 12 for further discussion.
EQR has a share repurchase program authorized by the Board of Trustees under which it has authorization to repurchase up to $464.6 million of its shares as of December 31, 2011. No shares were repurchased during the year ended December 31, 2011.
During the year ended December 31, 2010, EQR repurchased 58,130 of its Common Shares at an average price of $32.46 per share for total consideration of $1.9 million. These shares were retired subsequent to the repurchases. Concurrent with these transactions, ERPOP repurchased and retired 58,130 OP Units previously issued to EQR. All of the shares repurchased during the year ended December 31, 2010 were repurchased from employees at the then current market prices to cover the minimum statutory tax withholding obligations related to the vesting of employees' restricted shares.
During the year ended December 31, 2009, EQR repurchased 47,450 of its Common Shares at an average price of $23.69 per share for total consideration of $1.1 million. These shares were retired subsequent to the repurchases. Concurrent with these transactions, ERPOP repurchased and retired 47,450 OP Units previously issued to EQR. All of the shares repurchased during the year ended December 31, 2009 were repurchased from employees at the then current market prices to cover the minimum statutory tax withholding obligations related to the vesting of employees' restricted shares.
On July 30, 2009, the Operating Partnership elected to convert all 7,367 Series B Junior Convertible Preference Units into 7,517 OP Units. The actual preference unit dividends declared for the period outstanding in 2009 was $1.17 per unit.
On March 31, 2010, the Operating Partnership issued 188,571 OP Units at a price of $39.15 per OP Unit for total valuation of $7.4 million as partial consideration for the acquisition of one rental property. As the value of the OP Units issued was agreed by contract to be $35.00 per OP Unit, the difference between the contracted value and fair value (the closing price of Common Shares on the closing date) was recorded as an increase to the purchase price.
During the year ended December 31, 2011, the Company acquired all of its partners' interests in three consolidated partially owned properties consisting of 1,351 apartment units for $12.8 million. In conjunction with these transactions, the Company reduced paid in capital (included in general partner's capital in the Operating Partnership's financial statements) by $4.8 million and Noncontrolling Interests – Partially Owned Properties by $8.0 million.
During the year ended December 31, 2010, the Company acquired all of its partners' interests in two consolidated partially owned properties consisting of 432 apartment units, one consolidated partially owned development project and one consolidated partially owned land parcel for $0.7 million. One of these partially owned property buyouts was funded through the issuance of 1,129 OP Units valued at $50,000. The Company also increased its ownership in three consolidated partially owned properties through the buyout of certain equity interests which were funded through the issuance of 15,948 OP Units valued at $0.8 million and cash payments of $15.3 million. In conjunction with these transactions, the Company reduced paid in capital (included in general partner's capital in the Operating Partnership's financial statements) by $16.9 million and other liabilities by $0.2 million and increased Noncontrolling Interests – Partially Owned Properties by $0.2 million.
During the year ended December 31, 2009, the Company acquired all of its partners' interests in five consolidated partially owned properties consisting of 1,587 apartment units for $9.2 million. In addition, the Company also acquired a portion of the outside partner interests in two consolidated partially owned properties, one funded using cash of $2.1 million and the other funded through the issuance of 32,061 OP Units valued at $0.8 million. In conjunction with these transactions, the Company reduced paid in capital (included in general partner's capital in the Operating Partnership's financial statements) by $1.5 million and Noncontrolling Interests – Partially Owned Properties by $11.7 million.
Real Estate
Real Estate Disclosure [Text Block]
4.
Real Estate
The following table summarizes the carrying amounts for the Company’s investment in real estate (at cost) as of December 31, 2011 and 2010 (amounts in thousands):

 
 
2011
 
2010
Land
 
$
4,367,816

 
$
4,110,275

Depreciable property:
 
 

 
 

Buildings and improvements
 
14,262,616

 
13,995,121

Furniture, fixtures and equipment
 
1,292,124

 
1,231,391

Projects under development:
 
 

 
 

Land
 
75,646

 
28,260

Construction-in-progress
 
84,544

 
102,077

Land held for development:
 
 

 
 

Land
 
299,096

 
198,465

Construction-in-progress
 
26,104

 
36,782

Investment in real estate
 
20,407,946

 
19,702,371

Accumulated depreciation
 
(4,539,583
)
 
(4,337,357
)
Investment in real estate, net
 
$
15,868,363

 
$
15,365,014



During the year ended December 31, 2011, the Company acquired the entire equity interest in the following from unaffiliated parties (purchase price in thousands):

 
Properties
 
Apartment Units
 
Purchase Price
 
 
 
 
 
 
Rental Properties – Consolidated
21

 
6,198

 
$
1,383,048

Land Parcels (seven) (1) (2)
—

 
—

 
202,313

Other (3)
—

 
—

 
11,750

Total
21

 
6,198

 
$
1,597,111


(1)
Includes a vacant land parcel at 400 Park Avenue South in New York City acquired jointly by the Company and Toll Brothers (NYSE: TOL). The Company's and Toll Brothers' allocated portions of the purchase price were approximately $76.1 million and $57.9 million, respectively. Until the core and shell of the building is complete, the building and land will be owned jointly and are required to be consolidated on the Company's balance sheet. Thereafter, the Company will solely own and control the rental portion of the building (floors 2-22) and Toll Brothers will solely own and control the for sale portion of the building (floors 23-40). Once the core and shell are complete, the Toll Brothers' portion of the property will be deconsolidated from the Company's balance sheet.
(2)
Includes entry into a long-term ground lease for a land parcel at 170 Amsterdam Avenue in New York City.
(3)
Represents the acquisition of a 97,000 square foot commercial building adjacent to our Harbor Steps apartment property in downtown Seattle for potential redevelopment.

During the year ended December 31, 2010, the Company acquired the entire equity interest in the following from unaffiliated parties (purchase price in thousands):

 
Properties
 
Apartment Units
 
Purchase Price
 
 
 
 
 
 
Rental Properties – Consolidated
16

 
4,445

 
$
1,485,701

Land Parcels (six)
—

 
—

 
68,869

Total
16

 
4,445

 
$
1,554,570



In addition to the properties discussed above, the Company acquired the 75% equity interest it did not own in seven previously unconsolidated properties containing 1,811 apartment units with a real estate value of $105.1 million.
During the year ended December 31, 2011, the Company disposed of the following to unaffiliated parties (sales price in thousands):

 
Properties
 
Apartment Units
 
Sales Price
 
 
 
 
 
 
Rental Properties – Consolidated
47

 
14,345

 
$
1,482,239

Land Parcel (one) (1)
—

 
—

 
22,786

Total
47

 
14,345

 
$
1,505,025


(1)
Represents the sale of a land parcel, on which the Company no longer planned to develop, in suburban Washington, D.C.
The Company recognized a net gain on sales of discontinued operations of approximately $826.5 million and a net gain on sales of land parcels of approximately $4.2 million on the above sales.
During the year ended December 31, 2010, the Company disposed of the following to unaffiliated parties (sales price in thousands):

 
Properties
 
Apartment Units
 
Sales Price
Rental Properties:
 

 
 

 
 

Consolidated
35

 
7,171

 
$
718,352

Unconsolidated (1)
27

 
6,275

 
417,779

Land Parcel (one)
—

 
—

 
4,000

Condominium Conversion Properties
1

 
2

 
360

Total
63

 
13,448

 
$
1,140,491


(1)
The Company owned a 25% interest in these unconsolidated rental properties. Sales price listed is the gross sales price.
The Company recognized a net gain on sales of discontinued operations of approximately $298.0 million, a net gain on sales of unconsolidated entities of approximately $28.1 million and a net loss on sales of land parcels of approximately $1.4 million on the above sales.
Commitments to Acquire/Dispose of Real Estate
Commitments To Acquire Dispose Of Real Estate Text Block
Commitments to Acquire/Dispose of Real Estate
In addition to the land parcels that were subsequently acquired as discussed in Note 18, the Company has entered into separate agreements to acquire the following (purchase price in thousands):

        
 
Properties
 
Apartment Units
 
Purchase Price
Rental Properties
2

 
648

 
$
241,000

Land Parcels (three)
—

 
—

 
53,200

Total
2

 
648

 
$
294,200


In addition to the property that was subsequently disposed of as discussed in Note 18, the Company has entered into separate agreements to dispose of the following (sales price in thousands):

        
 
Properties
 
Apartment Units
 
Sales Price
Rental Properties
6

 
1,169

 
$
127,075

Total
6

 
1,169

 
$
127,075


The closings of these pending transactions are subject to certain conditions and restrictions, therefore, there can be no assurance that these transactions will be consummated or that the final terms will not differ in material respects from those summarized in the preceding paragraphs.
Investments in Partially Owned Entities
Investments in Partially Owned Entities
Investments in Partially Owned Entities
The Company has co-invested in various properties with unrelated third parties which are either consolidated or accounted for under the equity method of accounting (unconsolidated). The following tables and information summarize the Company’s investments in partially owned entities as of December 31, 2011 (amounts in thousands except for project and apartment unit amounts):

 
 
Consolidated
 
 
Development Projects (VIEs) (4)
 
 
 
 
 
 
Held for
and/or Under
Development
 
Completed
and
Stabilized
 
Other
 
Total
 
 
 
 
 
 
 
 
 
Total projects (1)
 
—

 
2

 
19

 
21


 

 

 

 

Total apartment units (1)
 
—

 
441

 
3,475

 
3,916


 

 

 

 

Balance sheet information at 12/31/11 (at 100%):
 

 

 

 

ASSETS
 

 

 

 

Investment in real estate
 
$
160,732

 
$
114,584

 
$
449,140

 
$
724,456

Accumulated depreciation
 
—

 
(12,228
)
 
(144,305
)
 
(156,533
)
Investment in real estate, net
 
160,732

 
102,356

 
304,835

 
567,923

Cash and cash equivalents
 
1,638

 
1,503

 
15,578

 
18,719

Deposits – restricted
 
43,970

 
2,272

 
15,177

 
61,419

Escrow deposits – mortgage
 
—

 
60

 
—

 
60

Deferred financing costs, net
 
—

 
65

 
1,179

 
1,244

Other assets
 
3,554

 
140

 
144

 
3,838

       Total assets
 
$
209,894

 
$
106,396

 
$
336,913

 
$
653,203


 

 

 

 

LIABILITIES AND EQUITY/CAPITAL
 

 

 

 

Mortgage notes payable
 
$
—

 
$
33,419

 
$
200,337

 
$
233,756

Accounts payable & accrued expenses
 
202

 
1,073

 
818

 
2,093

Accrued interest payable
 
—

 
104

 
782

 
886

Other liabilities
 
1,275

 
79

 
1,139

 
2,493

Security deposits
 
—

 
102

 
1,491

 
1,593

       Total liabilities
 
1,477

 
34,777

 
204,567

 
240,821


 

 

 

 

Noncontrolling Interests – Partially Owned Properties
 
78,090

 
1,079

 
(4,863
)
 
74,306

Company equity/General and Limited Partners' Capital
 
130,327

 
70,540

 
137,209

 
338,076

       Total equity/capital
 
208,417

 
71,619

 
132,346

 
412,382

       Total liabilities and equity/capital
 
$
209,894

 
$
106,396

 
$
336,913

 
$
653,203


 

 

 

 

Debt – Secured (2):
 

 

 

 

       Company/Operating Partnership Ownership (3)
 
$
—

 
$
33,419

 
$
159,068

 
$
192,487

       Noncontrolling Ownership
 
—

 
—

 
41,269

 
41,269

Total (at 100%)
 
$
—


$
33,419


$
200,337


$
233,756



 
 
Consolidated
 
 
Development Projects (VIEs) (4)
 
 
 
 
 
 
Held for
and/or Under
Development
 
Completed
and
Stabilized
 
Other
 
Total
Operating information for the year
ended 12/31/11 (at 100%):
 
 

 
 

 
 

 
 

Operating revenue
 
$
—

 
$
8,961

 
$
57,916

 
$
66,877

Operating expenses
 
249

 
3,868

 
19,115

 
23,232

Net operating (loss) income
 
(249
)
 
5,093

 
38,801

 
43,645

Depreciation
 
—

 
4,163

 
15,117

 
19,280

General and administrative/other
 
152

 
6

 
123

 
281

Operating (loss) income
 
(401
)
 
924

 
23,561

 
24,084

Interest and other income
 
6

 
6

 
10

 
22

Other expenses
 
(487
)
 
—

 
(39
)
 
(526
)
Interest:
 
 

 
 

 
 

 
 

Expense incurred, net
 
(399
)
 
(3,229
)
 
(11,295
)
 
(14,923
)
Amortization of deferred financing costs
 
—

 
(382
)
 
(366
)
 
(748
)
(Loss) income before income and other taxes and net
    gains on sales of land parcels and discontinued
    operations
 
(1,281
)
 
(2,681
)
 
11,871

 
7,909

Income and other tax (expense) benefit
 
(57
)
 
—

 
(6
)
 
(63
)
Net gain on sales of land parcels
 
4,217

 
—

 
—

 
4,217

Net gain on sales of discontinued operations
 
169

 
—

 
13,259

 
13,428

Net income (loss)
 
$
3,048

 
$
(2,681
)
 
$
25,124

 
$
25,491



(1)
Project and apartment unit counts exclude all uncompleted development projects until those projects are substantially completed.
(2)
All debt is non-recourse to the Company.
(3)
Represents the Company’s/Operating Partnership's current economic ownership interest.
(4)
A development project with a noncontrolling interest balance of $75.8 million is not a VIE.

The Company admitted an 80% institutional partner to two separate entities/transactions (one in December 2010 and the other in August 2011), each owning a developable land parcel, in exchange for $40.1 million in cash and retained a 20% equity interest in both of these entities. These land parcels are now unconsolidated. Total project costs are approximately $232.8 million and construction will be predominantly funded with two separate long-term, non-recourse secured loans from the partner. While the Company is the managing member of both of the joint ventures, is responsible for constructing both of the projects and has given certain construction cost overrun guarantees, all major decisions are made jointly, the large majority of funding is provided by the partner and the partner has significant involvement in and oversight of the ongoing projects, neither of which is a VIE. The Company's remaining funding obligations are currently estimated at $5.4 million.

In December 2011, the Company and Toll Brothers (NYSE: TOL) jointly acquired a vacant land parcel at 400 Park Avenue South in New York City. The Company's and Toll Brothers' allocated portions of the purchase price were approximately $76.1 million and $57.9 million, respectively. Until the core and shell of the building is complete, the building and land will be owned jointly and are required to be consolidated on the Company's balance sheet. Thereafter, the Company will solely own and control the rental portion of the building (floors 2-22) and Toll Brothers will solely own and control the for sale portion of the building (floors 23-40). Once the core and shell are complete, the Toll Brothers' portion of the property will be deconsolidated from the Company's balance sheet. The acquisition was financed through contributions by the Company and Toll Brothers of approximately $102.5 million and $75.7 million, respectively, which included the land purchase noted above and taxes and fees of $0.4 million and $0.3 million, respectively. Restricted deposits were made to the venture of $26.0 million and $17.5 million, respectively, to collateralize construction guarantees. As of December 31, 2011, Toll Brothers' noncontrolling interest balance totaled $75.8 million.

During the year ended December 31, 2010, the Company acquired the 75% equity interest it did not own in seven previously unconsolidated properties containing 1,811 apartment units in exchange for an approximate $30.0 million payment to its partner. In addition, the Company repaid the net $70.0 million mortgage loan, which was to mature on May 1, 2010, concurrent with closing using proceeds drawn from the Company's line of credit. The Company also sold its 25% equity interest in the remaining 24 unconsolidated properties containing 5,635 apartment units in exchange for an approximate $25.4 million payment from its partner and the related $264.8 million in non-recourse mortgage debt was extinguished by the partner at closing.
The Company is the controlling partner in various consolidated partnership properties and development properties having a noncontrolling interest book value of $74.3 million at December 31, 2011. The Company has identified certain development partnerships as VIEs as the Company provides substantially all of the capital for these ventures (other than third party mortgage debt, if any) despite the fact that each partner legally owns 50% of each venture. The Company is the primary beneficiary as it exerts the most significant power over the ventures, absorbs the majority of the expected losses and has the right to receive a majority of the expected residual returns. The assets net of liabilities of the Company’s VIEs are restricted in their use to the specific VIE to which they relate and are not available for general corporate use. The Company does not have any unconsolidated VIEs.
Deposits - Restricted
Restricted Cash And Cash Equivalents Disclosure [Text Block]
7.
Deposits – Restricted
The following table presents the Company’s restricted deposits as of December 31, 2011 and 2010 (amounts in thousands):

 
 
December 31, 2011
 
December 31, 2010
Tax–deferred (1031) exchange proceeds
 
$
53,668

 
$
103,887

Earnest money on pending acquisitions
 
7,882

 
9,264

Restricted deposits on debt
 
2,370

 
18,966

Restricted deposits on real estate investments
 
43,970

 
—

Resident security and utility deposits
 
40,403

 
40,745

Other
 
3,944

 
8,125

Totals
 
$
152,237

 
$
180,987

Debt
Debt Disclosure [Text Block]
Debt
EQR does not have any indebtedness as all debt is incurred by the Operating Partnership. EQR guarantees the Operating Partnership's $500.0 million unsecured senior term loan and also guarantees the Operating Partnership's revolving credit facility up to the maximum amount and for the full term of the facility.

Mortgage Notes Payable
As of December 31, 2011, the Company had outstanding mortgage debt of approximately $4.1 billion.
During the year ended December 31, 2011, the Company:
▪
Repaid $991.7 million of mortgage loans;
▪
Obtained $190.9 million of new mortgage loan proceeds; and
▪
Assumed $158.2 million of mortgage debt on five acquired properties.
The Company recorded approximately $4.4 million of write-offs of unamortized deferred financing costs during the year ended December 31, 2011 as additional interest expense related to debt extinguishment of mortgages.
As of December 31, 2011, the Company had $455.6 million of secured debt subject to third party credit enhancement.
As of December 31, 2011, scheduled maturities for the Company’s outstanding mortgage indebtedness were at various dates through September 1, 2048. At December 31, 2011, the interest rate range on the Company’s mortgage debt was 0.05% to 11.25%. During the year ended December 31, 2011, the weighted average interest rate on the Company’s mortgage debt was 4.84%.
The historical cost, net of accumulated depreciation, of encumbered properties was $4.9 billion and $5.6 billion at December 31, 2011 and 2010, respectively.
As of December 31, 2010, the Company had outstanding mortgage debt of approximately $4.8 billion.

During the year ended December 31, 2010, the Company:
▪
Repaid $652.1 million of mortgage loans;
▪
Obtained $173.6 million of new mortgage loan proceeds;
▪
Assumed $359.1 million of mortgage debt on seven acquired properties;
▪
Was released from $40.0 million of mortgage debt assumed by the purchaser on two disposed properties; and
▪
Assumed $112.6 million of mortgage debt on seven previously unconsolidated properties and repaid the net $70.0 million mortgage loan (net of $42.6 million of cash collateral held by the lender) concurrent with closing using proceeds drawn from the Company's line of credit.
The Company recorded approximately $2.5 million and $1.0 million of prepayment penalties and write-offs of unamortized deferred financing costs, respectively, during the year ended December 31, 2010 as additional interest expense related to debt extinguishment of mortgages.
As of December 31, 2010, the Company had $543.4 million of secured debt subject to third party credit enhancement.
As of December 31, 2010, scheduled maturities for the Company’s outstanding mortgage indebtedness were at various dates through September 1, 2048. At December 31, 2010, the interest rate range on the Company’s mortgage debt was 0.21% to 11.25%. During the year ended December 31, 2010, the weighted average interest rate on the Company’s mortgage debt was 4.79%.

Notes
The following tables summarize the Company’s unsecured note balances and certain interest rate and maturity date information as of and for the years ended December 31, 2011 and 2010, respectively:
December 31, 2011
 (Amounts are in thousands)
 
Net Principal Balance
 
Interest Rate Ranges
 
Weighted Average Interest Rate
 
Maturity Date Ranges
Fixed Rate Public/Private Notes (1)
 
$
4,803,191

 
4.625% - 7.57%
 
5.84%
 
2012 - 2026
Floating Rate Public/Private Notes (1)
 
806,383

 
(1)
 
1.67%
 
2012 - 2013
Totals
 
$
5,609,574

 
 
 
 
 
 


December 31, 2010
(Amounts are in thousands)
 
Net Principal Balance
 
Interest Rate Ranges
 
Weighted Average Interest Rate
 
Maturity Date Ranges
Fixed Rate Public/Private Notes (1)
 
$
4,375,860

 
3.85% - 7.57%
 
5.78%
 
2011 - 2026
Floating Rate Public/Private Notes (1)
 
809,320

 
(1)
 
1.72%
 
2011 - 2013
Totals
 
$
5,185,180

 
 
 
 
 
 


(1)
At December 31, 2011 and 2010, $300.0 million in fair value interest rate swaps converts a portion of the $400.0 million face value 5.200% notes due April 1, 2013 to a floating interest rate.
The Company’s unsecured public debt contains certain financial and operating covenants including, among other things, maintenance of certain financial ratios. The Company was in compliance with its unsecured public debt covenants for both the years ended December 31, 2011 and 2010.
An unlimited amount of equity and debt securities remains available for issuance by EQR and ERPOP under effective shelf registration statements filed with the SEC. Most recently, EQR and ERPOP filed a universal shelf registration statement for an unlimited amount of equity and debt securities that became automatically effective upon filing with the SEC in October 2010 and expires on October 15, 2013. Per the terms of ERPOP's partnership agreement, EQR contributes the net proceeds of all equity offerings to the capital of ERPOP in exchange for additional OP Units (on a one-for-one Common Share per OP Unit basis) or preference units (on a one-for-one preferred share per preference units basis).
During the year ended December 31, 2011, the Company:
▪
Repaid $93.1 million of 6.95% unsecured notes at maturity;
▪
Exercised the second of its two one-year extension options for its $500.0 million term loan facility and as a result, the maturity date is now October 5, 2012;
▪
Redeemed $482.5 million of its 3.85% unsecured notes with a final maturity of 2026 at par and no premium was paid; and
▪
Issued $1.0 billion of ten-year 4.625% fixed rate public notes in a public offering, receiving net proceeds of $996.2 million before underwriting fees and other expenses. The notes are at an all-in effective interest rate of approximately 6.2% after termination of various forward starting swaps in conjunction with the issuance (see Note 9 for further discussion).
During the year ended December 31, 2010, the Company:
▪
Issued $600.0 million of ten-year 4.75% fixed rate public notes in a public offering at an all-in effective interest rate of 5.09%, receiving net proceeds of $595.4 million before underwriting fees and other expenses.
On December 2, 2011, the Company obtained a commitment for a senior unsecured bridge loan facility in an aggregate principal amount not to exceed $1.0 billion to finance the potential acquisition of an ownership interest in Archstone, a privately-held owner, operator and developer of multifamily apartment properties. The Company paid fees of $2.6 million to structure this facility, which were recorded as deferred financing costs and amortized in 2011. See Note 18 for discussion on the cancellation of this facility.
On October 11, 2007, the Company closed on a $500.0 million senior unsecured term loan. Effective April 5, 2011, the Company exercised the second of its two one-year extension options and as a result, the maturity date is now October 5, 2012. The Company has the ability to increase available borrowings by an additional $250.0 million under certain circumstances. The loan bears interest at variable rates based upon LIBOR plus a spread (currently 0.50%) dependent upon the current credit rating on the Company’s long-term senior unsecured debt.

On August 23, 2006, the Company issued $650.0 million of exchangeable notes that were to mature on August 15, 2026. The notes bore interest at a fixed rate of 3.85%. The notes were exchangeable into Common Shares, at the option of the holders, under specific circumstances or on or after August 15, 2025, at an exchange rate of 16.3934 shares per $1,000 principal amount of notes (equivalent to an exchange price of $61.00 per share). On August 18, 2011 (the "Redemption Date"), the Operating Partnership redeemed all of the outstanding notes for $482.5 million in cash, which was equal to 100% of the principal amount of such notes, plus accrued and unpaid interest up to but excluding the Redemption Date. See Note 2 for more information on the change in the recognition of interest expense for these notes.

Lines of Credit

In July 2011, the Company replaced its then existing unsecured revolving credit facility with a new $1.25 billion unsecured revolving credit facility maturing on July 13, 2014, subject to a one-year extension option exercisable by the Company. The Company has the ability to increase available borrowings by an additional $500.0 million by adding additional banks to the facility or obtaining the agreement of existing banks to increase their commitments. See Note 18 for discussion on the increase of available borrowings for this facility. The interest rate on advances under the new credit facility will generally be LIBOR plus a spread (currently 1.15%) and the Company pays an annual facility fee of 0.2%. Both the spread and the facility fee are dependent on the credit rating of the Company's long-term debt. This facility replaced the Company's $1.425 billion facility which was scheduled to mature in February 2012. The Company wrote-off $0.2 million in unamortized deferred financing costs related to the old facility.

As of December 31, 2011, the amount available on the new credit facility was $1.22 billion (net of $31.8 million which was restricted/dedicated to support letters of credit) and there was no amount outstanding. During the year ended December 31, 2011, the weighted average interest rate was 1.42%. As of December 31, 2010, the amount available on the old credit facility was $1.28 billion (net of $147.3 million which was restricted/dedicated to support letters of credit and net of $75.0 million which had been committed by a now bankrupt financial institution and was not available for borrowing) and there was no amount outstanding. During the year ended December 31, 2010, the weighted average interest rate was 0.66%.

Other

The following table provides a summary of the aggregate payments of principal on all debt for each of the next five years and thereafter (amounts in thousands):
Year
 
Total (1)

 
2012
 
$
1,161,582

(2)
2013
 
579,675

 
2014
 
588,340

 
2015
 
418,900

 
2016
 
1,190,038

 
Thereafter
 
5,782,526

 
Total
 
$
9,721,061

 

(1)
Principal payments on all debt include amortization of any discounts or premiums related to the debt. Premiums and discounts are amortized over the life of the debt.
(2)
Includes the Company's $500.0 million term loan facility. Effective April 5, 2011, the Company exercised the second of its two one-year extension options and as a result, the maturity date is now October 5, 2012.
Derivative and Other Fair Value Instruments
Derivatives and Fair Value [Text Block]
Derivative and Other Fair Value Instruments
The valuation of financial instruments requires the Company to make estimates and judgments that affect the fair value of the instruments. The Company, where possible, bases the fair values of its financial instruments, including its derivative instruments, on listed market prices and third party quotes. Where these are not available, the Company bases its estimates on current instruments with similar terms and maturities or on other factors relevant to the financial instruments.
The carrying values of the Company’s mortgage notes payable and unsecured notes were approximately $4.1 billion and $5.6 billion, respectively, at December 31, 2011. The fair values of the Company’s mortgage notes payable and unsecured notes were approximately $4.3 billion and $6.0 billion, respectively, at December 31, 2011. The carrying values of the Company’s mortgage notes payable and unsecured notes were approximately $4.8 billion and $5.2 billion, respectively, at December 31, 2010. The fair values of the Company’s mortgage notes payable and unsecured notes were approximately $4.7 billion and $5.5 billion, respectively, at December 31, 2010. The fair values of the Company’s financial instruments (other than mortgage notes payable, unsecured notes, derivative instruments and investment securities) including cash and cash equivalents and other financial instruments, approximate their carrying or contract values.
In the normal course of business, the Company is exposed to the effect of interest rate changes. The Company seeks to manage these risks by following established risk management policies and procedures including the use of derivatives to hedge interest rate risk on debt instruments.
The following table summarizes the Company’s consolidated derivative instruments at December 31, 2011 (dollar amounts are in thousands):
 
Fair Value
Hedges (1)
 
Forward
Starting
Swaps (2)
Current Notional Balance
$
315,693

 
$
200,000

Lowest Possible Notional
$
315,693

 
$
200,000

Highest Possible Notional
$
317,694

 
$
200,000

Lowest Interest Rate
2.009
%
 
3.478
%
Highest Interest Rate
4.800
%
 
4.695
%
Earliest Maturity Date
2012

 
2023

Latest Maturity Date
2013

 
2023



(1)
Fair Value Hedges – Converts outstanding fixed rate debt to a floating interest rate.
(2)
Forward Starting Swaps – Designed to partially fix the interest rate in advance of a planned future debt issuance. These swaps have mandatory counterparty terminations in 2014 and are targeted to 2013 issuances.
In June 2011, the Company's remaining development cash flow hedge matured.
A three-level valuation hierarchy exists for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows:

•
Level 1 – Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

•
Level 2 – Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

•
Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The Company’s derivative positions are valued using models developed by the respective counterparty as well as models developed internally by the Company that use as their basis readily observable market parameters (such as forward yield curves and credit default swap data). Employee holdings other than Common Shares within the supplemental executive retirement plan (the “SERP”) are valued using quoted market prices for identical assets and are included in other assets and other liabilities on the consolidated balance sheet. The Company’s investment securities are valued using quoted market prices or readily available market interest rate data. Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners are valued using the quoted market price of Common Shares.
The following tables provide a summary of the fair value measurements for each major category of assets and liabilities measured at fair value on a recurring basis and the location within the accompanying Consolidated Balance Sheets at December 31, 2011 and 2010, respectively (amounts in thousands):
 
 
 
 
 
 
Fair Value Measurements at Reporting Date Using
 
 
 
 
 
 
Quoted Prices in
 
 
 
 
 
 
 
 
 
 
Active Markets for
 
Significant Other
 
Significant
 
 
Balance Sheet
 
 
 
Identical Assets/Liabilities
 
Observable Inputs
 
Unobservable Inputs
Description
 
Location
 
12/31/2011
 
(Level 1)
 
(Level 2)
 
(Level 3)
Assets
 
 
 
 
 
 
 
 
 
 
Derivatives designated as hedging instruments:
 
 
 
 
 
 
 
 
 
   Interest Rate Contracts:
 
 
 
 
 
 
 
 
 
      Fair Value Hedges
 
Other Assets
 
$
8,972

 
$
—

 
$
8,972

 
$
—

Supplemental Executive Retirement Plan
Other Assets
 
71,426

 
71,426

 
—

 
—

Available-for-Sale Investment Securities
Other Assets
 
1,550

 
1,550

 
—

 
—

Total
 
 
 
$
81,948

 
$
72,976

 
$
8,972

 
$
—

 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
Derivatives designated as hedging instruments:
 
 
 
 
 
 
 
 
 
   Interest Rate Contracts:
 
 
 
 
 
 
 
 
 
      Forward Starting Swaps
Other Liabilities
 
$
32,278

 
$
—

 
$
32,278

 
$
—

Supplemental Executive Retirement Plan
Other Liabilities
 
71,426

 
71,426

 
—

 
—

Total
 
 
 
$
103,704

 
$
71,426

 
$
32,278

 
$
—

 
 
 
 
 
 
 
 
 
 
 
Redeemable Noncontrolling Interests –
 
 
 
 
 
 
 
 
 
   Operating Partnership/Redeemable
 
 
 
 
 
 
 
 
 
      Limited Partners
Mezzanine
 
$
416,404

 
$
—

 
$
416,404

 
$
—



 
 
 
 
 
 
Fair Value Measurements at Reporting Date Using
 
 
 
 
 
 
Quoted Prices in
 
 
 
 
 
 
 
 
 
 
Active Markets for
 
Significant Other
 
Significant
 
 
Balance Sheet
 
 
 
Identical Assets/Liabilities
 
Observable Inputs
 
Unobservable Inputs
Description
 
Location
 
12/31/2010
 
(Level 1)
 
(Level 2)
 
(Level 3)
Assets
 
 
 
 
 
 
 
 
 
 
Derivatives designated as hedging instruments:
 
 
 
 
 
 
 
 
 
   Interest Rate Contracts:
 
 
 
 
 
 
 
 
 
      Fair Value Hedges
 
Other Assets
 
$
12,521

 
$
—

 
$
12,521

 
$
—

      Forward Starting Swaps
 
Other Assets
 
3,276

 
—

 
3,276

 
—

Supplemental Executive Retirement Plan
Other Assets
 
58,132

 
58,132

 
—

 
—

Available-for-Sale Investment Securities
Other Assets
 
1,194

 
1,194

 
—

 
—

Total
 
 
 
$
75,123

 
$
59,326

 
$
15,797

 
$
—

 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
Derivatives designated as hedging instruments:
 
 
 
 
 
 
 
 
 
   Interest Rate Contracts:
 
 
 
 
 
 
 
 
 
      Forward Starting Swaps
Other Liabilities
 
$
37,756

 
$
—

 
$
37,756

 
$
—

      Development Cash Flow Hedges
Other Liabilities
 
1,322

 
—

 
1,322

 
—

Supplemental Executive Retirement Plan
Other Liabilities
 
58,132

 
58,132

 
—

 
—

Total
 
 
 
$
97,210

 
$
58,132

 
$
39,078

 
$
—

 
 
 
 
 
 
 
 
 
 
 
Redeemable Noncontrolling Interests –
 
 
 
 
 
 
 
 
 
   Operating Partnership/Redeemable
 
 
 
 
 
 
 
 
 
      Limited Partners
Mezzanine
 
383,540

 
—

 
383,540

 
—


The following table provides a summary of the fair value measurements for each major category of assets and liabilities measured at fair value on a nonrecurring basis at December 31, 2010 (amounts in thousands):
 
 
 
 
Fair Value Measurements at Reporting Date Using
 
 
 
 
 
 
Quoted Prices in
 
 
 
 
 
 
 
 
 
 
Active Markets for
 
Significant Other
 
Significant
 
 
 
 
 
 
Identical Assets/Liabilities
 
Observable Inputs
 
Unobservable Inputs
 
 
Description
 
12/31/2010
 
(Level 1)
 
(Level 2)
 
(Level 3)
 
Total Gains (Losses)
Assets
 
 
 
 
 
 
 
 
 
 
Long-lived assets
 
$
56,000

 
$
—

 
$
—

 
$
56,000

 
$
(45,380
)
Total
 
$
56,000

 
$
—

 
$
—

 
$
56,000

 
$
(45,380
)


The Company's real estate asset impairment charges were the result of an analysis of the parcels' estimated fair value (determined using internally developed models that were based on market assumptions and comparable sales data) compared to their current capitalized carrying value. The market assumptions used as inputs to the Company's fair value model include construction costs, leasing assumptions, growth rates, discount rates, terminal capitalization rates and development yields, along with the Company's current plans for each individual asset. The Company uses data on its existing portfolio of properties and its recent acquisition and development properties, as well as similar market data from third party sources, when available, in determining these inputs. The valuation techniques used to measure fair value is consistent with how similar assets were measured in prior periods. See Note 18 for further discussion.
The following tables provide a summary of the effect of fair value hedges on the Company’s accompanying Consolidated Statements of Operations for the years ended December 31, 2011, 2010 and 2009, respectively (amounts in thousands):

December 31, 2011
Type of Fair Value Hedge
 
Location of Gain/(Loss) Recognized in Income
on Derivative
 
Amount of Gain/(Loss) Recognized in Income
on Derivative
 
 
 
Income Statement Location of Hedged
Item Gain/(Loss)
 
Amount of Gain/(Loss)Recognized in Income
on Hedged Item
 
 
 
Hedged Item
 
 
Derivatives designated as hedging instruments:
 
 
 
 

 
 
 
 
 
 

Interest Rate Contracts:
 
 
 
 

 
 
 
 
 
 

Interest Rate Swaps
 
Interest expense
 
$
(3,549
)
 
Fixed rate debt
 
Interest expense
 
$
3,549

Total
 
 
 
$
(3,549
)
 
 
 
 
 
$
3,549


December 31, 2010
Type of Fair Value Hedge
 
Location of Gain/(Loss) Recognized in Income
on Derivative
 
Amount of Gain/(Loss) Recognized in Income
on Derivative
 
 
 
Income Statement Location of Hedged
Item Gain/(Loss)
 
Amount of Gain/(Loss)Recognized in Income
on Hedged Item
 
 
 
Hedged Item
 
 
Derivatives designated as hedging instruments:
 
 
 
 

 
 
 
 
 
 

Interest Rate Contracts:
 
 
 
 

 
 
 
 
 
 

Interest Rate Swaps
 
Interest expense
 
$
7,335

 
Fixed rate debt
 
Interest expense
 
$
(7,335
)
Total
 
 
 
$
7,335

 
 
 
 
 
$
(7,335
)

December 31, 2009
Type of Fair Value Hedge
 
Location of Gain/(Loss) Recognized in Income
on Derivative
 
Amount of Gain/(Loss) Recognized in Income
on Derivative
 
 
 
Income Statement Location of Hedged
Item Gain/(Loss)
 
Amount of Gain/(Loss)Recognized in Income
on Hedged Item
 
 
 
Hedged Item
 
 
Derivatives designated as hedging instruments:
 
 
 
 

 
 
 
 
 
 

Interest Rate Contracts:
 
 
 
 

 
 
 
 
 
 

Interest Rate Swaps
 
Interest expense
 
$
(1,167
)
 
Fixed rate debt
 
Interest expense
 
$
1,167

Total
 
 
 
$
(1,167
)
 
 
 
 
 
$
1,167



The following tables provide a summary of the effect of cash flow hedges on the Company’s accompanying Consolidated Statements of Operations for the years ended December 31, 2011, 2010 and 2009, respectively (amounts in thousands):

 
 
Effective Portion
 
Ineffective Portion
December 31, 2011
Type of Cash Flow Hedge
 
Amount of
Gain/(Loss) Recognized in OCI
on Derivative
 
Location of Gain/(Loss)
Reclassified from Accumulated OCI
into Income
 
Amount of Gain/(Loss)
Reclassified from Accumulated OCI
into Income
 
Location of
Gain/(Loss) Recognized in Income
on Derivative
 
Amount of Gain/(Loss)
Reclassified from Accumulated OCI
into Income
 
 
 
 
 
Derivatives designated as hedging instruments:
 
 

 
 
 
 

 
 
 
 

Interest Rate Contracts:
 
 

 
 
 
 

 
 
 
 

Forward Starting Swaps/Treasury Locks
 
$
(145,090
)
 
Interest expense
 
$
(4,343
)
 
Interest expense
 
$
(170
)
Development Interest Rate Swaps/Caps
 
1,322

 
Interest expense
 
—

 
N/A
 
—

Total
 
$
(143,768
)
 
 
 
$
(4,343
)
 
 
 
$
(170
)

 
 
Effective Portion
 
Ineffective Portion
December 31, 2010
Type of Cash Flow Hedge
 
Amount of
Gain/(Loss) Recognized in OCI
on Derivative
 
Location of Gain/(Loss)
Reclassified from Accumulated
OCI
into Income
 
Amount of Gain/(Loss)
Reclassified from Accumulated
OCI
into Income
 
Location of
Gain/(Loss) Recognized in Income
on Derivative
 
Amount of Gain/(Loss)
Reclassified from Accumulated
OCI
into Income
 
 
 
 
 
Derivatives designated as hedging instruments:
 
 
 
 
 
 
 
 
 
 
Interest Rate Contracts:
 
 
 
 
 
 
 
 
 
 
Forward Starting Swaps/Treasury Locks
 
$
(68,149
)
 
Interest expense
 
$
(3,338
)
 
N/A
 
$
—

Development Interest Rate Swaps/Caps
 
2,255

 
Interest expense
 
—

 
N/A
 
—

Total
 
$
(65,894
)
 
 
 
$
(3,338
)
 
 
 
$
—


 
 
Effective Portion
 
Ineffective Portion
December 31, 2009
Type of Cash Flow Hedge
 
Amount of
Gain/(Loss) Recognized in OCI
on Derivative
 
Location of Gain/(Loss)
Reclassified from Accumulated
OCI
into Income
 
Amount of Gain/(Loss)
Reclassified from Accumulated
OCI
into Income
 
Location of
Gain/(Loss) Recognized in Income
on Derivative
 
Amount of Gain/(Loss)
Reclassified from Accumulated
OCI
into Income
 
 
 
 
 
Derivatives designated as hedging instruments:
 
 
 
 
 
 
 
 
 
 
Interest Rate Contracts:
 
 
 
 
 
 
 
 
 
 
Forward Starting Swaps/Treasury Locks
 
$
34,432

 
Interest expense
 
$
(3,724
)
 
N/A
 
$
—

Development Interest Rate Swaps/Caps
 
3,244

 
Interest expense
 
—

 
N/A
 
—

Total
 
$
37,676

 
 
 
$
(3,724
)
 
 
 
$
—


As of December 31, 2011 and 2010, there were approximately $197.6 million and $58.3 million in deferred losses, net, included in accumulated other comprehensive (loss), respectively, related to derivative instruments. Based on the estimated fair values of the net derivative instruments at December 31, 2011, the Company may recognize an estimated $19.5 million of accumulated other comprehensive (loss) as additional interest expense during the year ending December 31, 2012.
In December 2011, the Company paid approximately $153.2 million to settle various forward starting swaps in conjunction with the issuance of $1.0 billion of ten-year fixed rate public notes. The ineffective portion of $0.2 million and accrued interest of $5.9 million were recorded as interest expense. The remaining amount of $147.1 million will be deferred as a component of accumulated other comprehensive (loss) and is recognized as an increase to interest expense over the approximate term of the notes.
In July 2010, the Company paid approximately $10.0 million to settle a forward starting swap in conjunction with the issuance of $600.0 million of ten-year fixed rate public notes. The entire amount was deferred as a component of accumulated other comprehensive (loss) and is being recognized as an increase to interest expense over the term of the notes.
In January 2009, the Company received approximately $0.4 million to terminate a fair value hedge of interest rates in conjunction with the public tender of the Company’s 4.75% fixed rate public notes due June 15, 2009. Approximately $0.2 million of the settlement received was deferred and recognized as a reduction of interest expense through the maturity on June 15, 2009.
In April and May 2009, the Company received approximately $10.8 million to terminate six treasury locks in conjunction with the issuance of a $500.0 million 11-year mortgage loan. The entire amount was deferred as a component of accumulated other comprehensive income and is recognized as a reduction of interest expense over the first ten years of the mortgage loan.
During the year ended December 31, 2009, the Company sold a majority of its investment securities, receiving proceeds of approximately $215.8 million, and recorded a $4.9 million realized gain on sale (specific identification) which is included in interest and other income.
The following tables set forth the maturity, amortized cost, gross unrealized gains and losses, book/fair value and interest and other income of the various investment securities held as of December 31, 2011 and 2010, respectively (amounts in thousands):
 
 
 
 
Other Assets
 
 
December 31, 2011
Security
 
Maturity
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Book/
Fair Value
 
Interest and
Other Income
 
 
 
 
 
 
Available -for-Sale Investment Securities
 
N/A
 
$
675

 
$
875

 
$
—

 
$
1,550

 
$
—

Total
 
 
 
$
675

 
$
875

 
$
—

 
$
1,550

 
$
—


 
 
 
 
Other Assets
 
 
December 31, 2010
Security
 
Maturity
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Book/
Fair Value
 
Interest and
Other Income
 
 
 
 
 
 
Available-for-Sale
 
 
 
 

 
 

 
 

 
 

 
 

FDIC-insured certificates of deposit
 
Less than one year
 
$
—

 
$
—

 
$
—

 
$
—

 
$
61

Other
 
N/A
 
675

 
519

 
—

 
1,194

 
—

Total Available-for-Sale and Grand Total
 
$
675

 
$
519

 
$
—

 
$
1,194

 
$
61

Earnings Per Share
Earnings Per Share And Earnings Per Unit [Text Block]
Earnings Per Share and Earnings Per Unit

Equity Residential
The following tables set forth the computation of net income per share – basic and net income per share – diluted for the Company (amounts in thousands except per share amounts):

 
Year Ended December 31,
 
2011
 
2010
 
2009
Numerator for net income per share – basic:
 

 
 

 
 

Income (loss) from continuing operations
$
76,443

 
$
(88,299
)
 
$
(63,220
)
Allocation to Noncontrolling Interests – Operating Partnership, net
(2,738
)
 
4,732

 
4,273

Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties
(832
)
 
726

 
558

Net income attributable to Preference Interests and Units
—

 
—

 
(9
)
Preferred distributions
(13,865
)
 
(14,368
)
 
(14,479
)
Income (loss) from continuing operations available to Common Shares, net of
  Noncontrolling Interests
59,008

 
(97,209
)
 
(72,877
)
Discontinued operations, net of Noncontrolling Interests
820,712

 
366,451

 
420,671

Numerator for net income per share – basic
$
879,720

 
$
269,242

 
$
347,794

Numerator for net income per share – diluted (1):
 
 
 
 
 
Income from continuing operations
$
76,443

 
 
 
 
Net (income) attributable to Noncontrolling Interests – Partially Owned Properties
(832
)
 
 
 
 
Preferred distributions
(13,865
)
 
 
 
 
Income from continuing operations available to Common Shares
61,746

 
 
 
 
Discontinued operations, net
858,754

 
 
 
 
Numerator for net income per share – diluted (1)
$
920,500

 
$
269,242

 
$
347,794

Denominator for net income per share – basic and diluted (1):
 
 
 
 
 
Denominator for net income per share – basic
294,856

 
282,888

 
273,609

Effect of dilutive securities:
 
 
 
 
 
OP Units
13,206

 
 
 
 
Long-term compensation shares/units
4,003

 
 
 
 
Denominator for net income per share – diluted (1)
312,065

 
282,888

 
273,609

Net income per share – basic
$
2.98

 
$
0.95

 
$
1.27

Net income per share – diluted
$
2.95

 
$
0.95

 
$
1.27

Net income per share – basic:
 

 
 

 
 

Income (loss) from continuing operations available to Common Shares, net of
  Noncontrolling Interests
$
0.200

 
$
(0.344
)
 
$
(0.266
)
Discontinued operations, net of Noncontrolling Interests
2.784

 
1.296

 
1.537

Net income per share – basic
$
2.984

 
$
0.952

 
$
1.271

Net income per share – diluted (1):
 

 
 

 
 

Income (loss) from continuing operations available to Common Shares
$
0.198

 
$
(0.344
)
 
$
(0.266
)
Discontinued operations, net
2.752

 
1.296

 
1.537

Net income per share – diluted
$
2.950

 
$
0.952

 
$
1.271

Distributions declared per Common Share outstanding
$
1.58

 
$
1.47

 
$
1.64



(1)
Potential common shares issuable from the assumed conversion of OP Units and the exercise/vesting of long-term compensation shares/units are automatically anti-dilutive and therefore excluded from the diluted earnings per share calculation as the Company had a loss from continuing operations for the years ended December 31, 2010 and 2009, respectively.
Convertible preferred shares/units that could be converted into 0, 325,103 and 402,501 weighted average Common Shares for the years ended December 31, 2011, 2010 and 2009, respectively, were outstanding but were not included in the computation of diluted earnings per share because the effects would be anti-dilutive. In addition, the effect of the Common Shares that could ultimately be issued upon the conversion/exchange of the Operating Partnership’s $650.0 million exchangeable senior notes ($482.5 million outstanding were redeemed on August 18, 2011) was not included in the computation of diluted earnings per share because the effects would be anti-dilutive.
For additional disclosures regarding the employee share options and restricted shares, see Notes 2 and 12.
ERP Operating Limited Partnership
The following tables set forth the computation of net income per Unit – basic and net income per Unit – diluted for the Operating Partnership (amounts in thousands except per Unit amounts):

 
Year Ended December 31,
 
2011
 
2010
 
2009
Numerator for net income per Unit – basic and diluted (1):
 

 
 

 
 

Income (loss) from continuing operations
$
76,443

 
$
(88,299
)
 
$
(63,220
)
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties
(832
)
 
726

 
558

Allocation to Preference Units
(13,865
)
 
(14,368
)
 
(14,479
)
Allocation to Preference Interests and Junior Preference Units
—

 
—

 
(9
)
Income (loss) from continuing operations available to Units
61,746

 
(101,941
)
 
(77,150
)
Discontinued operations, net
858,754

 
384,282

 
445,249

Numerator for net income per Unit – basic and diluted (1)
$
920,500

 
$
282,341

 
$
368,099

Denominator for net income per Unit – basic and diluted (1):
 
 
 
 
 
Denominator for net income per Unit – basic
308,062

 
296,527

 
289,167

Effect of dilutive securities:
 
 
 
 
 
Dilution for Units issuable upon assumed exercise/vesting of the Company's
    long-term compensation shares/units
4,003

 
 
 
 
Denominator for net income per Unit – diluted (1)
312,065

 
296,527

 
289,167

Net income per Unit – basic
$
2.98

 
$
0.95

 
$
1.27

Net income per Unit – diluted
$
2.95

 
$
0.95

 
$
1.27

Net income per Unit – basic:
 

 
 

 
 

Income (loss) from continuing operations available to Units
$
0.200

 
$
(0.344
)
 
$
(0.266
)
Discontinued operations, net
2.784

 
1.296

 
1.537

Net income per Unit – basic
$
2.984

 
$
0.952

 
$
1.271

Net income per Unit – diluted (1):
 

 
 

 
 

Income (loss) from continuing operations available to Units
$
0.198

 
$
(0.344
)
 
$
(0.266
)
Discontinued operations, net
2.752

 
1.296

 
1.537

Net income per Unit – diluted
$
2.950

 
$
0.952

 
$
1.271

Distributions declared per Unit outstanding
$
1.58

 
$
1.47

 
$
1.64



(1)
Potential Units issuable from the assumed exercise/vesting of the Company's long-term compensation shares/units are automatically anti-dilutive and therefore excluded from the diluted earnings per Unit calculation as the Operating Partnership had a loss from continuing operations for the years ended December 31, 2010 and 2009, respectively.
Convertible preference interests/units that could be converted into 0, 325,103 and 402,501 weighted average Common Shares (which would be contributed to the Operating Partnership in exchange for OP Units) for the years ended December 31, 2011, 2010 and 2009, respectively, were outstanding but were not included in the computation of diluted earnings per Unit because the effects would be anti-dilutive. In addition, the effect of the Common Shares/OP Units that could ultimately be issued upon the conversion/exchange of the Company's $650.0 million exchangeable senior notes ($482.5 million outstanding were redeemed on August 18, 2011) was not included in the computation of diluted earnings per Unit because the effects would be anti-dilutive.
For additional disclosures regarding the employee share options and restricted shares, see Notes 2 and 12.
Discontinued Operations
Discontinued Operations
Discontinued Operations

The Company has presented separately as discontinued operations in all periods the results of operations for all consolidated assets disposed of and all properties held for sale, if any. Results are reflective of dispositions through March 31, 2012.

The components of discontinued operations are outlined below and include the results of operations for the respective periods that the Company owned such assets during each of the years ended December 31, 2011, 2010 and 2009 (amounts in thousands).

 
Year Ended December 31,
 
2011
 
2010
 
2009
REVENUES
 

 
 

 
 

Rental income
$
116,350

 
$
308,945

 
$
395,719

Total revenues
116,350

 
308,945

 
395,719

 
 
 
 
 
 
EXPENSES (1)
 

 
 

 
 

Property and maintenance
52,462

 
119,720

 
148,449

Real estate taxes and insurance
8,836

 
25,904

 
37,229

Depreciation
21,201

 
64,791

 
86,175

General and administrative
53

 
42

 
43

Total expenses
82,552

 
210,457

 
271,896

 
 
 
 
 
 
Discontinued operating income
33,798

 
98,488

 
123,823

 
 
 
 
 
 
Interest and other income
184

 
800

 
127

Other expenses
—

 
—

 
(11
)
Interest (2):
 

 
 

 
 

Expense incurred, net
(1,120
)
 
(12,584
)
 
(14,262
)
Amortization of deferred financing costs
(840
)
 
(292
)
 
(800
)
Income and other tax (expense) benefit
243

 
(86
)
 
1,073

 
 
 
 
 
 
Discontinued operations
32,265

 
86,326

 
109,950

Net gain on sales of discontinued operations
826,489

 
297,956

 
335,299

 
 
 
 
 
 
Discontinued operations, net
$
858,754

 
$
384,282

 
$
445,249


(1)
Includes expenses paid in the current period for properties sold or held for sale in prior periods related to the Company’s period of ownership.
(2)
Includes only interest expense specific to secured mortgage notes payable for properties sold and/or held for sale.
For the properties sold during 2011 and the first three months of 2012, the investment in real estate, net of accumulated depreciation, and the mortgage notes payable balances at December 31, 2010 were $732.0 million and $104.4 million, respectively.
Share Incentive Plans
Share Incentive Plans
Share Incentive Plans

Any Common Shares issued pursuant to EQR's incentive equity compensation and employee share purchase plans will result in ERPOP issuing OP Units to EQR on a one-for-one basis with ERPOP receiving the net cash proceeds of such issuances.
On June 16, 2011, the shareholders of EQR approved the Company's 2011 Plan. The 2011 Plan reserved 12,980,741 Common Shares for issuance. In conjunction with the approval of the 2011 Plan, no further awards may be granted under the 2002 Share Incentive Plan. The 2011 Plan expires on June 16, 2021. As of December 31, 2011, 12,473,580 shares were available for future issuance.
Pursuant to the 2011 Plan, the 2002 Share Incentive Plan, as restated, and the Amended and Restated 1993 Share Option and Share Award Plan, as amended (collectively the “Share Incentive Plans”), officers, trustees and key employees of the Company may be granted share options to acquire Common Shares (“Options”) including non-qualified share options (“NQSOs”), incentive share options (“ISOs”) and share appreciation rights (“SARs”), or may be granted restricted or non-restricted shares (including performance-based awards), subject to conditions and restrictions as described in the Share Incentive Plans. Prior to 2007, certain executive officers of the Company participated in the Company’s performance-based restricted share plan but the Company has not awarded any performance-based award grants since 2006. Options, SARs, restricted shares, performance shares and LTIP Units (see discussion below) are sometimes collectively referred to herein as “Awards”.
The Options are generally granted at the fair market value of the Company’s Common Shares at the date of grant, vest in three equal installments over a three-year period, are exercisable upon vesting and expire ten years from the date of grant. The exercise price for all Options under the Share Incentive Plans is equal to the fair market value of the underlying Common Shares at the time the Option is granted. Options exercised result in new Common Shares being issued on the open market. The 2002 Share Incentive Plan and the Amended and Restated 1993 Share Option and Share Award Plan, as amended, will terminate at such time as all outstanding Awards have expired or have been exercised/vested. The Board of Trustees may at any time amend or terminate the Share Incentive Plans, but termination will not affect Awards previously granted. Any Options which had vested prior to such a termination would remain exercisable by the holder.
Restricted shares that have been awarded through December 31, 2011 generally vest three years from the award date. In addition, the Company’s unvested restricted shareholders have the same voting rights as any other Common Share holder. During the three-year period of restriction, the Company’s unvested restricted shareholders receive quarterly dividend payments on their shares at the same rate and on the same date as any other Common Share holder. As a result, dividends paid on unvested restricted shares are included as a component of retained earnings (included in general partner's capital in the Operating Partnership's financial statements) and have not been considered in reducing net income available to Common Shares/Units in a manner similar to the Company’s preferred share/preference unit dividends for the earnings per share/Unit calculation. If employment is terminated prior to the lapsing of the restriction, the shares are generally canceled.
In December 2008, the Company’s then existing 2002 Share Incentive Plan was amended to allow for the issuance of long-term incentive plan units (“LTIP Units”) to officers of the Company as an alternative to the Company’s restricted shares. The 2011 Plan also allows for the issuance of LTIP Units. LTIP Units are a class of partnership interests that under certain conditions, including vesting, are convertible by the holder into an equal number of OP Units, which are redeemable by the holder for Common Shares on a one-for-one basis or the cash value of such shares at the option of the Company. In connection with the grant of long-term incentive compensation for services provided during a year, officers of the Company are allowed to choose, on a one-for-one basis, between restricted shares and LTIP Units. In January 2011, certain holders of restricted shares converted these shares into LTIP Units. Similar to restricted shares, LTIP Units generally vest three years from the award date. In addition, LTIP Unit holders receive quarterly dividend payments on their LTIP Units at the same rate and on the same date as any other OP Unit holder. As a result, dividends paid on LTIP Units are included as a component of Noncontrolling Interests – Operating Partnership/Limited Partners' capital and have not been considered in reducing net income available to Common Shares/Units in a manner similar to the Company’s preferred share/preference unit dividends for the earnings per share/Unit calculation. If employment is terminated prior to vesting, the LTIP Units are generally canceled. An LTIP Unit will automatically convert to an OP Unit when the capital account of each LTIP Unit increases (“books-up”) to a specified target. If the capital target is not attained within ten years following the date of issuance, the LTIP Unit will automatically be canceled and no compensation will be payable to the holder of such canceled LTIP Unit.
All Trustees, with the exception of the Company's non-executive Chairman and employee Trustees, are granted options and restricted shares that vest one-year from the grant date that corresponds to the term for which he or she has been elected to serve. The non-executive Chairman's grants vest over the same term or period as all other employees.
The Company's Share Incentive Plans provide for certain benefits upon retirement. For employees hired prior to January 1, 2009, retirement generally means the termination of employment (other than for cause): (i) on or after age 62; or (ii) prior to age 62 after meeting the requirements of the Rule of 70 (described below). For employees hired after January 1, 2009, retirement generally means the termination of employment (other than for cause) after meeting the requirements of the Rule of 70. For Trustees, retirement generally means termination of service on the Board (other than for cause) on or after age 72.
The Rule of 70 is met when an employee’s years of service with the Company (which must be at least 15 years) plus his or her age (which must be at least 55 years) on the date of termination equals or exceeds 70 years. In addition, the employee must give the Company at least 6 months’ advance written notice of his or her intention to retire and sign a release upon termination of employment, releasing the Company from customary claims and agreeing to ongoing non-competition and employee non-solicitation provisions.
Under the Company's definitions of retirement, several of its executive officers, including its Chief Executive Officer, are retirement eligible. The Company's non-executive Chairman is retirement eligible in 2013.
For employees hired prior to January 1, 2009 who retire at or after age 62 or for Trustees who retire at or after age 72, such employee’s or Trustee's unvested restricted shares, LTIP Units and share options would immediately vest, and share options would continue to be exercisable for the balance of the applicable ten-year option period, as is provided under the Share Incentive Plans. For all other employees (those hired after January 1, 2009 and those hired before such date who choose to retire prior to age 62), upon such retirement under the Rule of 70 definition of retirement of employees, such employee’s unvested restricted shares, LTIP Units and share options would continue to vest per the original vesting schedule (subject to immediate vesting upon the occurrence of a subsequent change in control of the Company or the employee’s death), and options would continue to be exercisable for the balance of the applicable ten-year option period, subject to the employee’s compliance with the non-competition and employee non-solicitation provisions. If an employee violates these provisions after such retirement, all unvested restricted shares, unvested LTIP Units and unvested and vested share options at the time of the violation would be void, unless otherwise determined by the Compensation Committee of the Board of Trustees.
The following tables summarize compensation information regarding the performance shares, restricted shares, LTIP Units, share options and Employee Share Purchase Plan (“ESPP”) for the three years ended December 31, 2011, 2010 and 2009 (amounts in thousands):
 
Year Ended December 31, 2011
 
Compensation
Expense
 
Compensation
Capitalized
 
Compensation
Equity
 
Dividends
Incurred
Restricted shares
$
8,041

 
$
1,061

 
$
9,102

 
$
1,121

LTIP Units
3,344

 
297

 
3,641

 
199

Share options
8,711

 
834

 
9,545

 
—

ESPP discount
1,081

 
113

 
1,194

 
—

Total
$
21,177

 
$
2,305

 
$
23,482

 
$
1,320


 
Year Ended December 31, 2010
 
Compensation
Expense
 
Compensation
Capitalized
 
Compensation
Equity
 
Dividends
Incurred
Restricted shares
$
8,603

 
$
1,178

 
$
9,781

 
$
1,334

LTIP Units
2,334

 
190

 
2,524

 
138

Share options
6,707

 
714

 
7,421

 
—

ESPP discount
1,231

 
59

 
1,290

 
—

Total
$
18,875

 
$
2,141

 
$
21,016

 
$
1,472


 
Year Ended December 31, 2009
 
Compensation
Expense
 
Compensation
Capitalized
 
Compensation
Equity
 
Dividends
Incurred
Performance shares
$
103

 
$
76

 
$
179

 
$
—

Restricted shares
10,065

 
1,067

 
11,132

 
1,627

LTIP Units
1,036

 
158

 
1,194

 
254

Share options
5,458

 
538

 
5,996

 
—

ESPP discount
1,181

 
122

 
1,303

 
—

Total
$
17,843

 
$
1,961

 
$
19,804

 
$
1,881


Compensation expense is generally recognized for Awards as follows:
•
Restricted shares, LTIP Units and share options – Straight-line method over the vesting period of the options or shares regardless of cliff or ratable vesting distinctions.
•
Performance shares – Accelerated method with each vesting tranche valued as a separate award, with a separate vesting date, consistent with the estimated value of the award at each period end.
•
ESPP discount – Immediately upon the purchase of common shares each quarter.
The Company accelerates the recognition of compensation expense for all Awards for those individuals approaching or meeting the retirement age criteria discussed above. The total compensation expense related to Awards not yet vested at December 31, 2011 is $22.8 million, which is expected to be recognized over a weighted average term of 1.67 years.
See Note 2 for additional information regarding the Company’s share-based compensation.
The table below summarizes the Award activity of the Share Incentive Plans for the three years ended December 31, 2011, 2010 and 2009:
 
Common
Shares Subject
to Options
 
Weighted
Average
Exercise Price
per Option
 
Restricted
Shares
 
Weighted
Average Fair
Value per
Restricted Share
 
LTIP
Units
 
Weighted
Average Fair
Value per
LTIP Unit
Balance at December 31, 2008
9,473,259

 

$33.94

 
996,011

 

$44.16

 
—

 
—

Awards granted (1)
2,541,005

 

$23.08

 
362,997

 

$22.62

 
155,189

 

$21.11

Awards exercised/vested (2) (3)
(422,713
)
 

$21.62

 
(340,362
)
 

$42.67

 
—

 
—

Awards forfeited
(146,151
)
 

$30.07

 
(64,280
)
 

$35.28

 
(573
)
 

$21.11

Awards expired
(95,650
)
 

$32.21

 
—

 
—

 
—

 
—

Balance at December 31, 2009
11,349,750

 

$32.03

 
954,366

 

$37.10

 
154,616

 

$21.11

Awards granted (1)
1,436,115

 

$33.59

 
270,805

 

$34.85

 
94,096

 

$32.97

Awards exercised/vested (2) (3)
(2,506,645
)
 

$28.68

 
(278,183
)
 

$52.25

 
—

 
—

Awards forfeited
(76,275
)
 

$29.43

 
(35,038
)
 

$30.84

 
(1,204
)
 

$21.11

Awards expired
(96,457
)
 

$42.69

 
—

 
—

 
—

 
—

Balance at December 31, 2010
10,106,488

 

$33.00

 
911,950

 

$32.05

 
247,508

 

$25.62

Awards granted (1)
1,491,311

 

$53.70

 
170,588

 

$53.99

 
223,452

 

$46.64

Awards exercised/vested (2) (3) (4)
(2,945,950
)
 

$32.27

 
(258,068
)
 

$38.32

 
(101,988
)
 

$38.57

Awards forfeited
(41,559
)
 

$35.14

 
(126,960
)
 

$37.19

 
(1,352
)
 

$27.79

Awards expired
(16,270
)
 

$44.13

 
—

 
—

 
—

 
—

Balance at December 31, 2011
8,594,020

 

$36.81

 
697,510

 

$34.17

 
367,620

 

$34.80


(1)
The weighted average grant date fair value for Options granted during the years ended December 31, 2011, 2010 and 2009 was $8.18 per share, $6.18 per share and $3.38 per share, respectively.
(2)
The aggregate intrinsic value of options exercised during the years ended December 31, 2011, 2010 and 2009 was $74.8 million, $39.6 million and $2.8 million, respectively. These values were calculated as the difference between the strike price of the underlying awards and the per share price at which each respective award was exercised.
(3)
The fair value of restricted shares vested during the years ended December 31, 2011, 2010 and 2009 was $14.0 million, $9.1 million  and $8.0 million, respectively.
(4)
The fair value of LTIP Units vested during the year ended December 31, 2011 was $5.5 million.
The following table summarizes information regarding options outstanding and exercisable at December 31, 2011:

 
 
Options Outstanding (1)
 
Options Exercisable (2)
Range of Exercise Prices
 
Options
 
Weighted
Average
Remaining
Contractual Life in Years
 
Weighted
Average
Exercise Price
 
Options
 
Weighted
Average
Exercise Price
$18.70 to $24.93
 
2,101,071

 
5.79

 

$23.17

 
1,335,909

 

$23.23

$24.94 to $31.16
 
755,411

 
1.19

 

$28.34

 
755,411

 

$28.34

$31.17 to $37.39
 
1,896,070

 
6.27

 

$32.53

 
1,019,788

 

$32.16

$37.40 to $43.62
 
1,617,066

 
5.14

 

$40.56

 
1,617,066

 

$40.56

$43.63 to $49.86
 
61,397

 
8.52

 

$48.40

 
4,202

 

$45.25

$49.87 to $56.09
 
2,119,010

 
7.93

 

$53.52

 
683,174

 

$53.50

$56.10 to $62.32
 
43,995

 
9.47

 

$59.23

 
—

 
—

$18.70 to $62.32
 
8,594,020

 
5.94

 

$36.81

 
5,415,550

 

$34.64

Vested and expected to vest
as of December 31, 2011
 
8,507,188

 
5.91

 

$36.68

 
 

 
 


(1)
The aggregate intrinsic value of options outstanding that are vested and expected to vest as of December 31, 2011 is $173.2 million.
(2)
The aggregate intrinsic value and weighted average remaining contractual life in years of options exercisable as of December 31, 2011 is $121.3 million and 4.5 years, respectively.
Note: The aggregate intrinsic values in Notes (1) and (2) above were both calculated as the excess, if any, between the Company’s closing share price of $57.03 per share on December 31, 2011 and the strike price of the underlying awards.
As of December 31, 2010 and 2009, 6,786,651 Options (with a weighted average exercise price of $34.89) and 7,974,815 Options (with a weighted average exercise price of $33.55) were exercisable, respectively.
Employee Plans
Employee Plans
Employee Plans
The Company established an Employee Share Purchase Plan to provide each employee and trustee the ability to annually acquire up to $100,000 of Common Shares of EQR. In 2003, EQR's shareholders approved an increase in the aggregate number of Common Shares available under the ESPP to 7,000,000 (from 2,000,000). The Company has 3,290,863 Common Shares available for purchase under the ESPP at December 31, 2011. The Common Shares may be purchased quarterly at a price equal to 85% of the lesser of: (a) the closing price for a share on the last day of such quarter; and (b) the greater of: (i) the closing price for a share on the first day of such quarter, and (ii) the average closing price for a share for all the business days in the quarter. The following table summarizes information regarding the Common Shares issued under the ESPP (the net proceeds noted below were contributed to ERPOP in exchange for OP Units):
 
Year Ended December 31,
 
2011
 
2010
 
2009
 
(Amounts in thousands except share and per share amounts)
Shares issued
113,107
 
157,363
 
324,394
Issuance price ranges
$44.04 – $51.19
 
$28.26 – $41.16
 
$14.21 – $24.84
Issuance proceeds
$5,262
 
$5,112
 
$5,292


The Company established a defined contribution plan (the “401(k) Plan”) to provide retirement benefits for employees that meet minimum employment criteria. The Company matches dollar for dollar up to the first 3% of eligible compensation that a participant contributes to the 401(k) Plan. Participants are vested in the Company’s contributions over five years. The Company recognized an expense in the amount of $3.7 million, $4.0 million and $3.5 million for the years ended December 31, 2011, 2010 and 2009, respectively.
The Company established a supplemental executive retirement plan (the “SERP”) to provide certain officers and trustees an opportunity to defer a portion of their eligible compensation in order to save for retirement. The SERP is restricted to investments in Common Shares, certain marketable securities that have been specifically approved and cash equivalents. The deferred compensation liability represented in the SERP and the securities issued to fund such deferred compensation liability are consolidated by the Company and carried on the Company’s balance sheet, and the Company’s Common Shares held in the SERP are accounted for as a reduction to paid in capital (included in general partner's capital in the Operating Partnership's financial statements).
Distribution Reinvestment and Share Purchase Plan
Distribution Reinvestment and Share Purchase Plan
Distribution Reinvestment and Share Purchase Plan
On December 16, 2008, the Company filed with the SEC a Form S-3 Registration Statement to register 5,000,000 Common Shares pursuant to a Distribution Reinvestment and Share Purchase Plan (the "DRIP Plan"). The registration statement was automatically declared effective the same day and was to expire at the earlier of the date on which all 5,000,000 shares had been issued or December 16, 2011. On November 18, 2011, the Company filed with the SEC a Form S-3 Registration Statement to register 4,850,000 Common Shares under the DRIP Plan, which included the remaining shares available for issuance under the 2008 registration, which terminated as of such date. The registration statement was automatically declared effective the same day and expires at the earlier of the date on which all 4,850,000 shares have been issued or November 18, 2014. The Company has 4,849,796 Common Shares available for issuance under the DRIP Plan at December 31, 2011.
The DRIP Plan provides holders of record and beneficial owners of Common Shares and Preferred Shares with a simple and convenient method of investing cash distributions in additional Common Shares (which is referred to herein as the “Dividend Reinvestment – DRIP Plan”). Common Shares may also be purchased on a monthly basis with optional cash payments made by participants in the DRIP Plan and interested new investors, not currently shareholders of EQR, at the market price of the Common Shares less a discount ranging between 0% and 5%, as determined in accordance with the DRIP Plan (which is referred to herein as the “Share Purchase – DRIP Plan”). Common Shares purchased under the DRIP Plan may, at the option of EQR, be directly issued by EQR or purchased by EQR's transfer agent in the open market using participants’ funds. The net proceeds from any Common Share issuances are contributed to ERPOP in exchange for OP Units.
Transactions With Related Parties
Related Party Transactions Disclosure [Text Block]
Transactions with Related Parties
Pursuant to the terms of the partnership agreement for the Operating Partnership, ERPOP is required to reimburse EQR for all expenses incurred by EQR in excess of income earned by EQR through its indirect 1% ownership of various entities. Amounts paid on behalf of EQR are reflected in the consolidated statements of operations as general and administrative expenses.
The Company leases its corporate headquarters from an entity controlled by EQR’s Chairman of the Board of Trustees. The lease terminates on January 31, 2022. Amounts incurred for such office space for the years ended December 31, 2011, 2010 and 2009, respectively, were approximately $2.2 million, $2.7 million and $3.0 million. The Company believes these amounts equal market rates for such rental space.
Commitments and Contingencies
Commitments and Contingencies
Commitments and Contingencies
The Company, as an owner of real estate, is subject to various Federal, state and local environmental laws. Compliance by the Company with existing laws has not had a material adverse effect on the Company. However, the Company cannot predict the impact of new or changed laws or regulations on its current properties or on properties that it may acquire in the future.

The Company is party to a housing discrimination lawsuit brought by a non-profit civil rights organization in April 2006 in the U.S. District Court for the District of Maryland. The suit alleges that the Company designed and built approximately 300 of its properties in violation of the accessibility requirements of the Fair Housing Act and Americans With Disabilities Act. The suit seeks actual and punitive damages, injunctive relief (including modification of non-compliant properties), costs and attorneys' fees. The Company believes it has a number of viable defenses, including that a majority of the named properties were completed before the operative dates of the statutes in question and/or were not designed or built by the Company. Accordingly, the Company is defending the suit vigorously. Due to the pendency of the Company's defenses and the uncertainty of many other critical factual and legal issues, it is not possible to determine or predict the outcome of the suit or a possible loss or a range of loss, and no amounts have been accrued at December 31, 2011. While no assurances can be given, the Company does not believe that the suit, if adversely determined, would have a material adverse effect on the Company.

The Company does not believe there is any other litigation pending or threatened against it that, individually or in the aggregate, may reasonably be expected to have a material adverse effect on the Company.

The Company had established a reserve and recorded a corresponding reduction to its net gain on sales of discontinued operations related to potential liabilities associated with its condominium conversion activities. The reserve covered potential product liability related to each conversion. The Company periodically assessed the adequacy of the reserve and made adjustments as necessary. During the year ended December 31, 2011, the Company recorded additional reserves of approximately $0.1 million, paid approximately $2.3 million in settlements and legal fees and released approximately $1.1 million of remaining reserves. No amounts remain accrued at December 31, 2011 as the Company does not believe it has material exposure remaining for its past condominium conversion activities.

As of December 31, 2011, the Company has six consolidated projects totaling 1,535 apartment units in various stages of development with commitments to fund of approximately $351.2 million and estimated completion dates ranging through March 31, 2014, as well as other completed development projects that are in various stages of lease up or are stabilized. The consolidated projects under development are being developed solely by the Company, while certain completed development projects were either developed solely by the Company or co-developed with various third party development partners. The development venture agreements with partners are primarily deal-specific, with differing terms regarding profit-sharing, equity contributions, returns on investment, buy-sell agreements and other customary provisions. The partner is most often the “general” or “managing” partner of the development venture. The typical buy-sell arrangements contain appraisal rights and provisions that provide the right, but not the obligation, for the Company to acquire the partner's interest in the project at fair market value upon the expiration of a negotiated time period (typically two to five years after substantial completion of the project).

As of December 31, 2011, the Company has two unconsolidated projects totaling 945 apartment units under development with commitments to fund of approximately $5.4 million and estimated completion dates ranging through September 30, 2013. While the Company is the managing member of both of the joint ventures, is responsible for constructing both projects and has given certain construction cost overrun guarantees, all major decisions are made jointly, the large majority of funding is provided by the partner and the partner has significant involvement in and oversight of the ongoing projects. The buy-sell arrangements contain provisions that provide the right, but not the obligation, for the Company to acquire the partner's interests or sell its interests at any time following the occurrence of certain pre-defined events (including at stabilization) described in the development venture agreements.

In December 2011, the Company and Toll Brothers (NYSE: TOL) jointly acquired a vacant land parcel at 400 Park Avenue South in New York City. The Company's and Toll Brothers' allocated portions of the purchase price were approximately $76.1 million and $57.9 million, respectively. Until the core and shell of the building is complete, the building and land will be owned jointly and are required to be consolidated on the Company's balance sheet. Thereafter, the Company will solely own and control the rental portion of the building (floors 2-22) and Toll Brothers will solely own and control the for sale portion of the building (floors 23-40). Once the core and shell are complete, the Toll Brothers' portion of the property will be deconsolidated from the Company's balance sheet. The acquisition was financed through contributions by the Company and Toll Brothers of approximately $102.5 million and $75.7 million, respectively, which included the land purchase noted above and taxes and fees of $0.4 million and $0.3 million, respectively. Restricted deposits were made to the venture of $26.0 million and $17.5 million, respectively, to collateralize construction guarantees. As of December 31, 2011, Toll Brothers' noncontrolling interest balance totaled $75.8 million.
During the years ended December 31, 2011, 2010 and 2009, total operating lease payments expensed for office space, including a portion of real estate taxes, insurance, repairs and utilities, and including rent due under three ground leases, aggregated $7.1 million, $7.6 million and $8.4 million, respectively.
The Company has entered into a retirement benefits agreement with its Chairman of the Board of Trustees and deferred compensation agreements with its Vice Chairman and two former chief executive officers. During the years ended December 31, 2011, 2010 and 2009, the Company recognized compensation expense of $1.0 million, $0.9 million and $1.2 million, respectively, related to these agreements.
The following table summarizes the Company’s contractual obligations for minimum rent payments under operating leases and deferred compensation for the next five years and thereafter as of December 31, 2011:
Payments Due by Year (in thousands)
 
 
2012
 
2013
 
2014
 
2015
 
2016
 
Thereafter
 
Total
Operating Leases:
 
 

 
 

 
 

 
 

 
 

 
 

 
 

Minimum Rent Payments (a)
 
$
6,445

 
$
7,159

 
$
8,550

 
$
9,241

 
$
9,196

 
$
699,959

 
$
740,550

Other Long-Term Liabilities:
 
 

 
 

 
 

 
 

 
 

 
 

 
 

Deferred Compensation (b)
 
1,767

 
1,480

 
1,672

 
1,671

 
1,671

 
7,472

 
15,733


(a)
Minimum basic rent due for various office space the Company leases and fixed base rent due on ground leases for five properties/parcels.
(b)
Estimated payments to EQR's Chairman, Vice Chairman and two former CEOs based on actual and planned retirement dates
Reportable Segments
Segment Reporting Disclosure [Text Block]
Reportable Segments
Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by senior management. Senior management decides how resources are allocated and assesses performance on a monthly basis.
The Company’s primary business is the acquisition, development and management of multifamily residential properties, which includes the generation of rental and other related income through the leasing of apartment units to residents. Senior management evaluates the performance of each of our apartment communities individually and geographically, and both on a same store and non-same store basis; however, each of our apartment communities generally has similar economic characteristics, residents, products and services. The Company’s operating segments have been aggregated by geography in a manner identical to that which is provided to its chief operating decision maker.
The Company’s fee and asset management, development (including its partially owned properties) and condominium conversion activities are immaterial and do not individually meet the threshold requirements of a reportable segment and as such, have been aggregated in the “Other” segment in the tables presented below.
All revenues are from external customers and there is no customer who contributed 10% or more of the Company’s total revenues during the three years ended December 31, 2011, 2010 or 2009.
The primary financial measure for the Company’s rental real estate segment is net operating income (“NOI”), which represents rental income less: 1) property and maintenance expense; 2) real estate taxes and insurance expense; and 3) property management expense (all as reflected in the accompanying consolidated statements of operations). The Company believes that NOI is helpful to investors as a supplemental measure of its operating performance because it is a direct measure of the actual operating results of the Company’s apartment communities. Current year NOI is compared to prior year NOI and current year budgeted NOI as a measure of financial performance. The following tables present NOI for each segment from our rental real estate specific to continuing operations for the years ended December 31, 2011, 2010 and 2009, respectively, as well as total assets for the years ended December 31, 2011 and 2010, respectively (amounts in thousands):

 
Year Ended December 31, 2011
 
Northeast
 
Northwest
 
Southeast
 
Southwest
 
Other (3)
 
Total
Rental income:
 

 
 

 
 

 
 

 
 

 
 

Same store (1)
$
584,405

 
$
344,615

 
$
356,936

 
$
426,472

 
$
—

 
$
1,712,428

Non-same store/other (2) (3)
157,907

 
42,633

 
16,487

 
45,489

 
5,493

 
268,009

Properties sold – March YTD 2012 (4)
—

 
—

 
—

 
—

 
(20,194
)
 
(20,194
)
Total rental income
742,312

 
387,248

 
373,423

 
471,961

 
(14,701
)
 
1,960,243

Operating expenses:
 

 
 

 
 

 
 

 
 

 
 

Same store (1)
211,494

 
120,920

 
140,145

 
145,153

 
—

 
617,712

Non-same store/other (2) (3)
56,591

 
16,021

 
5,974

 
17,619

 
7,366

 
103,571

Properties sold – March YTD 2012 (4)
—

 
—

 
—

 
—

 
(7,174
)
 
(7,174
)
Total operating expenses
268,085

 
136,941

 
146,119

 
162,772

 
192

 
714,109

NOI:
 

 
 

 
 

 
 

 
 

 
 

Same store (1)
372,911

 
223,695

 
216,791

 
281,319

 
—

 
1,094,716

Non-same store/other (2) (3)
101,316

 
26,612

 
10,513

 
27,870

 
(1,873
)
 
164,438

Properties sold – March YTD 2012 (4)
—

 
—

 
—

 
—

 
(13,020
)
 
(13,020
)
Total NOI
$
474,227

 
$
250,307

 
$
227,304

 
$
309,189

 
$
(14,893
)
 
$
1,246,134

 
 
 
 
 
 
 
 
 
 
 
 
Total assets
$
6,539,328

 
$
2,885,791

 
$
2,506,330

 
$
3,385,517

 
$
1,342,337

 
$
16,659,303


(1)
Same store primarily includes all properties acquired or completed and stabilized prior to January 1, 2010, less properties subsequently sold, which represented 101,312 apartment units.
(2)
Non-same store primarily includes properties acquired after January 1, 2010, plus any properties in lease-up and not stabilized as of January 1, 2010.
(3)
Other includes development, condominium conversion overhead of $0.4 million and other corporate operations.
(4)
Properties sold – March YTD 2012 reflects discontinued operations for properties sold during the first three months of 2012.

 
Year Ended December 31, 2010
 
Northeast
 
Northwest
 
Southeast
 
Southwest
 
Other (3)
 
Total
Rental income:
 

 
 

 
 

 
 

 
 

 
 

Same store (1)
$
553,561

 
$
322,427

 
$
342,080

 
$
412,414

 
$
—

 
$
1,630,482

Non-same store/other (2) (3)
95,493

 
18,825

 
9,009

 
13,587

 
(3,604
)
 
133,310

Properties sold – March YTD 2012 (4)
—

 
—

 
—

 
—

 
(19,024
)
 
(19,024
)
Total rental income
649,054

 
341,252

 
351,089

 
426,001

 
(22,628
)
 
1,744,768

Operating expenses:
 

 
 

 
 

 
 

 
 

 
 

Same store (1)
207,131

 
119,797

 
139,550

 
147,732

 
—

 
614,210

Non-same store/other (2) (3)
48,119

 
8,300

 
3,729

 
7,198

 
12,230

 
79,576

Properties sold – March YTD 2012 (4)
—

 
—

 
—

 
—

 
(7,103
)
 
(7,103
)
Total operating expenses
255,250

 
128,097

 
143,279

 
154,930

 
5,127

 
686,683

NOI:
 

 
 

 
 

 
 

 
 

 
 

Same store (1)
346,430

 
202,630

 
202,530

 
264,682

 
—

 
1,016,272

Non-same store/other (2) (3)
47,374

 
10,525

 
5,280

 
6,389

 
(15,834
)
 
53,734

Properties sold – March YTD 2012 (4)
—

 
—

 
—

 
—

 
(11,921
)
 
(11,921
)
Total NOI
$
393,804

 
$
213,155

 
$
207,810

 
$
271,071

 
$
(27,755
)
 
$
1,058,085

 
 
 
 
 
 
 
 
 
 
 
 
Total assets
$
6,158,908

 
$
2,630,850

 
$
2,495,748

 
$
3,140,153

 
$
1,758,535

 
$
16,184,194


(1)
Same store primarily includes all properties acquired or completed and stabilized prior to January 1, 2010, less properties subsequently sold, which represented 101,312 apartment units.
(2)
Non-same store primarily includes properties acquired after January 1, 2010, plus any properties in lease-up and not stabilized as of January 1, 2010.
(3)
Other includes development, condominium conversion overhead of $0.6 million and other corporate operations.
(4)
Properties sold – March YTD 2012 reflects discontinued operations for properties sold during the first three months of 2012.
 
Year Ended December 31, 2009
 
Northeast
 
Northwest
 
Southeast
 
Southwest
 
Other (3)
 
Total
Rental income:
 

 
 

 
 

 
 

 
 

 
 

Same store (1)
$
566,518

 
$
357,502

 
$
383,239

 
$
423,076

 
$
—

 
$
1,730,335

Non-same store/other (2) (3)
23,195

 
2,010

 
4,268

 
16,985

 
69,364

 
115,822

Properties sold in 2011 (4)
—

 
—

 
—

 
—

 
(216,279
)
 
(216,279
)
Properties sold – March YTD 2012 (5)
—

 
—

 
—

 
—

 
(19,409
)
 
(19,409
)
Total rental income
589,713

 
359,512

 
387,507

 
440,061

 
(166,324
)
 
1,610,469

Operating expenses:
 

 
 

 
 

 
 

 
 

 
 

Same store (1)
211,352

 
129,696

 
158,977

 
148,483

 
—

 
648,508

Non-same store/other (2) (3)
12,798

 
1,851

 
1,727

 
9,418

 
68,692

 
94,486

Properties sold in 2011 (4)
—

 
—

 
—

 
—

 
(111,589
)
 
(111,589
)
Properties sold – March YTD 2012 (5)
—

 
—

 
—

 
—

 
(6,762
)
 
(6,762
)
Total operating expenses
224,150

 
131,547

 
160,704

 
157,901

 
(49,659
)
 
624,643

NOI:
 

 
 

 
 

 
 

 
 

 
 

Same store (1)
355,166

 
227,806

 
224,262

 
274,593

 
—

 
1,081,827

Non-same store/other (2) (3)
10,397

 
159

 
2,541

 
7,567

 
672

 
21,336

Properties sold in 2011 (4)
—

 
—

 
—

 
—

 
(104,690
)
 
(104,690
)
Properties sold – March YTD 2012 (5)
—

 
—

 
—

 
—

 
(12,647
)
 
(12,647
)
Total NOI
$
365,563

 
$
227,965

 
$
226,803

 
$
282,160

 
$
(116,665
)
 
$
985,826


(1)
Same store primarily includes all properties acquired or completed and stabilized prior to January 1, 2009, less properties subsequently sold, which represented 112,042 apartment units.
(2)
Non-same store primarily includes properties acquired after January 1, 2009, plus any properties in lease-up and not stabilized as of January 1, 2009.
(3)
Other includes development, condominium conversion overhead of $1.4 million and other corporate operations.
(4)
Reflects discontinued operations for properties sold during 2011.
(5)
Properties sold – March YTD 2012 reflects discontinued operations for properties sold during the first three months of 2012.
Note: Markets included in the above geographic segments are as follows:
(a) Northeast – New England (excluding Boston), Boston, New York Metro, DC Northern Virginia and Suburban Maryland.
(b) Northwest – Denver, San Francisco Bay Area and Seattle/Tacoma.
(c) Southeast – Atlanta, Jacksonville, Orlando and South Florida.
(d) Southwest – Inland Empire, Los Angeles, Orange County, Phoenix and San Diego.

The following table presents a reconciliation of NOI from our rental real estate specific to continuing operations for the years ended December 31, 2011, 2010 and 2009, respectively (amounts in thousands):

 
Year Ended December 31,
 
2011
 
2010
 
2009
Rental income
$
1,960,243

 
$
1,744,768

 
$
1,610,469

Property and maintenance expense
(412,233
)
 
(397,573
)
 
(365,448
)
Real estate taxes and insurance expense
(219,743
)
 
(209,023
)
 
(187,895
)
Property management expense
(82,133
)
 
(80,087
)
 
(71,300
)
Total operating expenses
(714,109
)
 
(686,683
)
 
(624,643
)
Net operating income
$
1,246,134

 
$
1,058,085

 
$
985,826

Subsequent Events/Other
Subsequent Events/Other
Subsequent Events/Other
Subsequent Events
Subsequent to December 31, 2011, the Company:
•
Acquired two land parcels for $12.2 million;
•
Sold one property consisting of 704 apartment units for $94.8 million;
•
Repaid $31.5 million in mortgage loans;
•
Issued 2.1 million Common Shares at an average price of $59.47 per share for total consideration of $123.6 million under the ATM program, leaving 7.1 million shares available for issuance;
•
Terminated its $1.0 billion bridge loan facility in connection with the amendment to the revolving credit facility and the execution of the term loan facility discussed below;
•
Amended its $1.25 billion unsecured revolving credit facility to increase available borrowings by $500.0 million to $1.75 billion with all other terms, including the July 13, 2014 maturity date, remaining the same; and
•
Entered into a new senior unsecured $500.0 million delayed draw term loan facility which is currently undrawn and may be drawn anytime on or before July 4, 2012. If the Company elects to draw on this facility, the full amount of the principal will be funded in a single borrowing and the maturity date will be January 4, 2013, subject to two one-year extension options exercisable by the Company. The interest rate on advances under the new term loan facility will generally be LIBOR plus a spread (currently 1.25%), which is dependent on the credit rating of the Company's long term debt.
Other
During the years ended December 31, 2011, 2010 and 2009, the Company incurred charges of $9.5 million, $6.6 million and $1.7 million, respectively, related to property acquisition costs, such as survey, title and legal fees, on the acquisition of operating properties and $5.1 million, $5.3 million and $4.8 million, respectively, related to the write-off of various pursuit and out-of-pocket costs for terminated acquisition, disposition and development transactions. These costs, totaling $14.6 million, $11.9 million and $6.5 million, respectively, are included in other expenses in the accompanying consolidated statements of operations.
    
During the year ended December 31, 2011, the Company received $4.5 million for the termination of its royalty participation in LRO/Rainmaker, a revenue management system, which is included in interest and other income in the accompanying consolidated statements of operations. During the year ended December 31, 2010, an arbitration panel awarded commissions, interest and costs in the amount of $1.7 million to the listing and marketing agent related to 38 potential condo sales at one of the Company’s properties. In addition, during 2011, 2010 and 2009, the Company received $0.8 million, $5.2 million and $0.2 million, respectively, for the settlement of litigation/insurance claims, which are included in interest and other income in the accompanying consolidated statements of operations.

During the year ended December 31, 2011, the Company disposed of its corporate housing business for a sales price of approximately $4.0 million, of which the Company provided $2.0 million of seller financing to the buyer. At the time of sale, the full amount of the seller financing was reserved against and the related gain was deferred. The Company subsequently collected $0.2 million on this note receivable and has recognized a cumulative net gain on the sale of approximately $1.2 million.
    
On December 2, 2011, the Company entered into a contract with affiliates of Bank of America and Barclays PLC to acquire, for $1.325 billion, half of their interests - an approximately 26.5% interest overall - in Archstone, a privately-held owner, operator and developer of multifamily apartment properties. On January 20, 2012, Lehman Brothers, the other owner of Archstone, acquired this 26.5% interest pursuant to a right of first offer and as a result, the Company's contract with the sellers was terminated. The Company now has the exclusive right, exercisable on or before April 19, 2012, to contract to purchase the remaining 26.5% interest in Archstone owned by the same sellers for a price, determined by the Company, equal to $1.485 billion or higher. Any purchase of the remaining interest by the Company would also be subject to Lehman's right of first offer, and if Lehman were to exercise such right, the Company would be entitled to a break-up fee of $80.0 million, subject to repayment in certain limited circumstances. In 2011, the Company incurred Archstone-related expenses of approximately $4.4 million. Approximately $2.6 million of this total was financing-related and $1.8 million was pursuit costs.     
    
During the year ended December 31, 2010, the Company recorded a $45.4 million non-cash asset impairment charge on two parcels of land held for development as a result of changes in the Company’s future plans for those parcels. The Company now intends to sell one parcel in the near term and contemplated a joint venture structure for the other, necessitating this impairment charge. During the year ended December 31, 2009, the Company recorded an $11.1 million non-cash asset impairment charge on a parcel of land held for development. These charges were the result of an analysis of each parcel’s estimated fair value (determined using internally developed models that were based on market assumptions and comparable sales data) compared to its current capitalized carrying value. The market assumptions used as inputs to the Company’s fair value model include construction costs, leasing assumptions, growth rates, discount rates, terminal capitalization rates and development yields, along with the Company’s current plans for each individual asset. The Company uses data on its existing portfolio of properties and its recent acquisition and development properties, as well as similar market data from third party sources, when available, in determining these inputs.
        
In 2010, a portion of the parking garage collapsed at one of the Company’s rental properties (Prospect Towers in Hackensack, New Jersey). The Company estimates that the costs related to such collapse (both expensed and capitalized), including providing for residents' interim needs, lost revenue and garage reconstruction, will be approximately $23.0 million, before insurance reimbursements of $12.0 million. The garage has been rebuilt with costs capitalized as incurred. Other costs, like those to accommodate displaced residents, lost revenue due to a portion of the property being temporarily unavailable for occupancy and legal costs, reduce earnings as they are incurred. Generally, insurance proceeds are recorded as increases to earnings as they are received. During the year ended December 31, 2011, the Company received approximately $6.1 million in insurance proceeds which offset expenses of $1.7 million that were recorded relating to this loss and are included in real estate taxes and insurance on the consolidated statements of operations. During the year ended December 31, 2010, the Company received approximately $4.0 million in insurance proceeds which fully offset the impairment charge recognized to write-off the net book value of the collapsed garage and partially offset expenses of $5.5 million that were recorded relating to this loss and are included in real estate taxes and insurance on the consolidated statements of operations.
Quarterly Financial Data (Unaudited)
Quarterly Financial Data (Unaudited)
Quarterly Financial Data (Unaudited)

Equity Residential
The following unaudited quarterly data has been prepared on the basis of a December 31 year-end. All amounts have also been restated in accordance with the guidance on discontinued operations and reflect dispositions and/or properties held for sale through March 31, 2012. Amounts are in thousands, except for per share amounts.
 
 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
2011
 
3/31
 
6/30
 
9/30
 
12/31
Total revenues (1)
 
$
466,356

 
$
484,290

 
$
504,496

 
$
514,127

Operating income (1)
 
115,953

 
141,104

 
147,850

 
159,953

(Loss) income from continuing operations (1)
 
(8,913
)
 
16,298

 
32,287

 
36,771

Discontinued operations, net (1)
 
141,979

 
565,455

 
80,690

 
70,630

Net income *
 
133,066

 
581,753

 
112,977

 
107,401

Net income available to Common Shares
 
123,865

 
552,457

 
104,382

 
99,016

Earnings per share – basic:
 
 

 
 

 
 

 
 

Net income available to Common Shares
 
$
0.42

 
$
1.88

 
$
0.35

 
$
0.33

Weighted average Common Shares outstanding
 
292,895

 
294,663

 
295,831

 
295,990

Earnings per share – diluted:
 
 

 
 

 
 

 
 

Net income available to Common Shares
 
$
0.42

 
$
1.85

 
$
0.35

 
$
0.33

Weighted average Common Shares outstanding
 
292,895

 
312,199

 
312,844

 
312,731


(1)
The amounts presented for 2011 are not equal to the same amounts previously reported in the Form 10-K filed with the SEC on February 24, 2012 as a result of changes in discontinued operations due to additional property sales which occurred throughout the first three months of 2012. Below is a reconciliation to the amounts previously reported in the Form 10-K:

 
 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
2011
 
3/31
 
6/30
 
9/30
 
12/31
Total revenues previously reported in 2011 Form 10-K
 
$
471,230

 
$
489,353

 
$
509,623

 
$
519,257

Total revenues subsequently reclassified to discontinued operations
 
(4,874
)
 
(5,063
)
 
(5,127
)
 
(5,130
)
Total revenues disclosed in Form 8-K
 
$
466,356

 
$
484,290

 
$
504,496

 
$
514,127

 
 
 
 
 
 
 
 
 
Operating income previously reported in 2011 Form 10-K
 
$
117,910

 
$
143,295

 
$
149,979

 
$
162,148

Operating income subsequently reclassified to discontinued operations
 
(1,957
)
 
(2,191
)
 
(2,129
)
 
(2,195
)
Operating income disclosed in Form 8-K
 
$
115,953

 
$
141,104

 
$
147,850

 
$
159,953

 
 
 
 
 
 
 
 
 
(Loss) income from continuing operations previously reported in 2011
   Form 10-K
 
$
(7,569
)
 
$
18,185

 
$
34,416

 
$
38,966

Income from continuing operations subsequently reclassified to
   discontinued operations
 
(1,344
)
 
(1,887
)
 
(2,129
)
 
(2,195
)
(Loss) income from continuing operations disclosed in Form 8-K
 
$
(8,913
)
 
$
16,298

 
$
32,287

 
$
36,771

 
 
 
 
 
 
 
 
 
Discontinued operations, net previously reported in 2011 Form 10-K
 
$
140,635

 
$
563,568

 
$
78,561

 
$
68,435

Discontinued operations, net from properties sold subsequent to the
   respective reporting period
 
1,344

 
1,887

 
2,129

 
2,195

Discontinued operations, net disclosed in Form 8-K
 
$
141,979

 
$
565,455

 
$
80,690

 
$
70,630

 
 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
2010
 
3/31
 
6/30
 
9/30
 
12/31
Total revenues (2)
 
$
416,844

 
$
434,499

 
$
446,934

 
$
455,967

Operating income (2)
 
95,837

 
95,644

 
102,631

 
74,578

(Loss) from continuing operations (2)
 
(22,381
)
 
(13,921
)
 
(2,276
)
 
(49,721
)
Discontinued operations, net (2)
 
80,237

 
24,010

 
32,102

 
247,933

Net income *
 
57,856

 
10,089

 
29,826

 
198,212

Net income available to Common Shares
 
51,863

 
6,343

 
25,166

 
185,870

Earnings per share – basic:
 
 

 
 

 
 

 
 

Net income available to Common Shares
 
$
0.18

 
$
0.02

 
$
0.09

 
$
0.65

Weighted average Common Shares outstanding
 
280,645

 
282,217

 
282,717

 
285,916

Earnings per share – diluted:
 
 

 
 

 
 

 
 

Net income available to Common Shares
 
$
0.18

 
$
0.02

 
$
0.09

 
$
0.65

Weighted average Common Shares outstanding
 
280,645

 
282,217

 
282,717

 
285,916


(2)
The amounts presented for 2010 are not equal to the same amounts previously reported in the Form 10-K filed with the SEC on February 24, 2012 as a result of changes in discontinued operations due to additional property sales which occurred throughout the first three months of 2012. Below is a reconciliation to the amounts previously reported in the Form 10-K:

 
 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
2010
 
3/31
 
6/30
 
9/30
 
12/31
Total revenues previously reported in 2011 Form 10-K
 
$
421,517

 
$
439,258

 
$
451,745

 
$
460,748

Total revenues subsequently reclassified to discontinued operations
 
(4,673
)
 
(4,759
)
 
(4,811
)
 
(4,781
)
Total revenues disclosed in Form 8-K
 
$
416,844

 
$
434,499

 
$
446,934

 
$
455,967

 
 
 
 
 
 
 
 
 
Operating income previously reported in 2011 Form 10-K
 
$
97,540

 
$
97,590

 
$
104,444

 
$
76,503

Operating income subsequently reclassified to discontinued
   operations
 
(1,703
)
 
(1,946
)
 
(1,813
)
 
(1,925
)
Operating income disclosed in Form 8-K
 
$
95,837

 
$
95,644

 
$
102,631

 
$
74,578

 
 
 
 
 
 
 
 
 
(Loss) from continuing operations previously reported in 2011 Form
   10-K
 
$
(21,315
)
 
$
(12,607
)
 
$
(1,088
)
 
$
(48,416
)
Income from continuing operations subsequently reclassified to
    discontinued operations
 
(1,066
)
 
(1,314
)
 
(1,188
)
 
(1,305
)
(Loss) from continuing operations disclosed in Form 8-K
 
$
(22,381
)
 
$
(13,921
)
 
$
(2,276
)
 
$
(49,721
)
 
 
 
 
 
 
 
 
 
Discontinued operations, net previously reported in 2011 Form 10-K
 
$
79,171

 
$
22,696

 
$
30,914

 
$
246,628

Discontinued operations, net from properties sold subsequent to the
    respective reporting period
 
1,066

 
1,314

 
1,188

 
1,305

Discontinued operations, net disclosed in Form 8-K
 
$
80,237

 
$
24,010

 
$
32,102

 
$
247,933

* The Company did not have any extraordinary items or cumulative effect of change in accounting principle during the years ended December 31, 2011 and 2010. Therefore, income before extraordinary items and cumulative effect of change in accounting principle is not shown as it was equal to the net income amounts disclosed above.

ERP Operating Limited Partnership

The following unaudited quarterly data has been prepared on the basis of a December 31 year-end. All amounts have also been restated in accordance with the guidance on discontinued operations and reflect dispositions and/or properties held for sale through March 31, 2012. Amounts are in thousands, except for per Unit amounts.

 
 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
2011
 
3/31
 
6/30
 
9/30
 
12/31
Total revenues (1)
 
$
466,356

 
$
484,290

 
$
504,496

 
$
514,127

Operating income (1)
 
115,953

 
141,104

 
147,850

 
159,953

(Loss) income from continuing operations (1)
 
(8,913
)
 
16,298

 
32,287

 
36,771

Discontinued operations, net (1)
 
141,979

 
565,455

 
80,690

 
70,630

Net income *
 
133,066

 
581,753

 
112,977

 
107,401

Net income available to Units
 
129,640

 
578,215

 
109,124

 
103,521

Earnings per Unit – basic:
 
 

 
 

 
 

 
 

Net income available to Units
 
$
0.42

 
$
1.88

 
$
0.35

 
$
0.33

Weighted average Units outstanding
 
306,248

 
307,954

 
308,884

 
309,120

Earnings per Unit – diluted:
 
 

 
 

 
 

 
 

Net income available to Units
 
$
0.42

 
$
1.85

 
$
0.35

 
$
0.33

Weighted average Units outstanding
 
306,248

 
312,199

 
312,844

 
312,731


(1)
The amounts presented for 2011 are not equal to the same amounts previously reported in the Form 10-K filed with the SEC on February 24, 2012 as a result of changes in discontinued operations due to additional property sales which occurred throughout the first three months of 2012. Below is a reconciliation to the amounts previously reported in the Form 10-K:

 
 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
2011
 
3/31
 
6/30
 
9/30
 
12/31
Total revenues previously reported in 2011 Form 10-K
 
$
471,230

 
$
489,353

 
$
509,623

 
$
519,257

Total revenues subsequently reclassified to discontinued operations
 
(4,874
)
 
(5,063
)
 
(5,127
)
 
(5,130
)
Total revenues disclosed in Form 8-K
 
$
466,356

 
$
484,290

 
$
504,496

 
$
514,127

 
 
 
 
 
 
 
 
 
Operating income previously reported in 2011 Form 10-K
 
$
117,910

 
$
143,295

 
$
149,979

 
$
162,148

Operating income subsequently reclassified to discontinued operations
 
(1,957
)
 
(2,191
)
 
(2,129
)
 
(2,195
)
Operating income disclosed in Form 8-K
 
$
115,953

 
$
141,104

 
$
147,850

 
$
159,953

 
 
 
 
 
 
 
 
 
(Loss) income from continuing operations previously reported in 2011
   Form 10-K
 
$
(7,569
)
 
$
18,185

 
$
34,416

 
$
38,966

Income from continuing operations subsequently reclassified to
   discontinued operations
 
(1,344
)
 
(1,887
)
 
(2,129
)
 
(2,195
)
(Loss) income from continuing operations disclosed in Form 8-K
 
$
(8,913
)
 
$
16,298

 
$
32,287

 
$
36,771

 
 
 
 
 
 
 
 
 
Discontinued operations, net previously reported in 2011 Form 10-K
 
$
140,635

 
$
563,568

 
$
78,561

 
$
68,435

Discontinued operations, net from properties sold subsequent to the
   respective reporting period
 
1,344

 
1,887

 
2,129

 
2,195

Discontinued operations, net disclosed in Form 8-K
 
$
141,979

 
$
565,455

 
$
80,690

 
$
70,630

 
 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
2010
 
3/31
 
6/30
 
9/30
 
12/31
Total revenues (2)
 
$
416,844

 
$
434,499

 
$
446,934

 
$
455,967

Operating income (2)
 
95,837

 
95,644

 
102,631

 
74,578

(Loss) from continuing operations (2)
 
(22,381
)
 
(13,921
)
 
(2,276
)
 
(49,721
)
Discontinued operations, net (2)
 
80,237

 
24,010

 
32,102

 
247,933

Net income *
 
57,856

 
10,089

 
29,826

 
198,212

Net income available to Units
 
54,486

 
6,656

 
26,397

 
194,802

Earnings per Unit – basic:
 
 

 
 

 
 

 
 

Net income available to Units
 
$
0.18

 
$
0.02

 
$
0.09

 
$
0.65

Weighted average Units outstanding
 
294,450

 
295,898

 
296,348

 
299,363

Earnings per Unit – diluted:
 
 

 
 

 
 

 
 

Net income available to Units
 
$
0.18

 
$
0.02

 
$
0.09

 
$
0.65

Weighted average Units outstanding
 
294,450

 
295,898

 
296,348

 
299,363


(2)
The amounts presented for 2010 are not equal to the same amounts previously reported in the Form 10-K filed with the SEC on February 24, 2012 as a result of changes in discontinued operations due to additional property sales which occurred throughout the first three months of 2012. Below is a reconciliation to the amounts previously reported in the Form 10-K:

 
 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
2010
 
3/31
 
6/30
 
9/30
 
12/31
Total revenues previously reported in 2011 Form 10-K
 
$
421,517

 
$
439,258

 
$
451,745

 
$
460,748

Total revenues subsequently reclassified to discontinued operations
 
(4,673
)
 
(4,759
)
 
(4,811
)
 
(4,781
)
Total revenues disclosed in Form 8-K
 
$
416,844

 
$
434,499

 
$
446,934

 
$
455,967

 
 
 
 
 
 
 
 
 
Operating income previously reported in 2011 Form 10-K
 
$
97,540

 
$
97,590

 
$
104,444

 
$
76,503

Operating income subsequently reclassified to discontinued
   operations
 
(1,703
)
 
(1,946
)
 
(1,813
)
 
(1,925
)
Operating income disclosed in Form 8-K
 
$
95,837

 
$
95,644

 
$
102,631

 
$
74,578

 
 
 
 
 
 
 
 
 
(Loss) from continuing operations previously reported in 2011 Form
   10-K
 
$
(21,315
)
 
$
(12,607
)
 
$
(1,088
)
 
$
(48,416
)
Income from continuing operations subsequently reclassified to
   discontinued operations
 
(1,066
)
 
(1,314
)
 
(1,188
)
 
(1,305
)
(Loss) from continuing operations disclosed in Form 8-K
 
$
(22,381
)
 
$
(13,921
)
 
$
(2,276
)
 
$
(49,721
)
 
 
 
 
 
 
 
 
 
Discontinued operations, net previously reported in 2011 Form 10-K
 
$
79,171

 
$
22,696

 
$
30,914

 
$
246,628

Discontinued operations, net from properties sold subsequent to the
   respective reporting period
 
1,066

 
1,314

 
1,188

 
1,305

Discontinued operations, net disclosed in Form 8-K
 
$
80,237

 
$
24,010

 
$
32,102

 
$
247,933

* The Operating Partnership did not have any extraordinary items or cumulative effect of change in accounting principle during the years ended December 31, 2011 and 2010. Therefore, income before extraordinary items and cumulative effect of change in accounting principle is not shown as it was equal to the net income amounts disclosed above.
Real Estate and Accumulated Depreciation
Real Estate and Accumulated Depreciation
EQUITY RESIDENTIAL
ERP OPERATING LIMITED PARTNERSHIP
Schedule III - Real Estate and Accumulated Depreciation
December 31, 2011
Description
 
 
 
Initial Cost to Company
 
 Cost Capitalized Subsequent to Acquisition(Improvements, net) (E)
 
Gross Amount Carried at Close of Period 12/31/11
 
 
 
 
 
 
 
 
Apartment Name
Location
 
 Date of Construction
 
Units (H)
 
Land
 
 Building & Fixtures
 
 Building & Fixtures
 
Land
 
 Building & Fixtures (A)
 
Total (B)
 
Accumulated Depreciation (C)
Investment in Real Estate, Net at 12/31/11 (B)
Encumbrances
Hampshire Place
Los Angeles, CA
 
1989
 
259

 
10,806,000

 
30,335,330

 
1,975,273

 
10,806,000

 
32,310,603

 
43,116,603

 
(9,342,481
)
 
33,774,122

 
—

Hamptons
Puyallup, WA
 
1991
 
230

 
1,119,200

 
10,075,844

 
2,181,372

 
1,119,200

 
12,257,216

 
13,376,416

 
(6,502,883
)
 
6,873,533

 
—

Heritage Ridge
Lynwood, WA
 
1999
 
197

 
6,895,000

 
18,983,597

 
580,309

 
6,895,000

 
19,563,906

 
26,458,906

 
(6,170,097
)
 
20,288,809

 
—

Heritage, The
Phoenix, AZ
 
1995
 
204

 
1,209,705

 
13,136,903

 
1,445,456

 
1,209,705

 
14,582,359

 
15,792,064

 
(7,351,002
)
 
8,441,062

 
—

Heron Pointe
Boynton Beach, FL
 
1989
 
192

 
1,546,700

 
7,774,676

 
2,100,353

 
1,546,700

 
9,875,029

 
11,421,729

 
(5,452,706
)
 
5,969,023

 
—

High Meadow
Ellington, CT
 
1975
 
100

 
583,679

 
3,901,774

 
847,209

 
583,679

 
4,748,983

 
5,332,662

 
(1,998,900
)
 
3,333,762

 
—

Highland Glen
Westwood, MA
 
1979
 
180

 
2,229,096

 
16,828,153

 
2,377,035

 
2,229,096

 
19,205,188

 
21,434,284

 
(7,889,981
)
 
13,544,303

 
—

Highland Glen II
Westwood, MA
 
2007
 
102

 
—

 
19,875,857

 
96,440

 
—

 
19,972,297

 
19,972,297

 
(3,651,496
)
 
16,320,801

 
—

Highlands at South Plainfield
South Plainfield, NJ
 
2000
 
252

 
10,080,000

 
37,526,912

 
775,891

 
10,080,000

 
38,302,803

 
48,382,803

 
(9,250,419
)
 
39,132,384

 
—

Highlands, The
Scottsdale, AZ
 
1990
 
272

 
11,823,840

 
31,990,970

 
2,898,136

 
11,823,840

 
34,889,106

 
46,712,946

 
(9,125,842
)
 
37,587,104

 
—

Hikari
Los Angeles, CA (G)
 
2007
 
128

 
9,435,760

 
32,564,240

 
459

 
9,435,760

 
32,564,699

 
42,000,459

 
(227,136
)
 
41,773,323

 
—

Hudson Crossing
New York, NY (G)
 
2003
 
259

 
23,420,000

 
70,086,976

 
788,773

 
23,420,000

 
70,875,749

 
94,295,749

 
(18,595,417
)
 
75,700,332

 
—

Hudson Pointe
Jersey City, NJ
 
2003
 
182

 
5,148,500

 
41,114,074

 
1,657,246

 
5,148,500

 
42,771,320

 
47,919,820

 
(11,801,705
)
 
36,118,115

 
—

Hunt Club II
Charlotte, NC
 
(F)
 
—

 
100,000

 
—

 
—

 
100,000

 
—

 
100,000

 
—

 
100,000

 
—

Huntington Park
Everett, WA
 
1991
 
381

 
1,597,500

 
14,367,864

 
4,183,579

 
1,597,500

 
18,551,443

 
20,148,943

 
(11,674,614
)
 
8,474,329

 
—

Indian Bend
Scottsdale, AZ
 
1973
 
278

 
1,075,700

 
9,800,330

 
3,187,921

 
1,075,700

 
12,988,251

 
14,063,951

 
(8,540,028
)
 
5,523,923

 
—

Iron Horse Park
Pleasant Hill, CA
 
1973
 
252

 
15,000,000

 
24,335,549

 
7,795,496

 
15,000,000

 
32,131,045

 
47,131,045

 
(9,910,604
)
 
37,220,441

 
—

Kelvin Court (fka Alta Pacific)
Irvine, CA
 
2008
 
132

 
10,752,145

 
34,628,115

 
58,454

 
10,752,145

 
34,686,569

 
45,438,714

 
(4,720,720
)
 
40,717,994

 
—

Kenwood Mews
Burbank, CA
 
1991
 
141

 
14,100,000

 
24,662,883

 
2,114,407

 
14,100,000

 
26,777,290

 
40,877,290

 
(6,347,552
)
 
34,529,738

 
—

Key Isle at Windermere
Ocoee, FL
 
2000
 
282

 
8,460,000

 
31,761,470

 
1,390,677

 
8,460,000

 
33,152,147

 
41,612,147

 
(9,266,266
)
 
32,345,881

 
—

Key Isle at Windermere II
Ocoee, FL
 
2008
 
165

 
3,306,286

 
24,519,644

 
21,547

 
3,306,286

 
24,541,191

 
27,847,477

 
(2,938,408
)
 
24,909,069

 
—

Kings Colony (FL)
Miami, FL
 
1986
 
480

 
19,200,000

 
48,379,586

 
3,018,997

 
19,200,000

 
51,398,583

 
70,598,583

 
(14,665,777
)
 
55,932,806

 
—

La Mirage
San Diego, CA
 
1988/1992
 
1,070

 
28,895,200

 
95,567,943

 
15,389,455

 
28,895,200

 
110,957,398

 
139,852,598

 
(56,328,723
)
 
83,523,875

 
—

La Mirage IV
San Diego, CA
 
2001
 
340

 
6,000,000

 
47,449,353

 
3,395,835

 
6,000,000

 
50,845,188

 
56,845,188

 
(18,165,863
)
 
38,679,325

 
—

Laguna Clara
Santa Clara, CA
 
1972
 
264

 
13,642,420

 
29,707,475

 
3,710,137

 
13,642,420

 
33,417,612

 
47,060,032

 
(10,479,322
)
 
36,580,710

 
—

Lake Buena Vista Combined
Orlando, FL
 
2000/2002
 
672

 
23,520,000

 
75,068,205

 
3,989,075

 
23,520,000

 
79,057,280

 
102,577,280

 
(20,170,142
)
 
82,407,138

 
—

Landings at Pembroke Lakes
Pembroke Pines, FL
 
1989
 
358

 
17,900,000

 
24,460,989

 
4,965,432

 
17,900,000

 
29,426,421

 
47,326,421

 
(9,344,572
)
 
37,981,849

 
—

Landings at Port Imperial
W. New York, NJ
 
1999
 
276

 
27,246,045

 
37,741,049

 
6,836,741

 
27,246,045

 
44,577,790

 
71,823,835

 
(17,306,712
)
 
54,517,123

 
—

LaSalle
Beaverton, OR (G)
 
1998
 
554

 
7,202,000

 
35,877,612

 
2,810,808

 
7,202,000

 
38,688,420

 
45,890,420

 
(13,657,006
)
 
32,233,414

 
—

Las Colinas at Black Canyon
Phoenix, AZ
 
2008
 
304

 
9,000,000

 
35,917,811

 
159,522

 
9,000,000

 
36,077,333

 
45,077,333

 
(6,297,814
)
 
38,779,519

 
—

Legacy at Highlands Ranch
Highlands Ranch, CO
 
1999
 
422

 
6,330,000

 
37,557,013

 
1,769,576

 
6,330,000

 
39,326,589

 
45,656,589

 
(11,207,950
)
 
34,448,639

 
—

Legacy Park Central
Concord, CA
 
2003
 
259

 
6,469,230

 
46,745,854

 
535,142

 
6,469,230

 
47,280,996

 
53,750,226

 
(12,393,957
)
 
41,356,269

 
—

Lexington Farm
Alpharetta, GA
 
1995
 
352

 
3,521,900

 
22,888,305

 
2,627,912

 
3,521,900

 
25,516,217

 
29,038,117

 
(12,190,060
)
 
16,848,057

 
—

Lexington Park
Orlando, FL
 
1988
 
252

 
2,016,000

 
12,346,726

 
2,656,043

 
2,016,000

 
15,002,769

 
17,018,769

 
(7,642,248
)
 
9,376,521

 
—

Little Cottonwoods
Tempe, AZ
 
1984
 
379

 
3,050,133

 
26,991,689

 
4,911,946

 
3,050,133

 
31,903,635

 
34,953,768

 
(15,716,576
)
 
19,237,192

 
—

Longacre House
New York, NY (G)
 
2000
 
293

 
73,170,045

 
53,962,510

 
714,414

 
73,170,045

 
54,676,924

 
127,846,969

 
(9,897,055
)
 
117,949,914

 
—

Longfellow Place
Boston, MA (G)
 
1975
 
710

 
53,164,160

 
185,281,065

 
57,736,158

 
53,164,160

 
243,017,223

 
296,181,383

 
(107,939,415
)
 
188,241,968

 
—

Longwood
Decatur, GA
 
1992
 
268

 
1,454,048

 
13,087,393

 
2,068,198

 
1,454,048

 
15,155,591

 
16,609,639

 
(9,410,160
)
 
7,199,479

 
—

Madison, The
Alexandria, VA
 
(F)
 
—

 
18,471,288

 
8,904,782

 
—

 
18,471,288

 
8,904,782

 
27,376,070

 
—

 
27,376,070

 
—

Mariners Wharf
Orange Park, FL
 
1989
 
272

 
1,861,200

 
16,744,951

 
3,434,409

 
1,861,200

 
20,179,360

 
22,040,560

 
(10,561,564
)
 
11,478,996

 
—

Market Street Landing
Seattle, WA
 
(F)
 
—

 
12,542,418

 
3,462,522

 
—

 
12,542,418

 
3,462,522

 
16,004,940

 
—

 
16,004,940

 
—

Marquessa
Corona Hills, CA
 
1992
 
336

 
6,888,500

 
21,604,584

 
2,835,419

 
6,888,500

 
24,440,003

 
31,328,503

 
(12,707,309
)
 
18,621,194

 
—

Martine, The
Bellevue, WA
 
1984
 
67

 
3,200,000

 
9,616,264

 
2,668,310

 
3,200,000

 
12,284,574

 
15,484,574

 
(2,717,288
)
 
12,767,286

 
—

Midtown 24
Plantation, FL (G)
 
2010
 
247

 
10,129,900

 
58,770,100

 
44,337

 
10,129,900

 
58,814,437

 
68,944,337

 
(2,063,247
)
 
66,881,090

 
—

Millikan
Irvine, CA
 
(F)
 
—

 
5,610,247

 
437,421

 
—

 
5,610,247

 
437,421

 
6,047,668

 
—

 
6,047,668

 
—

Mill Pond
Millersville, MD
 
1984
 
240

 
2,880,000

 
8,468,014

 
2,869,551

 
2,880,000

 
11,337,565

 
14,217,565

 
(6,045,891
)
 
8,171,674

 
—

Mission Bay
Orlando, FL
 
1991
 
304

 
2,432,000

 
21,623,560

 
2,927,456

 
2,432,000

 
24,551,016

 
26,983,016

 
(11,783,502
)
 
15,199,514

 
—

Mission Bay-Block 13
San Francisco, CA
 
(F)
 
—

 
32,853,438

 
432,822

 
—

 
32,853,438

 
432,822

 
33,286,260

 
—

 
33,286,260

 
—


EQUITY RESIDENTIAL
ERP OPERATING LIMITED PARTNERSHIP
Schedule III - Real Estate and Accumulated Depreciation
December 31, 2011
Description
 
 
 
Initial Cost to Company
 
 Cost Capitalized Subsequent to Acquisition(Improvements, net) (E)
 
Gross Amount Carried at Close of Period 12/31/11
 
 
 
 
 
 
 
 
Apartment Name
Location
 
 Date of Construction
 
Units (H)
 
Land
 
 Building & Fixtures
 
 Building & Fixtures
 
Land
 
 Building & Fixtures (A)
 
Total (B)
 
Accumulated Depreciation (C)
Investment in Real Estate, Net at 12/31/11 (B)
Encumbrances
Mission Verde, LLC
San Jose, CA
 
1986
 
108

 
5,190,700

 
9,679,109

 
3,236,339

 
5,190,700

 
12,915,448

 
18,106,148

 
(6,373,021
)
 
11,733,127

 
—

Moda
Seattle, WA (G)
 
2009
 
251

 
12,649,228

 
36,842,012

 
17,685

 
12,649,228

 
36,859,697

 
49,508,925

 
(2,499,093
)
 
47,009,832

 
—

Morningside
Scottsdale, AZ
 
1989
 
160

 
670,470

 
12,607,976

 
1,783,573

 
670,470

 
14,391,549

 
15,062,019

 
(7,289,537
)
 
7,772,482

 
—

Mosaic at Largo Station
Hyattsville, MD
 
2008
 
242

 
4,120,800

 
42,477,297

 
392,872

 
4,120,800

 
42,870,169

 
46,990,969

 
(6,066,463
)
 
40,924,506

 
—

Mozaic at Union Station
Los Angeles, CA
 
2007
 
272

 
8,500,000

 
52,529,446

 
778,315

 
8,500,000

 
53,307,761

 
61,807,761

 
(11,231,137
)
 
50,576,624

 
—

New River Cove
Davie, FL
 
1999
 
316

 
15,800,000

 
46,142,895

 
1,198,681

 
15,800,000

 
47,341,576

 
63,141,576

 
(12,706,013
)
 
50,435,563

 
—

Northampton 1
Largo, MD
 
1977
 
344

 
1,843,200

 
17,518,161

 
6,045,739

 
1,843,200

 
23,563,900

 
25,407,100

 
(15,171,944
)
 
10,235,156

 
—

Northampton 2
Largo, MD
 
1988
 
276

 
1,513,500

 
14,257,210

 
3,852,776

 
1,513,500

 
18,109,986

 
19,623,486

 
(11,333,760
)
 
8,289,726

 
—

Northglen
Valencia, CA
 
1988
 
234

 
9,360,000

 
20,778,553

 
1,805,127

 
9,360,000

 
22,583,680

 
31,943,680

 
(9,104,971
)
 
22,838,709

 
—

Northlake (MD)
Germantown, MD
 
1985
 
304

 
15,000,000

 
23,142,302

 
10,011,783

 
15,000,000

 
33,154,085

 
48,154,085

 
(11,726,038
)
 
36,428,047

 
—

Northridge
Pleasant Hill, CA
 
1974
 
221

 
5,527,800

 
14,691,704

 
8,977,443

 
5,527,800

 
23,669,147

 
29,196,947

 
(11,011,193
)
 
18,185,754

 
—

Oak Park North
Agoura Hills, CA
 
1990
 
220

 
1,706,900

 
15,362,666

 
3,387,039

 
1,706,900

 
18,749,705

 
20,456,605

 
(10,408,032
)
 
10,048,573

 
—

Oak Park South
Agoura Hills, CA
 
1989
 
224

 
1,683,800

 
15,154,608

 
3,423,630

 
1,683,800

 
18,578,238

 
20,262,038

 
(10,392,724
)
 
9,869,314

 
—

Oaks at Falls Church
Falls Church, VA
 
1966
 
176

 
20,240,000

 
20,152,616

 
3,597,985

 
20,240,000

 
23,750,601

 
43,990,601

 
(6,823,244
)
 
37,167,357

 
—

Ocean Crest
Solana Beach, CA
 
1986
 
146

 
5,111,200

 
11,910,438

 
2,156,580

 
5,111,200

 
14,067,018

 
19,178,218

 
(7,079,314
)
 
12,098,904

 
—

Ocean Walk
Key West, FL
 
1990
 
297

 
2,838,749

 
25,545,009

 
3,350,804

 
2,838,749

 
28,895,813

 
31,734,562

 
(14,702,707
)
 
17,031,855

 
—

Orchard Ridge
Lynnwood, WA
 
1988
 
104

 
480,600

 
4,372,033

 
1,203,111

 
480,600

 
5,575,144

 
6,055,744

 
(3,511,076
)
 
2,544,668

 
—

Paces Station
Atlanta, GA
 
1984-1989
 
610

 
4,801,500

 
32,548,053

 
8,467,289

 
4,801,500

 
41,015,342

 
45,816,842

 
(22,459,682
)
 
23,357,160

 
—

Palm Trace Landings
Davie, FL
 
1995
 
768

 
38,400,000

 
105,693,432

 
3,265,111

 
38,400,000

 
108,958,543

 
147,358,543

 
(28,842,025
)
 
118,516,518

 
—

Panther Ridge
Federal Way, WA
 
1980
 
260

 
1,055,800

 
9,506,117

 
1,957,972

 
1,055,800

 
11,464,089

 
12,519,889

 
(6,285,344
)
 
6,234,545

 
—

Parc 77
New York, NY (G)
 
1903
 
137

 
40,504,000

 
18,025,679

 
4,278,417

 
40,504,000

 
22,304,096

 
62,808,096

 
(6,087,382
)
 
56,720,714

 
—

Parc Cameron
New York, NY (G)
 
1927
 
166

 
37,600,000

 
9,855,597

 
5,465,305

 
37,600,000

 
15,320,902

 
52,920,902

 
(5,085,919
)
 
47,834,983

 
—

Parc Coliseum
New York, NY (G)
 
1910
 
177

 
52,654,000

 
23,045,751

 
7,255,306

 
52,654,000

 
30,301,057

 
82,955,057

 
(8,238,480
)
 
74,716,577

 
—

Park at Turtle Run, The
Coral Springs, FL
 
2001
 
257

 
15,420,000

 
36,064,629

 
1,030,466

 
15,420,000

 
37,095,095

 
52,515,095

 
(10,820,264
)
 
41,694,831

 
—

Park West (CA)
Los Angeles, CA
 
1987/1990
 
444

 
3,033,500

 
27,302,383

 
5,703,492

 
3,033,500

 
33,005,875

 
36,039,375

 
(19,273,051
)
 
16,766,324

 
—

Parkside
Union City, CA
 
1979
 
208

 
6,246,700

 
11,827,453

 
3,558,423

 
6,246,700

 
15,385,876

 
21,632,576

 
(8,388,169
)
 
13,244,407

 
—

Pegasus
Los Angeles, CA (G)
 
1949/2003
 
322

 
18,094,052

 
81,905,948

 
346,824

 
18,094,052

 
82,252,772

 
100,346,824

 
(5,441,406
)
 
94,905,418

 
—

Phillips Park
Wellesley, MA
 
1988
 
49

 
816,922

 
5,460,955

 
966,255

 
816,922

 
6,427,210

 
7,244,132

 
(2,756,961
)
 
4,487,171

 
—

Playa Pacifica
Hermosa Beach,CA
 
1972
 
285

 
35,100,000

 
33,473,822

 
7,342,285

 
35,100,000

 
40,816,107

 
75,916,107

 
(12,772,538
)
 
63,143,569

 
—

Polos East
Orlando, FL
 
1991
 
308

 
1,386,000

 
19,058,620

 
2,299,557

 
1,386,000

 
21,358,177

 
22,744,177

 
(10,353,927
)
 
12,390,250

 
—

Port Royale
Ft. Lauderdale, FL (G)
 
1988
 
252

 
1,754,200

 
15,789,873

 
7,644,246

 
1,754,200

 
23,434,119

 
25,188,319

 
(18,059,650
)
 
7,128,669

 
—

Port Royale II
Ft. Lauderdale, FL (G)
 
1988
 
161

 
1,022,200

 
9,203,166

 
4,823,127

 
1,022,200

 
14,026,293

 
15,048,493

 
(7,879,025
)
 
7,169,468

 
—

Port Royale III
Ft. Lauderdale, FL (G)
 
1988
 
324

 
7,454,900

 
14,725,802

 
9,178,900

 
7,454,900

 
23,904,702

 
31,359,602

 
(12,857,701
)
 
18,501,901

 
—

Port Royale IV
Ft. Lauderdale, FL
 
(F)
 
—

 
—

 
1,831,695

 
—

 
—

 
1,831,695

 
1,831,695

 
—

 
1,831,695

 
—

Portofino
Chino Hills, CA
 
1989
 
176

 
3,572,400

 
14,660,994

 
2,679,877

 
3,572,400

 
17,340,871

 
20,913,271

 
(8,523,434
)
 
12,389,837

 
—

Portofino (Val)
Valencia, CA
 
1989
 
216

 
8,640,000

 
21,487,126

 
2,363,242

 
8,640,000

 
23,850,368

 
32,490,368

 
(9,740,058
)
 
22,750,310

 
—

Portside Towers
Jersey City, NJ (G)
 
1992-1997
 
527

 
22,487,006

 
96,842,913

 
15,960,366

 
22,487,006

 
112,803,279

 
135,290,285

 
(51,996,044
)
 
83,294,241

 
—

Preserve at Deer Creek
Deerfield Beach, FL
 
1997
 
540

 
13,500,000

 
60,011,208

 
4,458,758

 
13,500,000

 
64,469,966

 
77,969,966

 
(19,150,628
)
 
58,819,338

 
—

Prime, The
Arlington, VA
 
2002
 
256

 
32,000,000

 
64,436,539

 
684,785

 
32,000,000

 
65,121,324

 
97,121,324

 
(14,791,625
)
 
82,329,699

 
—

Promenade at Aventura
Aventura, FL
 
1995
 
296

 
13,320,000

 
30,353,748

 
5,286,447

 
13,320,000

 
35,640,195

 
48,960,195

 
(13,866,100
)
 
35,094,095

 
—

Promenade at Town Center I
Valencia, CA
 
2001
 
294

 
14,700,000

 
35,390,278

 
3,021,232

 
14,700,000

 
38,411,510

 
53,111,510

 
(11,845,700
)
 
41,265,810

 
—

Promenade at Wyndham Lakes
Coral Springs, FL
 
1998
 
332

 
6,640,000

 
26,743,760

 
4,487,114

 
6,640,000

 
31,230,874

 
37,870,874

 
(12,267,084
)
 
25,603,790

 
—

Promenade Terrace
Corona, CA
 
1990
 
330

 
2,272,800

 
20,546,289

 
4,889,001

 
2,272,800

 
25,435,290

 
27,708,090

 
(14,665,897
)
 
13,042,193

 
—

Promontory Pointe I & II
Phoenix, AZ
 
1984/1996
 
424

 
2,355,509

 
30,421,840

 
3,871,392

 
2,355,509

 
34,293,232

 
36,648,741

 
(17,574,045
)
 
19,074,696

 
—

Prospect Towers
Hackensack, NJ
 
1995
 
157

 
3,926,600

 
31,679,339

 
3,891,995

 
3,926,600

 
35,571,334

 
39,497,934

 
(14,860,521
)
 
24,637,413

 
—

Prospect Towers II
Hackensack, NJ
 
2002
 
203

 
4,500,000

 
40,623,746

 
3,303,318

 
4,500,000

 
43,927,064

 
48,427,064

 
(12,304,870
)
 
36,122,194

 
—

Ravens Crest
Plainsboro, NJ
 
1984
 
704

 
4,670,850

 
42,080,642

 
12,305,515

 
4,670,850

 
54,386,157

 
59,057,007

 
(33,866,628
)
 
25,190,379

 
—

Redmond Ridge
Redmond, WA
 
2008
 
321

 
6,975,705

 
46,175,001

 
130,545

 
6,975,705

 
46,305,546

 
53,281,251

 
(6,420,578
)
 
46,860,673

 
—

EQUITY RESIDENTIAL
ERP OPERATING LIMITED PARTNERSHIP
Schedule III - Real Estate and Accumulated Depreciation
December 31, 2011
Description
 
 
 
Initial Cost to Company
 
 Cost Capitalized Subsequent to Acquisition(Improvements, net) (E)
 
Gross Amount Carried at Close of Period 12/31/11
 
 
 
 
 
 
 
 
Apartment Name
Location
 
 Date of Construction
 
Units (H)
 
Land
 
 Building & Fixtures
 
 Building & Fixtures
 
Land
 
 Building & Fixtures (A)
 
Total (B)
 
Accumulated Depreciation (C)
Investment in Real Estate, Net at 12/31/11 (B)
Encumbrances
Red 160 (fka Redmond Way)
Redmond , WA (G)
 
2011
 
250

 
15,546,376

 
65,305,957

 
128,077

 
15,546,376

 
65,434,034

 
80,980,410

 
(1,764,057
)
 
79,216,353

 
—

Red Road Commons
Miami, FL (G)
 
2009
 
404

 
27,383,547

 
99,656,440

 
88,542

 
27,383,547

 
99,744,982

 
127,128,529

 
(7,014,820
)
 
120,113,709

 
—

Regency Palms
Huntington Beach, CA
 
1969
 
310

 
1,857,400

 
16,713,253

 
4,662,931

 
1,857,400

 
21,376,184

 
23,233,584

 
(12,370,296
)
 
10,863,288

 
—

Registry
Northglenn, CO
 
1986
 
208

 
2,000,000

 
10,925,007

 
185,780

 
2,000,000

 
11,110,787

 
13,110,787

 
(1,911,145
)
 
11,199,642

 
—

Renaissance Villas
Berkeley, CA (G)
 
1998
 
34

 
2,458,000

 
4,542,000

 
66,604

 
2,458,000

 
4,608,604

 
7,066,604

 
(795,642
)
 
6,270,962

 
—

Reserve at Ashley Lake
Boynton Beach, FL
 
1990
 
440

 
3,520,400

 
23,332,494

 
5,597,846

 
3,520,400

 
28,930,340

 
32,450,740

 
(14,691,506
)
 
17,759,234

 
—

Reserve at Town Center II (WA)
Mill Creek, WA
 
2009
 
100

 
4,310,417

 
17,165,442

 
24,078

 
4,310,417

 
17,189,520

 
21,499,937

 
(1,244,466
)
 
20,255,471

 
—

Reserve at Town Center III
Mill Creek, WA
 
(F)
 
—

 
2,089,388

 
1,111,424

 
—

 
2,089,388

 
1,111,424

 
3,200,812

 
—

 
3,200,812

 
—

Residences at Bayview
Pompano Beach, FL (G)
 
2004
 
225

 
5,783,545

 
39,334,455

 
403,418

 
5,783,545

 
39,737,873

 
45,521,418

 
(3,437,193
)
 
42,084,225

 
—

Retreat, The
Phoenix, AZ
 
1999
 
480

 
3,475,114

 
27,265,252

 
2,794,986

 
3,475,114

 
30,060,238

 
33,535,352

 
(13,502,357
)
 
20,032,995

 
—

Rianna I
Seattle, WA (G)
 
2000
 
78

 
2,268,160

 
14,864,482

 
141,808

 
2,268,160

 
15,006,290

 
17,274,450

 
(1,860,348
)
 
15,414,102

 
—

Ridgewood Village I&II
San Diego, CA
 
1997
 
408

 
11,809,500

 
34,004,048

 
2,924,110

 
11,809,500

 
36,928,158

 
48,737,658

 
(15,531,096
)
 
33,206,562

 
—

River Tower
New York, NY (G)
 
1982
 
323

 
118,669,441

 
98,880,559

 
1,505,315

 
118,669,441

 
100,385,874

 
219,055,315

 
(16,503,085
)
 
202,552,230

 
—

Rivers Bend (CT)
Windsor, CT
 
1973
 
373

 
3,325,517

 
22,573,826

 
2,808,444

 
3,325,517

 
25,382,270

 
28,707,787

 
(10,675,715
)
 
18,032,072

 
—

Riverview Condominiums
Norwalk, CT
 
1991
 
92

 
2,300,000

 
7,406,730

 
2,129,804

 
2,300,000

 
9,536,534

 
11,836,534

 
(4,459,420
)
 
7,377,114

 
—

Rosecliff II
Quincy, MA
 
2005
 
130

 
4,922,840

 
30,202,160

 
7,250

 
4,922,840

 
30,209,410

 
35,132,250

 
(107,367
)
 
35,024,883

 
—

Royal Oaks (FL)
Jacksonville, FL
 
1991
 
284

 
1,988,000

 
13,645,117

 
4,491,664

 
1,988,000

 
18,136,781

 
20,124,781

 
(8,638,178
)
 
11,486,603

 
—

Sabal Palm at Lake Buena Vista
Orlando, FL
 
1988
 
400

 
2,800,000

 
23,687,893

 
5,622,700

 
2,800,000

 
29,310,593

 
32,110,593

 
(13,405,565
)
 
18,705,028

 
—

Sabal Palm at Metrowest II
Orlando, FL
 
1997
 
456

 
4,560,000

 
33,907,283

 
2,935,939

 
4,560,000

 
36,843,222

 
41,403,222

 
(17,227,183
)
 
24,176,039

 
—

Sabal Pointe
Coral Springs, FL
 
1995
 
275

 
1,951,600

 
17,570,508

 
4,514,398

 
1,951,600

 
22,084,906

 
24,036,506

 
(12,666,537
)
 
11,369,969

 
—

Sage
Everett, WA
 
2002
 
123

 
2,500,000

 
12,021,256

 
453,063

 
2,500,000

 
12,474,319

 
14,974,319

 
(3,319,591
)
 
11,654,728

 
—

Sakura Crossing
Los Angeles, CA (G)
 
2009
 
230

 
14,641,990

 
42,858,010

 
657

 
14,641,990

 
42,858,667

 
57,500,657

 
(321,156
)
 
57,179,501

 
—

Savannah at Park Place
Atlanta, GA
 
2001
 
416

 
7,696,095

 
34,034,000

 
2,730,835

 
7,696,095

 
36,764,835

 
44,460,930

 
(11,527,618
)
 
32,933,312

 
—

Savoy III
Aurora, CO
 
(F)
 
—

 
659,165

 
15,126,173

 
—

 
659,165

 
15,126,173

 
15,785,338

 
—

 
15,785,338

 
—

Scarborough Square
Rockville, MD
 
1967
 
121

 
1,815,000

 
7,608,126

 
2,525,055

 
1,815,000

 
10,133,181

 
11,948,181

 
(5,378,833
)
 
6,569,348

 
—

Sedona Ridge
Phoenix, AZ
 
1989
 
250

 
3,750,000

 
14,750,000

 
474,406

 
3,750,000

 
15,224,406

 
18,974,406

 
(2,882,082
)
 
16,092,324

 
—

Seeley Lake
Lakewood, WA
 
1990
 
522

 
2,760,400

 
24,845,286

 
4,653,709

 
2,760,400

 
29,498,995

 
32,259,395

 
(15,612,322
)
 
16,647,073

 
—

Seventh & James
Seattle, WA
 
1992
 
96

 
663,800

 
5,974,803

 
3,128,846

 
663,800

 
9,103,649

 
9,767,449

 
(5,206,225
)
 
4,561,224

 
—

Shadow Creek
Winter Springs, FL
 
2000
 
280

 
6,000,000

 
21,719,768

 
1,572,807

 
6,000,000

 
23,292,575

 
29,292,575

 
(7,236,138
)
 
22,056,437

 
—

Sheridan Lake Club
Dania Beach, FL
 
2001
 
240

 
12,000,000

 
23,170,580

 
1,359,509

 
12,000,000

 
24,530,089

 
36,530,089

 
(6,610,875
)
 
29,919,214

 
—

Sheridan Ocean Club combined
Dania Beach, FL
 
1991
 
648

 
18,313,414

 
47,091,594

 
14,449,396

 
18,313,414

 
61,540,990

 
79,854,404

 
(24,316,848
)
 
55,537,556

 
—

Siena Terrace
Lake Forest, CA
 
1988
 
356

 
8,900,000

 
24,083,024

 
3,009,699

 
8,900,000

 
27,092,723

 
35,992,723

 
(12,680,205
)
 
23,312,518

 
—

Skycrest
Valencia, CA
 
1999
 
264

 
10,560,000

 
25,574,457

 
1,987,885

 
10,560,000

 
27,562,342

 
38,122,342

 
(11,026,671
)
 
27,095,671

 
—

Skylark
Union City, CA
 
1986
 
174

 
1,781,600

 
16,731,916

 
1,737,878

 
1,781,600

 
18,469,794

 
20,251,394

 
(8,810,822
)
 
11,440,572

 
—

Skyline Terrace
Burlingame, CA
 
1967 & 1987
 
138

 
16,836,000

 
35,414,000

 
574,744

 
16,836,000

 
35,988,744

 
52,824,744

 
(3,233,204
)
 
49,591,540

 
—

Skyline Towers
Falls Church, VA (G)
 
1971
 
939

 
78,278,200

 
91,485,591

 
28,949,642

 
78,278,200

 
120,435,233

 
198,713,433

 
(37,194,628
)
 
161,518,805

 
—

Skyview
Rancho Santa Margarita, CA
 
1999
 
260

 
3,380,000

 
21,952,863

 
1,827,160

 
3,380,000

 
23,780,023

 
27,160,023

 
(10,583,765
)
 
16,576,258

 
—

Sonoran
Phoenix, AZ
 
1995
 
429

 
2,361,922

 
31,841,724

 
3,086,404

 
2,361,922

 
34,928,128

 
37,290,050

 
(17,405,642
)
 
19,884,408

 
—

Southwood
Palo Alto, CA
 
1985
 
100

 
6,936,600

 
14,324,069

 
2,518,550

 
6,936,600

 
16,842,619

 
23,779,219

 
(8,121,990
)
 
15,657,229

 
—

Springbrook Estates
Riverside, CA
 
(F)
 
—

 
18,200,000

 
—

 
—

 
18,200,000

 
—

 
18,200,000

 
—

 
18,200,000

 
—

Springs Colony
Altamonte Springs, FL
 
1986
 
188

 
630,411

 
5,852,157

 
2,472,624

 
630,411

 
8,324,781

 
8,955,192

 
(5,475,003
)
 
3,480,189

 
—

St. Andrews at Winston Park
Coconut Creek, FL
 
1997
 
284

 
5,680,000

 
19,812,090

 
2,633,219

 
5,680,000

 
22,445,309

 
28,125,309

 
(8,422,121
)
 
19,703,188

 
—

Stoneleigh at Deerfield
Alpharetta, GA
 
2003
 
370

 
4,810,000

 
29,999,596

 
940,991

 
4,810,000

 
30,940,587

 
35,750,587

 
(8,733,406
)
 
27,017,181

 
—

Stoney Creek
Lakewood, WA
 
1990
 
231

 
1,215,200

 
10,938,134

 
2,431,476

 
1,215,200

 
13,369,610

 
14,584,810

 
(7,261,625
)
 
7,323,185

 
—

Summerset Village II
Chatsworth, CA
 
(F)
 
—

 
260,646

 
—

 
—

 
260,646

 
—

 
260,646

 
—

 
260,646

 
—

Summit & Birch Hill
Farmington, CT
 
1967
 
186

 
1,757,438

 
11,748,112

 
2,983,818

 
1,757,438

 
14,731,930

 
16,489,368

 
(6,433,027
)
 
10,056,341

 
—

Surprise Lake Village
Milton, WA
 
1986
 
338

 
4,162,543

 
21,994,412

 
649,532

 
4,162,543

 
22,643,944

 
26,806,487

 
(3,664,956
)
 
23,141,531

 
—

Sycamore Creek
Scottsdale, AZ
 
1984
 
350

 
3,152,000

 
19,083,727

 
3,176,046

 
3,152,000

 
22,259,773

 
25,411,773

 
(11,798,644
)
 
13,613,129

 
—


EQUITY RESIDENTIAL
ERP OPERATING LIMITED PARTNERSHIP
Schedule III - Real Estate and Accumulated Depreciation
December 31, 2011
Description
 
 
 
Initial Cost to Company
 
 Cost Capitalized Subsequent to Acquisition(Improvements, net) (E)
 
Gross Amount Carried at Close of Period 12/31/11
 
 
 
 
 
 
 
 
Apartment Name
Location
 
 Date of Construction
 
Units (H)
 
Land
 
 Building & Fixtures
 
 Building & Fixtures
 
Land
 
 Building & Fixtures (A)
 
Total (B)
 
Accumulated Depreciation (C)
Investment in Real Estate, Net at 12/31/11 (B)
Encumbrances
Ten23 (fka 500 West 23rd Street)
New York, NY (G)
 
2011
 
111

 
—

 
53,001,730

 
—

 
—

 
53,001,730

 
53,001,730

 
—

 
53,001,730

 
—

Terraces, The
San Francisco, CA (G)
 
1975
 
117

 
14,087,610

 
16,337,390

 
2,176

 
14,087,610

 
16,339,566

 
30,427,176

 
(66,507
)
 
30,360,669

 
—

Third Square
Cambridge, MA (G)
 
2008/2009
 
471

 
26,767,171

 
218,232,419

 
993,046

 
26,767,171

 
219,225,465

 
245,992,636

 
(23,830,415
)
 
222,162,221

 
—

Tortuga Bay
Orlando, FL
 
2004
 
314

 
6,280,000

 
32,121,779

 
1,101,933

 
6,280,000

 
33,223,712

 
39,503,712

 
(9,084,110
)
 
30,419,602

 
—

Toscana
Irvine, CA
 
1991/1993
 
563

 
39,410,000

 
50,806,072

 
6,734,465

 
39,410,000

 
57,540,537

 
96,950,537

 
(23,926,306
)
 
73,024,231

 
—

Townes at Herndon
Herndon, VA
 
2002
 
218

 
10,900,000

 
49,216,125

 
687,699

 
10,900,000

 
49,903,824

 
60,803,824

 
(12,452,191
)
 
48,351,633

 
—

Trump Place, 140 Riverside
New York, NY (G)
 
2003
 
354

 
103,539,100

 
94,082,725

 
1,776,392

 
103,539,100

 
95,859,117

 
199,398,217

 
(23,301,809
)
 
176,096,408

 
—

Trump Place, 160 Riverside
New York, NY (G)
 
2001
 
455

 
139,933,500

 
190,964,745

 
6,185,491

 
139,933,500

 
197,150,236

 
337,083,736

 
(45,819,143
)
 
291,264,593

 
—

Trump Place, 180 Riverside
New York, NY (G)
 
1998
 
516

 
144,968,250

 
138,346,681

 
6,290,045

 
144,968,250

 
144,636,726

 
289,604,976

 
(35,545,460
)
 
254,059,516

 
—

Uwajimaya Village
Seattle, WA
 
2002
 
176

 
8,800,000

 
22,188,288

 
271,647

 
8,800,000

 
22,459,935

 
31,259,935

 
(6,624,216
)
 
24,635,719

 
—

Valencia Plantation
Orlando, FL
 
1990
 
194

 
873,000

 
12,819,377

 
2,196,462

 
873,000

 
15,015,839

 
15,888,839

 
(7,071,212
)
 
8,817,627

 
—

Vantage Pointe
San Diego, CA (G)
 
2009
 
679

 
9,403,960

 
190,596,040

 
2,992,384

 
9,403,960

 
193,588,424

 
202,992,384

 
(11,668,707
)
 
191,323,677

 
—

Veridian (fka Silver Spring)
Silver Spring, MD (G)
 
2009
 
457

 
18,539,817

 
130,407,365

 
200,587

 
18,539,817

 
130,607,952

 
149,147,769

 
(11,516,355
)
 
137,631,414

 
—

Versailles (K-Town)
Los Angeles, CA
 
2008
 
225

 
10,590,975

 
44,409,025

 
119,893

 
10,590,975

 
44,528,918

 
55,119,893

 
(4,998,525
)
 
50,121,368

 
—

Victor on Venice
Los Angeles, CA (G)
 
2006
 
115

 
10,350,000

 
35,433,437

 
211,045

 
10,350,000

 
35,644,482

 
45,994,482

 
(7,709,609
)
 
38,284,873

 
—

Villa Solana
Laguna Hills, CA
 
1984
 
272

 
1,665,100

 
14,985,677

 
6,763,757

 
1,665,100

 
21,749,434

 
23,414,534

 
(13,252,476
)
 
10,162,058

 
—

Village at Bear Creek
Lakewood, CO
 
1987
 
472

 
4,519,700

 
40,676,390

 
4,709,335

 
4,519,700

 
45,385,725

 
49,905,425

 
(23,047,453
)
 
26,857,972

 
—

Vista Del Largo
Mission Viejo, CA
 
1986-1988
 
608

 
4,525,800

 
40,736,293

 
12,750,488

 
4,525,800

 
53,486,781

 
58,012,581

 
(32,354,232
)
 
25,658,349

 
—

Vista Grove
Mesa, AZ
 
1997/1998
 
224

 
1,341,796

 
12,157,045

 
1,350,805

 
1,341,796

 
13,507,850

 
14,849,646

 
(6,719,180
)
 
8,130,466

 
—

Vista Montana - Residential
San Jose, CA
 
(F)
 
—

 
27,000,000

 
402,025

 
—

 
27,000,000

 
402,025

 
27,402,025

 
—

 
27,402,025

 
—

Vista on Courthouse
Arlington, VA
 
2008
 
220

 
15,550,260

 
69,449,740

 
321,207

 
15,550,260

 
69,770,947

 
85,321,207

 
(7,990,132
)
 
77,331,075

 
—

Walden Park
Cambridge, MA
 
1966
 
232

 
12,448,888

 
52,451,112

 
5,623

 
12,448,888

 
52,456,735

 
64,905,623

 
(375,173
)
 
64,530,450

 
—

Waterford at Deerwood
Jacksonville, FL
 
1985
 
248

 
1,496,913

 
10,659,702

 
3,971,640

 
1,496,913

 
14,631,342

 
16,128,255

 
(7,399,404
)
 
8,728,851

 
—

Waterford at Orange Park
Orange Park, FL
 
1986
 
280

 
1,960,000

 
12,098,784

 
3,088,273

 
1,960,000

 
15,187,057

 
17,147,057

 
(8,006,263
)
 
9,140,794

 
—

Waterford Place (CO)
Thornton, CO
 
1998
 
336

 
5,040,000

 
29,946,419

 
1,514,787

 
5,040,000

 
31,461,206

 
36,501,206

 
(10,889,463
)
 
25,611,743

 
—

Waterside
Reston, VA
 
1984
 
276

 
20,700,000

 
27,474,388

 
7,861,949

 
20,700,000

 
35,336,337

 
56,036,337

 
(10,816,319
)
 
45,220,018

 
—

Webster Green
Needham, MA
 
1985
 
77

 
1,418,893

 
9,485,006

 
1,040,968

 
1,418,893

 
10,525,974

 
11,944,867

 
(4,303,747
)
 
7,641,120

 
—

Welleby Lake Club
Sunrise, FL
 
1991
 
304

 
3,648,000

 
17,620,879

 
4,590,765

 
3,648,000

 
22,211,644

 
25,859,644

 
(10,471,643
)
 
15,388,001

 
—

West End Apartments (fka Emerson Place/CRP II)
Boston, MA (G)
 
2008
 
310

 
469,546

 
163,123,022

 
371,431

 
469,546

 
163,494,453

 
163,963,999

 
(21,595,586
)
 
142,368,413

 
—

West Seattle
Seattle, WA
 
(F)
 
—

 
11,726,305

 
134,366

 
—

 
11,726,305

 
134,366

 
11,860,671

 
—

 
11,860,671

 
—

Westerly at Worldgate
Herndon, VA
 
1995
 
320

 
14,568,000

 
43,620,057

 
1,266,145

 
14,568,000

 
44,886,202

 
59,454,202

 
(8,061,110
)
 
51,393,092

 
—

Westgate Block 2
Pasadena, CA
 
(F)
 
—

 
17,859,785

 
17,226,268

 
—

 
17,859,785

 
17,226,268

 
35,086,053

 
—

 
35,086,053

 
—

Westgate Block 1
Pasadena, CA
 
(F)
 
—

 
12,118,061

 
4,402,664

 
—

 
12,118,061

 
4,402,664

 
16,520,725

 
—

 
16,520,725

 
—

Westridge
Tacoma, WA
 
1987 -1991
 
714

 
3,501,900

 
31,506,082

 
7,003,576

 
3,501,900

 
38,509,658

 
42,011,558

 
(20,787,738
)
 
21,223,820

 
—

Westside Villas I
Los Angeles, CA
 
1999
 
21

 
1,785,000

 
3,233,254

 
274,539

 
1,785,000

 
3,507,793

 
5,292,793

 
(1,444,813
)
 
3,847,980

 
—

Westside Villas II
Los Angeles, CA
 
1999
 
23

 
1,955,000

 
3,541,435

 
159,881

 
1,955,000

 
3,701,316

 
5,656,316

 
(1,444,271
)
 
4,212,045

 
—

Westside Villas III
Los Angeles, CA
 
1999
 
36

 
3,060,000

 
5,538,871

 
235,019

 
3,060,000

 
5,773,890

 
8,833,890

 
(2,252,284
)
 
6,581,606

 
—

Westside Villas IV
Los Angeles, CA
 
1999
 
36

 
3,060,000

 
5,539,390

 
243,466

 
3,060,000

 
5,782,856

 
8,842,856

 
(2,251,558
)
 
6,591,298

 
—

Westside Villas V
Los Angeles, CA
 
1999
 
60

 
5,100,000

 
9,224,485

 
420,696

 
5,100,000

 
9,645,181

 
14,745,181

 
(3,769,440
)
 
10,975,741

 
—

Westside Villas VI
Los Angeles, CA
 
1989
 
18

 
1,530,000

 
3,023,523

 
247,685

 
1,530,000

 
3,271,208

 
4,801,208

 
(1,306,921
)
 
3,494,287

 
—

Westside Villas VII
Los Angeles, CA
 
2001
 
53

 
4,505,000

 
10,758,900

 
407,425

 
4,505,000

 
11,166,325

 
15,671,325

 
(3,777,977
)
 
11,893,348

 
—

Wimberly at Deerwood
Jacksonville, FL
 
2000
 
322

 
8,000,000

 
30,057,214

 
1,642,086

 
8,000,000

 
31,699,300

 
39,699,300

 
(8,241,714
)
 
31,457,586

 
—

Winchester Park
Riverside, RI
 
1972
 
416

 
2,822,618

 
18,868,626

 
6,898,312

 
2,822,618

 
25,766,938

 
28,589,556

 
(11,731,473
)
 
16,858,083

 
—

Winchester Wood
Riverside, RI
 
1989
 
62

 
683,215

 
4,567,154

 
842,944

 
683,215

 
5,410,098

 
6,093,313

 
(2,252,943
)
 
3,840,370

 
—

Windsor at Fair Lakes
Fairfax, VA
 
1988
 
250

 
10,000,000

 
28,587,109

 
6,385,915

 
10,000,000

 
34,973,024

 
44,973,024

 
(11,053,951
)
 
33,919,073

 
—

Winston, The (FL)
Pembroke Pines, FL
 
2001/2003
 
464

 
18,561,000

 
49,527,569

 
2,066,953

 
18,561,000

 
51,594,522

 
70,155,522

 
(11,364,025
)
 
58,791,497

 
—

Wood Creek (CA)
Pleasant Hill, CA
 
1987
 
256

 
9,729,900

 
23,009,768

 
5,486,055

 
9,729,900

 
28,495,823

 
38,225,723

 
(13,857,483
)
 
24,368,240

 
—

Woodbridge (CT)
Newington, CT
 
1968
 
73

 
498,377

 
3,331,548

 
934,712

 
498,377

 
4,266,260

 
4,764,637

 
(1,835,396
)
 
2,929,241

 
—

EQUITY RESIDENTIAL
ERP OPERATING LIMITED PARTNERSHIP
Schedule III - Real Estate and Accumulated Depreciation
December 31, 2011
Description
 
 
 
Initial Cost to Company
 
 Cost Capitalized Subsequent to Acquisition(Improvements, net) (E)
 
Gross Amount Carried at Close of Period 12/31/11
 
 
 
 
 
 
 
 
Apartment Name
Location
 
 Date of Construction
 
Units (H)
 
Land
 
 Building & Fixtures
 
 Building & Fixtures
 
Land
 
 Building & Fixtures (A)
 
Total (B)
 
Accumulated Depreciation (C)
Investment in Real Estate, Net at 12/31/11 (B)
Encumbrances
Woodleaf
Campbell, CA
 
1984
 
178

 
8,550,600

 
16,988,183

 
2,525,549

 
8,550,600

 
19,513,732

 
28,064,332

 
(8,858,351
)
 
19,205,981

 
—

Woodland Park
East Palo Alto, CA (G)
 
1953
 
1,812

 
72,224,518

 
57,775,482

 
11,882

 
72,224,518

 
57,787,364

 
130,011,882

 
(361,821
)
 
129,650,061

 
—

Management Business
Chicago, IL
 
(D)
 
—

 
—

 
—

 
85,280,456

 
—

 
85,280,456

 
85,280,456

 
(64,901,959
)
 
20,378,497

 
—

Operating Partnership
Chicago, IL
 
(F)
 
—

 
—

 
1,950,020

 
—

 
—

 
1,950,020

 
1,950,020

 
—

 
1,950,020

 
—

Wholly Owned Unencumbered
 
 
 
 
75,704

 
3,271,110,872

 
9,313,640,030

 
919,933,512

 
3,271,110,872

 
10,233,573,542

 
13,504,684,414

 
(2,901,009,678
)
 
10,603,674,736

 
—

Wholly Owned Encumbered:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
929 House
Cambridge, MA (G)
 
1975
 
127

 
3,252,993

 
21,745,595

 
4,619,180

 
3,252,993

 
26,364,775

 
29,617,768

 
(10,267,914
)
 
19,349,854

 
2,771,507

Academy Village
North Hollywood, CA
 
1989
 
248

 
25,000,000

 
23,593,194

 
5,811,441

 
25,000,000

 
29,404,635

 
54,404,635

 
(10,089,093
)
 
44,315,542

 
20,000,000

Acappella
Pasadena, CA
 
2002
 
143

 
5,839,548

 
29,360,452

 
199,588

 
5,839,548

 
29,560,040

 
35,399,588

 
(2,536,777
)
 
32,862,811

 
20,644,023

Acton Courtyard
Berkeley, CA (G)
 
2003
 
71

 
5,550,000

 
15,785,509

 
92,850

 
5,550,000

 
15,878,359

 
21,428,359

 
(3,488,928
)
 
17,939,431

 
9,920,000

Alborada
Fremont, CA
 
1999
 
442

 
24,310,000

 
59,214,129

 
2,426,046

 
24,310,000

 
61,640,175

 
85,950,175

 
(25,283,895
)
 
60,666,280

 
 (J)

Alexander on Ponce
Atlanta, GA
 
2003
 
330

 
9,900,000

 
35,819,022

 
1,574,440

 
9,900,000

 
37,393,462

 
47,293,462

 
(9,591,619
)
 
37,701,843

 
28,880,000

Arbor Terrace
Sunnyvale, CA
 
1979
 
175

 
9,057,300

 
18,483,642

 
2,318,138

 
9,057,300

 
20,801,780

 
29,859,080

 
(9,986,511
)
 
19,872,569

 
 (L)

Arboretum (MA)
Canton, MA
 
1989
 
156

 
4,683,531

 
10,992,751

 
1,954,762

 
4,683,531

 
12,947,513

 
17,631,044

 
(6,525,737
)
 
11,105,307

 
 (I)

Artech Building
Berkeley, CA (G)
 
2002
 
21

 
1,642,000

 
9,152,518

 
92,358

 
1,642,000

 
9,244,876

 
10,886,876

 
(1,795,520
)
 
9,091,356

 
3,200,000

Artisan Square
Northridge, CA
 
2002
 
140

 
7,000,000

 
20,537,359

 
745,265

 
7,000,000

 
21,282,624

 
28,282,624

 
(6,983,871
)
 
21,298,753

 
22,779,715

Avanti
Anaheim, CA
 
1987
 
162

 
12,960,000

 
18,497,683

 
1,066,332

 
12,960,000

 
19,564,015

 
32,524,015

 
(5,101,737
)
 
27,422,278

 
19,850,000

Bachenheimer Building
Berkeley, CA (G)
 
2004
 
44

 
3,439,000

 
13,866,379

 
48,863

 
3,439,000

 
13,915,242

 
17,354,242

 
(2,844,495
)
 
14,509,747

 
8,585,000

Bella Vista Apartments at Boca Del Mar
Boca Raton, FL
 
1985
 
392

 
11,760,000

 
20,190,252

 
13,600,755

 
11,760,000

 
33,791,007

 
45,551,007

 
(15,322,700
)
 
30,228,307

 
26,134,010

Bellagio Apartment Homes
Scottsdale, AZ
 
1995
 
202

 
2,626,000

 
16,025,041

 
1,134,830

 
2,626,000

 
17,159,871

 
19,785,871

 
(5,165,966
)
 
14,619,905

 
 (L)

Berkeleyan
Berkeley, CA (G)
 
1998
 
56

 
4,377,000

 
16,022,110

 
289,057

 
4,377,000

 
16,311,167

 
20,688,167

 
(3,419,440
)
 
17,268,727

 
8,290,000

Briarwood (CA)
Sunnyvale, CA (I)
 
1985
 
192

 
9,991,500

 
22,247,278

 
1,543,294

 
9,991,500

 
23,790,572

 
33,782,072

 
(11,128,707
)
 
22,653,365

 
12,800,000

Brookside (CO)
Boulder, CO
 
1993
 
144

 
3,600,400

 
10,211,159

 
2,108,971

 
3,600,400

 
12,320,130

 
15,920,530

 
(5,588,246
)
 
10,332,284

 
 (L)

Canterbury
Germantown, MD (I)
 
1986
 
544

 
2,781,300

 
32,942,531

 
14,356,360

 
2,781,300

 
47,298,891

 
50,080,191

 
(27,043,148
)
 
23,037,043

 
31,680,000

Cape House I
Jacksonville, FL
 
1998
 
240

 
4,800,000

 
22,484,239

 
577,378

 
4,800,000

 
23,061,617

 
27,861,617

 
(5,851,708
)
 
22,009,909

 
13,542,878

Cape House II
Jacksonville, FL
 
1998
 
240

 
4,800,000

 
22,229,836

 
1,779,613

 
4,800,000

 
24,009,449

 
28,809,449

 
(6,237,002
)
 
22,572,447

 
13,010,713

Carmel Terrace
San Diego, CA
 
1988-1989
 
384

 
2,288,300

 
20,596,281

 
10,072,544

 
2,288,300

 
30,668,825

 
32,957,125

 
(18,109,198
)
 
14,847,927

 
 (K)

Cascade at Landmark
Alexandria, VA
 
1990
 
277

 
3,603,400

 
19,657,554

 
7,662,660

 
3,603,400

 
27,320,214

 
30,923,614

 
(14,152,859
)
 
16,770,755

 
31,921,089

Centennial Tower
Seattle, WA (G)
 
1991
 
221

 
5,900,000

 
48,800,339

 
3,277,474

 
5,900,000

 
52,077,813

 
57,977,813

 
(13,349,202
)
 
44,628,611

 
24,577,505

Chelsea Square
Redmond, WA
 
1991
 
113

 
3,397,100

 
9,289,074

 
1,574,184

 
3,397,100

 
10,863,258

 
14,260,358

 
(5,005,927
)
 
9,254,431

 
 (L)

Church Corner
Cambridge, MA (G)
 
1987
 
85

 
5,220,000

 
16,744,643

 
1,297,417

 
5,220,000

 
18,042,060

 
23,262,060

 
(4,951,855
)
 
18,310,205

 
12,000,000

Cierra Crest
Denver, CO
 
1996
 
480

 
4,803,100

 
34,894,898

 
4,644,644

 
4,803,100

 
39,539,542

 
44,342,642

 
(19,806,595
)
 
24,536,047

 
 (L)

CityView at Longwood
Boston, MA (G)
 
1970
 
295

 
14,704,898

 
79,195,102

 
2,419,758

 
14,704,898

 
81,614,860

 
96,319,758

 
(6,371,361
)
 
89,948,397

 
26,461,565

City Pointe
Fullerton, CA (G)
 
2004
 
183

 
6,863,792

 
36,476,208

 
184,403

 
6,863,792

 
36,660,611

 
43,524,403

 
(4,282,292
)
 
39,242,111

 
23,024,033

Clarendon, The
Arlington, VA (G)
 
2005
 
292

 
30,400,340

 
103,824,660

 
338,226

 
30,400,340

 
104,162,886

 
134,563,226

 
(6,178,258
)
 
128,384,968

 
48,066,590

Colorado Pointe
Denver, CO
 
2006
 
193

 
5,790,000

 
28,815,766

 
492,849

 
5,790,000

 
29,308,615

 
35,098,615

 
(7,693,474
)
 
27,405,141

 
 (K)

Conway Court
Roslindale, MA
 
1920
 
28

 
101,451

 
710,524

 
241,538

 
101,451

 
952,062

 
1,053,513

 
(443,463
)
 
610,050

 
226,295

Copper Canyon
Highlands Ranch, CO
 
1999
 
222

 
1,442,212

 
16,251,114

 
1,380,659

 
1,442,212

 
17,631,773

 
19,073,985

 
(7,981,910
)
 
11,092,075

 
 (K)

Country Brook
Chandler, AZ
 
1986-1996
 
396

 
1,505,219

 
29,542,535

 
5,114,344

 
1,505,219

 
34,656,879

 
36,162,098

 
(16,823,253
)
 
19,338,845

 
 (K)

Country Club Lakes
Jacksonville, FL
 
1997
 
555

 
15,000,000

 
41,055,786

 
4,992,551

 
15,000,000

 
46,048,337

 
61,048,337

 
(13,233,047
)
 
47,815,290

 
31,516,374

Creekside (San Mateo)
San Mateo, CA
 
1985
 
192

 
9,606,600

 
21,193,232

 
2,748,866

 
9,606,600

 
23,942,098

 
33,548,698

 
(10,867,143
)
 
22,681,555

 
 (L)

Crescent at Cherry Creek
Denver, CO
 
1994
 
216

 
2,594,000

 
15,149,470

 
3,226,064

 
2,594,000

 
18,375,534

 
20,969,534

 
(8,864,759
)
 
12,104,775

 
 (K)

Deerwood (SD)
San Diego, CA
 
1990
 
316

 
2,082,095

 
18,739,815

 
13,192,417

 
2,082,095

 
31,932,232

 
34,014,327

 
(19,263,646
)
 
14,750,681

 
 (K)

Estates at Maitland Summit
Orlando, FL
 
1998
 
272

 
9,520,000

 
28,352,160

 
790,374

 
9,520,000

 
29,142,534

 
38,662,534

 
(8,841,396
)
 
29,821,138

 
 (L)

Estates at Tanglewood
Westminster, CO
 
2003
 
504

 
7,560,000

 
51,256,538

 
2,139,241

 
7,560,000

 
53,395,779

 
60,955,779

 
(14,217,883
)
 
46,737,896

 
 (J)

Fairfield
Stamford, CT (G)
 
1996
 
263

 
6,510,200

 
39,690,120

 
5,451,905

 
6,510,200

 
45,142,025

 
51,652,225

 
(21,756,531
)
 
29,895,694

 
34,595,000

Fine Arts Building
Berkeley, CA (G)
 
2004
 
100

 
7,817,000

 
26,462,772

 
79,744

 
7,817,000

 
26,542,516

 
34,359,516

 
(5,605,770
)
 
28,753,746

 
16,215,000

Gaia Building
Berkeley, CA (G)
 
2000
 
91

 
7,113,000

 
25,623,826

 
162,348

 
7,113,000

 
25,786,174

 
32,899,174

 
(5,408,769
)
 
27,490,405

 
14,630,000

EQUITY RESIDENTIAL
ERP OPERATING LIMITED PARTNERSHIP
Schedule III - Real Estate and Accumulated Depreciation
December 31, 2011
Description
 
 
 
Initial Cost to Company
 
 Cost Capitalized Subsequent to Acquisition(Improvements, net) (E)
 
Gross Amount Carried at Close of Period 12/31/11
 
 
 
 
 
 
 
 
Apartment Name
Location
 
 Date of Construction
 
Units (H)
 
Land
 
 Building & Fixtures
 
 Building & Fixtures
 
Land
 
 Building & Fixtures (A)
 
Total (B)
 
Accumulated Depreciation (C)
Investment in Real Estate, Net at 12/31/11 (B)
Encumbrances
Gateway at Malden Center
Malden, MA (G)
 
1988
 
203

 
9,209,780

 
25,722,666

 
8,322,590

 
9,209,780

 
34,045,256

 
43,255,036

 
(12,427,280
)
 
30,827,756

 
14,970,000

Geary Court Yard
San Francisco, CA
 
1990
 
164

 
1,722,400

 
15,471,429

 
2,125,987

 
1,722,400

 
17,597,416

 
19,319,816

 
(9,023,938
)
 
10,295,878

 
18,281,425

Glen Meadow
Franklin, MA
 
1971
 
288

 
2,339,330

 
16,133,588

 
3,641,165

 
2,339,330

 
19,774,753

 
22,114,083

 
(8,972,636
)
 
13,141,447

 
353,833

Glo
Los Angeles, CA (G)
 
2008
 
201

 
16,047,022

 
48,652,977

 
—

 
16,047,022

 
48,652,977

 
64,699,999

 
—

 
64,699,999

 
31,490,000

Grandeville at River Place
Oviedo, FL
 
2002
 
280

 
6,000,000

 
23,114,693

 
1,723,206

 
6,000,000

 
24,837,899

 
30,837,899

 
(7,801,937
)
 
23,035,962

 
28,890,000

Greenwood Park
Centennial, CO
 
1994
 
291

 
4,365,000

 
38,372,440

 
1,338,988

 
4,365,000

 
39,711,428

 
44,076,428

 
(8,725,623
)
 
35,350,805

 
 (L)

Greenwood Plaza
Centennial, CO
 
1996
 
266

 
3,990,000

 
35,846,708

 
1,921,183

 
3,990,000

 
37,767,891

 
41,757,891

 
(8,360,465
)
 
33,397,426

 
 (L)

Harbor Steps
Seattle, WA (G)
 
2000
 
730

 
59,900,000

 
158,829,432

 
7,329,927

 
59,900,000

 
166,159,359

 
226,059,359

 
(41,014,218
)
 
185,045,141

 
121,360,757

Hathaway
Long Beach, CA
 
1987
 
385

 
2,512,500

 
22,611,912

 
6,617,407

 
2,512,500

 
29,229,319

 
31,741,819

 
(17,010,633
)
 
14,731,186

 
46,517,800

Heights on Capitol Hill
Seattle, WA (G)
 
2006
 
104

 
5,425,000

 
21,138,028

 
145,491

 
5,425,000

 
21,283,519

 
26,708,519

 
(4,885,848
)
 
21,822,671

 
19,320,000

Heritage at Stone Ridge
Burlington, MA
 
2005
 
180

 
10,800,000

 
31,808,335

 
722,215

 
10,800,000

 
32,530,550

 
43,330,550

 
(8,636,359
)
 
34,694,191

 
27,859,574

Heronfield
Kirkland, WA
 
1990
 
202

 
9,245,000

 
27,017,749

 
1,286,663

 
9,245,000

 
28,304,412

 
37,549,412

 
(6,623,206
)
 
30,926,206

 
 (K)

Highlands at Cherry Hill
Cherry Hills, NJ
 
2002
 
170

 
6,800,000

 
21,459,108

 
639,410

 
6,800,000

 
22,098,518

 
28,898,518

 
(5,655,534
)
 
23,242,984

 
14,391,147

Ivory Wood
Bothell, WA
 
2000
 
144

 
2,732,800

 
13,888,282

 
585,457

 
2,732,800

 
14,473,739

 
17,206,539

 
(4,321,190
)
 
12,885,349

 
8,020,000

Jaclen Towers
Beverly, MA
 
1976
 
100

 
437,072

 
2,921,735

 
1,146,926

 
437,072

 
4,068,661

 
4,505,733

 
(1,988,692
)
 
2,517,041

 
1,074,494

La Terrazza at Colma Station
Colma, CA (G) (I)
 
2005
 
153

 
—

 
41,251,044

 
492,747

 
—

 
41,743,791

 
41,743,791

 
(8,533,442
)
 
33,210,349

 
25,175,000

Liberty Park
Brain Tree, MA
 
2000
 
202

 
5,977,504

 
26,749,110

 
2,184,890

 
5,977,504

 
28,934,000

 
34,911,504

 
(9,678,494
)
 
25,233,010

 
24,980,280

Liberty Tower
Arlington, VA (G)
 
2008
 
235

 
16,382,822

 
83,817,078

 
500,099

 
16,382,822

 
84,317,177

 
100,699,999

 
(7,455,086
)
 
93,244,913

 
48,586,957

Lindley
Encino, CA
 
2004
 
129

 
5,805,000

 
25,705,000

 
380,221

 
5,805,000

 
26,085,221

 
31,890,221

 
(1,708,719
)
 
30,181,502

 
22,436,908

Lincoln Heights
Quincy, MA
 
1991
 
336

 
5,928,400

 
33,595,262

 
10,702,664

 
5,928,400

 
44,297,926

 
50,226,326

 
(21,483,850
)
 
28,742,476

 
 (L)

Longview Place
Waltham, MA
 
2004
 
348

 
20,880,000

 
90,255,509

 
2,059,321

 
20,880,000

 
92,314,830

 
113,194,830

 
(21,584,039
)
 
91,610,791

 
57,029,000

Market Street Village
San Diego, CA
 
2006
 
229

 
13,740,000

 
40,757,301

 
570,900

 
13,740,000

 
41,328,201

 
55,068,201

 
(9,542,056
)
 
45,526,145

 
 (K)

Marks
Englewood, CO (G)
 
1987
 
616

 
4,928,500

 
44,622,314

 
9,664,858

 
4,928,500

 
54,287,172

 
59,215,672

 
(27,218,142
)
 
31,997,530

 
19,195,000

Metro on First
Seattle, WA (G)
 
2002
 
102

 
8,540,000

 
12,209,981

 
282,559

 
8,540,000

 
12,492,540

 
21,032,540

 
(3,183,956
)
 
17,848,584

 
16,650,000

Mill Creek
Milpitas, CA
 
1991
 
516

 
12,858,693

 
57,168,503

 
3,134,053

 
12,858,693

 
60,302,556

 
73,161,249

 
(19,263,283
)
 
53,897,966

 
69,312,259

Miramar Lakes
Miramar, FL
 
2003
 
344

 
17,200,000

 
51,487,235

 
1,648,442

 
17,200,000

 
53,135,677

 
70,335,677

 
(14,063,001
)
 
56,272,676

 
 (M)

Missions at Sunbow
Chula Vista, CA
 
2003
 
336

 
28,560,000

 
59,287,595

 
1,302,798

 
28,560,000

 
60,590,393

 
89,150,393

 
(17,010,676
)
 
72,139,717

 
55,091,000

Monte Viejo
Phoneix, AZ
 
2004
 
480

 
12,700,000

 
45,926,784

 
1,068,859

 
12,700,000

 
46,995,643

 
59,695,643

 
(14,000,776
)
 
45,694,867

 
40,515,169

Montecito
Valencia, CA
 
1999
 
210

 
8,400,000

 
24,709,146

 
1,830,577

 
8,400,000

 
26,539,723

 
34,939,723

 
(10,567,646
)
 
24,372,077

 
 (K)

Montierra
Scottsdale, AZ
 
1999
 
249

 
3,455,000

 
17,266,787

 
1,542,668

 
3,455,000

 
18,809,455

 
22,264,455

 
(8,591,147
)
 
13,673,308

 
17,858,854

Montierra (CA)
San Diego, CA
 
1990
 
272

 
8,160,000

 
29,360,938

 
6,578,545

 
8,160,000

 
35,939,483

 
44,099,483

 
(15,545,316
)
 
28,554,167

 
 (K)

Mosaic at Metro
Hyattsville, MD
 
2008
 
260

 
—

 
59,705,367

 
126,999

 
—

 
59,832,366

 
59,832,366

 
(6,504,822
)
 
53,327,544

 
44,655,135

Mountain Park Ranch
Phoenix, AZ
 
1994
 
240

 
1,662,332

 
18,260,276

 
1,912,961

 
1,662,332

 
20,173,237

 
21,835,569

 
(10,165,770
)
 
11,669,799

 
 (J)

Mountain Terrace
Stevenson Ranch, CA
 
1992
 
510

 
3,966,500

 
35,814,995

 
11,698,615

 
3,966,500

 
47,513,610

 
51,480,110

 
(23,751,369
)
 
27,728,741

 
57,428,472

Northpark
Burlingame, CA
 
1972
 
510

 
38,607,000

 
77,477,449

 
3,452,074

 
38,607,000

 
80,929,523

 
119,536,523

 
(8,379,109
)
 
111,157,414

 
68,776,370

North Pier at Harborside
Jersey City, NJ (J)
 
2003
 
297

 
4,000,159

 
94,290,590

 
1,966,623

 
4,000,159

 
96,257,213

 
100,257,372

 
(25,714,421
)
 
74,542,951

 
76,862,000

Oak Mill I
Germantown, MD
 
1984
 
208

 
10,000,000

 
13,155,522

 
7,318,552

 
10,000,000

 
20,474,074

 
30,474,074

 
(7,501,774
)
 
22,972,300

 
12,066,806

Oak Mill II
Germantown, MD
 
1985
 
192

 
854,133

 
10,233,947

 
6,320,715

 
854,133

 
16,554,662

 
17,408,795

 
(9,400,865
)
 
8,007,930

 
9,600,000

Oaks
Santa Clarita, CA
 
2000
 
520

 
23,400,000

 
61,020,438

 
2,934,000

 
23,400,000

 
63,954,438

 
87,354,438

 
(20,238,980
)
 
67,115,458

 
40,260,939

Olde Redmond Place
Redmond, WA
 
1986
 
192

 
4,807,100

 
14,126,038

 
4,182,775

 
4,807,100

 
18,308,813

 
23,115,913

 
(9,376,336
)
 
13,739,577

 
 (L)

Olympus Towers
Seattle, WA (G)
 
2000
 
328

 
14,752,034

 
73,335,425

 
3,333,107

 
14,752,034

 
76,668,532

 
91,420,566

 
(22,080,839
)
 
69,339,727

 
49,875,780

Parc East Towers
New York, NY (G)
 
1977
 
324

 
102,163,000

 
108,989,402

 
5,871,189

 
102,163,000

 
114,860,591

 
217,023,591

 
(23,094,592
)
 
193,928,999

 
17,081,217

Park Meadow
Gilbert, AZ
 
1986
 
225

 
835,217

 
15,120,769

 
2,364,618

 
835,217

 
17,485,387

 
18,320,604

 
(9,072,518
)
 
9,248,086

 
 (L)

Parkfield
Denver, CO
 
2000
 
476

 
8,330,000

 
28,667,618

 
2,473,044

 
8,330,000

 
31,140,662

 
39,470,662

 
(12,454,063
)
 
27,016,599

 
23,275,000

Promenade at Peachtree
Chamblee, GA
 
2001
 
406

 
10,120,250

 
31,219,739

 
1,765,724

 
10,120,250

 
32,985,463

 
43,105,713

 
(9,938,378
)
 
33,167,335

 
 (K)

Promenade at Town Center II
Valencia, CA
 
2001
 
270

 
13,500,000

 
34,405,636

 
629,459

 
13,500,000

 
35,035,095

 
48,535,095

 
(10,422,317
)
 
38,112,778

 
32,039,955

Providence
Bothell, WA
 
2000
 
200

 
3,573,621

 
19,055,505

 
581,521

 
3,573,621

 
19,637,026

 
23,210,647

 
(6,033,468
)
 
17,177,179

 
 (J)

Reserve at Clarendon Centre, The
Arlington, VA (G)
 
2003
 
252

 
10,500,000

 
52,812,935

 
2,624,457

 
10,500,000

 
55,437,392

 
65,937,392

 
(16,220,530
)
 
49,716,862

 
 (K)

EQUITY RESIDENTIAL
ERP OPERATING LIMITED PARTNERSHIP
Schedule III - Real Estate and Accumulated Depreciation
December 31, 2011
Description
 
 
 
Initial Cost to Company
 
 Cost Capitalized Subsequent to Acquisition(Improvements, net) (E)
 
Gross Amount Carried at Close of Period 12/31/11
 
 
 
 
 
 
 
 
Apartment Name
Location
 
 Date of Construction
 
Units (H)
 
Land
 
 Building & Fixtures
 
 Building & Fixtures
 
Land
 
 Building & Fixtures (A)
 
Total (B)
 
Accumulated Depreciation (C)
Investment in Real Estate, Net at 12/31/11 (B)
Encumbrances
Reserve at Eisenhower, The
Alexandria, VA
 
2002
 
226

 
6,500,000

 
34,585,059

 
1,115,888

 
6,500,000

 
35,700,947

 
42,200,947

 
(11,325,598
)
 
30,875,349

 
 (K)

Reserve at Empire Lakes
Rancho Cucamonga, CA
 
2005
 
467

 
16,345,000

 
73,080,670

 
1,563,160

 
16,345,000

 
74,643,830

 
90,988,830

 
(18,094,411
)
 
72,894,419

 
 (J)

Reserve at Fairfax Corner
Fairfax, VA
 
2001
 
652

 
15,804,057

 
63,129,051

 
2,789,752

 
15,804,057

 
65,918,803

 
81,722,860

 
(22,334,850
)
 
59,388,010

 
84,778,875

Reserve at Potomac Yard
Alexandria, VA
 
2002
 
588

 
11,918,917

 
68,862,641

 
4,860,030

 
11,918,917

 
73,722,671

 
85,641,588

 
(20,497,931
)
 
65,143,657

 
66,470,000

Reserve at Town Center (WA)
Mill Creek, WA
 
2001
 
389

 
10,369,400

 
41,172,081

 
1,724,572

 
10,369,400

 
42,896,653

 
53,266,053

 
(12,420,185
)
 
40,845,868

 
29,160,000

Rianna II
Seattle, WA (G)
 
2002
 
78

 
2,161,840

 
14,433,614

 
45,932

 
2,161,840

 
14,479,546

 
16,641,386

 
(1,731,383
)
 
14,910,003

 
10,305,157

Rockingham Glen
West Roxbury, MA
 
1974
 
143

 
1,124,217

 
7,515,160

 
1,721,493

 
1,124,217

 
9,236,653

 
10,360,870

 
(4,122,488
)
 
6,238,382

 
1,281,181

Rolling Green (Amherst)
Amherst, MA
 
1970
 
204

 
1,340,702

 
8,962,317

 
3,427,182

 
1,340,702

 
12,389,499

 
13,730,201

 
(5,922,934
)
 
7,807,267

 
1,938,119

Rolling Green (Milford)
Milford, MA
 
1970
 
304

 
2,012,350

 
13,452,150

 
4,468,232

 
2,012,350

 
17,920,382

 
19,932,732

 
(8,147,381
)
 
11,785,351

 
4,131,247

San Marcos Apartments
Scottsdale, AZ
 
1995
 
320

 
20,000,000

 
31,261,609

 
1,509,168

 
20,000,000

 
32,770,777

 
52,770,777

 
(8,842,012
)
 
43,928,765

 
32,900,000

Savannah Lakes
Boynton Beach, FL
 
1991
 
466

 
7,000,000

 
30,263,310

 
5,847,909

 
7,000,000

 
36,111,219

 
43,111,219

 
(13,118,776
)
 
29,992,443

 
36,610,000

Savannah Midtown
Atlanta, GA
 
2000
 
322

 
7,209,873

 
29,371,164

 
2,796,529

 
7,209,873

 
32,167,693

 
39,377,566

 
(9,774,166
)
 
29,603,400

 
17,800,000

Savoy I
Aurora, CO
 
2001
 
444

 
5,450,295

 
38,765,670

 
2,297,824

 
5,450,295

 
41,063,494

 
46,513,789

 
(12,563,141
)
 
33,950,648

 
 (L)

Sheffield Court
Arlington, VA
 
1986
 
597

 
3,342,381

 
31,337,332

 
10,473,862

 
3,342,381

 
41,811,194

 
45,153,575

 
(23,499,476
)
 
21,654,099

 
 (L)

Sonata at Cherry Creek
Denver, CO
 
1999
 
183

 
5,490,000

 
18,130,479

 
1,264,429

 
5,490,000

 
19,394,908

 
24,884,908

 
(7,685,155
)
 
17,199,753

 
19,190,000

Sonterra at Foothill Ranch
Foothill Ranch, CA
 
1997
 
300

 
7,503,400

 
24,048,507

 
1,610,524

 
7,503,400

 
25,659,031

 
33,162,431

 
(12,408,332
)
 
20,754,099

 
 (L)

South Winds
Fall River, MA
 
1971
 
404

 
2,481,821

 
16,780,359

 
4,016,098

 
2,481,821

 
20,796,457

 
23,278,278

 
(9,547,635
)
 
13,730,643

 
3,892,847

Stonegate (CO)
Broomfield, CO
 
2003
 
350

 
8,750,000

 
32,998,775

 
2,848,652

 
8,750,000

 
35,847,427

 
44,597,427

 
(10,226,676
)
 
34,370,751

 
 (J)

Stoney Ridge
Dale City, VA
 
1985
 
264

 
8,000,000

 
24,147,091

 
5,439,826

 
8,000,000

 
29,586,917

 
37,586,917

 
(9,419,073
)
 
28,167,844

 
14,746,374

Stonybrook
Boynton Beach, FL
 
2001
 
264

 
10,500,000

 
24,967,638

 
1,077,280

 
10,500,000

 
26,044,918

 
36,544,918

 
(7,136,693
)
 
29,408,225

 
20,371,693

Summerhill Glen
Maynard, MA
 
1980
 
120

 
415,812

 
3,000,816

 
795,902

 
415,812

 
3,796,718

 
4,212,530

 
(1,787,805
)
 
2,424,725

 
1,044,076

Summerset Village
Chatsworth, CA
 
1985
 
280

 
2,629,804

 
23,670,889

 
4,102,785

 
2,629,804

 
27,773,674

 
30,403,478

 
(14,824,486
)
 
15,578,992

 
38,039,912

Summit at Lake Union
Seattle, WA
 
1995 -1997
 
150

 
1,424,700

 
12,852,461

 
3,752,142

 
1,424,700

 
16,604,603

 
18,029,303

 
(8,410,967
)
 
9,618,336

 
 (L)

Sunforest
Davie, FL
 
1989
 
494

 
10,000,000

 
32,124,850

 
4,492,406

 
10,000,000

 
36,617,256

 
46,617,256

 
(12,704,849
)
 
33,912,407

 
 (L)

Sunforest II
Davie, FL
 
(F)
 
—

 
—

 
355,520

 
—

 
—

 
355,520

 
355,520

 
—

 
355,520

 
 (L)

Talleyrand
Tarrytown, NY (I)
 
1997-1998
 
300

 
12,000,000

 
49,838,160

 
3,809,456

 
12,000,000

 
53,647,616

 
65,647,616

 
(19,860,971
)
 
45,786,645

 
35,000,000

Teresina
Chula Vista, CA
 
2000
 
440

 
28,600,000

 
61,916,670

 
1,938,218

 
28,600,000

 
63,854,888

 
92,454,888

 
(16,411,428
)
 
76,043,460

 
43,424,197

Touriel Building
Berkeley, CA (G)
 
2004
 
35

 
2,736,000

 
7,810,027

 
120,712

 
2,736,000

 
7,930,739

 
10,666,739

 
(1,731,390
)
 
8,935,349

 
5,050,000

Town Square at Mark Center I (fka Millbrook I)
Alexandria, VA
 
1996
 
406

 
24,360,000

 
86,178,714

 
2,534,882

 
24,360,000

 
88,713,596

 
113,073,596

 
(22,922,510
)
 
90,151,086

 
64,680,000

Town Square at Mark Center Phase II
Alexandria, VA
 
2001
 
272

 
15,568,464

 
55,029,607

 
194,734

 
15,568,464

 
55,224,341

 
70,792,805

 
(5,679,993
)
 
65,112,812

 
46,013,583

Tradition at Alafaya
Oviedo, FL
 
2006
 
253

 
7,590,000

 
31,881,505

 
289,137

 
7,590,000

 
32,170,642

 
39,760,642

 
(9,148,562
)
 
30,612,080

 
 (K)

Tuscany at Lindbergh
Atlanta, GA
 
2001
 
324

 
9,720,000

 
40,874,023

 
1,915,043

 
9,720,000

 
42,789,066

 
52,509,066

 
(13,014,206
)
 
39,494,860

 
32,360,000

Uptown Square
Denver, CO (G)
 
1999/2001
 
696

 
17,492,000

 
100,696,541

 
2,529,750

 
17,492,000

 
103,226,291

 
120,718,291

 
(28,417,401
)
 
92,300,890

 
88,550,000

Versailles
Woodland Hills, CA
 
1991
 
253

 
12,650,000

 
33,656,292

 
4,126,653

 
12,650,000

 
37,782,945

 
50,432,945

 
(12,624,925
)
 
37,808,020

 
30,372,953

Via Ventura
Scottsdale, AZ
 
1980
 
328

 
1,351,785

 
13,382,006

 
8,124,724

 
1,351,785

 
21,506,730

 
22,858,515

 
(15,047,425
)
 
7,811,090

 
 (K)

Village at Lakewood
Phoenix, AZ
 
1988
 
240

 
3,166,411

 
13,859,090

 
2,288,898

 
3,166,411

 
16,147,988

 
19,314,399

 
(8,345,890
)
 
10,968,509

 
 (L)

Vintage
Ontario, CA
 
2005-2007
 
300

 
7,059,230

 
47,677,762

 
246,411

 
7,059,230

 
47,924,173

 
54,983,403

 
(10,944,256
)
 
44,039,147

 
33,000,000

Warwick Station
Westminster, CO
 
1986
 
332

 
2,274,121

 
21,113,974

 
3,143,399

 
2,274,121

 
24,257,373

 
26,531,494

 
(12,481,108
)
 
14,050,386

 
8,355,000

Westgate Pasadena Apartments
Pasadena, CA
 
2010
 
480

 
22,898,848

 
133,521,158

 
22,444

 
22,898,848

 
133,543,602

 
156,442,450

 
(4,615,636
)
 
151,826,814

 
97,145,000

Westwood Glen
Westwood, MA
 
1972
 
156

 
1,616,505

 
10,806,004

 
1,729,627

 
1,616,505

 
12,535,631

 
14,152,136

 
(4,951,551
)
 
9,200,585

 
223,541

Whisper Creek
Denver, CO
 
2002
 
272

 
5,310,000

 
22,998,558

 
988,597

 
5,310,000

 
23,987,155

 
29,297,155

 
(6,870,894
)
 
22,426,261

 
13,580,000

Wilkins Glen
Medfield, MA
 
1975
 
103

 
538,483

 
3,629,943

 
1,528,761

 
538,483

 
5,158,704

 
5,697,187

 
(2,335,788
)
 
3,361,399

 
882,098

Windridge (CA)
Laguna Niguel, CA
 
1989
 
344

 
2,662,900

 
23,985,497

 
6,723,847

 
2,662,900

 
30,709,344

 
33,372,244

 
(17,637,598
)
 
15,734,646

 
 (I)

Woodlake (WA)
Kirkland, WA
 
1984
 
288

 
6,631,400

 
16,735,484

 
2,897,667

 
6,631,400

 
19,633,151

 
26,264,551

 
(9,764,092
)
 
16,500,459

 
 (L)

Wholly Owned Encumbered
 
 
 
 
37,453

 
1,229,307,164

 
4,561,433,644

 
388,065,518

 
1,229,307,164

 
4,949,499,162

 
6,178,806,326

 
(1,482,040,971
)
 
4,696,765,355

 
2,547,898,280

Partially Owned Unencumbered:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1401 South State (fka City Lofts)
Chicago, IL
 
2008
 
278

 
6,882,467

 
61,577,830

 
74,937

 
6,882,467

 
61,652,767

 
68,535,234

 
(8,211,336
)
 
60,323,898

 
—

2300 Elliott
Seattle, WA
 
1992
 
92

 
796,800

 
7,173,725

 
6,037,779

 
796,800

 
13,211,504

 
14,008,304

 
(8,320,446
)
 
5,687,858

 
—


EQUITY RESIDENTIAL
ERP OPERATING LIMITED PARTNERSHIP
Schedule III - Real Estate and Accumulated Depreciation
December 31, 2011
Description
 
 
 
Initial Cost to Company
 
 Cost Capitalized Subsequent to Acquisition(Improvements, net) (E)
 
Gross Amount Carried at Close of Period 12/31/11
 
 
 
 
 
 
 
 
Apartment Name
Location
 
 Date of Construction
 
Units (H)
 
Land
 
 Building & Fixtures
 
 Building & Fixtures
 
Land
 
 Building & Fixtures (A)
 
Total (B)
 
Accumulated Depreciation (C)
Investment in Real Estate, Net at 12/31/11 (B)
Encumbrances
400 Park Avenue South (EQR)
New York, NY
 
(F)
 
—

 
76,292,169

 
1,273,531

 
—

 
76,292,169

 
1,273,531

 
77,565,700

 
—

 
77,565,700

 
—

400 Park Avenue South (Toll)
New York, NY
 
(F)
 
—

 
58,090,357

 
—

 
—

 
58,090,357

 
—

 
58,090,357

 
—

 
58,090,357

 
—

Butterfield Ranch
Chino Hills, CA
 
(F)
 
—

 
15,617,709

 
4,458,157

 
—

 
15,617,709

 
4,458,157

 
20,075,866

 
—

 
20,075,866

 
—

Canyon Ridge
San Diego, CA
 
1989
 
162

 
4,869,448

 
11,955,063

 
1,820,884

 
4,869,448

 
13,775,947

 
18,645,395

 
(7,072,766
)
 
11,572,629

 
—

Copper Creek
Tempe, AZ
 
1984
 
144

 
1,017,400

 
9,158,260

 
1,948,215

 
1,017,400

 
11,106,475

 
12,123,875

 
(6,030,660
)
 
6,093,215

 
—

Country Oaks
Agoura Hills, CA
 
1985
 
256

 
6,105,000

 
29,561,865

 
3,283,088

 
6,105,000

 
32,844,953

 
38,949,953

 
(11,978,857
)
 
26,971,096

 
—

Fox Ridge
Englewood, CO
 
1984
 
300

 
2,490,000

 
17,522,114

 
3,513,373

 
2,490,000

 
21,035,487

 
23,525,487

 
(9,051,210
)
 
14,474,277

 
—

Hudson Crossing II
New York, NY
 
(F)
 
—

 
5,000,000

 
—

 
—

 
5,000,000

 
—

 
5,000,000

 
—

 
5,000,000

 
—

Monterra in Mill Creek
Mill Creek, WA
 
2003
 
139

 
2,800,000

 
13,255,123

 
264,501

 
2,800,000

 
13,519,624

 
16,319,624

 
(3,688,448
)
 
12,631,176

 
—

Preserve at Briarcliff
Atlanta, GA
 
1994
 
182

 
6,370,000

 
17,766,322

 
701,402

 
6,370,000

 
18,467,724

 
24,837,724

 
(4,701,357
)
 
20,136,367

 
—

Strayhorse at Arrowhead Ranch
Glendale, AZ
 
1998
 
136

 
4,400,000

 
12,968,001

 
268,668

 
4,400,000

 
13,236,669

 
17,636,669

 
(3,181,411
)
 
14,455,258

 
—

Willow Brook (CA)
Pleasant Hill, CA
 
1985
 
228

 
5,055,000

 
38,388,672

 
2,571,207

 
5,055,000

 
40,959,879

 
46,014,879

 
(11,732,931
)
 
34,281,948

 
—

Partially Owned Unencumbered
 
 
 
1,917

 
195,786,350

 
225,058,663

 
20,484,054

 
195,786,350

 
245,542,717

 
441,329,067

 
(73,969,422
)
 
367,359,645

 
—

Partially Owned Encumbered:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Bellevue Meadows
Bellevue, WA
 
1983
 
180

 
4,507,100

 
12,574,814

 
4,168,565

 
4,507,100

 
16,743,379

 
21,250,479

 
(8,102,753
)
 
13,147,726

 
16,538,000

Canyon Creek (CA)
San Ramon, CA
 
1984
 
268

 
5,425,000

 
18,812,121

 
6,048,256

 
5,425,000

 
24,860,377

 
30,285,377

 
(9,367,456
)
 
20,917,921

 
28,200,000

Isle at Arrowhead Ranch
Glendale, AZ
 
1996
 
256

 
1,650,237

 
19,593,123

 
1,820,738

 
1,650,237

 
21,413,861

 
23,064,098

 
(10,657,381
)
 
12,406,717

 
17,700,000

Lantern Cove
Foster City, CA
 
1985
 
232

 
6,945,000

 
23,064,976

 
3,858,408

 
6,945,000

 
26,923,384

 
33,868,384

 
(10,048,742
)
 
23,819,642

 
36,455,000

Montclair Metro
Montclair, NJ
 
2009
 
163

 
2,400,887

 
43,605,687

 
41,720

 
2,400,887

 
43,647,407

 
46,048,294

 
(4,016,385
)
 
42,031,909

 
33,418,656

Rosecliff
Quincy, MA
 
1990
 
156

 
5,460,000

 
15,721,570

 
1,744,506

 
5,460,000

 
17,466,076

 
22,926,076

 
(7,527,276
)
 
15,398,800

 
17,400,000

Schooner Bay I
Foster City, CA
 
1985
 
168

 
5,345,000

 
20,390,618

 
3,819,571

 
5,345,000

 
24,210,189

 
29,555,189

 
(8,765,022
)
 
20,790,167

 
28,870,000

Schooner Bay II
Foster City, CA
 
1985
 
144

 
4,550,000

 
18,064,764

 
3,552,438

 
4,550,000

 
21,617,202

 
26,167,202

 
(7,903,256
)
 
18,263,946

 
26,175,000

Scottsdale Meadows
Scottsdale, AZ
 
1984
 
168

 
1,512,000

 
11,423,349

 
1,695,333

 
1,512,000

 
13,118,682

 
14,630,682

 
(6,778,792
)
 
7,851,890

 
9,270,000

Surrey Downs
Bellevue, WA
 
1986
 
122

 
3,057,100

 
7,848,618

 
2,148,814

 
3,057,100

 
9,997,432

 
13,054,532

 
(4,730,062
)
 
8,324,470

 
9,829,000

Virgil Square
Los Angeles, CA
 
1979
 
142

 
5,500,000

 
15,216,613

 
1,559,212

 
5,500,000

 
16,775,825

 
22,275,825

 
(4,665,674
)
 
17,610,151

 
9,900,000

Partially Owned Encumbered
 
 
 
1,999

 
46,352,324

 
206,316,253

 
30,457,562

 
46,352,324

 
236,773,815

 
283,126,139

 
(82,562,799
)
 
200,563,340

 
233,755,656

Portfolio/Entity Encumbrances (1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,329,833,000

Total Consolidated Investment in Real Estate
 
 
 
117,073

 
$
4,742,556,710

 
$
14,306,448,590

 
$
1,358,940,646

 
$
4,742,556,710

 
$
15,665,389,236

 
$
20,407,945,946

 
$
(4,539,582,870
)
 
$
15,868,363,076

 
$
4,111,486,936

(1)
See attached Encumbrances Reconciliation

EQUITY RESIDENTIAL
Schedule III - Real Estate and Accumulated Depreciation
December 31, 2011
NOTES:
(A)
The balance of furniture & fixtures included in the total investment in real estate amount was $1,292,124,515 as of December 31, 2011.
(B)
The cost, net of accumulated depreciation, for Federal Income Tax purposes as of December 31, 2011 was approximately $11.4 billion.
(C)
The life to compute depreciation for building is 30 years, for building improvements ranges from 5 to 15 years, for furniture & fixtures and replacements is 5 to 10 years, and for in-place leases is the average remaining term of each respective lease.
(D)
This asset consists of various acquisition dates and largely represents furniture, fixtures and equipment, leasehold improvements and capitalized software costs owned by the Management Business, which are generally depreciated over periods ranging from 3 to 7 years.
(E)
Primarily represents capital expenditures for major maintenance and replacements incurred subsequent to each property’s acquisition date.
(F)
Represents land and/or construction-in-progress on projects either held for future development or projects currently under development.
(G)
A portion or all of these properties includes commercial space (retail, parking and/or office space).
(H)
Total properties and units exclude the Military Housing consisting of 2 properties and 4,901 units.
(I)
through (L) See Encumbrances Reconciliation schedule.
(M)
Boot property for Freddie Mac mortgage pool.
Summary of Significant Accounting Policies (Policies)
Basis of Presentation 
Basis of Presentation
Due to the Company’s ability as general partner to control either through ownership or by contract the Operating Partnership and its subsidiaries, the Operating Partnership and each such subsidiary has been consolidated with the Company for financial reporting purposes, except for two unconsolidated developments and our military housing properties. The consolidated financial statements also include all variable interest entities for which the Company is the primary beneficiary.
Noncontrolling interests represented by EQR's indirect 1% interest in various entities are immaterial and have not been accounted for in the Consolidated Financial Statements of the Operating Partnership. In addition, certain amounts due from EQR for its 1% interest in various entities have not been reflected in the Consolidated Balance Sheets of the Operating Partnership since such amounts are immaterial.
Real Estate Assets And Depreciation Of Investment In Real Estate Policy Text Block 
Real Estate Assets and Depreciation of Investment in Real Estate
Effective for business combinations on or after January 1, 2009, an acquiring entity is required to recognize all assets acquired and liabilities assumed in a transaction at the acquisition-date fair value with limited exceptions. In addition, an acquiring entity is required to expense acquisition-related costs as incurred (amounts are included in the other expenses line item in the consolidated statements of operations), value noncontrolling interests at fair value at the acquisition date and expense restructuring costs associated with an acquired business.
The Company allocates the purchase price of properties to net tangible and identified intangible assets acquired based on their fair values. In making estimates of fair values for purposes of allocating purchase price, the Company utilizes a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property, our own analysis of recently acquired and existing comparable properties in our portfolio and other market data. The Company also considers information obtained about each property as a result of its pre-acquisition due diligence, marketing and leasing activities in estimating the fair value of the tangible and intangible assets acquired. The Company allocates the purchase price of acquired real estate to various components as follows:
▪
Land – Based on actual purchase price adjusted to fair value (as necessary) if acquired separately or market research/comparables if acquired with an operating property.
▪
Furniture, Fixtures and Equipment – Ranges between $8,000 and $13,000 per apartment unit acquired as an estimate of the fair value of the appliances and fixtures inside an apartment unit. The per-apartment unit amount applied depends on the type of apartment building acquired. Depreciation is calculated on the straight-line method over an estimated useful life of five years.
▪
In-Place Leases – The Company considers the value of acquired in-place leases and the amortization period is the average remaining term of each respective in-place acquired lease.
▪
Other Intangible Assets – The Company considers whether it has acquired other intangible assets, including any customer relationship intangibles and the amortization period is the estimated useful life of the acquired intangible asset.
▪
Building – Based on the fair value determined on an “as-if vacant” basis. Depreciation is calculated on the straight-line method over an estimated useful life of thirty years.
Replacements inside an apartment unit such as appliances and carpeting are depreciated over an estimated useful life of five to ten years. Expenditures for ordinary maintenance and repairs are expensed to operations as incurred and significant renovations and improvements that improve and/or extend the useful life of the asset are capitalized over their estimated useful life, generally five to fifteen years. Initial direct leasing costs are expensed as incurred as such expense approximates the deferral and amortization of initial direct leasing costs over the lease terms. Property sales or dispositions are recorded when title transfers to unrelated third parties, contingencies have been removed and sufficient cash consideration has been received by the Company. Upon disposition, the related costs and accumulated depreciation are removed from the respective accounts. Any gain or loss on sale is recognized in accordance with accounting principles generally accepted in the United States.
The Company classifies real estate assets as real estate held for disposition when it is certain a property will be disposed of (see further discussion below).
The Company classifies properties under development and/or expansion and properties in the lease-up phase (including land) as construction-in-progress until construction has been completed and all certificates of occupancy permits have been obtained.
Impairment of Long-Lived Assets 
Impairment of Long-Lived Assets
The Company periodically evaluates its long-lived assets, including its investments in real estate, for indicators of impairment. The judgments regarding the existence of impairment indicators are based on factors such as operational performance, market conditions and legal and environmental concerns, as well as the Company’s ability to hold and its intent with regard to each asset. Future events could occur which would cause the Company to conclude that impairment indicators exist and an impairment loss is warranted.
For long-lived assets to be held and used, the Company compares the expected future undiscounted cash flows for the long-lived asset against the carrying amount of that asset. If the sum of the estimated undiscounted cash flows is less than the carrying amount of the asset, the Company would record an impairment loss for the difference between the estimated fair value and the carrying amount of the asset.
For long-lived assets to be disposed of, an impairment loss is recognized when the estimated fair value of the asset, less the estimated cost to sell, is less than the carrying amount of the asset measured at the time that the Company has determined it will sell the asset. Long-lived assets held for disposition and the related liabilities are separately reported, with the long-lived assets reported at the lower of their carrying amounts or their estimated fair values, less their costs to sell, and are not depreciated after reclassification to real estate held for disposition.
Cost Capitalization 
Cost Capitalization
See the Real Estate Assets and Depreciation of Investment in Real Estate section for a discussion of the Company’s policy with respect to capitalization vs. expensing of fixed asset/repair and maintenance costs. In addition, the Company capitalizes an allocation of the payroll and associated costs of employees directly responsible for and who spend their time on the supervision of major capital and/or renovation projects. These costs are reflected on the balance sheet as an increase to depreciable property.
For all development projects, the Company uses its professional judgment in determining whether such costs meet the criteria for capitalization or must be expensed as incurred. The Company capitalizes interest, real estate taxes and insurance and payroll and associated costs for those individuals directly responsible for and who spend their time on development activities, with capitalization ceasing no later than 90 days following issuance of the certificate of occupancy. These costs are reflected on the balance sheet as construction-in-progress for each specific property. The Company expenses as incurred all payroll costs of on-site employees working directly at our properties, except as noted above on our development properties prior to certificate of occupancy issuance and on specific major renovations at selected properties when additional incremental employees are hired.
Cash and Cash Equivalents 
Cash and Cash Equivalents
The Company considers all demand deposits, money market accounts and investments in certificates of deposit and repurchase agreements purchased with a maturity of three months or less at the date of purchase to be cash equivalents. The Company maintains its cash and cash equivalents at financial institutions. The combined account balances at one or more institutions typically exceed the Federal Depository Insurance Corporation (“FDIC”) insurance coverage, and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company believes that the risk is not significant, as the Company does not anticipate the financial institutions’ non-performance.
Investment Securities 
Investment Securities
Investment securities are included in other assets in the consolidated balance sheets. These securities are classified as held-to-maturity and carried at amortized cost if management has the positive intent and ability to hold the securities to maturity. Otherwise, the securities are classified as available-for-sale and carried at estimated fair value with unrealized gains and losses included in accumulated other comprehensive (loss), a separate component of shareholders’ equity/partners' capital.
Deferred Financing Costs 
Deferred Financing Costs
Deferred financing costs include fees and costs incurred to obtain the Company’s lines of credit and long-term financings. These costs are amortized over the terms of the related debt. Unamortized financing costs are written off when debt is retired before the maturity date. The accumulated amortization of such deferred financing costs was $37.7 million and $43.9 million at December 31, 2011 and 2010, respectively.
Fair Value of Financial Instruments, Including Derivative Instruments 
Fair Value of Financial Instruments, Including Derivative Instruments
The valuation of financial instruments requires the Company to make estimates and judgments that affect the fair value of the instruments. The Company, where possible, bases the fair values of its financial instruments, including its derivative instruments, on listed market prices and third party quotes. Where these are not available, the Company bases its estimates on current instruments with similar terms and maturities or on other factors relevant to the financial instruments.
In the normal course of business, the Company is exposed to the effect of interest rate changes. The Company seeks to manage these risks by following established risk management policies and procedures including the use of derivatives to hedge interest rate risk on debt instruments.
The Company has a policy of only entering into contracts with major financial institutions based upon their credit ratings and other factors. When viewed in conjunction with the underlying and offsetting exposure that the derivatives are designed to hedge, the Company has not sustained a material loss from these instruments nor does it anticipate any material adverse effect on its net income or financial position in the future from the use of derivatives.
The Company recognizes all derivatives as either assets or liabilities in the consolidated balance sheets and measures those instruments at fair value. In addition, fair value adjustments will affect either shareholders’ equity/partners' capital or net income depending on whether the derivative instruments qualify as a hedge for accounting purposes and, if so, the nature of the hedging activity. When the terms of an underlying transaction are modified, or when the underlying transaction is terminated or completed, all changes in the fair value of the instrument are marked-to-market with changes in value included in net income each period until the instrument matures. Any derivative instrument used for risk management that does not meet the hedging criteria is marked-to-market each period. The Company does not use derivatives for trading or speculative purposes.
Revenue Recognition 
Revenue Recognition
Rental income attributable to residential leases is recorded on a straight-line basis, which is not materially different than if it were recorded when due from residents and recognized monthly as it was earned. Leases entered into between a resident and a property for the rental of an apartment unit are generally year-to-year, renewable upon consent of both parties on an annual or monthly basis. Fee and asset management revenue and interest income are recorded on an accrual basis.
Share-Based Compensation 
Share-Based Compensation
The Company expenses share-based compensation such as restricted shares and share options. Any common share of beneficial interest, $0.01 par value per share (the "Common Shares") issued pursuant to EQR's incentive equity compensation and employee share purchase plans will result in ERPOP issuing units of limited partnership interest ("OP Units") to EQR on a one-for-one basis, with ERPOP receiving the net cash proceeds of such issuances.
The fair value of the option grants are recognized over the vesting period of the options. The fair value for the Company's share options was estimated at the time the share options were granted using the Black-Scholes option pricing model with the primary grant in each year having the following weighted average assumptions:

    
 
 
2011
 
2010
 
2009
Expected volatility (1)
 
27.1%
 
32.4%
 
26.8%
Expected life (2)
 
5 years
 
5 years
 
5 years
Expected dividend yield (3)
 
4.56%
 
4.85%
 
4.68%
Risk-free interest rate (4)
 
2.27%
 
2.29%
 
1.89%
Option valuation per share
 
$8.36
 
$6.18
 
$3.38

(1)
Expected volatility – For 2011, estimated based on the historical ten-year volatility of EQR’s share price measured on a monthly basis. Prior to 2011, estimated based on the historical volatility of EQR's share price, on a monthly basis, for a period matching the expected life of each grant. This change in estimate reflects the Company's belief that the historical ten-year period provides a better estimate of the expected volatility in EQR shares over the expected life of the options.
(2)
Expected life – Approximates the actual weighted average life of all share options granted since the Company went public in 1993.
(3)
Expected dividend yield – Calculated by averaging the historical annual yield on EQR shares for a period matching the expected life of each grant, with the annual yield calculated by dividing actual dividends by the average price of EQR’s shares in a given year.
(4)
Risk-free interest rate – The most current U.S. Treasury rate available prior to the grant date for a period matching the expected life of each grant.
The valuation method and assumptions are the same as those the Company used in accounting for option expense in its consolidated financial statements. The Black-Scholes option valuation model was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable. This model is only one method of valuing options and the Company’s use of this model should not be interpreted as an endorsement of its accuracy. Because the Company’s share options have characteristics significantly different from those of traded options, and because changes in the subjective input assumptions can materially affect the fair value estimate, in management’s opinion, the existing models do not necessarily provide a reliable single measure of the fair value of its share options and the actual value of the options may be significantly different.
Income and Other Taxes 
Income and Other Taxes
Due to the structure of EQR as a REIT and the nature of the operations of its operating properties, no provision for federal income taxes has been made at the EQR level. In addition, ERPOP generally is not liable for federal income taxes as the partners recognize their proportionate share of income or loss in their tax returns; therefore no provision for federal income taxes has been made at the ERPOP level. Historically, the Company has generally only incurred certain state and local income, excise and franchise taxes. The Company has elected Taxable REIT Subsidiary (“TRS”) status for certain of its corporate subsidiaries and as a result, these entities will incur both federal and state income taxes on any taxable income of such entities after consideration of any net operating losses.
Deferred tax assets and liabilities applicable to the TRS are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. These assets and liabilities are measured using enacted tax rates for which the temporary differences are expected to be recovered or settled. The effects of changes in tax rates on deferred tax assets and liabilities are recognized in earnings in the period enacted. The Company’s deferred tax assets are generally the result of tax affected amortization of goodwill, differing depreciable lives on capitalized assets and the timing of expense recognition for certain accrued liabilities. As of December 31, 2011, the Company has recorded a deferred tax asset of approximately $31.7 million, which is fully offset by a valuation allowance due to the uncertainty in forecasting future TRS taxable income.
The Company provided for income, franchise and excise taxes allocated as follows in the consolidated statements of operations for the years ended December 31, 2011, 2010 and 2009 (amounts in thousands):

    
 
 
Year Ended December 31,
 
 
2011
 
2010
 
2009
Income and other tax expense (benefit) (1)
 
$
728

 
$
292

 
$
2,716

Discontinued operations, net (2)
 
(243
)
 
86

 
(1,073
)
Provision for income, franchise and excise taxes (3)
 
$
485

 
$
378

 
$
1,643


(1)
Primarily includes state and local income, excise and franchise taxes.
(2)
Primarily represents federal income taxes (recovered) on the gains on sales of condominium units owned by a TRS and included in discontinued operations. Also represents state and local income, excise and franchise taxes on operating properties sold and included in discontinued operations.
(3)
All provisions for income tax amounts are current and none are deferred.
The Company’s TRSs have approximately $71.4 million of NOL carryforwards available as of January 1, 2012 that will expire between 2028 and 2031.
During the years ended December 31, 2011, 2010 and 2009, the Company’s tax treatment of dividends and distributions were as follows:

    

 
Year Ended December 31,
 
 
2011
 
2010
 
2009
Tax treatment of dividends and distributions:
 
 

 
 

 
 

Ordinary dividends
 
$
0.667

 
$
0.607

 
$
0.807

Long-term capital gain
 
0.629

 
0.622

 
0.558

Unrecaptured section 1250 gain
 
0.284

 
0.241

 
0.275

Dividends and distributions declared per
 
 

 
 

 
 

Common Share/Unit outstanding
 
$
1.580

 
$
1.470

 
$
1.640


The cost of land and depreciable property, net of accumulated depreciation, for federal income tax purposes as of December 31, 2011 and 2010 was approximately $11.4 billion and $10.9 billion, respectively.
Noncontrolling Interests 
Noncontrolling Interests
A noncontrolling interest in a subsidiary (minority interest) is in most cases an ownership interest in the consolidated entity that should be reported as equity in the consolidated financial statements and separate from the parent company's equity. In addition, consolidated net income is required to be reported at amounts that include the amounts attributable to both the parent and the noncontrolling interest and the amount of consolidated net income attributable to the parent and the noncontrolling interest are required to be disclosed on the face of the Consolidated Statements of Operations. See Note 3 for further discussion.
Operating Partnership: Net income is allocated to noncontrolling interests based on their respective ownership percentage of the Operating Partnership. The ownership percentage is calculated by dividing the number of OP Units held by the noncontrolling interests by the total OP Units held by the noncontrolling interests and EQR. Issuance of additional Common Shares and OP Units changes the ownership interests of both the noncontrolling interests and EQR. Such transactions and the related proceeds are treated as capital transactions.
Partially Owned Properties: The Company reflects noncontrolling interests in partially owned properties on the balance sheet for the portion of properties consolidated by the Company that are not wholly owned by the Company. The earnings or losses from those properties attributable to the noncontrolling interests are reflected as noncontrolling interests in partially owned properties in the consolidated statements of operations.
Partners' Capital
The "Limited Partners" of ERPOP include various individuals and entities that contributed their properties to ERPOP in exchange for OP Units. The "General Partner" of ERPOP is EQR. Net income is allocated to the Limited Partners based on their respective ownership percentage of the Operating Partnership. The ownership percentage is calculated by dividing the number of OP Units held by the Limited Partners by the total OP Units held by the Limited Partners and the General Partner. Issuance of additional Common Shares and OP Units changes the ownership interests of both the Limited Partners and EQR. Such transactions and the related proceeds are treated as capital transactions.
Redeemable Noncontrolling Interests – Operating Partnership / Redeemable Limited Partners
The Company classifies Redeemable Noncontrolling Interests – Operating Partnership / Redeemable Limited Partners in the mezzanine section of the consolidated balance sheets for the portion of OP Units that EQR is required, either by contract or securities law, to deliver registered Common Shares to the exchanging OP Unit holder. The redeemable noncontrolling interest units / redeemable limited partner units are adjusted to the greater of carrying value or fair market value based on the Common Share price of EQR at the end of each respective reporting period.
Use of Estimates 
Use of Estimates
In preparation of the Company’s financial statements in conformity with accounting principles generally accepted in the United States, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.
Reclassifications 
Reclassifications
Certain reclassifications considered necessary for a fair presentation have been made to the prior period financial statements in order to conform to the current year presentation. These reclassifications have not changed the results of operations or equity/capital.
Other 
Other
In June 2009, the Financial Accounting Standards Board (“FASB”) issued The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles, which superseded all then-existing non-SEC accounting and reporting standards and became the source of authoritative U.S. generally accepted accounting principles recognized by the FASB to be applied by non-governmental entities. The Company adopted the codification as required, effective for the quarter ended September 30, 2009. The adoption of the codification had no impact on the Company’s consolidated results of operations or financial position but changed the way we refer to accounting literature in our reports.
Effective January 1, 2010, in an effort to improve financial standards for transfers of financial assets, more stringent conditions for reporting a transfer of a portion of a financial asset as a sale (e.g. loan participations) are required, the concept of a “qualifying special-purpose entity” and special guidance for guaranteed mortgage securitizations are eliminated, other sale-accounting criteria is clarified and the initial measurement of a transferor’s interest in transferred financial assets is changed. This does not have a material effect on the Company’s consolidated results of operations or financial position.
Effective January 1, 2010, the analysis for identifying the primary beneficiary of a Variable Interest Entity (“VIE”) has been simplified by replacing the previous quantitative-based analysis with a framework that is based more on qualitative judgments. The analysis requires the primary beneficiary of a VIE to be identified as the party that both (a) has the power to direct the activities of a VIE that most significantly impact its economic performance and (b) has an obligation to absorb losses or a right to receive benefits that could potentially be significant to the VIE. For the Company, this includes certain consolidated development partnerships as the Company provides substantially all of the capital for these ventures (other than third party mortgage debt, if any). For the Company, these requirements affected only disclosures and had no impact on the Company’s consolidated results of operations or financial position. See Note 6 for further discussion.

The Company is the controlling partner in various consolidated partnerships owning 21 properties and 3,916 apartment units and various completed and uncompleted development properties having a noncontrolling interest book value of $74.3 million at December 31, 2011. The Company is required to make certain disclosures regarding noncontrolling interests in consolidated limited-life subsidiaries. Of the consolidated entities described above, the Company is the controlling partner in limited-life partnerships owning six properties. These six partnership agreements contain provisions that require the partnerships to be liquidated through the sale of their assets upon reaching a date specified in each respective partnership agreement. The Company, as controlling partner, has an obligation to cause the property owning partnerships to distribute the proceeds of liquidation to the Noncontrolling Interests in these Partially Owned Properties only to the extent that the net proceeds received by the partnerships from the sale of their assets warrant a distribution based on the partnership agreements. As of December 31, 2011, the Company estimates the value of Noncontrolling Interest distributions for these six properties would have been approximately $33.8 million (“Settlement Value”) had the partnerships been liquidated. This Settlement Value is based on estimated third party consideration realized by the partnerships upon disposition of the six Partially Owned Properties and is net of all other assets and liabilities, including yield maintenance on the mortgages encumbering the properties, that would have been due on December 31, 2011 had those mortgages been prepaid. Due to, among other things, the inherent uncertainty in the sale of real estate assets, the amount of any potential distribution to the Noncontrolling Interests in the Company's Partially Owned Properties is subject to change. To the extent that the partnerships' underlying assets are worth less than the underlying liabilities, the Company has no obligation to remit any consideration to the Noncontrolling Interests in these Partially Owned Properties.
Effective January 1, 2011, companies are required to separately disclose purchases, sales, issuances and settlements on a gross basis in the reconciliation of recurring Level 3 fair value measurements. This does not have a material effect on the Company’s consolidated results of operations or financial position. See Note 9 for further discussion.

Effective January 1, 2012, companies will be required to separately disclose the amounts and reasons for any transfers of assets and liabilities into and out of Level 1 and Level 2 of the fair value hierarchy. For fair value measurements using significant unobservable inputs (Level 3), companies will be required to disclose quantitative information about the significant unobservable inputs used for all Level 3 measurements and a description of the Company's valuation processes in determining fair value. In addition, companies will be required to provide a qualitative discussion about the sensitivity of recurring Level 3 measurements to changes in the unobservable inputs disclosed, including the interrelationship between inputs. Companies will also be required to disclose information about when the current use of a non-financial asset measured at fair value differs from its highest and best use and the hierarchy classification for items whose fair value is not recorded on the balance sheet but is disclosed in the notes. The Company does not expect this will have a material effect on its consolidated results of operations or financial position.

Effective January 1, 2009, issuers of certain convertible debt instruments that may be settled in cash on conversion were required to separately account for the liability and equity components of the instrument in a manner that reflects each issuer's nonconvertible debt borrowing rate. As the Company was required to apply this retrospectively, the accounting for its $650.0 million 3.85% convertible unsecured notes that were issued in August 2006 with a final maturity in August 2026 was affected. On August 18, 2011, the Company redeemed these notes at par ($482.5 million was outstanding on August 18, 2011) and no premium was paid. The Company recognized $11.8 million, $18.6 million and $20.6 million in interest expense related to the stated coupon rate of 3.85% for the years ended December 31, 2011, 2010 and 2009, respectively. The amount of the conversion option as of the date of issuance calculated by the Company using a 5.80% effective interest rate was $44.3 million and was amortized to interest expense over the expected life of the convertible notes (through the first put date on August 18, 2011). Total amortization of the cash discount and conversion option discount on the unsecured notes resulted in a reduction to earnings of approximately $5.0 million, $7.8 million and $10.6 million, respectively, or $0.02 per share/Unit, $0.03 per share/Unit and $0.04 per share/Unit, respectively, for the years ended December 31, 2011, 2010 and 2009. In addition, the Company decreased the January 1, 2009 balance of retained earnings (included in general partner's capital in the Operating Partnership's financial statements) by $27.0 million, decreased the January 1, 2009 balance of notes by $17.3 million and increased the January 1, 2009 balance of paid in capital (included in general partner's capital in the Operating Partnership's financial statements) by $44.3 million. The carrying amount of the conversion option remaining in paid in capital (included in general partner's capital in the Operating Partnership's financial statements) was $44.3 million at both December 31, 2011 and 2010. The cash and conversion option discounts were fully amortized at December 31, 2011 and the unamortized cash and conversion option discounts totaled $5.0 million at December 31, 2010.
Business (Tables)
Property/Unit schedule
 
 
Properties
 
Apartment Units
Wholly Owned Properties
 
404

 
113,157

Partially Owned Properties – Consolidated
 
21

 
3,916

Military Housing
 
2

 
4,901

 
 
427

 
121,974

Summary of Significant Accounting Policies (Tables)
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions And Methodology [Table Text Block] 
 
 
2011
 
2010
 
2009
Expected volatility (1)
 
27.1%
 
32.4%
 
26.8%
Expected life (2)
 
5 years
 
5 years
 
5 years
Expected dividend yield (3)
 
4.56%
 
4.85%
 
4.68%
Risk-free interest rate (4)
 
2.27%
 
2.29%
 
1.89%
Option valuation per share
 
$8.36
 
$6.18
 
$3.38

(1)
Expected volatility – For 2011, estimated based on the historical ten-year volatility of EQR’s share price measured on a monthly basis. Prior to 2011, estimated based on the historical volatility of EQR's share price, on a monthly basis, for a period matching the expected life of each grant. This change in estimate reflects the Company's belief that the historical ten-year period provides a better estimate of the expected volatility in EQR shares over the expected life of the options.
(2)
Expected life – Approximates the actual weighted average life of all share options granted since the Company went public in 1993.
(3)
Expected dividend yield – Calculated by averaging the historical annual yield on EQR shares for a period matching the expected life of each grant, with the annual yield calculated by dividing actual dividends by the average price of EQR’s shares in a given year.
(4)
Risk-free interest rate – The most current U.S. Treasury rate available prior to the grant date for a period matching the expected life of each grant.
Allocation Of Income Franchise And Excise Taxes In Consolidated Statements Of Operations [Table Text Block] 

    
 
 
Year Ended December 31,
 
 
2011
 
2010
 
2009
Income and other tax expense (benefit) (1)
 
$
728

 
$
292

 
$
2,716

Discontinued operations, net (2)
 
(243
)
 
86

 
(1,073
)
Provision for income, franchise and excise taxes (3)
 
$
485

 
$
378

 
$
1,643


(1)
Primarily includes state and local income, excise and franchise taxes.
(2)
Primarily represents federal income taxes (recovered) on the gains on sales of condominium units owned by a TRS and included in discontinued operations. Also represents state and local income, excise and franchise taxes on operating properties sold and included in discontinued operations.
(3)
All provisions for income tax amounts are current and none are deferred.
Tax Treatment Of Dividends And Distributions [Table Text Block] 

    

 
Year Ended December 31,
 
 
2011
 
2010
 
2009
Tax treatment of dividends and distributions:
 
 

 
 

 
 

Ordinary dividends
 
$
0.667

 
$
0.607

 
$
0.807

Long-term capital gain
 
0.629

 
0.622

 
0.558

Unrecaptured section 1250 gain
 
0.284

 
0.241

 
0.275

Dividends and distributions declared per
 
 

 
 

 
 

Common Share/Unit outstanding
 
$
1.580

 
$
1.470

 
$
1.640

Equity, Capital and Other Interests (Tables)
Common shares and units rollforward 
 
 
2011
 
2010
 
2009
Common Shares
 
 

 
 

 
 

Common Shares outstanding at January 1,
 
290,197,242

 
279,959,048

 
272,786,760

Common Shares Issued:
 
 

 
 

 
 

Conversion of Series E Preferred Shares
 
—

 
328,363

 
612

Conversion of Series H Preferred Shares
 
—

 
32,516

 
—

Conversion of OP Units
 
341,594

 
884,472

 
2,676,002

Issuance of Common Shares
 
3,866,666

 
6,151,198

 
3,497,300

Exercise of share options
 
2,945,948

 
2,506,645

 
422,713

Employee Share Purchase Plan (ESPP)
 
113,107

 
157,363

 
324,394

Restricted share grants, net
 
145,616

 
235,767

 
298,717

Common Shares Other:
 
 

 
 

 
 

Conversion of restricted shares to LTIP Units
 
(101,988
)
 
—

 
—

Repurchased and retired
 
—

 
(58,130
)
 
(47,450
)
Common Shares outstanding at December 31,
 
297,508,185

 
290,197,242

 
279,959,048

Units
 
 

 
 

 
 

Units outstanding at January 1,
 
13,612,037

 
14,197,969

 
16,679,777

LTIP Units, net
 
120,112

 
92,892

 
154,616

OP Units issued through acquisitions/consolidations
 
—

 
205,648

 
32,061

Conversion of restricted shares to LTIP Units
 
101,988

 
—

 
—

Conversion of Series B Junior Preference Units
 
—

 
—

 
7,517

Conversion of OP Units to Common Shares
 
(341,594
)
 
(884,472
)
 
(2,676,002
)
Units outstanding at December 31,
 
13,492,543

 
13,612,037

 
14,197,969

Total Common Shares and Units outstanding at December 31,
 
311,000,728

 
303,809,279

 
294,157,017

Units Ownership Interest in Operating Partnership
 
4.3
%
 
4.5
%
 
4.8
%
LTIP Units Issued:
 
 

 
 

 
 

Issuance – per unit
 
—

 
—

 
$0.50
Issuance – contribution valuation
 
—

 
—

 
$0.1 million

OP Units Issued:
 
 

 
 

 
 

Acquisitions/consolidations – per unit
 
—

 
$40.09
 
$26.50
Acquisitions/consolidations – valuation
 
—

 
$8.2 million

 
$0.8 million

Conversion of Series B Junior Preference Units – per unit
 
—

 
—

 
$24.50
Conversion of Series B Junior Preference Units – valuation
 
—

 
—

 
$0.2 million

Redeemable Noncontrolling Interest [Table Text Block] 
 
 
2011
 
2010
 
2009
Balance at January 1,
 
$
383,540

 
$
258,280

 
$
264,394

Change in market value
 
22,714

 
129,918

 
14,544

Change in carrying value
 
10,150

 
(4,658
)
 
(20,658
)
Balance at December 31,
 
$
416,404

 
$
383,540

 
$
258,280

Schedule Of Preferred Stock [Table Text Block] 
 
 
 
 
 
 
Amounts in thousands
 
 
Redemption
Date (1)
 
Annual
Dividend per
Share (2)
 
December 31,
2011
 
December 31,
2010
Preferred Shares of beneficial interest, $0.01 par value;
  100,000,000 shares authorized
 
 
 
 
 
 
 
 
8.29% Series K Cumulative Redeemable Preferred; liquidation
  value $50 per share; 1,000,000 shares issued and outstanding
  at December 31, 2011 and December 31, 2010

 
12/10/26
 

$4.145

 
$
50,000

 
$
50,000

6.48% Series N Cumulative Redeemable Preferred; liquidation
  value $250 per share; 600,000 shares issued and outstanding
  at December 31, 2011 and December 31, 2010 (3)

 
06/19/08
 

$16.20

 
150,000

 
150,000

 
 
 
 
 
 
$
200,000

 
$
200,000



(1)
On or after the redemption date, redeemable preferred shares (Series K and N) may be redeemed for cash at the option of the Company, in whole or in part, at a redemption price equal to the liquidation price per share, plus accrued and unpaid distributions, if any.
(2)
Dividends on all series of Preferred Shares are payable quarterly at various pay dates. The dividend listed for Series N is a Preferred Share rate and the equivalent Depositary Share annual dividend is $1.62 per share.
(3)
The Series N Preferred Shares have a corresponding depositary share that consists of ten times the number of shares and one-tenth the liquidation value and dividend per share.
Common shares and units rollforward 
 
 
2011
 
2010
 
2009
General and Limited Partner Units
 
 

 
 

 
 

General and Limited Partner Units outstanding at January 1,
 
303,809,279

 
294,157,017

 
289,466,537

Issued to General Partner:
 


 


 


Conversion of Series E Preference Units
 
—

 
328,363

 
612

Conversion of Series H Preference Units
 
—

 
32,516

 
—

Issuance of OP Units
 
3,866,666

 
6,151,198

 
3,497,300

Exercise of EQR share options
 
2,945,948

 
2,506,645

 
422,713

EQR's Employee Share Purchase Plan (ESPP)
 
113,107

 
157,363

 
324,394

EQR's restricted share grants, net
 
145,616

 
235,767

 
298,717

Issued to Limited Partners:
 
 
 
 
 
 
LTIP Units, net
 
120,112

 
92,892

 
154,616

OP Units issued through acquisitions/consolidations
 
—

 
205,648

 
32,061

Conversion of Series B Junior Preference Units
 
—

 
—

 
7,517

OP Units Other:
 
 

 
 

 
 

Repurchased and retired
 
—

 
(58,130
)
 
(47,450
)
General and Limited Partner Units outstanding at December 31,
 
311,000,728

 
303,809,279

 
294,157,017

Limited Partner Units
 
 

 
 

 
 

Limited Partner Units outstanding at January 1,
 
13,612,037

 
14,197,969

 
16,679,777

Limited Partner LTIP Units, net
 
120,112

 
92,892

 
154,616

Limited Partner OP Units issued through acquisitions/consolidations
 
—

 
205,648

 
32,061

Conversion of EQR restricted shares to LTIP Units
 
101,988

 
—

 
—

Conversion of Series B Junior Preference Units
 
—

 
—

 
7,517

Conversion of Limited Partner OP Units to EQR Common Shares
 
(341,594
)
 
(884,472
)
 
(2,676,002
)
Limited Partner Units outstanding at December 31,
 
13,492,543

 
13,612,037

 
14,197,969

Limited Partner Units Ownership Interest in Operating Partnership
 
4.3
%
 
4.5
%
 
4.8
%
Limited Partner LTIP Units Issued:
 
 

 
 

 
 

Issuance – per unit
 
—

 
—

 
$0.50
Issuance – contribution valuation
 
—

 
—

 
$0.1 million

Limited Partner OP Units Issued:
 
 

 
 

 
 

Acquisitions/consolidations – per unit
 
—

 
$40.09
 
$26.50
Acquisitions/consolidations – valuation
 
—

 
$8.2 million

 
$0.8 million

Conversion of Series B Junior Preference Units – per unit
 
—

 
—

 
$24.50
Conversion of Series B Junior Preference Units – valuation
 
—

 
—

 
$0.2 million

Redeemable Noncontrolling Interest [Table Text Block] 
 
 
2011
 
2010
 
2009
Balance at January 1,
 
$
383,540

 
$
258,280

 
$
264,394

Change in market value
 
22,714

 
129,918

 
14,544

Change in carrying value
 
10,150

 
(4,658
)
 
(20,658
)
Balance at December 31,
 
$
416,404

 
$
383,540

 
$
258,280

Schedule Of Preferred Stock [Table Text Block] 
 
 
 
 
 
 
Amounts in thousands
 
 
Redemption
Date (1)
 
Annual
Dividend per
Unit (2)
 
December 31,
2011
 
December 31,
2010
Preference Units:
 
 
 
 

 
 

 
 

8.29% Series K Cumulative Redeemable Preference Units;
  liquidation value $50 per unit; 1,000,000 units issued and
  outstanding at December 31, 2011 and December 31, 2010
 
12/10/26
 

$4.145

 
$
50,000

 
$
50,000

6.48% Series N Cumulative Redeemable Preference Units;
  liquidation value $250 per unit; 600,000 units issued and
  outstanding at December 31, 2011 and December 31, 2010 (3)
 
06/19/08
 

$16.20

 
150,000

 
150,000

 
 
 
 
 

 
$
200,000

 
$
200,000


(1)
On or after the redemption date, redeemable preference units (Series K and N) may be redeemed for cash at the option of the Operating Partnership, in whole or in part, at a redemption price equal to the liquidation price per unit, plus accrued and unpaid distributions, if any, in conjunction with concurrent redemption of the corresponding Company Preferred Shares.
(2)
Dividends on all series of Preference Units are payable quarterly at various pay dates. The dividend listed for Series N is a Preference Unit rate and the equivalent depositary unit annual dividend is $1.62 per unit.
(3)
The Series N Preference Units have a corresponding depositary unit that consists of ten times the number of units and one-tenth the liquidation value and dividend per unit.
Real Estate (Tables)
Table of Real Estate Owned 
 
 
2011
 
2010
Land
 
$
4,367,816

 
$
4,110,275

Depreciable property:
 
 

 
 

Buildings and improvements
 
14,262,616

 
13,995,121

Furniture, fixtures and equipment
 
1,292,124

 
1,231,391

Projects under development:
 
 

 
 

Land
 
75,646

 
28,260

Construction-in-progress
 
84,544

 
102,077

Land held for development:
 
 

 
 

Land
 
299,096

 
198,465

Construction-in-progress
 
26,104

 
36,782

Investment in real estate
 
20,407,946

 
19,702,371

Accumulated depreciation
 
(4,539,583
)
 
(4,337,357
)
Investment in real estate, net
 
$
15,868,363

 
$
15,365,014

Acquired Properties Table 
 
Properties
 
Apartment Units
 
Purchase Price
 
 
 
 
 
 
Rental Properties – Consolidated
21

 
6,198

 
$
1,383,048

Land Parcels (seven) (1) (2)
—

 
—

 
202,313

Other (3)
—

 
—

 
11,750

Total
21

 
6,198

 
$
1,597,111


(1)
Includes a vacant land parcel at 400 Park Avenue South in New York City acquired jointly by the Company and Toll Brothers (NYSE: TOL). The Company's and Toll Brothers' allocated portions of the purchase price were approximately $76.1 million and $57.9 million, respectively. Until the core and shell of the building is complete, the building and land will be owned jointly and are required to be consolidated on the Company's balance sheet. Thereafter, the Company will solely own and control the rental portion of the building (floors 2-22) and Toll Brothers will solely own and control the for sale portion of the building (floors 23-40). Once the core and shell are complete, the Toll Brothers' portion of the property will be deconsolidated from the Company's balance sheet.
(2)
Includes entry into a long-term ground lease for a land parcel at 170 Amsterdam Avenue in New York City.
(3)
Represents the acquisition of a 97,000 square foot commercial building adjacent to our Harbor Steps apartment property in downtown Seattle for potential redevelopment.

During the year ended December 31, 2010, the Company acquired the entire equity interest in the following from unaffiliated parties (purchase price in thousands):

 
Properties
 
Apartment Units
 
Purchase Price
 
 
 
 
 
 
Rental Properties – Consolidated
16

 
4,445

 
$
1,485,701

Land Parcels (six)
—

 
—

 
68,869

Total
16

 
4,445

 
$
1,554,570

Disposed Properties Table 

 
Properties
 
Apartment Units
 
Sales Price
Rental Properties:
 

 
 

 
 

Consolidated
35

 
7,171

 
$
718,352

Unconsolidated (1)
27

 
6,275

 
417,779

Land Parcel (one)
—

 
—

 
4,000

Condominium Conversion Properties
1

 
2

 
360

Total
63

 
13,448

 
$
1,140,491


(1)
The Company owned a 25% interest in these unconsolidated rental properties. Sales price listed is the gross sales price.
 
Properties
 
Apartment Units
 
Sales Price
 
 
 
 
 
 
Rental Properties – Consolidated
47

 
14,345

 
$
1,482,239

Land Parcel (one) (1)
—

 
—

 
22,786

Total
47

 
14,345

 
$
1,505,025


(1)
Represents the sale of a land parcel, on which the Company no longer planned to develop, in suburban Washington, D.C.
Commitments to Acquire/Dispose of Real Estate (Tables)
Real Estate to be Acquired Table Text Block 
 
Properties
 
Apartment Units
 
Purchase Price
Rental Properties
2

 
648

 
$
241,000

Land Parcels (three)
—

 
—

 
53,200

Total
2

 
648

 
$
294,200

Disposed Properties Table Text Block 
 
Properties
 
Apartment Units
 
Sales Price
Rental Properties
6

 
1,169

 
$
127,075

Total
6

 
1,169

 
$
127,075

Investments in Partially Owned Entities (Tables)
Partially Owned Property Balance Sheet Schedule [Table Text Block] 
 
 
Consolidated
 
 
Development Projects (VIEs) (4)
 
 
 
 
 
 
Held for
and/or Under
Development
 
Completed
and
Stabilized
 
Other
 
Total
 
 
 
 
 
 
 
 
 
Total projects (1)
 
—

 
2

 
19

 
21


 

 

 

 

Total apartment units (1)
 
—

 
441

 
3,475

 
3,916


 

 

 

 

Balance sheet information at 12/31/11 (at 100%):
 

 

 

 

ASSETS
 

 

 

 

Investment in real estate
 
$
160,732

 
$
114,584

 
$
449,140

 
$
724,456

Accumulated depreciation
 
—

 
(12,228
)
 
(144,305
)
 
(156,533
)
Investment in real estate, net
 
160,732

 
102,356

 
304,835

 
567,923

Cash and cash equivalents
 
1,638

 
1,503

 
15,578

 
18,719

Deposits – restricted
 
43,970

 
2,272

 
15,177

 
61,419

Escrow deposits – mortgage
 
—

 
60

 
—

 
60

Deferred financing costs, net
 
—

 
65

 
1,179

 
1,244

Other assets
 
3,554

 
140

 
144

 
3,838

       Total assets
 
$
209,894

 
$
106,396

 
$
336,913

 
$
653,203


 

 

 

 

LIABILITIES AND EQUITY/CAPITAL
 

 

 

 

Mortgage notes payable
 
$
—

 
$
33,419

 
$
200,337

 
$
233,756

Accounts payable & accrued expenses
 
202

 
1,073

 
818

 
2,093

Accrued interest payable
 
—

 
104

 
782

 
886

Other liabilities
 
1,275

 
79

 
1,139

 
2,493

Security deposits
 
—

 
102

 
1,491

 
1,593

       Total liabilities
 
1,477

 
34,777

 
204,567

 
240,821


 

 

 

 

Noncontrolling Interests – Partially Owned Properties
 
78,090

 
1,079

 
(4,863
)
 
74,306

Company equity/General and Limited Partners' Capital
 
130,327

 
70,540

 
137,209

 
338,076

       Total equity/capital
 
208,417

 
71,619

 
132,346

 
412,382

       Total liabilities and equity/capital
 
$
209,894

 
$
106,396

 
$
336,913

 
$
653,203


 

 

 

 

Debt – Secured (2):
 

 

 

 

       Company/Operating Partnership Ownership (3)
 
$
—

 
$
33,419

 
$
159,068

 
$
192,487

       Noncontrolling Ownership
 
—

 
—

 
41,269

 
41,269

Total (at 100%)
 
$
—


$
33,419


$
200,337


$
233,756

Partially Owned Property Income Statement Schedule [Table Text Block] 
 
 
Consolidated
 
 
Development Projects (VIEs) (4)
 
 
 
 
 
 
Held for
and/or Under
Development
 
Completed
and
Stabilized
 
Other
 
Total
Operating information for the year
ended 12/31/11 (at 100%):
 
 

 
 

 
 

 
 

Operating revenue
 
$
—

 
$
8,961

 
$
57,916

 
$
66,877

Operating expenses
 
249

 
3,868

 
19,115

 
23,232

Net operating (loss) income
 
(249
)
 
5,093

 
38,801

 
43,645

Depreciation
 
—

 
4,163

 
15,117

 
19,280

General and administrative/other
 
152

 
6

 
123

 
281

Operating (loss) income
 
(401
)
 
924

 
23,561

 
24,084

Interest and other income
 
6

 
6

 
10

 
22

Other expenses
 
(487
)
 
—

 
(39
)
 
(526
)
Interest:
 
 

 
 

 
 

 
 

Expense incurred, net
 
(399
)
 
(3,229
)
 
(11,295
)
 
(14,923
)
Amortization of deferred financing costs
 
—

 
(382
)
 
(366
)
 
(748
)
(Loss) income before income and other taxes and net
    gains on sales of land parcels and discontinued
    operations
 
(1,281
)
 
(2,681
)
 
11,871

 
7,909

Income and other tax (expense) benefit
 
(57
)
 
—

 
(6
)
 
(63
)
Net gain on sales of land parcels
 
4,217

 
—

 
—

 
4,217

Net gain on sales of discontinued operations
 
169

 
—

 
13,259

 
13,428

Net income (loss)
 
$
3,048

 
$
(2,681
)
 
$
25,124

 
$
25,491

Deposits - Restricted Deposits - Restricted Summary (Tables)
Schedule of Restricted Cash and Cash Equivalents [Table Text Block]
 
 
December 31, 2011
 
December 31, 2010
Tax–deferred (1031) exchange proceeds
 
$
53,668

 
$
103,887

Earnest money on pending acquisitions
 
7,882

 
9,264

Restricted deposits on debt
 
2,370

 
18,966

Restricted deposits on real estate investments
 
43,970

 
—

Resident security and utility deposits
 
40,403

 
40,745

Other
 
3,944

 
8,125

Totals
 
$
152,237

 
$
180,987

Debt Debt (Tables)
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Debt [Abstract]
 
 
Schedule of Long-term Debt Instruments [Table Text Block]
Text Block 
Text Block 
Aggregate payments of principal on unsecured notes payable
Text Block 
 
Schedule of Long-term Debt Instruments [Table Text Block] 
December 31, 2011
 (Amounts are in thousands)
 
Net Principal Balance
 
Interest Rate Ranges
 
Weighted Average Interest Rate
 
Maturity Date Ranges
Fixed Rate Public/Private Notes (1)
 
$
4,803,191

 
4.625% - 7.57%
 
5.84%
 
2012 - 2026
Floating Rate Public/Private Notes (1)
 
806,383

 
(1)
 
1.67%
 
2012 - 2013
Totals
 
$
5,609,574

 
 
 
 
 
 
Schedule of Long-term Debt Instruments [Table Text Block] 
December 31, 2010
(Amounts are in thousands)
 
Net Principal Balance
 
Interest Rate Ranges
 
Weighted Average Interest Rate
 
Maturity Date Ranges
Fixed Rate Public/Private Notes (1)
 
$
4,375,860

 
3.85% - 7.57%
 
5.78%
 
2011 - 2026
Floating Rate Public/Private Notes (1)
 
809,320

 
(1)
 
1.72%
 
2011 - 2013
Totals
 
$
5,185,180

 
 
 
 
 
 
Aggregate payments of principal on unsecured notes payable 
Year
 
Total (1)

 
2012
 
$
1,161,582

(2)
2013
 
579,675

 
2014
 
588,340

 
2015
 
418,900

 
2016
 
1,190,038

 
Thereafter
 
5,782,526

 
Total
 
$
9,721,061

 

(1)
Principal payments on all debt include amortization of any discounts or premiums related to the debt. Premiums and discounts are amortized over the life of the debt.
(2)
Includes the Company's $500.0 million term loan facility. Effective April 5, 2011, the Company exercised the second of its two one-year extension options and as a result, the maturity date is now October 5, 2012.
Derivative and Other Fair Value Instruments (Tables)
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Derivative and Other Fair Value Instruments (Tables) [Abstract]
 
 
Derivative Instrument Table
Text Block 
 
Schedule of Location and Amount of Financial Instruments on Balanace Sheet
Text Block 
 
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Table Text Block]
 
Text Block 
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block]
Text Block 
 
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block]
Text Block 
 
Available-for-sale Securities [Table Text Block]
Text Block 
 
Derivative Instrument Table 
 
Fair Value
Hedges (1)
 
Forward
Starting
Swaps (2)
Current Notional Balance
$
315,693

 
$
200,000

Lowest Possible Notional
$
315,693

 
$
200,000

Highest Possible Notional
$
317,694

 
$
200,000

Lowest Interest Rate
2.009
%
 
3.478
%
Highest Interest Rate
4.800
%
 
4.695
%
Earliest Maturity Date
2012

 
2023

Latest Maturity Date
2013

 
2023

Schedule of Location and Amount of Financial Instruments on Balanace Sheet 
 
 
 
 
 
 
Fair Value Measurements at Reporting Date Using
 
 
 
 
 
 
Quoted Prices in
 
 
 
 
 
 
 
 
 
 
Active Markets for
 
Significant Other
 
Significant
 
 
Balance Sheet
 
 
 
Identical Assets/Liabilities
 
Observable Inputs
 
Unobservable Inputs
Description
 
Location
 
12/31/2011
 
(Level 1)
 
(Level 2)
 
(Level 3)
Assets
 
 
 
 
 
 
 
 
 
 
Derivatives designated as hedging instruments:
 
 
 
 
 
 
 
 
 
   Interest Rate Contracts:
 
 
 
 
 
 
 
 
 
      Fair Value Hedges
 
Other Assets
 
$
8,972

 
$
—

 
$
8,972

 
$
—

Supplemental Executive Retirement Plan
Other Assets
 
71,426

 
71,426

 
—

 
—

Available-for-Sale Investment Securities
Other Assets
 
1,550

 
1,550

 
—

 
—

Total
 
 
 
$
81,948

 
$
72,976

 
$
8,972

 
$
—

 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
Derivatives designated as hedging instruments:
 
 
 
 
 
 
 
 
 
   Interest Rate Contracts:
 
 
 
 
 
 
 
 
 
      Forward Starting Swaps
Other Liabilities
 
$
32,278

 
$
—

 
$
32,278

 
$
—

Supplemental Executive Retirement Plan
Other Liabilities
 
71,426

 
71,426

 
—

 
—

Total
 
 
 
$
103,704

 
$
71,426

 
$
32,278

 
$
—

 
 
 
 
 
 
 
 
 
 
 
Redeemable Noncontrolling Interests –
 
 
 
 
 
 
 
 
 
   Operating Partnership/Redeemable
 
 
 
 
 
 
 
 
 
      Limited Partners
Mezzanine
 
$
416,404

 
$
—

 
$
416,404

 
$
—



 
 
 
 
 
 
Fair Value Measurements at Reporting Date Using
 
 
 
 
 
 
Quoted Prices in
 
 
 
 
 
 
 
 
 
 
Active Markets for
 
Significant Other
 
Significant
 
 
Balance Sheet
 
 
 
Identical Assets/Liabilities
 
Observable Inputs
 
Unobservable Inputs
Description
 
Location
 
12/31/2010
 
(Level 1)
 
(Level 2)
 
(Level 3)
Assets
 
 
 
 
 
 
 
 
 
 
Derivatives designated as hedging instruments:
 
 
 
 
 
 
 
 
 
   Interest Rate Contracts:
 
 
 
 
 
 
 
 
 
      Fair Value Hedges
 
Other Assets
 
$
12,521

 
$
—

 
$
12,521

 
$
—

      Forward Starting Swaps
 
Other Assets
 
3,276

 
—

 
3,276

 
—

Supplemental Executive Retirement Plan
Other Assets
 
58,132

 
58,132

 
—

 
—

Available-for-Sale Investment Securities
Other Assets
 
1,194

 
1,194

 
—

 
—

Total
 
 
 
$
75,123

 
$
59,326

 
$
15,797

 
$
—

 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
Derivatives designated as hedging instruments:
 
 
 
 
 
 
 
 
 
   Interest Rate Contracts:
 
 
 
 
 
 
 
 
 
      Forward Starting Swaps
Other Liabilities
 
$
37,756

 
$
—

 
$
37,756

 
$
—

      Development Cash Flow Hedges
Other Liabilities
 
1,322

 
—

 
1,322

 
—

Supplemental Executive Retirement Plan
Other Liabilities
 
58,132

 
58,132

 
—

 
—

Total
 
 
 
$
97,210

 
$
58,132

 
$
39,078

 
$
—

 
 
 
 
 
 
 
 
 
 
 
Redeemable Noncontrolling Interests –
 
 
 
 
 
 
 
 
 
   Operating Partnership/Redeemable
 
 
 
 
 
 
 
 
 
      Limited Partners
Mezzanine
 
383,540

 
—

 
383,540

 
—


Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Table Text Block] 
 
 
 
 
Fair Value Measurements at Reporting Date Using
 
 
 
 
 
 
Quoted Prices in
 
 
 
 
 
 
 
 
 
 
Active Markets for
 
Significant Other
 
Significant
 
 
 
 
 
 
Identical Assets/Liabilities
 
Observable Inputs
 
Unobservable Inputs
 
 
Description
 
12/31/2010
 
(Level 1)
 
(Level 2)
 
(Level 3)
 
Total Gains (Losses)
Assets
 
 
 
 
 
 
 
 
 
 
Long-lived assets
 
$
56,000

 
$
—

 
$
—

 
$
56,000

 
$
(45,380
)
Total
 
$
56,000

 
$
—

 
$
—

 
$
56,000

 
$
(45,380
)
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] 
December 31, 2011
Type of Fair Value Hedge
 
Location of Gain/(Loss) Recognized in Income
on Derivative
 
Amount of Gain/(Loss) Recognized in Income
on Derivative
 
 
 
Income Statement Location of Hedged
Item Gain/(Loss)
 
Amount of Gain/(Loss)Recognized in Income
on Hedged Item
 
 
 
Hedged Item
 
 
Derivatives designated as hedging instruments:
 
 
 
 

 
 
 
 
 
 

Interest Rate Contracts:
 
 
 
 

 
 
 
 
 
 

Interest Rate Swaps
 
Interest expense
 
$
(3,549
)
 
Fixed rate debt
 
Interest expense
 
$
3,549

Total
 
 
 
$
(3,549
)
 
 
 
 
 
$
3,549


December 31, 2010
Type of Fair Value Hedge
 
Location of Gain/(Loss) Recognized in Income
on Derivative
 
Amount of Gain/(Loss) Recognized in Income
on Derivative
 
 
 
Income Statement Location of Hedged
Item Gain/(Loss)
 
Amount of Gain/(Loss)Recognized in Income
on Hedged Item
 
 
 
Hedged Item
 
 
Derivatives designated as hedging instruments:
 
 
 
 

 
 
 
 
 
 

Interest Rate Contracts:
 
 
 
 

 
 
 
 
 
 

Interest Rate Swaps
 
Interest expense
 
$
7,335

 
Fixed rate debt
 
Interest expense
 
$
(7,335
)
Total
 
 
 
$
7,335

 
 
 
 
 
$
(7,335
)

December 31, 2009
Type of Fair Value Hedge
 
Location of Gain/(Loss) Recognized in Income
on Derivative
 
Amount of Gain/(Loss) Recognized in Income
on Derivative
 
 
 
Income Statement Location of Hedged
Item Gain/(Loss)
 
Amount of Gain/(Loss)Recognized in Income
on Hedged Item
 
 
 
Hedged Item
 
 
Derivatives designated as hedging instruments:
 
 
 
 

 
 
 
 
 
 

Interest Rate Contracts:
 
 
 
 

 
 
 
 
 
 

Interest Rate Swaps
 
Interest expense
 
$
(1,167
)
 
Fixed rate debt
 
Interest expense
 
$
1,167

Total
 
 
 
$
(1,167
)
 
 
 
 
 
$
1,167

Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] 
 
 
Effective Portion
 
Ineffective Portion
December 31, 2011
Type of Cash Flow Hedge
 
Amount of
Gain/(Loss) Recognized in OCI
on Derivative
 
Location of Gain/(Loss)
Reclassified from Accumulated OCI
into Income
 
Amount of Gain/(Loss)
Reclassified from Accumulated OCI
into Income
 
Location of
Gain/(Loss) Recognized in Income
on Derivative
 
Amount of Gain/(Loss)
Reclassified from Accumulated OCI
into Income
 
 
 
 
 
Derivatives designated as hedging instruments:
 
 

 
 
 
 

 
 
 
 

Interest Rate Contracts:
 
 

 
 
 
 

 
 
 
 

Forward Starting Swaps/Treasury Locks
 
$
(145,090
)
 
Interest expense
 
$
(4,343
)
 
Interest expense
 
$
(170
)
Development Interest Rate Swaps/Caps
 
1,322

 
Interest expense
 
—

 
N/A
 
—

Total
 
$
(143,768
)
 
 
 
$
(4,343
)
 
 
 
$
(170
)

 
 
Effective Portion
 
Ineffective Portion
December 31, 2010
Type of Cash Flow Hedge
 
Amount of
Gain/(Loss) Recognized in OCI
on Derivative
 
Location of Gain/(Loss)
Reclassified from Accumulated
OCI
into Income
 
Amount of Gain/(Loss)
Reclassified from Accumulated
OCI
into Income
 
Location of
Gain/(Loss) Recognized in Income
on Derivative
 
Amount of Gain/(Loss)
Reclassified from Accumulated
OCI
into Income
 
 
 
 
 
Derivatives designated as hedging instruments:
 
 
 
 
 
 
 
 
 
 
Interest Rate Contracts:
 
 
 
 
 
 
 
 
 
 
Forward Starting Swaps/Treasury Locks
 
$
(68,149
)
 
Interest expense
 
$
(3,338
)
 
N/A
 
$
—

Development Interest Rate Swaps/Caps
 
2,255

 
Interest expense
 
—

 
N/A
 
—

Total
 
$
(65,894
)
 
 
 
$
(3,338
)
 
 
 
$
—


 
 
Effective Portion
 
Ineffective Portion
December 31, 2009
Type of Cash Flow Hedge
 
Amount of
Gain/(Loss) Recognized in OCI
on Derivative
 
Location of Gain/(Loss)
Reclassified from Accumulated
OCI
into Income
 
Amount of Gain/(Loss)
Reclassified from Accumulated
OCI
into Income
 
Location of
Gain/(Loss) Recognized in Income
on Derivative
 
Amount of Gain/(Loss)
Reclassified from Accumulated
OCI
into Income
 
 
 
 
 
Derivatives designated as hedging instruments:
 
 
 
 
 
 
 
 
 
 
Interest Rate Contracts:
 
 
 
 
 
 
 
 
 
 
Forward Starting Swaps/Treasury Locks
 
$
34,432

 
Interest expense
 
$
(3,724
)
 
N/A
 
$
—

Development Interest Rate Swaps/Caps
 
3,244

 
Interest expense
 
—

 
N/A
 
—

Total
 
$
37,676

 
 
 
$
(3,724
)
 
 
 
$
—

Available-for-sale Securities [Table Text Block] 
The following tables set forth the maturity, amortized cost, gross unrealized gains and losses, book/fair value and interest and other income of the various investment securities held as of December 31, 2011 and 2010, respectively (amounts in thousands):
 
 
 
 
Other Assets
 
 
December 31, 2011
Security
 
Maturity
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Book/
Fair Value
 
Interest and
Other Income
 
 
 
 
 
 
Available -for-Sale Investment Securities
 
N/A
 
$
675

 
$
875

 
$
—

 
$
1,550

 
$
—

Total
 
 
 
$
675

 
$
875

 
$
—

 
$
1,550

 
$
—


 
 
 
 
Other Assets
 
 
December 31, 2010
Security
 
Maturity
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Book/
Fair Value
 
Interest and
Other Income
 
 
 
 
 
 
Available-for-Sale
 
 
 
 

 
 

 
 

 
 

 
 

FDIC-insured certificates of deposit
 
Less than one year
 
$
—

 
$
—

 
$
—

 
$
—

 
$
61

Other
 
N/A
 
675

 
519

 
—

 
1,194

 
—

Total Available-for-Sale and Grand Total
 
$
675

 
$
519

 
$
—

 
$
1,194

 
$
61

Earnings Per Share (Tables)
Schedule of Calculation of Numerator and Denominator in Earnings Per Share [Table Text Block] 
 
Year Ended December 31,
 
2011
 
2010
 
2009
Numerator for net income per share – basic:
 

 
 

 
 

Income (loss) from continuing operations
$
76,443

 
$
(88,299
)
 
$
(63,220
)
Allocation to Noncontrolling Interests – Operating Partnership, net
(2,738
)
 
4,732

 
4,273

Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties
(832
)
 
726

 
558

Net income attributable to Preference Interests and Units
—

 
—

 
(9
)
Preferred distributions
(13,865
)
 
(14,368
)
 
(14,479
)
Income (loss) from continuing operations available to Common Shares, net of
  Noncontrolling Interests
59,008

 
(97,209
)
 
(72,877
)
Discontinued operations, net of Noncontrolling Interests
820,712

 
366,451

 
420,671

Numerator for net income per share – basic
$
879,720

 
$
269,242

 
$
347,794

Numerator for net income per share – diluted (1):
 
 
 
 
 
Income from continuing operations
$
76,443

 
 
 
 
Net (income) attributable to Noncontrolling Interests – Partially Owned Properties
(832
)
 
 
 
 
Preferred distributions
(13,865
)
 
 
 
 
Income from continuing operations available to Common Shares
61,746

 
 
 
 
Discontinued operations, net
858,754

 
 
 
 
Numerator for net income per share – diluted (1)
$
920,500

 
$
269,242

 
$
347,794

Denominator for net income per share – basic and diluted (1):
 
 
 
 
 
Denominator for net income per share – basic
294,856

 
282,888

 
273,609

Effect of dilutive securities:
 
 
 
 
 
OP Units
13,206

 
 
 
 
Long-term compensation shares/units
4,003

 
 
 
 
Denominator for net income per share – diluted (1)
312,065

 
282,888

 
273,609

Net income per share – basic
$
2.98

 
$
0.95

 
$
1.27

Net income per share – diluted
$
2.95

 
$
0.95

 
$
1.27

Net income per share – basic:
 

 
 

 
 

Income (loss) from continuing operations available to Common Shares, net of
  Noncontrolling Interests
$
0.200

 
$
(0.344
)
 
$
(0.266
)
Discontinued operations, net of Noncontrolling Interests
2.784

 
1.296

 
1.537

Net income per share – basic
$
2.984

 
$
0.952

 
$
1.271

Net income per share – diluted (1):
 

 
 

 
 

Income (loss) from continuing operations available to Common Shares
$
0.198

 
$
(0.344
)
 
$
(0.266
)
Discontinued operations, net
2.752

 
1.296

 
1.537

Net income per share – diluted
$
2.950

 
$
0.952

 
$
1.271

Distributions declared per Common Share outstanding
$
1.58

 
$
1.47

 
$
1.64

Schedule of Calculation of Numerator and Denominator in Earnings Per Share [Table Text Block] 
 
Year Ended December 31,
 
2011
 
2010
 
2009
Numerator for net income per Unit – basic and diluted (1):
 

 
 

 
 

Income (loss) from continuing operations
$
76,443

 
$
(88,299
)
 
$
(63,220
)
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties
(832
)
 
726

 
558

Allocation to Preference Units
(13,865
)
 
(14,368
)
 
(14,479
)
Allocation to Preference Interests and Junior Preference Units
—

 
—

 
(9
)
Income (loss) from continuing operations available to Units
61,746

 
(101,941
)
 
(77,150
)
Discontinued operations, net
858,754

 
384,282

 
445,249

Numerator for net income per Unit – basic and diluted (1)
$
920,500

 
$
282,341

 
$
368,099

Denominator for net income per Unit – basic and diluted (1):
 
 
 
 
 
Denominator for net income per Unit – basic
308,062

 
296,527

 
289,167

Effect of dilutive securities:
 
 
 
 
 
Dilution for Units issuable upon assumed exercise/vesting of the Company's
    long-term compensation shares/units
4,003

 
 
 
 
Denominator for net income per Unit – diluted (1)
312,065

 
296,527

 
289,167

Net income per Unit – basic
$
2.98

 
$
0.95

 
$
1.27

Net income per Unit – diluted
$
2.95

 
$
0.95

 
$
1.27

Net income per Unit – basic:
 

 
 

 
 

Income (loss) from continuing operations available to Units
$
0.200

 
$
(0.344
)
 
$
(0.266
)
Discontinued operations, net
2.784

 
1.296

 
1.537

Net income per Unit – basic
$
2.984

 
$
0.952

 
$
1.271

Net income per Unit – diluted (1):
 

 
 

 
 

Income (loss) from continuing operations available to Units
$
0.198

 
$
(0.344
)
 
$
(0.266
)
Discontinued operations, net
2.752

 
1.296

 
1.537

Net income per Unit – diluted
$
2.950

 
$
0.952

 
$
1.271

Distributions declared per Unit outstanding
$
1.58

 
$
1.47

 
$
1.64

Discontinued Operations (Tables)
Components of discontinued operations
 
Year Ended December 31,
 
2011
 
2010
 
2009
REVENUES
 

 
 

 
 

Rental income
$
116,350

 
$
308,945

 
$
395,719

Total revenues
116,350

 
308,945

 
395,719

 
 
 
 
 
 
EXPENSES (1)
 

 
 

 
 

Property and maintenance
52,462

 
119,720

 
148,449

Real estate taxes and insurance
8,836

 
25,904

 
37,229

Depreciation
21,201

 
64,791

 
86,175

General and administrative
53

 
42

 
43

Total expenses
82,552

 
210,457

 
271,896

 
 
 
 
 
 
Discontinued operating income
33,798

 
98,488

 
123,823

 
 
 
 
 
 
Interest and other income
184

 
800

 
127

Other expenses
—

 
—

 
(11
)
Interest (2):
 

 
 

 
 

Expense incurred, net
(1,120
)
 
(12,584
)
 
(14,262
)
Amortization of deferred financing costs
(840
)
 
(292
)
 
(800
)
Income and other tax (expense) benefit
243

 
(86
)
 
1,073

 
 
 
 
 
 
Discontinued operations
32,265

 
86,326

 
109,950

Net gain on sales of discontinued operations
826,489

 
297,956

 
335,299

 
 
 
 
 
 
Discontinued operations, net
$
858,754

 
$
384,282

 
$
445,249


(1)
Includes expenses paid in the current period for properties sold or held for sale in prior periods related to the Company’s period of ownership.
(2)
Includes only interest expense specific to secured mortgage notes payable for properties sold and/or held for sale.
Share Incentive Plans (Tables)
Compensation information 
 
Year Ended December 31, 2011
 
Compensation
Expense
 
Compensation
Capitalized
 
Compensation
Equity
 
Dividends
Incurred
Restricted shares
$
8,041

 
$
1,061

 
$
9,102

 
$
1,121

LTIP Units
3,344

 
297

 
3,641

 
199

Share options
8,711

 
834

 
9,545

 
—

ESPP discount
1,081

 
113

 
1,194

 
—

Total
$
21,177

 
$
2,305

 
$
23,482

 
$
1,320


 
Year Ended December 31, 2010
 
Compensation
Expense
 
Compensation
Capitalized
 
Compensation
Equity
 
Dividends
Incurred
Restricted shares
$
8,603

 
$
1,178

 
$
9,781

 
$
1,334

LTIP Units
2,334

 
190

 
2,524

 
138

Share options
6,707

 
714

 
7,421

 
—

ESPP discount
1,231

 
59

 
1,290

 
—

Total
$
18,875

 
$
2,141

 
$
21,016

 
$
1,472


 
Year Ended December 31, 2009
 
Compensation
Expense
 
Compensation
Capitalized
 
Compensation
Equity
 
Dividends
Incurred
Performance shares
$
103

 
$
76

 
$
179

 
$
—

Restricted shares
10,065

 
1,067

 
11,132

 
1,627

LTIP Units
1,036

 
158

 
1,194

 
254

Share options
5,458

 
538

 
5,996

 
—

ESPP discount
1,181

 
122

 
1,303

 
—

Total
$
17,843

 
$
1,961

 
$
19,804

 
$
1,881

Award activity of the Share Incentive Plans 
 
Common
Shares Subject
to Options
 
Weighted
Average
Exercise Price
per Option
 
Restricted
Shares
 
Weighted
Average Fair
Value per
Restricted Share
 
LTIP
Units
 
Weighted
Average Fair
Value per
LTIP Unit
Balance at December 31, 2008
9,473,259

 

$33.94

 
996,011

 

$44.16

 
—

 
—

Awards granted (1)
2,541,005

 

$23.08

 
362,997

 

$22.62

 
155,189

 

$21.11

Awards exercised/vested (2) (3)
(422,713
)
 

$21.62

 
(340,362
)
 

$42.67

 
—

 
—

Awards forfeited
(146,151
)
 

$30.07

 
(64,280
)
 

$35.28

 
(573
)
 

$21.11

Awards expired
(95,650
)
 

$32.21

 
—

 
—

 
—

 
—

Balance at December 31, 2009
11,349,750

 

$32.03

 
954,366

 

$37.10

 
154,616

 

$21.11

Awards granted (1)
1,436,115

 

$33.59

 
270,805

 

$34.85

 
94,096

 

$32.97

Awards exercised/vested (2) (3)
(2,506,645
)
 

$28.68

 
(278,183
)
 

$52.25

 
—

 
—

Awards forfeited
(76,275
)
 

$29.43

 
(35,038
)
 

$30.84

 
(1,204
)
 

$21.11

Awards expired
(96,457
)
 

$42.69

 
—

 
—

 
—

 
—

Balance at December 31, 2010
10,106,488

 

$33.00

 
911,950

 

$32.05

 
247,508

 

$25.62

Awards granted (1)
1,491,311

 

$53.70

 
170,588

 

$53.99

 
223,452

 

$46.64

Awards exercised/vested (2) (3) (4)
(2,945,950
)
 

$32.27

 
(258,068
)
 

$38.32

 
(101,988
)
 

$38.57

Awards forfeited
(41,559
)
 

$35.14

 
(126,960
)
 

$37.19

 
(1,352
)
 

$27.79

Awards expired
(16,270
)
 

$44.13

 
—

 
—

 
—

 
—

Balance at December 31, 2011
8,594,020

 

$36.81

 
697,510

 

$34.17

 
367,620

 

$34.80


(1)
The weighted average grant date fair value for Options granted during the years ended December 31, 2011, 2010 and 2009 was $8.18 per share, $6.18 per share and $3.38 per share, respectively.
(2)
The aggregate intrinsic value of options exercised during the years ended December 31, 2011, 2010 and 2009 was $74.8 million, $39.6 million and $2.8 million, respectively. These values were calculated as the difference between the strike price of the underlying awards and the per share price at which each respective award was exercised.
(3)
The fair value of restricted shares vested during the years ended December 31, 2011, 2010 and 2009 was $14.0 million, $9.1 million  and $8.0 million, respectively.
(4)
The fair value of LTIP Units vested during the year ended December 31, 2011 was $5.5 million.
Information regarding options outstanding and exercisable 
 
 
Options Outstanding (1)
 
Options Exercisable (2)
Range of Exercise Prices
 
Options
 
Weighted
Average
Remaining
Contractual Life in Years
 
Weighted
Average
Exercise Price
 
Options
 
Weighted
Average
Exercise Price
$18.70 to $24.93
 
2,101,071

 
5.79

 

$23.17

 
1,335,909

 

$23.23

$24.94 to $31.16
 
755,411

 
1.19

 

$28.34

 
755,411

 

$28.34

$31.17 to $37.39
 
1,896,070

 
6.27

 

$32.53

 
1,019,788

 

$32.16

$37.40 to $43.62
 
1,617,066

 
5.14

 

$40.56

 
1,617,066

 

$40.56

$43.63 to $49.86
 
61,397

 
8.52

 

$48.40

 
4,202

 

$45.25

$49.87 to $56.09
 
2,119,010

 
7.93

 

$53.52

 
683,174

 

$53.50

$56.10 to $62.32
 
43,995

 
9.47

 

$59.23

 
—

 
—

$18.70 to $62.32
 
8,594,020

 
5.94

 

$36.81

 
5,415,550

 

$34.64

Vested and expected to vest
as of December 31, 2011
 
8,507,188

 
5.91

 

$36.68

 
 

 
 


(1)
The aggregate intrinsic value of options outstanding that are vested and expected to vest as of December 31, 2011 is $173.2 million.
(2)
The aggregate intrinsic value and weighted average remaining contractual life in years of options exercisable as of December 31, 2011 is $121.3 million and 4.5 years, respectively.
Employee Plans (Tables)
Summary of information regarding the Common Shares issued under the ESPP
 
Year Ended December 31,
 
2011
 
2010
 
2009
 
(Amounts in thousands except share and per share amounts)
Shares issued
113,107
 
157,363
 
324,394
Issuance price ranges
$44.04 – $51.19
 
$28.26 – $41.16
 
$14.21 – $24.84
Issuance proceeds
$5,262
 
$5,112
 
$5,292
Commitments and Contingencies (Tables)
Schedule of Contractural Obligations [Table Text Block]
The following table summarizes the Company’s contractual obligations for minimum rent payments under operating leases and deferred compensation for the next five years and thereafter as of December 31, 2011:
Payments Due by Year (in thousands)
 
 
2012
 
2013
 
2014
 
2015
 
2016
 
Thereafter
 
Total
Operating Leases:
 
 

 
 

 
 

 
 

 
 

 
 

 
 

Minimum Rent Payments (a)
 
$
6,445

 
$
7,159

 
$
8,550

 
$
9,241

 
$
9,196

 
$
699,959

 
$
740,550

Other Long-Term Liabilities:
 
 

 
 

 
 

 
 

 
 

 
 

 
 

Deferred Compensation (b)
 
1,767

 
1,480

 
1,672

 
1,671

 
1,671

 
7,472

 
15,733


(a)
Minimum basic rent due for various office space the Company leases and fixed base rent due on ground leases for five properties/parcels.
(b)
Estimated payments to EQR's Chairman, Vice Chairman and two former CEOs based on actual and planned retirement dates.
Reportable Segments (Tables)
Reportable Segments Schedule 
 
Year Ended December 31, 2011
 
Northeast
 
Northwest
 
Southeast
 
Southwest
 
Other (3)
 
Total
Rental income:
 

 
 

 
 

 
 

 
 

 
 

Same store (1)
$
584,405

 
$
344,615

 
$
356,936

 
$
426,472

 
$
—

 
$
1,712,428

Non-same store/other (2) (3)
157,907

 
42,633

 
16,487

 
45,489

 
5,493

 
268,009

Properties sold – March YTD 2012 (4)
—

 
—

 
—

 
—

 
(20,194
)
 
(20,194
)
Total rental income
742,312

 
387,248

 
373,423

 
471,961

 
(14,701
)
 
1,960,243

Operating expenses:
 

 
 

 
 

 
 

 
 

 
 

Same store (1)
211,494

 
120,920

 
140,145

 
145,153

 
—

 
617,712

Non-same store/other (2) (3)
56,591

 
16,021

 
5,974

 
17,619

 
7,366

 
103,571

Properties sold – March YTD 2012 (4)
—

 
—

 
—

 
—

 
(7,174
)
 
(7,174
)
Total operating expenses
268,085

 
136,941

 
146,119

 
162,772

 
192

 
714,109

NOI:
 

 
 

 
 

 
 

 
 

 
 

Same store (1)
372,911

 
223,695

 
216,791

 
281,319

 
—

 
1,094,716

Non-same store/other (2) (3)
101,316

 
26,612

 
10,513

 
27,870

 
(1,873
)
 
164,438

Properties sold – March YTD 2012 (4)
—

 
—

 
—

 
—

 
(13,020
)
 
(13,020
)
Total NOI
$
474,227

 
$
250,307

 
$
227,304

 
$
309,189

 
$
(14,893
)
 
$
1,246,134

 
 
 
 
 
 
 
 
 
 
 
 
Total assets
$
6,539,328

 
$
2,885,791

 
$
2,506,330

 
$
3,385,517

 
$
1,342,337

 
$
16,659,303


(1)
Same store primarily includes all properties acquired or completed and stabilized prior to January 1, 2010, less properties subsequently sold, which represented 101,312 apartment units.
(2)
Non-same store primarily includes properties acquired after January 1, 2010, plus any properties in lease-up and not stabilized as of January 1, 2010.
(3)
Other includes development, condominium conversion overhead of $0.4 million and other corporate operations.
(4)
Properties sold – March YTD 2012 reflects discontinued operations for properties sold during the first three months of 2012.

 
Year Ended December 31, 2010
 
Northeast
 
Northwest
 
Southeast
 
Southwest
 
Other (3)
 
Total
Rental income:
 

 
 

 
 

 
 

 
 

 
 

Same store (1)
$
553,561

 
$
322,427

 
$
342,080

 
$
412,414

 
$
—

 
$
1,630,482

Non-same store/other (2) (3)
95,493

 
18,825

 
9,009

 
13,587

 
(3,604
)
 
133,310

Properties sold – March YTD 2012 (4)
—

 
—

 
—

 
—

 
(19,024
)
 
(19,024
)
Total rental income
649,054

 
341,252

 
351,089

 
426,001

 
(22,628
)
 
1,744,768

Operating expenses:
 

 
 

 
 

 
 

 
 

 
 

Same store (1)
207,131

 
119,797

 
139,550

 
147,732

 
—

 
614,210

Non-same store/other (2) (3)
48,119

 
8,300

 
3,729

 
7,198

 
12,230

 
79,576

Properties sold – March YTD 2012 (4)
—

 
—

 
—

 
—

 
(7,103
)
 
(7,103
)
Total operating expenses
255,250

 
128,097

 
143,279

 
154,930

 
5,127

 
686,683

NOI:
 

 
 

 
 

 
 

 
 

 
 

Same store (1)
346,430

 
202,630

 
202,530

 
264,682

 
—

 
1,016,272

Non-same store/other (2) (3)
47,374

 
10,525

 
5,280

 
6,389

 
(15,834
)
 
53,734

Properties sold – March YTD 2012 (4)
—

 
—

 
—

 
—

 
(11,921
)
 
(11,921
)
Total NOI
$
393,804

 
$
213,155

 
$
207,810

 
$
271,071

 
$
(27,755
)
 
$
1,058,085

 
 
 
 
 
 
 
 
 
 
 
 
Total assets
$
6,158,908

 
$
2,630,850

 
$
2,495,748

 
$
3,140,153

 
$
1,758,535

 
$
16,184,194


(1)
Same store primarily includes all properties acquired or completed and stabilized prior to January 1, 2010, less properties subsequently sold, which represented 101,312 apartment units.
(2)
Non-same store primarily includes properties acquired after January 1, 2010, plus any properties in lease-up and not stabilized as of January 1, 2010.
(3)
Other includes development, condominium conversion overhead of $0.6 million and other corporate operations.
(4)
Properties sold – March YTD 2012 reflects discontinued operations for properties sold during the first three months of 2012.
 
Year Ended December 31, 2009
 
Northeast
 
Northwest
 
Southeast
 
Southwest
 
Other (3)
 
Total
Rental income:
 

 
 

 
 

 
 

 
 

 
 

Same store (1)
$
566,518

 
$
357,502

 
$
383,239

 
$
423,076

 
$
—

 
$
1,730,335

Non-same store/other (2) (3)
23,195

 
2,010

 
4,268

 
16,985

 
69,364

 
115,822

Properties sold in 2011 (4)
—

 
—

 
—

 
—

 
(216,279
)
 
(216,279
)
Properties sold – March YTD 2012 (5)
—

 
—

 
—

 
—

 
(19,409
)
 
(19,409
)
Total rental income
589,713

 
359,512

 
387,507

 
440,061

 
(166,324
)
 
1,610,469

Operating expenses:
 

 
 

 
 

 
 

 
 

 
 

Same store (1)
211,352

 
129,696

 
158,977

 
148,483

 
—

 
648,508

Non-same store/other (2) (3)
12,798

 
1,851

 
1,727

 
9,418

 
68,692

 
94,486

Properties sold in 2011 (4)
—

 
—

 
—

 
—

 
(111,589
)
 
(111,589
)
Properties sold – March YTD 2012 (5)
—

 
—

 
—

 
—

 
(6,762
)
 
(6,762
)
Total operating expenses
224,150

 
131,547

 
160,704

 
157,901

 
(49,659
)
 
624,643

NOI:
 

 
 

 
 

 
 

 
 

 
 

Same store (1)
355,166

 
227,806

 
224,262

 
274,593

 
—

 
1,081,827

Non-same store/other (2) (3)
10,397

 
159

 
2,541

 
7,567

 
672

 
21,336

Properties sold in 2011 (4)
—

 
—

 
—

 
—

 
(104,690
)
 
(104,690
)
Properties sold – March YTD 2012 (5)
—

 
—

 
—

 
—

 
(12,647
)
 
(12,647
)
Total NOI
$
365,563

 
$
227,965

 
$
226,803

 
$
282,160

 
$
(116,665
)
 
$
985,826


(1)
Same store primarily includes all properties acquired or completed and stabilized prior to January 1, 2009, less properties subsequently sold, which represented 112,042 apartment units.
(2)
Non-same store primarily includes properties acquired after January 1, 2009, plus any properties in lease-up and not stabilized as of January 1, 2009.
(3)
Other includes development, condominium conversion overhead of $1.4 million and other corporate operations.
(4)
Reflects discontinued operations for properties sold during 2011.
Reconciliation of NOI 
 
Year Ended December 31,
 
2011
 
2010
 
2009
Rental income
$
1,960,243

 
$
1,744,768

 
$
1,610,469

Property and maintenance expense
(412,233
)
 
(397,573
)
 
(365,448
)
Real estate taxes and insurance expense
(219,743
)
 
(209,023
)
 
(187,895
)
Property management expense
(82,133
)
 
(80,087
)
 
(71,300
)
Total operating expenses
(714,109
)
 
(686,683
)
 
(624,643
)
Net operating income
$
1,246,134

 
$
1,058,085

 
$
985,826



Quarterly Financial Data (Unaudited) (Tables)
Schedule of Quarterly Financial Information [Table Text Block] 
 
 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
2011
 
3/31
 
6/30
 
9/30
 
12/31
Total revenues (1)
 
$
466,356

 
$
484,290

 
$
504,496

 
$
514,127

Operating income (1)
 
115,953

 
141,104

 
147,850

 
159,953

(Loss) income from continuing operations (1)
 
(8,913
)
 
16,298

 
32,287

 
36,771

Discontinued operations, net (1)
 
141,979

 
565,455

 
80,690

 
70,630

Net income *
 
133,066

 
581,753

 
112,977

 
107,401

Net income available to Common Shares
 
123,865

 
552,457

 
104,382

 
99,016

Earnings per share – basic:
 
 

 
 

 
 

 
 

Net income available to Common Shares
 
$
0.42

 
$
1.88

 
$
0.35

 
$
0.33

Weighted average Common Shares outstanding
 
292,895

 
294,663

 
295,831

 
295,990

Earnings per share – diluted:
 
 

 
 

 
 

 
 

Net income available to Common Shares
 
$
0.42

 
$
1.85

 
$
0.35

 
$
0.33

Weighted average Common Shares outstanding
 
292,895

 
312,199

 
312,844

 
312,731


(1)
The amounts presented for 2011 are not equal to the same amounts previously reported in the Form 10-K filed with the SEC on February 24, 2012 as a result of changes in discontinued operations due to additional property sales which occurred throughout the first three months of 2012. Below is a reconciliation to the amounts previously reported in the Form 10-K:

 
 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
2011
 
3/31
 
6/30
 
9/30
 
12/31
Total revenues previously reported in 2011 Form 10-K
 
$
471,230

 
$
489,353

 
$
509,623

 
$
519,257

Total revenues subsequently reclassified to discontinued operations
 
(4,874
)
 
(5,063
)
 
(5,127
)
 
(5,130
)
Total revenues disclosed in Form 8-K
 
$
466,356

 
$
484,290

 
$
504,496

 
$
514,127

 
 
 
 
 
 
 
 
 
Operating income previously reported in 2011 Form 10-K
 
$
117,910

 
$
143,295

 
$
149,979

 
$
162,148

Operating income subsequently reclassified to discontinued operations
 
(1,957
)
 
(2,191
)
 
(2,129
)
 
(2,195
)
Operating income disclosed in Form 8-K
 
$
115,953

 
$
141,104

 
$
147,850

 
$
159,953

 
 
 
 
 
 
 
 
 
(Loss) income from continuing operations previously reported in 2011
   Form 10-K
 
$
(7,569
)
 
$
18,185

 
$
34,416

 
$
38,966

Income from continuing operations subsequently reclassified to
   discontinued operations
 
(1,344
)
 
(1,887
)
 
(2,129
)
 
(2,195
)
(Loss) income from continuing operations disclosed in Form 8-K
 
$
(8,913
)
 
$
16,298

 
$
32,287

 
$
36,771

 
 
 
 
 
 
 
 
 
Discontinued operations, net previously reported in 2011 Form 10-K
 
$
140,635

 
$
563,568

 
$
78,561

 
$
68,435

Discontinued operations, net from properties sold subsequent to the
   respective reporting period
 
1,344

 
1,887

 
2,129

 
2,195

Discontinued operations, net disclosed in Form 8-K
 
$
141,979

 
$
565,455

 
$
80,690

 
$
70,630

 
 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
2010
 
3/31
 
6/30
 
9/30
 
12/31
Total revenues (2)
 
$
416,844

 
$
434,499

 
$
446,934

 
$
455,967

Operating income (2)
 
95,837

 
95,644

 
102,631

 
74,578

(Loss) from continuing operations (2)
 
(22,381
)
 
(13,921
)
 
(2,276
)
 
(49,721
)
Discontinued operations, net (2)
 
80,237

 
24,010

 
32,102

 
247,933

Net income *
 
57,856

 
10,089

 
29,826

 
198,212

Net income available to Common Shares
 
51,863

 
6,343

 
25,166

 
185,870

Earnings per share – basic:
 
 

 
 

 
 

 
 

Net income available to Common Shares
 
$
0.18

 
$
0.02

 
$
0.09

 
$
0.65

Weighted average Common Shares outstanding
 
280,645

 
282,217

 
282,717

 
285,916

Earnings per share – diluted:
 
 

 
 

 
 

 
 

Net income available to Common Shares
 
$
0.18

 
$
0.02

 
$
0.09

 
$
0.65

Weighted average Common Shares outstanding
 
280,645

 
282,217

 
282,717

 
285,916


(2)
The amounts presented for 2010 are not equal to the same amounts previously reported in the Form 10-K filed with the SEC on February 24, 2012 as a result of changes in discontinued operations due to additional property sales which occurred throughout the first three months of 2012. Below is a reconciliation to the amounts previously reported in the Form 10-K:

 
 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
2010
 
3/31
 
6/30
 
9/30
 
12/31
Total revenues previously reported in 2011 Form 10-K
 
$
421,517

 
$
439,258

 
$
451,745

 
$
460,748

Total revenues subsequently reclassified to discontinued operations
 
(4,673
)
 
(4,759
)
 
(4,811
)
 
(4,781
)
Total revenues disclosed in Form 8-K
 
$
416,844

 
$
434,499

 
$
446,934

 
$
455,967

 
 
 
 
 
 
 
 
 
Operating income previously reported in 2011 Form 10-K
 
$
97,540

 
$
97,590

 
$
104,444

 
$
76,503

Operating income subsequently reclassified to discontinued
   operations
 
(1,703
)
 
(1,946
)
 
(1,813
)
 
(1,925
)
Operating income disclosed in Form 8-K
 
$
95,837

 
$
95,644

 
$
102,631

 
$
74,578

 
 
 
 
 
 
 
 
 
(Loss) from continuing operations previously reported in 2011 Form
   10-K
 
$
(21,315
)
 
$
(12,607
)
 
$
(1,088
)
 
$
(48,416
)
Income from continuing operations subsequently reclassified to
    discontinued operations
 
(1,066
)
 
(1,314
)
 
(1,188
)
 
(1,305
)
(Loss) from continuing operations disclosed in Form 8-K
 
$
(22,381
)
 
$
(13,921
)
 
$
(2,276
)
 
$
(49,721
)
 
 
 
 
 
 
 
 
 
Discontinued operations, net previously reported in 2011 Form 10-K
 
$
79,171

 
$
22,696

 
$
30,914

 
$
246,628

Discontinued operations, net from properties sold subsequent to the
    respective reporting period
 
1,066

 
1,314

 
1,188

 
1,305

Discontinued operations, net disclosed in Form 8-K
 
$
80,237

 
$
24,010

 
$
32,102

 
$
247,933

* The Company did not have any extraordinary items or cumulative effect of change in accounting principle during the years ended December 31, 2011 and 2010. Therefore, income before extraordinary items and cumulative effect of change in accounting principle is not shown as it was equal to the net income amounts disclosed above.
Schedule of Quarterly Financial Information [Table Text Block] 
 
 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
2011
 
3/31
 
6/30
 
9/30
 
12/31
Total revenues (1)
 
$
466,356

 
$
484,290

 
$
504,496

 
$
514,127

Operating income (1)
 
115,953

 
141,104

 
147,850

 
159,953

(Loss) income from continuing operations (1)
 
(8,913
)
 
16,298

 
32,287

 
36,771

Discontinued operations, net (1)
 
141,979

 
565,455

 
80,690

 
70,630

Net income *
 
133,066

 
581,753

 
112,977

 
107,401

Net income available to Units
 
129,640

 
578,215

 
109,124

 
103,521

Earnings per Unit – basic:
 
 

 
 

 
 

 
 

Net income available to Units
 
$
0.42

 
$
1.88

 
$
0.35

 
$
0.33

Weighted average Units outstanding
 
306,248

 
307,954

 
308,884

 
309,120

Earnings per Unit – diluted:
 
 

 
 

 
 

 
 

Net income available to Units
 
$
0.42

 
$
1.85

 
$
0.35

 
$
0.33

Weighted average Units outstanding
 
306,248

 
312,199

 
312,844

 
312,731


(1)
The amounts presented for 2011 are not equal to the same amounts previously reported in the Form 10-K filed with the SEC on February 24, 2012 as a result of changes in discontinued operations due to additional property sales which occurred throughout the first three months of 2012. Below is a reconciliation to the amounts previously reported in the Form 10-K:

 
 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
2011
 
3/31
 
6/30
 
9/30
 
12/31
Total revenues previously reported in 2011 Form 10-K
 
$
471,230

 
$
489,353

 
$
509,623

 
$
519,257

Total revenues subsequently reclassified to discontinued operations
 
(4,874
)
 
(5,063
)
 
(5,127
)
 
(5,130
)
Total revenues disclosed in Form 8-K
 
$
466,356

 
$
484,290

 
$
504,496

 
$
514,127

 
 
 
 
 
 
 
 
 
Operating income previously reported in 2011 Form 10-K
 
$
117,910

 
$
143,295

 
$
149,979

 
$
162,148

Operating income subsequently reclassified to discontinued operations
 
(1,957
)
 
(2,191
)
 
(2,129
)
 
(2,195
)
Operating income disclosed in Form 8-K
 
$
115,953

 
$
141,104

 
$
147,850

 
$
159,953

 
 
 
 
 
 
 
 
 
(Loss) income from continuing operations previously reported in 2011
   Form 10-K
 
$
(7,569
)
 
$
18,185

 
$
34,416

 
$
38,966

Income from continuing operations subsequently reclassified to
   discontinued operations
 
(1,344
)
 
(1,887
)
 
(2,129
)
 
(2,195
)
(Loss) income from continuing operations disclosed in Form 8-K
 
$
(8,913
)
 
$
16,298

 
$
32,287

 
$
36,771

 
 
 
 
 
 
 
 
 
Discontinued operations, net previously reported in 2011 Form 10-K
 
$
140,635

 
$
563,568

 
$
78,561

 
$
68,435

Discontinued operations, net from properties sold subsequent to the
   respective reporting period
 
1,344

 
1,887

 
2,129

 
2,195

Discontinued operations, net disclosed in Form 8-K
 
$
141,979

 
$
565,455

 
$
80,690

 
$
70,630

 
 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
2010
 
3/31
 
6/30
 
9/30
 
12/31
Total revenues (2)
 
$
416,844

 
$
434,499

 
$
446,934

 
$
455,967

Operating income (2)
 
95,837

 
95,644

 
102,631

 
74,578

(Loss) from continuing operations (2)
 
(22,381
)
 
(13,921
)
 
(2,276
)
 
(49,721
)
Discontinued operations, net (2)
 
80,237

 
24,010

 
32,102

 
247,933

Net income *
 
57,856

 
10,089

 
29,826

 
198,212

Net income available to Units
 
54,486

 
6,656

 
26,397

 
194,802

Earnings per Unit – basic:
 
 

 
 

 
 

 
 

Net income available to Units
 
$
0.18

 
$
0.02

 
$
0.09

 
$
0.65

Weighted average Units outstanding
 
294,450

 
295,898

 
296,348

 
299,363

Earnings per Unit – diluted:
 
 

 
 

 
 

 
 

Net income available to Units
 
$
0.18

 
$
0.02

 
$
0.09

 
$
0.65

Weighted average Units outstanding
 
294,450

 
295,898

 
296,348

 
299,363


(2)
The amounts presented for 2010 are not equal to the same amounts previously reported in the Form 10-K filed with the SEC on February 24, 2012 as a result of changes in discontinued operations due to additional property sales which occurred throughout the first three months of 2012. Below is a reconciliation to the amounts previously reported in the Form 10-K:

 
 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
2010
 
3/31
 
6/30
 
9/30
 
12/31
Total revenues previously reported in 2011 Form 10-K
 
$
421,517

 
$
439,258

 
$
451,745

 
$
460,748

Total revenues subsequently reclassified to discontinued operations
 
(4,673
)
 
(4,759
)
 
(4,811
)
 
(4,781
)
Total revenues disclosed in Form 8-K
 
$
416,844

 
$
434,499

 
$
446,934

 
$
455,967

 
 
 
 
 
 
 
 
 
Operating income previously reported in 2011 Form 10-K
 
$
97,540

 
$
97,590

 
$
104,444

 
$
76,503

Operating income subsequently reclassified to discontinued
   operations
 
(1,703
)
 
(1,946
)
 
(1,813
)
 
(1,925
)
Operating income disclosed in Form 8-K
 
$
95,837

 
$
95,644

 
$
102,631

 
$
74,578

 
 
 
 
 
 
 
 
 
(Loss) from continuing operations previously reported in 2011 Form
   10-K
 
$
(21,315
)
 
$
(12,607
)
 
$
(1,088
)
 
$
(48,416
)
Income from continuing operations subsequently reclassified to
   discontinued operations
 
(1,066
)
 
(1,314
)
 
(1,188
)
 
(1,305
)
(Loss) from continuing operations disclosed in Form 8-K
 
$
(22,381
)
 
$
(13,921
)
 
$
(2,276
)
 
$
(49,721
)
 
 
 
 
 
 
 
 
 
Discontinued operations, net previously reported in 2011 Form 10-K
 
$
79,171

 
$
22,696

 
$
30,914

 
$
246,628

Discontinued operations, net from properties sold subsequent to the
   respective reporting period
 
1,066

 
1,314

 
1,188

 
1,305

Discontinued operations, net disclosed in Form 8-K
 
$
80,237

 
$
24,010

 
$
32,102

 
$
247,933

* The Operating Partnership did not have any extraordinary items or cumulative effect of change in accounting principle during the years ended December 31, 2011 and 2010. Therefore, income before extraordinary items and cumulative effect of change in accounting principle is not shown as it was equal to the net income amounts disclosed above.
Business (Details)
Dec. 31, 2011
Property/Unit schedule
 
Wholly Owned Properties
404 
Partially Owned Consolidated Properties
21 
Military Housing Properties
2 
Number of Real Estate Properties
427 
Wholly Owned Units
113,157 
Partially Owned Consolidated Units
3,916 
Military Housing Units
4,901 
Number of Units in Real Estate Property
121,974 
Business (Textuals) [Abstract]
 
Noncontrolling Interest, Ownership Percentage by Parent
95.70% 
Number of States in which Entity Operates
15 
Properties having 100% fee simple title
400 
Properties having less than 100% fee simple title
1 
Number of operating properties under long-term ground leases
4 
Number of land parcels under long-term ground leases
1 
Summary of Significant Accounting Policies Summary of Significant Accounting Policies Compensation (Details)
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate
27.10% 
32.40% 
26.80% 
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term
5 
5 
5 
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate
4.56% 
4.85% 
4.68% 
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate
2.27% 
2.29% 
1.89% 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value
$ 8.36 
$ 6.18 
$ 3.38 
Historical Volatility Period Basis
10 
 
 
Stock Option [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value
$ 8.18 
 
 
Summary of Significant Accounting Policies Summary of Significant Accounting Policies Tax (Details) (USD $)
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Deferred Tax Assets, Net
$ 31,700,000 
 
 
Income Tax Expense (Benefit)
728,000 
292,000 
2,716,000 
Discontinued Operation, Tax Effect of Discontinued Operation
(243,000)
86,000 
(1,073,000)
Provision for income, franchise and excise taxes
485,000 
378,000 
1,643,000 
Operating Loss Carryforwards
71,400,000 
 
 
Operating Loss Carryforwards, Expiration Dates
2028 and 2031 
 
 
Tax Treatment Of Dividends And Distributions Ordinary Dividends
$ 0.667 
$ 0.607 
$ 0.807 
Tax Treatment Of Dividends And Distributions Long Term Capital Gain
$ 0.629 
$ 0.622 
$ 0.558 
Tax Treatment Of Dividends And Distributions Unrecaptured Section Twelve Hundred And Fifty Gain
$ 0.284 
$ 0.241 
$ 0.275 
Distributions declared per Common Share outstanding
$ 1.580 
$ 1.470 
$ 1.640 
Land And Depreciable Property Net
$ 11,400,000,000 
$ 10,900,000,000 
 
Summary of Significant Accounting Policies Summary of Significant Accounting Policies Text (Details) (USD $)
0 Months Ended 12 Months Ended
Aug. 17, 2006
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Aug. 18, 2011
Dec. 31, 2008
Aug. 23, 2006
Number Of Unconsolidated Projects
 
2 
 
 
 
 
 
Indirect Ownership Interest Percentage
 
1.00% 
 
 
 
 
 
Value of furniture and fixtures minimum range
 
$ 8,000 
 
 
 
 
 
Value of furniture and fixtures maximum range
 
13,000 
 
 
 
 
 
Accumulated Amortization, Deferred Finance Costs
 
37,672,777 
43,900,000 
 
 
 
 
Common Stock, Par or Stated Value Per Share
 
$ 0.01 
$ 0.01 
 
 
 
 
Partially Owned Consolidated Properties
 
21 
 
 
 
 
 
Partially Owned Consolidated Units
 
3,916 
 
 
 
 
 
Noncontrolling Interests - Partially Owned Properties
 
74,306,000 
7,991,000 
 
 
 
 
Partially Owned Limited Life Partnership Properties
 
6 
 
 
 
 
 
Noncontrolling Interests Settlement Value
 
33,800,000 
 
 
 
 
 
Convertible Debt
 
 
 
 
482,500,000 
 
650,000,000 
Debt Instrument, Interest Rate, Stated Percentage
 
6.95% 
 
 
 
 
3.85% 
Debt Instrument, Convertible, Interest Expense
 
11,800,000 
18,600,000 
20,600,000 
 
 
 
Debt Instrument, Convertible, Effective Interest Rate
5.80% 
 
 
 
 
 
 
Debt Instrument, Convertible, Carrying Amount of Equity Component
 
44,300,000 
44,300,000 
 
 
44,300,000 
44,300,000 
Effect Of Change In Accounting Principle On Earnings Net Of Tax
 
5,000,000 
7,800,000 
10,600,000 
 
 
 
Effect of change in accounting Principle On Earnings Per Share Net Of Tax
 
$ 0.02 
$ 0.03 
$ 0.04 
 
 
 
Retained Earnings Decrease
 
 
 
 
 
27,000,000 
 
Cumulative effect On Notes From Adoption Of Accounting Principle
 
 
 
 
 
17,300,000 
 
Unamortized Cash And Conversion Option Discounts
 
 
$ 5,000,000 
 
 
 
 
Building [Member]
 
 
 
 
 
 
 
Property, Plant and Equipment, Estimated Useful Lives
 
30 
 
 
 
 
 
Furniture and Fixtures [Member]
 
 
 
 
 
 
 
Property, Plant and Equipment, Estimated Useful Lives
 
5 
 
 
 
 
 
Replacements Minimum [Member]
 
 
 
 
 
 
 
Property, Plant and Equipment, Estimated Useful Lives
 
5 
 
 
 
 
 
Replacements Maximum [Member]
 
 
 
 
 
 
 
Property, Plant and Equipment, Estimated Useful Lives
 
10 
 
 
 
 
 
Renovations and Improvements Minimum [Member]
 
 
 
 
 
 
 
Property, Plant and Equipment, Estimated Useful Lives
 
5 
 
 
 
 
 
Renovations and Improvements Maximum [Member]
 
 
 
 
 
 
 
Property, Plant and Equipment, Estimated Useful Lives
 
15 
 
 
 
 
 
Equity, Capital and Other Interests Equity, Capital and Other Interests EQR Common Shares (Details) (USD $)
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Dec. 31, 2008
Common Shares outstanding at January 1,
297,508,185 
290,197,242 
279,959,048 
272,786,760 
Common Shares Issued:
 
 
 
 
Conversion of OP Units
341,594 
884,472 
2,676,002 
 
Issuance of Common Shares
3,866,666 
6,151,198 
3,497,300 
 
Exercise of share options
2,945,948 
2,506,645 
422,713 
 
Employee Share Purchase Plan (ESPP)
113,107 
157,363 
324,394 
 
Restricted Share Grants Net
145,616 
235,767 
298,717 
 
Common Shares Other:
 
 
 
 
Conversion of restricted shares to LTIP Units
(101,988)
0 
0 
 
Repurchased and retired
0 
(58,130)
(47,450)
 
Units
 
 
 
 
Units Issued Conversion Preference Units
 
 
7,517 
 
Common Shares And Units Outstanding
311,000,728 
303,809,279 
294,157,017 
 
Units Ownership Interest in Operating Partnership
4.30% 
4.50% 
4.80% 
 
LTIP Units Issued:
 
 
 
 
Issue Price Per LTIP Unit
$ 0 
$ 0 
$ 0.50 
 
Contribution Value Long Term Incentive Plan Unit
$ 0 
$ 0 
$ 100,000 
 
OP Units Issued:
 
 
 
 
Issue Price Per OP Unit
$ 0 
$ 40.09 
$ 26.50 
 
Issue Price Operating Partnership Unit
0 
8,200,000 
800,000 
 
Conversion Price Per Preference Unit
$ 0 
$ 0 
$ 24.50 
 
Conversion Price Series B Junior Preference Unit
$ 0 
$ 0 
$ 200,000 
 
Series E Preferred Stock [Member]
 
 
 
 
Common Shares Issued:
 
 
 
 
Stock Issued During Period, Shares, Conversion of Convertible Securities
0 
328,363 
612 
 
Series H Preferred Stock [Member]
 
 
 
 
Common Shares Issued:
 
 
 
 
Stock Issued During Period, Shares, Conversion of Convertible Securities
0 
32,516 
0 
 
Limited Partner [Member]
 
 
 
 
Issuance Of Units as consideration
0 
205,648 
32,061 
 
Units
 
 
 
 
Total Units Outstanding
13,492,543 
13,612,037 
14,197,969 
16,679,777 
Issuance Of LTIPs
120,112 
92,892 
154,616 
 
Units Issued Conversion Preference Units
0 
0 
7,517 
 
Shares Issued During Period Shares Conversion Of Units To Common Shares
(341,594)
(884,472)
(2,676,002)
 
Equity, Capital and Other Interests Equity, Capital and Other Interest Redeemable (Details) (USD $)
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Dec. 31, 2008
Redemption Value Redeemable Noncontrolling Interests
$ 416,404,000 
$ 383,540,000 
$ 258,280,000 
$ 264,394,000 
Change in market value
22,714,000 
129,918,000 
14,544,000 
 
Change in carrying value
10,150,000 
(4,658,000)
(20,658,000)
 
Redemption Value Limited Partners
416,404,000 
383,540,000 
258,280,000 
264,394,000 
Limited Partners Change In Redemption Value
22,714,000 
129,918,000 
14,544,000 
 
Limited Partners Change In Carrying Value
$ 10,150,000 
$ (4,658,000)
$ (20,658,000)
 
Equity, Capital and Other Interests Equity, Capital and Other Interests Preferred (Details) (USD $)
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Class of Stock [Line Items]
 
 
Preferred Stock, Shares Authorized
100,000,000 
100,000,000 
Preferred Stock, Par or Stated Value Per Share
$ 0.01 
$ 0.01 
Preferred Units Value Outstanding
$ 200,000,000 
$ 200,000,000 
Preferred Stock, Value, Outstanding
200,000,000 
200,000,000 
Annual Dividend Per Depositary Share
$ 1.62 
 
Series K Preferred Stock [Member]
 
 
Class of Stock [Line Items]
 
 
Preferred Stock Preference Units Issued
1,000,000 
1,000,000 
Preferred Stock Preference Units Outstanding
1,000,000 
1,000,000 
Preferred Stock Preference Units Redemption Price Per Share Unit
$ 50.00 
$ 50.00 
Preferred Stock Preference Units Dividend Rate Percentage
8.29% 
8.29% 
Preferred Stocks Preference Units Redemption Date
Dec. 10, 2026 
 
Annual Dividend Per Preferred Share Preference Unit
$ 4.145 
 
Preferred Units Value Outstanding
50,000,000 
50,000,000 
Preferred Stock, Value, Outstanding
50,000,000 
50,000,000 
Series N Preferred Stock [Member]
 
 
Class of Stock [Line Items]
 
 
Preferred Stock Preference Units Issued
600,000 
600,000 
Preferred Stock Preference Units Outstanding
600,000 
600,000 
Preferred Stock Preference Units Redemption Price Per Share Unit
$ 250.00 
$ 250.00 
Preferred Stock Preference Units Dividend Rate Percentage
6.48% 
6.48% 
Preferred Stocks Preference Units Redemption Date
Jun. 19, 2008 
 
Annual Dividend Per Preferred Share Preference Unit
$ 16.20 
 
Preferred Units Value Outstanding
150,000,000 
150,000,000 
Preferred Stock, Value, Outstanding
$ 150,000,000 
$ 150,000,000 
Equity, Capital and Other Interests Equity, Capital and Other Interests ERP Units (Details) (USD $)
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Dec. 31, 2008
Capital Unit [Line Items]
 
 
 
 
Common Shares And Units Outstanding
311,000,728 
303,809,279 
294,157,017 
 
Issuance of OP Units
3,866,666 
6,151,198 
3,497,300 
 
Exercise of EQR share options
2,945,948 
2,506,645 
422,713 
 
EQR's Employee Share Purchase Plan (ESPP)
113,107 
157,363 
324,394 
 
Restricted Share Grants Net
145,616 
235,767 
298,717 
 
Units Issued Conversion Preference Units
 
 
7,517 
 
Repurchased and retired
0 
(58,130)
(47,450)
 
Conversion of restricted shares to LTIP Units
(101,988)
0 
0 
 
Units Ownership Interest in Operating Partnership
4.30% 
4.50% 
4.80% 
 
Issue Price Per LTIP Unit
$ 0 
$ 0 
$ 0.50 
 
OP Units Issued:
 
 
 
 
Issue Price Per OP Unit
$ 0 
$ 40.09 
$ 26.50 
 
Issue Price Operating Partnership Unit
$ 0 
$ 8,200,000 
$ 800,000 
 
Conversion Price Per Preference Unit
$ 0 
$ 0 
$ 24.50 
 
Conversion Price Series B Junior Preference Unit
$ 0 
$ 0 
$ 200,000 
 
General And Limited Partner [Member]
 
 
 
 
Capital Unit [Line Items]
 
 
 
 
Common Shares And Units Outstanding
311,000,728 
303,809,279 
294,157,017 
289,466,537 
Issuance of OP Units
3,866,666 
6,151,198 
3,497,300 
 
Exercise of EQR share options
2,945,948 
2,506,645 
422,713 
 
EQR's Employee Share Purchase Plan (ESPP)
113,107 
157,363 
324,394 
 
Restricted Share Grants Net
145,616 
235,767 
298,717 
 
Issuance Of LTIPs
120,112 
92,892 
154,616 
 
Issuance Of Units as consideration
0 
205,648 
32,061 
 
Units Issued Conversion Preference Units
0 
0 
7,517 
 
Repurchased and retired
0 
(58,130)
(47,450)
 
Series E Preferred Stock [Member]
 
 
 
 
Capital Unit [Line Items]
 
 
 
 
Conversion of convertible securities
0 
328,363 
612 
 
Series H Preferred Stock [Member]
 
 
 
 
Capital Unit [Line Items]
 
 
 
 
Conversion of convertible securities
0 
32,516 
0 
 
Limited Partner [Member]
 
 
 
 
Capital Unit [Line Items]
 
 
 
 
Issuance Of LTIPs
120,112 
92,892 
154,616 
 
Issuance Of Units as consideration
0 
205,648 
32,061 
 
Units Issued Conversion Preference Units
0 
0 
7,517 
 
Total Units Outstanding
13,492,543 
13,612,037 
14,197,969 
16,679,777 
Conversion of restricted shares to LTIP Units
101,988 
0 
0 
 
Shares Issued During Period Shares Conversion Of Units To Common Shares
(341,594)
(884,472)
(2,676,002)
 
Equity, Capital and Other Interests Equity, Capital and Other Interests Text (Details) (USD $)
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Dec. 31, 2008
Aug. 23, 2006
Debt Instrument, Convertible, Carrying Amount of Equity Component
$ 44,300,000 
$ 44,300,000 
 
$ 44,300,000 
$ 44,300,000 
Additional Common Shares Authorized
9,172,314 
 
 
 
 
Common Stock Capital Shares Reserved For Future Issuance Under Share Offering Program
17,000,000 
 
 
 
 
Common Shares Added To Atm Program
5,700,000 
 
 
 
 
Stock Issued During Period, Shares, New Issues
3,866,666 
6,200,000 
3,500,000 
 
 
Average Price Per Common Share Issued
$ 52.23 
$ 47.45 
$ 35.38 
 
 
Stock Issued During Period, Value, New Issues
201,941,887 
291,900,000 
123,700,000 
 
 
Units Issued During Period New Issues
3,866,666 
6,200,000 
3,500,000 
 
 
Shares not settled
505,438 
 
1,100,000 
 
 
Consideration From Shares Not Settled
28,456,929 
 
37,600,000 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized
12,980,741 
 
 
 
 
Stock Repurchase Program, Remaining Authorized Repurchase Amount
464,600,000 
 
 
 
 
Repurchased and retired
0 
(58,130)
(47,450)
 
 
Treasury Stock Acquired, Average Cost Per Share
 
$ 32.46 
$ 23.69 
 
 
Value Of Stock Repurchased And Retired
 
1,900,000 
1,100,000 
 
 
Preference Units Converted
 
 
7,367 
 
 
Units Issued Conversion Preference Units
 
 
7,517 
 
 
Annual Divident Per Unit
 
 
$ 1.17 
 
 
Issuance Of Units To Noncontrolling Interests
 
188,571 
 
 
 
Price Per Unit Issued
 
$ 39.15 
 
 
 
Proceeds from Issuance of Common Limited Partners Units
 
7,400,000 
 
 
 
Contract Value Per Op Unit
 
$ 35.00 
 
 
 
Partially Owned Properties Acquired Properties
3 
2 
5 
 
 
Partially Owned Units Acquired Units
1,351 
432 
1,587 
 
 
Business Acquisition, Cost of Acquired Entity, Purchase Price
1,597,111,000 
1,554,570,000 
9,200,000 
 
 
Reduction Of Paid In Capital
4,800,000 
16,900,000 
1,500,000 
 
 
Reduction In Partially Owned Properties
8,000,000 
200,000 
11,700,000 
 
 
Partially owned development projects acquired from outside partner
 
1 
 
 
 
Land parcels acquired from outside partner
 
1 
 
 
 
Issuance Of Units To Noncontrolling Interests to Buyout Interest
 
1,129 
32,061 
 
 
Issue Price Operating Partnership Unit
0 
8,200,000 
800,000 
 
 
partially owned properties increase in ownership number of properties
 
3 
2 
 
 
Issuance Price OP Units to Increase Ownership
 
800,000 
800,000 
 
 
Cash Consideration Equity Buyout
 
15,300,000 
2,100,000 
 
 
Reduction In Other Liabilities
 
200,000 
 
 
 
General And Limited Partner [Member]
 
 
 
 
 
Repurchased and retired
0 
(58,130)
(47,450)
 
 
Units Issued Conversion Preference Units
0 
0 
7,517 
 
 
Partner Buyout [Member]
 
 
 
 
 
Business Acquisition, Cost of Acquired Entity, Purchase Price
12,800,000 
700,000 
 
 
 
Issue Price Operating Partnership Unit
 
50,000 
 
 
 
Joint Venture Partner [Member]
 
 
 
 
 
Business Acquisition, Cost of Acquired Entity, Purchase Price
$ 75,700,000 
 
 
 
 
Issuance Of Units To Noncontrolling Interests to Buyout Interest
 
15,948 
 
 
 
Real Estate Real Estate Values (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
Land
$ 4,367,816 
$ 4,110,275 
Depreciable property Abstract
 
 
Investment Building and Building Improvements
14,262,616 
13,995,121 
Fixtures and Equipment, Gross
1,292,124 
1,231,391 
Development in Process
160,190 
130,337 
Land Available for Development
325,200 
235,247 
Investment in real estate
20,407,946 
19,702,371 
Real Estate Investment Property, Accumulated Depreciation
(4,539,583)
(4,337,357)
Investment in real estate, net
15,868,363 
15,365,014 
Projects under development [Member]
 
 
Depreciable property Abstract
 
 
Land Under Development
75,646 
28,260 
Development in Process
84,544 
102,077 
Land held for development [Member]
 
 
Depreciable property Abstract
 
 
Development in Process
26,104 
36,782 
Land Available for Development
$ 299,096 
$ 198,465 
Real Estate Real Estate Acquisitions (Details) (USD $)
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Acquired Properties
21 
16 
 
Units - acquired
6,198 
4,445 
 
Business Acquisition, Cost of Acquired Entity, Purchase Price
$ 1,597,111,000 
$ 1,554,570,000 
$ 9,200,000 
Land purchase price
76,100,000 
 
 
Business Acquisition, Percentage of Voting Interests Acquired
 
75.00% 
 
Consolidated Rental Properties [Member]
 
 
 
Acquired Properties
21 
16 
 
Units - acquired
6,198 
4,445 
 
Business Acquisition, Cost of Acquired Entity, Purchase Price
1,383,048,000 
1,485,701,000 
 
Land Parcel [Member]
 
 
 
Land parcels acquired
7 
6 
 
Units - acquired
0 
0 
 
Business Acquisition, Cost of Acquired Entity, Purchase Price
202,313,000 
68,869,000 
 
Unaffiliated Parties [Member]
 
 
 
Acquired Properties
0 
 
 
Units - acquired
0 
 
 
Business Acquisition, Cost of Acquired Entity, Purchase Price
11,750,000 
 
 
Joint Venture Partner [Member]
 
 
 
Business Acquisition, Cost of Acquired Entity, Purchase Price
75,700,000 
 
 
Land purchase price
57,900,000 
 
 
Unconsolidated Rental Properties [Member]
 
 
 
Units - acquired
 
1,811 
 
Business Acquisition, Cost of Acquired Entity, Purchase Price
 
$ 105,100,000 
 
Unconsolidated Properties Acquired
 
7 
 
Real Estate Real Estate Dispositions (Details) (USD $)
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Disposed Properties
47 
63 
 
Disposed Units
14,345 
13,448 
 
Proceeds From Sale Of Property
$ 1,505,025,000 
$ 1,140,491,000 
 
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax
826,489,000 
297,956,000 
335,299,000 
Net (loss) gain on sales of land parcels
4,217,000 
(1,395,000)
0 
Equity Method Investment, Ownership Percentage
20.00% 
25.00% 
 
Equity Method Investment, Realized Gain (Loss) on Disposal
0 
28,101,000 
10,689,000 
Consolidated Rental Properties [Member]
 
 
 
Disposed Properties
47 
35 
 
Disposed Units
14,345 
7,171 
 
Proceeds From Sale Of Property
1,482,239,000 
718,352,000 
 
Land Parcel [Member]
 
 
 
Disposed Land Parcels
1 
1 
 
Disposed Units
0 
0 
 
Proceeds From Sale Of Property
22,786,000 
4,000,000 
 
Unconsolidated Rental Properties [Member]
 
 
 
Disposed Properties
 
27 
 
Disposed Units
 
6,275 
 
Proceeds From Sale Of Property
 
417,779,000 
 
Equity Method Investment, Realized Gain (Loss) on Disposal
 
28,101,000 
 
Condominium Conversion Properties [Member]
 
 
 
Disposed Properties
 
1 
 
Disposed Units
 
2 
 
Proceeds From Sale Of Property
 
$ 360,000 
 
Commitments to Acquire/Dispose of Real Estate (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2011
Commitments to Acquire Real Estate
 
Properties Acquired-Total
2 
Land Parcels Contracted to be Acquired
0 
Rental Units Acquired - Total
648 
Purchase Price - Total
$ 294,200 
Commitments to Dispose of Real Estate
 
Properties Disposed - Total
6 
Rental Units Disposed-Total
1,169 
Sales price-Rental Properties
127,075 
Rental Properties to be acquired [Member]
 
Commitments to Acquire Real Estate
 
Properties Acquired-Total
2 
Rental Units Acquired - Total
648 
Purchase Price - Total
241,000 
Land Parcel [Member]
 
Commitments to Acquire Real Estate
 
Land Parcels Contracted to be Acquired
3 
Rental Units Acquired - Total
0 
Purchase Price - Total
53,200 
Rental Properties Disposed of [Member]
 
Commitments to Dispose of Real Estate
 
Properties Disposed - Total
6 
Rental Units Disposed-Total
1,169 
Sales price-Rental Properties
$ 127,075 
Investments in Partially Owned Entities (Details) (USD $)
3 Months Ended 12 Months Ended 24 Months Ended
Dec. 31, 2011
Sep. 30, 2011
Jun. 30, 2011
Mar. 31, 2011
Dec. 31, 2010
Sep. 30, 2010
Jun. 30, 2010
Mar. 31, 2010
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Dec. 31, 2011
Dec. 31, 2008
Partially Owned Property Balance Sheet Schedule
 
 
 
 
 
 
 
 
 
 
 
 
 
Partially Owned Consolidated Properties
21 
 
 
 
 
 
 
 
21 
 
 
21 
 
Partially Owned Consolidated Units
3,916 
 
 
 
 
 
 
 
3,916 
 
 
3,916 
 
ASSETS
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment in real estate
$ 20,407,946,000 
 
 
 
$ 19,702,371,000 
 
 
 
$ 20,407,946,000 
$ 19,702,371,000 
 
$ 20,407,946,000 
 
Accumulated depreciation
(4,539,583,000)
 
 
 
(4,337,357,000)
 
 
 
(4,539,583,000)
(4,337,357,000)
 
(4,539,583,000)
 
Investment in real estate, net
15,868,363,000 
 
 
 
15,365,014,000 
 
 
 
15,868,363,000 
15,365,014,000 
 
15,868,363,000 
 
Cash and cash equivalents
383,921,000 
 
 
 
431,408,000 
 
 
 
383,921,000 
431,408,000 
193,288,000 
383,921,000 
890,794,000 
Deposits - restricted
152,237,000 
 
 
 
180,987,000 
 
 
 
152,237,000 
180,987,000 
 
152,237,000 
 
Escrow deposits - mortgage
10,692,000 
 
 
 
12,593,000 
 
 
 
10,692,000 
12,593,000 
 
10,692,000 
 
Deferred financing costs, net
44,608,000 
 
 
 
42,033,000 
 
 
 
44,608,000 
42,033,000 
 
44,608,000 
 
Other assets
187,155,000 
 
 
 
148,992,000 
 
 
 
187,155,000 
148,992,000 
 
187,155,000 
 
Total assets
16,659,303,000 
 
 
 
16,184,194,000 
 
 
 
16,659,303,000 
16,184,194,000 
 
16,659,303,000 
 
LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Debt
4,111,487,000 
 
 
 
4,762,896,000 
 
 
 
4,111,487,000 
4,762,896,000 
 
4,111,487,000 
 
Accounts payable and accrued expenses
35,206,000 
 
 
 
39,452,000 
 
 
 
35,206,000 
39,452,000 
 
35,206,000 
 
Accrued interest payable
88,121,000 
 
 
 
98,631,000 
 
 
 
88,121,000 
98,631,000 
 
88,121,000 
 
Other liabilities
291,289,000 
 
 
 
304,202,000 
 
 
 
291,289,000 
304,202,000 
 
291,289,000 
 
Security deposits
65,286,000 
 
 
 
60,812,000 
 
 
 
65,286,000 
60,812,000 
 
65,286,000 
 
Total liabilities
10,380,042,000 
 
 
 
10,592,078,000 
 
 
 
10,380,042,000 
10,592,078,000 
 
10,380,042,000 
 
Noncontrolling Interests - Partially Owned Properties
74,306,000 
 
 
 
7,991,000 
 
 
 
74,306,000 
7,991,000 
 
74,306,000 
 
Total liabilities and equity
16,659,303,000 
 
 
 
16,184,194,000 
 
 
 
16,659,303,000 
16,184,194,000 
 
16,659,303,000 
 
Partially Owned Property Income Statement Schedule
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating revenue
 
 
 
 
 
 
 
 
1,969,269,000 
1,754,244,000 
1,620,815,000 
 
 
Depreciation
 
 
 
 
 
 
 
 
642,415,000 
608,612,000 
514,200,000 
 
 
General and administrative/other
 
 
 
 
 
 
 
 
43,606,000 
39,881,000 
38,985,000 
 
 
Operating income
159,953,000 
147,850,000 
141,104,000 
115,953,000 
74,578,000 
102,631,000 
95,644,000 
95,837,000 
564,860,000 
368,690,000 
424,518,000 
 
 
Interest and Other Income
 
 
 
 
 
 
 
 
7,977,000 
5,166,000 
16,578,000 
 
 
Interest:
 
 
 
 
 
 
 
 
 
 
 
 
 
Expense incurred, net
 
 
 
 
 
 
 
 
(468,320,000)
(465,792,000)
(490,670,000)
 
 
Amortization of Financing Costs
 
 
 
 
 
 
 
 
(17,006,000)
(10,114,000)
(12,327,000)
 
 
Income (loss) before income and other taxes, (loss) from investments in unconsolidated entities, net gain (loss) on sales of unconsolidated entities and land parcels and discontinued operations
 
 
 
 
 
 
 
 
72,954,000 
(113,978,000)
(68,378,000)
 
 
Income and other tax (expense) benefit
 
 
 
 
 
 
 
 
(728,000)
(292,000)
(2,716,000)
 
 
Net gain (loss) on sales of land parcels
 
 
 
 
 
 
 
 
4,217,000 
(1,395,000)
0 
 
 
Net gain on sales of discontinued operations
 
 
 
 
 
 
 
 
826,489,000 
297,956,000 
335,299,000 
 
 
Net income
107,401,000 
112,977,000 
581,753,000 
133,066,000 
198,212,000 
29,826,000 
10,089,000 
57,856,000 
935,197,000 
295,983,000 
382,029,000 
 
 
Investments In Partially Owned Entities (Textuals) [Abstract]
 
 
 
 
 
 
 
 
 
 
 
 
 
Joint Venture Partner Ownership Percentage
80.00% 
 
 
 
 
 
 
 
80.00% 
 
 
80.00% 
 
Number of Joint Ventures
2 
 
 
 
 
 
 
 
2 
 
 
2 
 
Partners Payments To Acquire Equity Method Investments
 
 
 
 
 
 
 
 
 
 
 
40,100,000 
 
Equity Method Investment, Ownership Percentage
20.00% 
 
 
 
25.00% 
 
 
 
20.00% 
25.00% 
 
20.00% 
 
Project Cost
232,800,000 
 
 
 
 
 
 
 
232,800,000 
 
 
232,800,000 
 
Number of joint venture loans
2 
 
 
 
 
 
 
 
2 
 
 
2 
 
Equity Method Investment Remaining Funding Obligation
5,400,000 
 
 
 
 
 
 
 
5,400,000 
 
 
5,400,000 
 
Land purchase price
76,100,000 
 
 
 
 
 
 
 
76,100,000 
 
 
76,100,000 
 
Business Acquisition, Cost of Acquired Entity, Purchase Price
1,597,111,000 
 
 
 
1,554,570,000 
 
 
 
1,597,111,000 
1,554,570,000 
9,200,000 
1,597,111,000 
 
Business Acquisition, Cost of Acquired Entity, Transaction Costs
400,000 
 
 
 
 
 
 
 
400,000 
 
 
400,000 
 
Restricted deposits on real estate investments
43,970,000 
 
 
 
0 
 
 
 
43,970,000 
0 
 
43,970,000 
 
Acquired 75% equity interest
 
 
 
 
75.00% 
 
 
 
 
75.00% 
 
 
 
Units - acquired
 
 
 
 
 
 
 
 
6,198 
4,445 
 
 
 
Payment to Acquire Additional Interest in Unconsolidated Properties
 
 
 
 
 
 
 
 
2,021,000 
0 
0 
 
 
Disposed properties
 
 
 
 
 
 
 
 
47 
63 
 
 
 
Disposed units
 
 
 
 
 
 
 
 
14,345 
13,448 
 
 
 
Payment from its partners
 
 
 
 
 
 
 
 
1,505,025,000 
1,140,491,000 
 
 
 
Variable Interest Entity Joint Venture Partner Ownership Percentage
50.00% 
 
 
 
 
 
 
 
50.00% 
 
 
50.00% 
 
Consolidated Development Projects Held for and or Under Development [Member]
 
 
 
 
 
 
 
 
 
 
 
 
 
Partially Owned Property Balance Sheet Schedule
 
 
 
 
 
 
 
 
 
 
 
 
 
Partially Owned Consolidated Properties
0 
 
 
 
 
 
 
 
0 
 
 
0 
 
Partially Owned Consolidated Units
0 
 
 
 
 
 
 
 
0 
 
 
0 
 
ASSETS
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment in real estate
160,732,000 
 
 
 
 
 
 
 
160,732,000 
 
 
160,732,000 
 
Accumulated depreciation
0 
 
 
 
 
 
 
 
0 
 
 
0 
 
Investment in real estate, net
160,732,000 
 
 
 
 
 
 
 
160,732,000 
 
 
160,732,000 
 
Cash and cash equivalents
1,638,000 
 
 
 
 
 
 
 
1,638,000 
 
 
1,638,000 
 
Deposits - restricted
43,970,000 
 
 
 
 
 
 
 
43,970,000 
 
 
43,970,000 
 
Escrow deposits - mortgage
0 
 
 
 
 
 
 
 
0 
 
 
0 
 
Deferred financing costs, net
0 
 
 
 
 
 
 
 
0 
 
 
0 
 
Other assets
3,554,000 
 
 
 
 
 
 
 
3,554,000 
 
 
3,554,000 
 
Total assets
209,894,000 
 
 
 
 
 
 
 
209,894,000 
 
 
209,894,000 
 
LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Debt
0 
 
 
 
 
 
 
 
0 
 
 
0 
 
Accounts payable and accrued expenses
202,000 
 
 
 
 
 
 
 
202,000 
 
 
202,000 
 
Accrued interest payable
0 
 
 
 
 
 
 
 
0 
 
 
0 
 
Other liabilities
1,275,000 
 
 
 
 
 
 
 
1,275,000 
 
 
1,275,000 
 
Security deposits
0 
 
 
 
 
 
 
 
0 
 
 
0 
 
Total liabilities
1,477,000 
 
 
 
 
 
 
 
1,477,000 
 
 
1,477,000 
 
Noncontrolling Interests - Partially Owned Properties
78,090,000 
 
 
 
 
 
 
 
78,090,000 
 
 
78,090,000 
 
EQR equity
130,327,000 
 
 
 
 
 
 
 
130,327,000 
 
 
130,327,000 
 
Total equity
208,417,000 
 
 
 
 
 
 
 
208,417,000 
 
 
208,417,000 
 
Total liabilities and equity
209,894,000 
 
 
 
 
 
 
 
209,894,000 
 
 
209,894,000 
 
Debt-Secured:
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Ownership
0 
 
 
 
 
 
 
 
0 
 
 
0 
 
Noncontrolling Ownership
0 
 
 
 
 
 
 
 
0 
 
 
0 
 
Partially Owned Property Income Statement Schedule
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating revenue
 
 
 
 
 
 
 
 
0 
 
 
 
 
Real Estate Operating Expenses
 
 
 
 
 
 
 
 
249,000 
 
 
 
 
Net operating (loss) income
 
 
 
 
 
 
 
 
(249,000)
 
 
 
 
Depreciation
 
 
 
 
 
 
 
 
0 
 
 
 
 
General and administrative/other
 
 
 
 
 
 
 
 
152,000 
 
 
 
 
Operating income
 
 
 
 
 
 
 
 
(401,000)
 
 
 
 
Interest and Other Income
 
 
 
 
 
 
 
 
6,000 
 
 
 
 
Other Nonoperating Income (Expense)
 
 
 
 
 
 
 
 
(487,000)
 
 
 
 
Interest:
 
 
 
 
 
 
 
 
 
 
 
 
 
Expense incurred, net
 
 
 
 
 
 
 
 
(399,000)
 
 
 
 
Amortization of Financing Costs
 
 
 
 
 
 
 
 
0 
 
 
 
 
Income (loss) before income and other taxes, (loss) from investments in unconsolidated entities, net gain (loss) on sales of unconsolidated entities and land parcels and discontinued operations
 
 
 
 
 
 
 
 
(1,281,000)
 
 
 
 
Income and other tax (expense) benefit
 
 
 
 
 
 
 
 
(57,000)
 
 
 
 
Net gain (loss) on sales of land parcels
 
 
 
 
 
 
 
 
4,217,000 
 
 
 
 
Net gain on sales of discontinued operations
 
 
 
 
 
 
 
 
169,000 
 
 
 
 
Net income
 
 
 
 
 
 
 
 
3,048,000 
 
 
 
 
Consolidated Development Projects Completed and Stabalized [Member]
 
 
 
 
 
 
 
 
 
 
 
 
 
Partially Owned Property Balance Sheet Schedule
 
 
 
 
 
 
 
 
 
 
 
 
 
Partially Owned Consolidated Properties
2 
 
 
 
 
 
 
 
2 
 
 
2 
 
Partially Owned Consolidated Units
441 
 
 
 
 
 
 
 
441 
 
 
441 
 
ASSETS
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment in real estate
114,584,000 
 
 
 
 
 
 
 
114,584,000 
 
 
114,584,000 
 
Accumulated depreciation
(12,228,000)
 
 
 
 
 
 
 
(12,228,000)
 
 
(12,228,000)
 
Investment in real estate, net
102,356,000 
 
 
 
 
 
 
 
102,356,000 
 
 
102,356,000 
 
Cash and cash equivalents
1,503,000 
 
 
 
 
 
 
 
1,503,000 
 
 
1,503,000 
 
Deposits - restricted
2,272,000 
 
 
 
 
 
 
 
2,272,000 
 
 
2,272,000 
 
Escrow deposits - mortgage
60,000 
 
 
 
 
 
 
 
60,000 
 
 
60,000 
 
Deferred financing costs, net
65,000 
 
 
 
 
 
 
 
65,000 
 
 
65,000 
 
Other assets
140,000 
 
 
 
 
 
 
 
140,000 
 
 
140,000 
 
Total assets
106,396,000 
 
 
 
 
 
 
 
106,396,000 
 
 
106,396,000 
 
LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Debt
33,419,000 
 
 
 
 
 
 
 
33,419,000 
 
 
33,419,000 
 
Accounts payable and accrued expenses
1,073,000 
 
 
 
 
 
 
 
1,073,000 
 
 
1,073,000 
 
Accrued interest payable
104,000 
 
 
 
 
 
 
 
104,000 
 
 
104,000 
 
Other liabilities
79,000 
 
 
 
 
 
 
 
79,000 
 
 
79,000 
 
Security deposits
102,000 
 
 
 
 
 
 
 
102,000 
 
 
102,000 
 
Total liabilities
34,777,000 
 
 
 
 
 
 
 
34,777,000 
 
 
34,777,000 
 
Noncontrolling Interests - Partially Owned Properties
1,079,000 
 
 
 
 
 
 
 
1,079,000 
 
 
1,079,000 
 
EQR equity
70,540,000 
 
 
 
 
 
 
 
70,540,000 
 
 
70,540,000 
 
Total equity
71,619,000 
 
 
 
 
 
 
 
71,619,000 
 
 
71,619,000 
 
Total liabilities and equity
106,396,000 
 
 
 
 
 
 
 
106,396,000 
 
 
106,396,000 
 
Debt-Secured:
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Ownership
33,419,000 
 
 
 
 
 
 
 
33,419,000 
 
 
33,419,000 
 
Noncontrolling Ownership
0 
 
 
 
 
 
 
 
0 
 
 
0 
 
Partially Owned Property Income Statement Schedule
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating revenue
 
 
 
 
 
 
 
 
8,961,000 
 
 
 
 
Real Estate Operating Expenses
 
 
 
 
 
 
 
 
3,868,000 
 
 
 
 
Net operating (loss) income
 
 
 
 
 
 
 
 
5,093,000 
 
 
 
 
Depreciation
 
 
 
 
 
 
 
 
4,163,000 
 
 
 
 
General and administrative/other
 
 
 
 
 
 
 
 
6,000 
 
 
 
 
Operating income
 
 
 
 
 
 
 
 
924,000 
 
 
 
 
Interest and Other Income
 
 
 
 
 
 
 
 
6,000 
 
 
 
 
Other Nonoperating Income (Expense)
 
 
 
 
 
 
 
 
0 
 
 
 
 
Interest:
 
 
 
 
 
 
 
 
 
 
 
 
 
Expense incurred, net
 
 
 
 
 
 
 
 
(3,229,000)
 
 
 
 
Amortization of Financing Costs
 
 
 
 
 
 
 
 
(382,000)
 
 
 
 
Income (loss) before income and other taxes, (loss) from investments in unconsolidated entities, net gain (loss) on sales of unconsolidated entities and land parcels and discontinued operations
 
 
 
 
 
 
 
 
(2,681,000)
 
 
 
 
Income and other tax (expense) benefit
 
 
 
 
 
 
 
 
0 
 
 
 
 
Net gain (loss) on sales of land parcels
 
 
 
 
 
 
 
 
0 
 
 
 
 
Net gain on sales of discontinued operations
 
 
 
 
 
 
 
 
0 
 
 
 
 
Net income
 
 
 
 
 
 
 
 
(2,681,000)
 
 
 
 
Consolidated Other [Member]
 
 
 
 
 
 
 
 
 
 
 
 
 
Partially Owned Property Balance Sheet Schedule
 
 
 
 
 
 
 
 
 
 
 
 
 
Partially Owned Consolidated Properties
19 
 
 
 
 
 
 
 
19 
 
 
19 
 
Partially Owned Consolidated Units
3,475 
 
 
 
 
 
 
 
3,475 
 
 
3,475 
 
ASSETS
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment in real estate
449,140,000 
 
 
 
 
 
 
 
449,140,000 
 
 
449,140,000 
 
Accumulated depreciation
(144,305,000)
 
 
 
 
 
 
 
(144,305,000)
 
 
(144,305,000)
 
Investment in real estate, net
304,835,000 
 
 
 
 
 
 
 
304,835,000 
 
 
304,835,000 
 
Cash and cash equivalents
15,578,000 
 
 
 
 
 
 
 
15,578,000 
 
 
15,578,000 
 
Deposits - restricted
15,177,000 
 
 
 
 
 
 
 
15,177,000 
 
 
15,177,000 
 
Escrow deposits - mortgage
0 
 
 
 
 
 
 
 
0 
 
 
0 
 
Deferred financing costs, net
1,179,000 
 
 
 
 
 
 
 
1,179,000 
 
 
1,179,000 
 
Other assets
144,000 
 
 
 
 
 
 
 
144,000 
 
 
144,000 
 
Total assets
336,913,000 
 
 
 
 
 
 
 
336,913,000 
 
 
336,913,000 
 
LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Debt
200,337,000 
 
 
 
 
 
 
 
200,337,000 
 
 
200,337,000 
 
Accounts payable and accrued expenses
818,000 
 
 
 
 
 
 
 
818,000 
 
 
818,000 
 
Accrued interest payable
782,000 
 
 
 
 
 
 
 
782,000 
 
 
782,000 
 
Other liabilities
1,139,000 
 
 
 
 
 
 
 
1,139,000 
 
 
1,139,000 
 
Security deposits
1,491,000 
 
 
 
 
 
 
 
1,491,000 
 
 
1,491,000 
 
Total liabilities
204,567,000 
 
 
 
 
 
 
 
204,567,000 
 
 
204,567,000 
 
Noncontrolling Interests - Partially Owned Properties
(4,863,000)
 
 
 
 
 
 
 
(4,863,000)
 
 
(4,863,000)
 
EQR equity
137,209,000 
 
 
 
 
 
 
 
137,209,000 
 
 
137,209,000 
 
Total equity
132,346,000 
 
 
 
 
 
 
 
132,346,000 
 
 
132,346,000 
 
Total liabilities and equity
336,913,000 
 
 
 
 
 
 
 
336,913,000 
 
 
336,913,000 
 
Debt-Secured:
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Ownership
159,068,000 
 
 
 
 
 
 
 
159,068,000 
 
 
159,068,000 
 
Noncontrolling Ownership
41,269,000 
 
 
 
 
 
 
 
41,269,000 
 
 
41,269,000 
 
Partially Owned Property Income Statement Schedule
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating revenue
 
 
 
 
 
 
 
 
57,916,000 
 
 
 
 
Real Estate Operating Expenses
 
 
 
 
 
 
 
 
19,115,000 
 
 
 
 
Net operating (loss) income
 
 
 
 
 
 
 
 
38,801,000 
 
 
 
 
Depreciation
 
 
 
 
 
 
 
 
15,117,000 
 
 
 
 
General and administrative/other
 
 
 
 
 
 
 
 
123,000 
 
 
 
 
Operating income
 
 
 
 
 
 
 
 
23,561,000 
 
 
 
 
Interest and Other Income
 
 
 
 
 
 
 
 
10,000 
 
 
 
 
Other Nonoperating Income (Expense)
 
 
 
 
 
 
 
 
(39,000)
 
 
 
 
Interest:
 
 
 
 
 
 
 
 
 
 
 
 
 
Expense incurred, net
 
 
 
 
 
 
 
 
(11,295,000)
 
 
 
 
Amortization of Financing Costs
 
 
 
 
 
 
 
 
(366,000)
 
 
 
 
Income (loss) before income and other taxes, (loss) from investments in unconsolidated entities, net gain (loss) on sales of unconsolidated entities and land parcels and discontinued operations
 
 
 
 
 
 
 
 
11,871,000 
 
 
 
 
Income and other tax (expense) benefit
 
 
 
 
 
 
 
 
(6,000)
 
 
 
 
Net gain (loss) on sales of land parcels
 
 
 
 
 
 
 
 
0 
 
 
 
 
Net gain on sales of discontinued operations
 
 
 
 
 
 
 
 
13,259,000 
 
 
 
 
Net income
 
 
 
 
 
 
 
 
25,124,000 
 
 
 
 
Partially Owned Properties [Member]
 
 
 
 
 
 
 
 
 
 
 
 
 
ASSETS
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment in real estate
724,456,000 
 
 
 
 
 
 
 
724,456,000 
 
 
724,456,000 
 
Accumulated depreciation
(156,533,000)
 
 
 
 
 
 
 
(156,533,000)
 
 
(156,533,000)
 
Investment in real estate, net
567,923,000 
 
 
 
 
 
 
 
567,923,000 
 
 
567,923,000 
 
Cash and cash equivalents
18,719,000 
 
 
 
 
 
 
 
18,719,000 
 
 
18,719,000 
 
Deposits - restricted
61,419,000 
 
 
 
 
 
 
 
61,419,000 
 
 
61,419,000 
 
Escrow deposits - mortgage
60,000 
 
 
 
 
 
 
 
60,000 
 
 
60,000 
 
Deferred financing costs, net
1,244,000 
 
 
 
 
 
 
 
1,244,000 
 
 
1,244,000 
 
Other assets
3,838,000 
 
 
 
 
 
 
 
3,838,000 
 
 
3,838,000 
 
Total assets
653,203,000 
 
 
 
 
 
 
 
653,203,000 
 
 
653,203,000 
 
LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Debt
233,756,000 
 
 
 
 
 
 
 
233,756,000 
 
 
233,756,000 
 
Accounts payable and accrued expenses
2,093,000 
 
 
 
 
 
 
 
2,093,000 
 
 
2,093,000 
 
Accrued interest payable
886,000 
 
 
 
 
 
 
 
886,000 
 
 
886,000 
 
Other liabilities
2,493,000 
 
 
 
 
 
 
 
2,493,000 
 
 
2,493,000 
 
Security deposits
1,593,000 
 
 
 
 
 
 
 
1,593,000 
 
 
1,593,000 
 
Total liabilities
240,821,000 
 
 
 
 
 
 
 
240,821,000 
 
 
240,821,000 
 
Noncontrolling Interests - Partially Owned Properties
74,306,000 
 
 
 
 
 
 
 
74,306,000 
 
 
74,306,000 
 
EQR equity
338,076,000 
 
 
 
 
 
 
 
338,076,000 
 
 
338,076,000 
 
Total equity
412,382,000 
 
 
 
 
 
 
 
412,382,000 
 
 
412,382,000 
 
Total liabilities and equity
653,203,000 
 
 
 
 
 
 
 
653,203,000 
 
 
653,203,000 
 
Debt-Secured:
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Ownership
192,487,000 
 
 
 
 
 
 
 
192,487,000 
 
 
192,487,000 
 
Noncontrolling Ownership
41,269,000 
 
 
 
 
 
 
 
41,269,000 
 
 
41,269,000 
 
Partially Owned Property Income Statement Schedule
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating revenue
 
 
 
 
 
 
 
 
66,877,000 
 
 
 
 
Real Estate Operating Expenses
 
 
 
 
 
 
 
 
23,232,000 
 
 
 
 
Net operating (loss) income
 
 
 
 
 
 
 
 
43,645,000 
 
 
 
 
Depreciation
 
 
 
 
 
 
 
 
19,280,000 
 
 
 
 
General and administrative/other
 
 
 
 
 
 
 
 
281,000 
 
 
 
 
Operating income
 
 
 
 
 
 
 
 
24,084,000 
 
 
 
 
Interest and Other Income
 
 
 
 
 
 
 
 
22,000 
 
 
 
 
Other Nonoperating Income (Expense)
 
 
 
 
 
 
 
 
(526,000)
 
 
 
 
Interest:
 
 
 
 
 
 
 
 
 
 
 
 
 
Expense incurred, net
 
 
 
 
 
 
 
 
(14,923,000)
 
 
 
 
Amortization of Financing Costs
 
 
 
 
 
 
 
 
(748,000)
 
 
 
 
Income (loss) before income and other taxes, (loss) from investments in unconsolidated entities, net gain (loss) on sales of unconsolidated entities and land parcels and discontinued operations
 
 
 
 
 
 
 
 
7,909,000 
 
 
 
 
Income and other tax (expense) benefit
 
 
 
 
 
 
 
 
(63,000)
 
 
 
 
Net gain (loss) on sales of land parcels
 
 
 
 
 
 
 
 
4,217,000 
 
 
 
 
Net gain on sales of discontinued operations
 
 
 
 
 
 
 
 
13,428,000 
 
 
 
 
Net income
 
 
 
 
 
 
 
 
25,491,000 
 
 
 
 
Unconsolidated Properties [Member]
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments In Partially Owned Entities (Textuals) [Abstract]
 
 
 
 
 
 
 
 
 
 
 
 
 
Unconsolidated Properties Acquired
 
 
 
 
 
 
 
 
 
7 
 
 
 
Units - acquired
 
 
 
 
 
 
 
 
 
1,811 
 
 
 
Payment to Acquire Additional Interest in Unconsolidated Properties
 
 
 
 
 
 
 
 
 
30,000,000 
 
 
 
Early repayment of debt
 
 
 
 
70,000,000 
 
 
 
 
70,000,000 
 
 
 
Disposed properties
 
 
 
 
 
 
 
 
 
24 
 
 
 
Disposed units
 
 
 
 
 
 
 
 
 
5,635 
 
 
 
Payment from its partners
 
 
 
 
 
 
 
 
 
25,400,000 
 
 
 
Unconsolidated debt maturities repayments of principal after eight months
 
 
 
 
264,800,000 
 
 
 
 
264,800,000 
 
 
 
Joint Venture Partner [Member]
 
 
 
 
 
 
 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
 
 
 
 
Noncontrolling Interests - Partially Owned Properties
75,800,000 
 
 
 
 
 
 
 
75,800,000 
 
 
75,800,000 
 
Investments In Partially Owned Entities (Textuals) [Abstract]
 
 
 
 
 
 
 
 
 
 
 
 
 
Land purchase price
57,900,000 
 
 
 
 
 
 
 
57,900,000 
 
 
57,900,000 
 
Business Acquisition, Cost of Acquired Entity, Purchase Price
75,700,000 
 
 
 
 
 
 
 
75,700,000 
 
 
75,700,000 
 
Business Acquisition, Cost of Acquired Entity, Transaction Costs
300,000 
 
 
 
 
 
 
 
300,000 
 
 
300,000 
 
Restricted deposits on real estate investments
17,500,000 
 
 
 
 
 
 
 
17,500,000 
 
 
17,500,000 
 
Company's Portion [Member]
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments In Partially Owned Entities (Textuals) [Abstract]
 
 
 
 
 
 
 
 
 
 
 
 
 
Business Acquisition, Cost of Acquired Entity, Purchase Price
102,500,000 
 
 
 
 
 
 
 
102,500,000 
 
 
102,500,000 
 
Restricted deposits on real estate investments
$ 26,000,000 
 
 
 
 
 
 
 
$ 26,000,000 
 
 
$ 26,000,000 
 
Deposits - Restricted Deposits - Restricted Values (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
Restricted Cash and Cash Equivalents Items [Line Items]
 
 
Tax Deferred Exchange Proceeds
$ 53,668 
$ 103,887 
Earnest Money On Acquisitions
7,882 
9,264 
Restricted Deposits On Debt
2,370 
18,966 
Restricted deposits on real estate investments
43,970 
0 
Resident security and utility deposits
40,403 
40,745 
Other Restricted Cash
3,944 
8,125 
Restricted Cash and Cash Equivalents
$ 152,237 
$ 180,987 
Debt Mortgage Notes Payable (Details) (USD $)
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Debt Instrument [Line Items]
 
 
 
Debt Instrument, Face Amount
$ 1,000,000,000 
$ 600,000,000 
$ 500,000,000 
Total Debt
4,111,487,000 
4,762,896,000 
 
Proceeds from (Repayments of) Debt
991,700,000 
652,100,000 
 
Mortgage Loans on Real Estate, New Mortgage Loans
190,900,000 
173,600,000 
 
Assumed mortgage debt
158,200,000 
359,100,000 
 
Properties acquired
21 
16 
 
Write-off of unamortized deferred financing costs
4,400,000 
 
 
Various period of outstanding mortgage indebtedness
September 1, 2048 
September 1, 2048 
 
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum
0.05% 
0.21% 
 
Interest rate range to maximum
11.25% 
11.25% 
 
Weighted Average Mortgage Debt Interest Rate
4.84% 
4.79% 
 
Historical cost, net of accumulated depreciation, of encumbered properties
4,900,000,000 
5,600,000,000 
 
$ 40.0 million of Released debt
 
40,000,000 
 
Properties disposed
 
2 
 
Prepayment penalities of unamortized deferred financing costs
 
2,500,000 
 
Payments of Debt Extinguishment Costs
 
1,000,000 
 
Term Loan [Member]
 
 
 
Debt Instrument [Line Items]
 
 
 
Debt Instrument, Face Amount
500,000,000 
 
 
Unconsolidated Properties [Member]
 
 
 
Debt Instrument [Line Items]
 
 
 
Total Debt
 
112,600,000 
 
Unconsolidated Properties Acquired
 
7 
 
Early Repayment Of Debt
 
70,000,000 
 
Cash collateral held by the lender
 
42,600,000 
 
Credit enhanced debt [Member]
 
 
 
Debt Instrument [Line Items]
 
 
 
Total Debt
$ 455,600,000 
$ 543,400,000 
 
Properties Acquired with Debt [Member]
 
 
 
Debt Instrument [Line Items]
 
 
 
Properties acquired
5 
7 
 
Debt Notes (Details) (USD $)
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Aug. 23, 2006
Debt Instrument [Line Items]
 
 
 
 
Notional Amount of Interest Rate Derivatives
$ 300,000,000 
$ 300,000,000 
 
 
Debt Instrument, Face Amount
1,000,000,000 
600,000,000 
500,000,000 
 
Debt Instrument, Interest Rate, Stated Percentage
6.95% 
 
 
3.85% 
Summary of Company's unsecured note balances and certain interest rate and maturity date information
 
 
 
 
Notes, net
5,609,574,000 
5,185,180,000 
 
 
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum
0.05% 
0.21% 
 
 
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum
11.25% 
11.25% 
 
 
Five Point Two Zero Percentage Fixed Rate Tax Exempt Notes [Member]
 
 
 
 
Debt Instrument [Line Items]
 
 
 
 
Debt Instrument, Face Amount
400,000,000 
 
 
 
Debt Instrument, Interest Rate, Stated Percentage
5.20% 
 
 
 
Debt Instrument, Maturity Date
Apr. 01, 2013 
 
 
 
Fixed Rate Public or Private Notes [Member]
 
 
 
 
Summary of Company's unsecured note balances and certain interest rate and maturity date information
 
 
 
 
Notes, net
4,803,191,000 
4,375,860,000 
 
 
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum
4.625% 
3.85% 
 
 
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum
7.57% 
7.57% 
 
 
Weighted Average Interest Rate
5.84% 
5.78% 
 
 
Debt Instrument, Maturity Date Range, Start
2012 
2011 
 
 
Debt Instrument, Maturity Date Range, End
2016 
2016 
 
 
Floating Rate Public or Private Notes [Member]
 
 
 
 
Summary of Company's unsecured note balances and certain interest rate and maturity date information
 
 
 
 
Notes, net
$ 806,383,000 
$ 809,320,000 
 
 
Weighted Average Interest Rate
1.67% 
1.72% 
 
 
Debt Instrument, Maturity Date Range, Start
2012 
2011 
 
 
Debt Instrument, Maturity Date Range, End
2013 
2013 
 
 
Debt Notes (Details) [Textuals] (USD $)
12 Months Ended 12 Months Ended 0 Months Ended 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Aug. 18, 2011
Aug. 23, 2006
Dec. 31, 2011
Six Point Nine Five Percentage Fixed Rate Public Notes At Par Value [Member]
Dec. 31, 2011
$1.0 Billion notes due 2021 [Member]
Aug. 17, 2006
Convertible Debt [Member]
Aug. 18, 2011
Convertible Debt [Member]
Aug. 23, 2006
Convertible Debt [Member]
Dec. 31, 2011
Term Loan [Member]
Dec. 31, 2010
4.75% Fixed Rate Public Notes [Member]
Dec. 31, 2011
Four Point Six Two Five Fixed Rate Public Notes [Member]
Debt Instrument [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
Repayments of Notes Payable
$ 575,641,000 
$ 0 
$ 850,115,000 
 
 
$ 93,100,000 
 
 
 
 
 
 
 
Stated interest rate
6.95% 
 
 
 
3.85% 
 
4.625% 
 
 
3.85% 
 
4.75% 
 
Unsecured Notes, face amount
1,000,000,000 
600,000,000 
500,000,000 
 
 
 
 
 
 
 
500,000,000 
600,000,000 
1,000,000,000 
Maturity period of interest rate notes
 
 
 
 
 
 
 
Aug. 15, 2026 
 
 
Oct. 05, 2012 
 
 
Convertible Debt
 
 
 
482,500,000 
650,000,000 
 
 
 
482,500,000 
650,000,000 
 
 
 
Proceeds
996,190,000 
595,422,000 
0 
 
 
 
996,200,000 
 
 
 
 
595,400,000 
 
Effective interest rate of notes
 
 
 
 
 
 
6.20% 
 
 
 
 
5.09% 
 
Bridge Loan Principal Amount
1,000,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Instrument, Fee Amount
2,625,000 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Instrument, Increase, Additional Borrowings
 
 
 
 
 
 
 
 
 
 
250,000,000 
 
 
Senior unsecured term loan bearing variable interest rate
 
 
 
 
 
 
 
 
 
 
0.50% 
 
 
Convertible senior subordinated notes conversion ratio
 
 
 
 
 
 
 
16.3934 
 
 
 
 
 
Convertible senior subordinated notes, base conversion price
 
 
 
 
 
 
 
 
 
$ 1,000 
 
 
 
Debt instrument convertible conversion price per share
 
 
 
 
 
 
 
 
 
$ 61.00 
 
 
 
Debt Lines of Credit (Details) (USD $)
12 Months Ended
Feb. 24, 2012
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2011
$1.25 billion LOC [Member]
Dec. 31, 2010
$1.425 Billion LOC [Member]
Line of Credit Facility [Line Items]
 
 
 
 
 
Unsecured revolving credit facility
$ 1,750,000,000 
 
 
$ 1,250,000,000 
$ 1,425,000,000 
Line of Credit Maturity
 
 
 
Jul. 13, 2014 
Feb. 01, 2012 
500.0 million ability to increase
 
 
 
500,000,000 
 
Advances under credit facility, rate plus spread
 
 
 
1.15% 
 
Line of Credit Facility, Commitment Fee Percentage
 
 
 
0.20% 
 
Write Off Of Unamortized Deferred Financing Costs
 
 
 
 
200,000 
Remaining borrowing capacity
 
 
 
1,220,000,000 
1,280,000,000 
Line of Credit Facility, Amount Outstanding
 
0 
0 
 
 
Amount restricted/dedicated to support letters of credit
 
 
 
31,800,000 
147,300,000 
Weighted average interest rate on revolving letter of credit
 
 
 
1.42% 
0.66% 
Line of credit commitment by bankrupt financial institution now unavailable
 
 
 
 
$ 75,000,000 
Debt Other (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2011
Debt Instrument [Line Items]
 
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months
$ 1,161,582 
Long-term Debt, Maturities, Repayments of Principal in Year Two
579,675 
Long-term Debt, Maturities, Repayments of Principal in Year Three
588,340 
Long-term Debt, Maturities, Repayments of Principal in Year Four
418,900 
Long-term Debt, Maturities, Repayments of Principal in Year Five
1,190,038 
Long-term Debt, Maturities, Repayments of Principal after Year Five
5,782,526 
Total Secured and Unsecured Debt
$ 9,721,061 
Derivative and Other Fair Value Instruments (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2011
Fair Value Hedges [Member]
 
Derivative [Line Items]
 
Current Notional Balance
$ 315,693 
Lowest Possible Notional
315,693 
Highest Possible Notional
317,694 
Lowest Interest Rate
2.009% 
Highest Interest Rate
4.80% 
Earliest Maturity Date
2012 
Latest Maturity Date
2013 
Forward Starting Swaps [Member]
 
Derivative [Line Items]
 
Current Notional Balance
200,000 
Lowest Possible Notional
200,000 
Highest Possible Notional
$ 200,000 
Lowest Interest Rate
3.478% 
Highest Interest Rate
4.695% 
Earliest Maturity Date
2023 
Latest Maturity Date
2023 
Derivative and Other Fair Value Instruments (Details 1) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
Derivatives, Fair Value [Line Items]
 
 
Derivative asset, fair value
$ 8,972 
$ 12,521 
Derivative Assets
 
3,276 
Fair Value Of Serp Investments
71,426 
58,132 
Other Assets, Fair Value Disclosure
1,550 
1,194 
Assets, Fair Value Disclosure
81,948 
75,123 
Derivative liability, fair value
32,278 
37,756 
Derivative Liabilities
 
1,322 
Other Liabilities, Fair Value Disclosure
71,426 
58,132 
Liabilities, Fair Value Disclosure
103,704 
97,210 
Redeemable Noncontrolling Interest Operating Partnership Liability Fair Value Disclosure
416,404 
383,540 
Fair Value, Inputs, Level 1 [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative asset, fair value
0 
0 
Derivative Assets
 
0 
Fair Value Of Serp Investments
71,426 
58,132 
Other Assets, Fair Value Disclosure
1,550 
1,194 
Assets, Fair Value Disclosure
72,976 
59,326 
Derivative liability, fair value
0 
0 
Derivative Liabilities
 
0 
Other Liabilities, Fair Value Disclosure
71,426 
58,132 
Liabilities, Fair Value Disclosure
71,426 
58,132 
Redeemable Noncontrolling Interest Operating Partnership Liability Fair Value Disclosure
0 
0 
Fair Value, Inputs, Level 2 [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative asset, fair value
8,972 
12,521 
Derivative Assets
 
3,276 
Fair Value Of Serp Investments
0 
0 
Other Assets, Fair Value Disclosure
0 
0 
Assets, Fair Value Disclosure
8,972 
15,797 
Derivative liability, fair value
32,278 
37,756 
Derivative Liabilities
 
1,322 
Other Liabilities, Fair Value Disclosure
0 
0 
Liabilities, Fair Value Disclosure
32,278 
39,078 
Redeemable Noncontrolling Interest Operating Partnership Liability Fair Value Disclosure
416,404 
383,540 
Fair Value, Inputs, Level 3 [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative asset, fair value
0 
0 
Derivative Assets
 
0 
Fair Value Of Serp Investments
0 
0 
Other Assets, Fair Value Disclosure
0 
0 
Assets, Fair Value Disclosure
0 
0 
Derivative liability, fair value
0 
0 
Derivative Liabilities
 
0 
Other Liabilities, Fair Value Disclosure
0 
0 
Liabilities, Fair Value Disclosure
0 
0 
Redeemable Noncontrolling Interest Operating Partnership Liability Fair Value Disclosure
$ 0 
$ 0 
Derivative and Other Fair Value Instruments (Details 2) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Derivatives, Fair Value [Line Items]
 
 
 
Amount of Gain/(Loss) Recognized in Income on Derivative
$ (3,549)
$ 7,335 
$ (1,167)
Amount of Gain/ (Loss) Recognized in Income on Hedged Item
3,549 
(7,335)
1,167 
Interest Rate Swap [Member]
 
 
 
Derivatives, Fair Value [Line Items]
 
 
 
Amount of Gain/(Loss) Recognized in Income on Derivative
(3,549)
7,335 
(1,167)
Amount of Gain/ (Loss) Recognized in Income on Hedged Item
$ 3,549 
$ (7,335)
$ 1,167 
Hedged Item
Fixed rate debt 
Fixed rate debt 
 
Derivative and Other Fair Value Instruments (Details 3) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
Effective Portion - Amount of Gain/ (Loss) Recognized in OCI on Derivative
$ (143,768)
$ (65,894)
$ 37,676 
Effective Portion - Amount of Gain/ (Loss) Reclassified from Accumulated OCI into Income
(4,343)
(3,338)
(3,724)
Ineffective Portion - Amount of Gain/ (Loss) Reclassifed from Accumulated OCI into Income
(170)
0 
0 
Forward Starting Swaps/Treasury Locks [Member]
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
Effective Portion - Amount of Gain/ (Loss) Recognized in OCI on Derivative
(145,090)
(68,149)
34,432 
Effective Portion - Amount of Gain/ (Loss) Reclassified from Accumulated OCI into Income
(4,343)
(3,338)
(3,724)
Ineffective Portion - Amount of Gain/ (Loss) Reclassifed from Accumulated OCI into Income
(170)
0 
 
Development Interest Rate Swaps/Caps [Member]
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
Effective Portion - Amount of Gain/ (Loss) Recognized in OCI on Derivative
1,322 
2,255 
3,244 
Effective Portion - Amount of Gain/ (Loss) Reclassified from Accumulated OCI into Income
0 
0 
 
Ineffective Portion - Amount of Gain/ (Loss) Reclassifed from Accumulated OCI into Income
$ 0 
$ 0 
 
Derivative and Other Fair Value Instruments (Details 4) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Available for Sale
 
 
Other assets, amortized cost
$ 675 
$ 675 
Other assets, Unrealized Gains
875 
519 
Other assets, Unrealized Losses
0 
0 
Other assets, Book/Fair value
1,550 
1,194 
Interest and Other income
0 
61 
FDIC-insured certificates of deposit [Member]
 
 
Available for Sale
 
 
Other assets, amortized cost
 
0 
Other assets, Unrealized Gains
 
0 
Other assets, Unrealized Losses
 
0 
Other assets, Book/Fair value
 
0 
Interest and Other income
 
61 
Other Available-for-Sale Securities [Member]
 
 
Available for Sale
 
 
Other assets, amortized cost
675 
675 
Other assets, Unrealized Gains
875 
519 
Other assets, Unrealized Losses
0 
0 
Other assets, Book/Fair value
1,550 
1,194 
Interest and Other income
$ 0 
$ 0 
Derivative and Other Fair Value Instruments (Details Textuals) (USD $)
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Aug. 23, 2006
Derivative [Line Items]
 
 
 
 
Property, Plant, and Equipment, Fair Value Disclosure
 
$ 56,000,000 
 
 
Assets, Fair Value Disclosure, Nonrecurring
 
56,000,000 
 
 
Asset Impairment Charges
 
45,380,000 
 
 
Secured Debt
4,111,487,000 
4,762,896,000 
 
 
Notes, net
5,609,574,000 
5,185,180,000 
 
 
Fair value of mortgage notes payable
4,300,000,000 
4,700,000,000 
 
 
Fair value of unsecured notes payable including line of credit
6,000,000,000 
5,500,000,000 
 
 
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss)
197,600,000 
58,300,000 
 
 
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net
19,500,000 
 
 
 
Debt Instrument, Face Amount
1,000,000,000 
600,000,000 
500,000,000 
 
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net
(170,000)
0 
0 
 
Interest Expense, Debt
468,320,000 
465,792,000 
490,670,000 
 
Derivative Instruments, Gain Recognized in Other Comprehensive Income (Loss), Effective Portion
(143,768,000)
(65,894,000)
37,676,000 
 
Debt Instrument, Interest Rate, Stated Percentage
6.95% 
 
 
3.85% 
Discontinuation of cash flow hedge number of contract
 
 
6 
 
Proceeds from sale of investment securities
0 
25,000,000 
215,753,000 
 
Gain on sale of investment securities
0 
0 
4,943,000 
 
Fair Value, Inputs, Level 1 [Member]
 
 
 
 
Derivative [Line Items]
 
 
 
 
Property, Plant, and Equipment, Fair Value Disclosure
 
0 
 
 
Assets, Fair Value Disclosure, Nonrecurring
 
0 
 
 
Fair Value, Inputs, Level 2 [Member]
 
 
 
 
Derivative [Line Items]
 
 
 
 
Property, Plant, and Equipment, Fair Value Disclosure
 
0 
 
 
Assets, Fair Value Disclosure, Nonrecurring
 
0 
 
 
Fair Value, Inputs, Level 3 [Member]
 
 
 
 
Derivative [Line Items]
 
 
 
 
Property, Plant, and Equipment, Fair Value Disclosure
 
56,000,000 
 
 
Assets, Fair Value Disclosure, Nonrecurring
 
56,000,000 
 
 
Impairment in Value of Asset [Member]
 
 
 
 
Derivative [Line Items]
 
 
 
 
Asset Impairment Charges
 
45,380,000 
 
 
Four Point Six Two Five Fixed Rate Public Notes [Member]
 
 
 
 
Derivative [Line Items]
 
 
 
 
Receipt on discontinuation of cash flow hedge
153,182,000 
 
 
 
Debt Instrument, Face Amount
1,000,000,000 
 
 
 
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net
200,000 
 
 
 
Interest Expense, Debt
5,900,000 
 
 
 
Derivative Instruments, Gain Recognized in Other Comprehensive Income (Loss), Effective Portion
147,100,000 
 
 
 
4.75% Fixed Rate Public Notes [Member]
 
 
 
 
Derivative [Line Items]
 
 
 
 
Receipt on discontinuation of cash flow hedge
 
10,000,000 
400,000 
 
Interest Expense, Debt
 
 
200,000 
 
Debt Instrument, Interest Rate, Stated Percentage
 
 
4.75% 
 
Five Point One Nine Fixed Rate Public Notes [Member]
 
 
 
 
Derivative [Line Items]
 
 
 
 
Receipt on discontinuation of cash flow hedge
 
 
$ 10,800,000 
 
Earnings Per Share (Details) (USD $)
3 Months Ended 12 Months Ended
Dec. 31, 2011
Sep. 30, 2011
Jun. 30, 2011
Mar. 31, 2011
Dec. 31, 2010
Sep. 30, 2010
Jun. 30, 2010
Mar. 31, 2010
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Aug. 18, 2011
Aug. 23, 2006
Numerator for net income per share - basic and diluted
 
 
 
 
 
 
 
 
 
 
 
 
 
(Loss) income from continuing operations
$ 36,771,000 
$ 32,287,000 
$ 16,298,000 
$ (8,913,000)
$ (49,721,000)
$ (2,276,000)
$ (13,921,000)
$ (22,381,000)
$ 76,443,000 
$ (88,299,000)
$ (63,220,000)
 
 
Income (Loss) Attributable to Noncontrolling Interest
 
 
 
 
 
 
 
 
(2,738,000)
4,732,000 
4,273,000 
 
 
Net (income) attributable to Noncontrolling Interests - Partially Owned Properties
 
 
 
 
 
 
 
 
(832,000)
726,000 
558,000 
 
 
Net income attributable to Preference Interests and Units
 
 
 
 
 
 
 
 
0 
0 
(9,000)
 
 
Preferred distributions
 
 
 
 
 
 
 
 
(13,865,000)
(14,368,000)
(14,479,000)
 
 
Income (Loss) from Continuing Operations Attributable to Parent
 
 
 
 
 
 
 
 
59,008,000 
(97,209,000)
(72,877,000)
 
 
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent
 
 
 
 
 
 
 
 
820,712,000 
366,451,000 
420,671,000 
 
 
Numerator for net income per share - basic and diluted
 
 
 
 
 
 
 
 
879,720,000 
269,242,000 
347,794,000 
 
 
Income From Continuing Operations Available To Common Shares
 
 
 
 
 
 
 
 
61,746,000 
 
 
 
 
Discontinued operations, net
70,630,000 
80,690,000 
565,455,000 
141,979,000 
247,933,000 
32,102,000 
24,010,000 
80,237,000 
858,754,000 
384,282,000 
445,249,000 
 
 
Denominator for net income per share - basic and diluted
 
 
 
 
 
 
 
 
920,500,000 
269,242,000 
347,794,000 
 
 
Weighted Average Number of Shares Outstanding, Basic
295,990,000 
295,831,000 
294,663,000 
292,895,000 
285,916,000 
282,717,000 
282,217,000 
280,645,000 
294,856,000 
282,888,000 
273,609,000 
 
 
Dilutive Op Units
 
 
 
 
 
 
 
 
13,206,000 
 
 
 
 
Dilutive Securities, Effect on Basic Earnings Per Share, Including Options
 
 
 
 
 
 
 
 
4,003,000 
 
 
 
 
Weighted average Common Shares outstanding
312,731,000 
312,844,000 
312,199,000 
292,895,000 
285,916,000 
282,717,000 
282,217,000 
280,645,000 
312,065,000 
282,888,000 
273,609,000 
 
 
Net income available to Common Shares
$ 0.33 
$ 0.35 
$ 1.88 
$ 0.42 
$ 0.65 
$ 0.09 
$ 0.02 
$ 0.18 
$ 2.984 
$ 0.952 
$ 1.271 
 
 
Net income per share - diluted
$ 0.33 
$ 0.35 
$ 1.85 
$ 0.42 
$ 0.65 
$ 0.09 
$ 0.02 
$ 0.18 
$ 2.950 
$ 0.952 
$ 1.271 
 
 
Net income per share - basic:
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (Loss) from Continuing Operations, Per Basic Share
 
 
 
 
 
 
 
 
$ 0.200 
$ (0.344)
$ (0.266)
 
 
Income (Loss) from Discontinued Operations, Net of Tax, Per Basic Share
 
 
 
 
 
 
 
 
$ 2.784 
$ 1.296 
$ 1.537 
 
 
Net income available to Common Shares
$ 0.33 
$ 0.35 
$ 1.88 
$ 0.42 
$ 0.65 
$ 0.09 
$ 0.02 
$ 0.18 
$ 2.984 
$ 0.952 
$ 1.271 
 
 
Net income per share - diluted:
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (Loss) from Continuing Operations, Per Diluted Share
 
 
 
 
 
 
 
 
$ 0.198 
$ (0.344)
$ (0.266)
 
 
Income (Loss) from Discontinued Operations, Net of Tax, Per Diluted Share
 
 
 
 
 
 
 
 
$ 2.752 
$ 1.296 
$ 1.537 
 
 
Net income per share - diluted
$ 0.33 
$ 0.35 
$ 1.85 
$ 0.42 
$ 0.65 
$ 0.09 
$ 0.02 
$ 0.18 
$ 2.950 
$ 0.952 
$ 1.271 
 
 
Distributions declared per Common Share outstanding
 
 
 
 
 
 
 
 
$ 1.580 
$ 1.470 
$ 1.640 
 
 
Earnings Per Share (Textuals) [Abstract]
 
 
 
 
 
 
 
 
 
 
 
 
 
Convertible preferred shares
 
 
 
 
 
 
 
 
0 
325,103 
402,501 
 
 
Convertible Notes, outstanding
 
 
 
 
 
 
 
 
 
 
 
482,500,000 
650,000,000 
Allocation Of Net Income Loss To Non Controlling Interests Partially Owned Properties
 
 
 
 
 
 
 
 
(832,000)
726,000 
558,000 
 
 
Dividend preference units
 
 
 
 
 
 
 
 
(13,865,000)
(14,368,000)
(14,479,000)
 
 
Income Loss From Continuing Operations Available To Units
 
 
 
 
 
 
 
 
61,746,000 
(101,941,000)
(77,150,000)
 
 
Net Income loss available to Op unitholders basic diluted numerator
 
 
 
 
 
 
 
 
920,500,000 
282,341,000 
368,099,000 
 
 
Weighted Average Limited Partnership and General Partnership Units Outstanding, Basic
 
 
 
 
 
 
 
 
308,062,000 
296,527,000 
289,167,000 
 
 
Dilutive Securities, Effect on Basic Earnings Per Share, Including Options
 
 
 
 
 
 
 
 
4,003,000 
 
 
 
 
Weighted Average Number Of Limited Partnership And General Partnership Unit Outstanding Diluted
 
 
 
 
 
 
 
 
312,065,000 
296,527,000 
289,167,000 
 
 
Distributions Per Limited Partnership and General Partnership Unit, Outstanding, Basic
 
 
 
 
 
 
 
 
$ 1.580 
$ 1.470 
$ 1.640 
 
 
Operating Partnership [Member]
 
 
 
 
 
 
 
 
 
 
 
 
 
Numerator for net income per share - basic and diluted
 
 
 
 
 
 
 
 
 
 
 
 
 
(Loss) income from continuing operations
36,771,000 
32,287,000 
16,298,000 
(8,913,000)
(49,721,000)
(2,276,000)
(13,921,000)
(22,381,000)
 
 
 
 
 
Discontinued operations, net
70,630,000 
80,690,000 
565,455,000 
141,979,000 
247,933,000 
32,102,000 
24,010,000 
80,237,000 
 
 
 
 
 
Earnings Per Share (Textuals) [Abstract]
 
 
 
 
 
 
 
 
 
 
 
 
 
Convertible preferred shares
 
 
 
 
 
 
 
 
0 
325,103 
402,501 
 
 
Weighted Average Limited Partnership and General Partnership Units Outstanding, Basic
309,120,000 
308,884,000 
307,954,000 
306,248,000 
299,363,000 
296,348,000 
295,898,000 
294,450,000 
 
 
 
 
 
Weighted Average Number Of Limited Partnership And General Partnership Unit Outstanding Diluted
312,731,000 
312,844,000 
312,199,000 
306,248,000 
299,363,000 
296,348,000 
295,898,000 
294,450,000 
 
 
 
 
 
Net Income (Loss), Per Outstanding Limited Partnership and General Partnership Unit, Basic
$ 0.33 
$ 0.35 
$ 1.88 
$ 0.42 
$ 0.65 
$ 0.09 
$ 0.02 
$ 0.18 
 
 
 
 
 
Net Income Loss Per Outstanding Limited Partnership And General Partnership Units Diluted
$ 0.33 
$ 0.35 
$ 1.85 
$ 0.42 
$ 0.65 
$ 0.09 
$ 0.02 
$ 0.18 
 
 
 
 
 
OPERATING PARTNERSHIP
 
 
 
 
 
 
 
 
 
 
 
 
 
Numerator for net income per share - basic and diluted
 
 
 
 
 
 
 
 
 
 
 
 
 
(Loss) income from continuing operations
 
 
 
 
 
 
 
 
76,443,000 
(88,299,000)
(63,220,000)
 
 
Net (income) attributable to Noncontrolling Interests - Partially Owned Properties
 
 
 
 
 
 
 
 
(832,000)
726,000 
558,000 
 
 
Net income attributable to Preference Interests and Units
 
 
 
 
 
 
 
 
0 
0 
(9,000)
 
 
Discontinued operations, net
 
 
 
 
 
 
 
 
$ 858,754,000 
$ 384,282,000 
$ 445,249,000 
 
 
Earnings Per Share (Textuals) [Abstract]
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted Average Limited Partnership and General Partnership Units Outstanding, Basic
 
 
 
 
 
 
 
 
308,062,000 
296,527,000 
289,167,000 
 
 
Weighted Average Number Of Limited Partnership And General Partnership Unit Outstanding Diluted
 
 
 
 
 
 
 
 
312,065,000 
296,527,000 
289,167,000 
 
 
Net Income (Loss), Per Outstanding Limited Partnership and General Partnership Unit, Basic
 
 
 
 
 
 
 
 
$ 2.984 
$ 0.952 
$ 1.271 
 
 
Net Income Loss Per Outstanding Limited Partnership And General Partnership Units Diluted
 
 
 
 
 
 
 
 
$ 2.950 
$ 0.952 
$ 1.271 
 
 
Income Losses From Continuing Operations Per Outstanding Limited Partnership And General Partnership Unit Basic
 
 
 
 
 
 
 
 
$ 0.200 
$ (0.344)
$ (0.266)
 
 
Income (Loss) from Discontinued Operations, Net of Tax, Per Outstanding Limited Partnership and General Partnership Unit, Basic
 
 
 
 
 
 
 
 
$ 2.784 
$ 1.296 
$ 1.537 
 
 
Income Loss From Continuing Operations Per Outstanding Limited Partnership And General Partnership Units Diluted
 
 
 
 
 
 
 
 
$ 0.198 
$ (0.344)
$ (0.266)
 
 
Income Loss From Discontinued Operations Net Of Tax Per Outstanding Limited Partnership And General Partnership nit Diluted
 
 
 
 
 
 
 
 
$ 2.752 
$ 1.296 
$ 1.537 
 
 
Discontinued Operations (Details) (USD $)
3 Months Ended 12 Months Ended
Dec. 31, 2011
Sep. 30, 2011
Jun. 30, 2011
Mar. 31, 2011
Dec. 31, 2010
Sep. 30, 2010
Jun. 30, 2010
Mar. 31, 2010
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
REVENUES
 
 
 
 
 
 
 
 
 
 
 
Rental income
 
 
 
 
 
 
 
 
$ 116,350,000 
$ 308,945,000 
$ 395,719,000 
Total revenues
 
 
 
 
 
 
 
 
116,350,000 
308,945,000 
395,719,000 
EXPENSES
 
 
 
 
 
 
 
 
 
 
 
Property and maintenance
 
 
 
 
 
 
 
 
52,462,000 
119,720,000 
148,449,000 
Real estate taxes and insurance
 
 
 
 
 
 
 
 
8,836,000 
25,904,000 
37,229,000 
Depreciation
 
 
 
 
 
 
 
 
21,201,000 
64,791,000 
86,175,000 
General and administrative
 
 
 
 
 
 
 
 
53,000 
42,000 
43,000 
Total expenses
 
 
 
 
 
 
 
 
82,552,000 
210,457,000 
271,896,000 
Discontinued operating income
 
 
 
 
 
 
 
 
33,798,000 
98,488,000 
123,823,000 
Interest and other income
 
 
 
 
 
 
 
 
(184,000)
(800,000)
(127,000)
Other expenses
 
 
 
 
 
 
 
 
0 
0 
(11,000)
Interest:
 
 
 
 
 
 
 
 
 
 
 
Expense incurred, net
 
 
 
 
 
 
 
 
(1,120,000)
(12,584,000)
(14,262,000)
Amortization of deferred financing costs
 
 
 
 
 
 
 
 
(840,000)
(292,000)
(800,000)
Income and other tax (expense) benefit
 
 
 
 
 
 
 
 
243,000 
(86,000)
1,073,000 
Discontinued operations
 
 
 
 
 
 
 
 
32,265,000 
86,326,000 
109,950,000 
Net gain on sales of discontinued operations
 
 
 
 
 
 
 
 
(826,489,000)
(297,956,000)
(335,299,000)
Discontinued operations, net
70,630,000 
80,690,000 
565,455,000 
141,979,000 
247,933,000 
32,102,000 
24,010,000 
80,237,000 
858,754,000 
384,282,000 
445,249,000 
Disposal Group, Including Discontinued Operation, Property, Plant, and Equipment, Net
71,606,152.55 
 
 
 
732,041,347.88 
 
 
 
71,606,152.55 
732,041,347.88 
 
Disposal Group Including Discontinued Operation Mortgage Notes Payable
$ 0 
 
 
 
$ 104,358,305.87 
 
 
 
$ 0 
$ 104,358,305.87 
 
Share Incentive Plans (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Compensation information
 
 
 
Compensation Expense
$ 21,177 
$ 18,875 
$ 17,843 
Compensation Capitalized
2,305 
2,141 
1,961 
Compensation Equity
23,482 
21,016 
19,804 
Dividends Incurred
1,320 
1,472 
1,881 
Performance Shares [Member]
 
 
 
Compensation information
 
 
 
Compensation Expense
 
 
103 
Compensation Capitalized
 
 
76 
Compensation Equity
 
 
179 
Dividends Incurred
 
 
0 
Restricted shares [Member]
 
 
 
Compensation information
 
 
 
Compensation Expense
8,041 
8,603 
10,065 
Compensation Capitalized
1,061 
1,178 
1,067 
Compensation Equity
9,102 
9,781 
11,132 
Dividends Incurred
1,121 
1,334 
1,627 
Long Term Investment Plan Units [Member]
 
 
 
Compensation information
 
 
 
Compensation Expense
3,344 
2,334 
1,036 
Compensation Capitalized
297 
190 
158 
Compensation Equity
3,641 
2,524 
1,194 
Dividends Incurred
199 
138 
254 
Employee Stock Option [Member]
 
 
 
Compensation information
 
 
 
Compensation Expense
8,711 
6,707 
5,458 
Compensation Capitalized
834 
714 
538 
Compensation Equity
9,545 
7,421 
5,996 
Dividends Incurred
0 
0 
0 
ESPP Discount [Member]
 
 
 
Compensation information
 
 
 
Compensation Expense
1,081 
1,231 
1,181 
Compensation Capitalized
113 
59 
122 
Compensation Equity
1,194 
1,290 
1,303 
Dividends Incurred
$ 0 
$ 0 
$ 0 
Share Incentive Plans (Details 1) (USD $)
In Millions, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
 
 
 
Common Shares Subject to Options, Beginning Balance
10,106,488 
11,349,750 
9,473,259 
Common Shares Subject to Options, Awards granted
1,491,311 
1,436,115 
2,541,005 
Stock Options Exercised
(2,945,950)
(2,506,645)
(422,713)
Common Shares Subject to Options, Awards forfeited
(41,559)
(76,275)
(146,151)
Common Shares Subject to Options, Awards expired
(16,270)
(96,457)
(95,650)
Common Shares Subject to Options, Ending Balance
8,594,020 
10,106,488 
11,349,750 
Weighted Average Exercise Price per option, Beginning Balance
$ 33.00 
$ 32.03 
$ 33.94 
Weighted Average Exercise Price per option, Awards granted
$ 53.70 
$ 33.59 
$ 23.08 
Weighted Average Exercise Price per option, Awards exercised/vested
$ 32.27 
$ 28.68 
$ 21.62 
Weighted Average Exercise Price per option, Awards forfeited
$ 35.14 
$ 29.43 
$ 30.07 
Weighted Average Exercise Price per option, Awards expired
$ 44.13 
$ 42.69 
$ 32.21 
Weighted Average Exercise Price per option, Ending Balance
$ 36.81 
$ 33.00 
$ 32.03 
Restricted Shares, Beginning Balance
911,950 
954,366 
996,011 
Restricted Shares, Awards granted
170,588 
270,805 
362,997 
Restricted share grants, net
(258,068)
(278,183)
(340,362)
Restricted Shares, Awards forfeited
(126,960)
(35,038)
(64,280)
Restricted Shares, Awards Expired
0 
0 
0 
Restricted Shares, Ending Balance
697,510 
911,950 
954,366 
Weighted Average Fair Value per Restricted Share, Beginning Balance
$ 32.05 
$ 37.10 
$ 44.16 
Weighted Average Fair Value per Restricted Share, Awards granted
$ 53.99 
$ 34.85 
$ 22.62 
Weighted Average Fair Value per Restricted Share, Awards exercised/vested
$ 38.32 
$ 52.25 
$ 42.67 
Weighted Average Fair Value per Restricted Share, Awards forfeited
$ 37.19 
$ 30.84 
$ 35.28 
Weighted Average Fair Value per Restricted Share, Awards Expired
$ 0.00 
$ 0.00 
$ 0.00 
Weighted Average Fair Value per Restricted Share, Ending Balance
$ 34.17 
$ 32.05 
$ 37.10 
LTIP Unit, Beginning Balance
247,508 
154,616 
0 
LTIP Units, Awards Granted
223,452 
94,096 
155,189 
LTIP Unit, Awards exercised/vested
(101,988)
0 
0 
LTIP Unit, Awards forfeited
(1,352)
(1,204)
(573)
LTIP unit, Awards Expired
0 
0 
0 
LTIP Unit, Ending Balance
367,620 
247,508 
154,616 
Weighted Average Fair Value per LTIP Unit, Beginning Balance
$ 25.62 
$ 21.11 
$ 0.00 
Weighted Average Fair Value per LTIP Unit, Awards granted
$ 46.64 
$ 32.97 
$ 21.11 
Weighted Average Fair Value per LTIP Unit, Awards exercised/vested
$ 38.57 
$ 0 
$ 0 
Weighted Average Fair Value per LTIP Unit, Awards forfeited
$ 27.79 
$ 21.11 
$ 21.11 
Weighted Average Fair Value per LTIP Unit, Awards Expired
$ 0 
$ 0 
$ 0 
Weighted Average Fair Value per LTIP Unit, Ending Balance
$ 34.80 
$ 25.62 
$ 21.11 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value
$ 14.0 
$ 9.1 
$ 8.0 
Long Term Investment Plan Units [Member]
 
 
 
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value
$ 5.5 
 
 
Share Incentive Plans (Details 2) (USD $)
12 Months Ended
Dec. 31, 2011
Information regarding options outstanding and exercisable
 
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit
$ 18.70 
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit
$ 62.32 
Options Outstanding, Options
8,594,020 
Options Outstanding, Weighted Average Remaining Contractual Life in Years
5.94 
Options Outstanding, Weighted Average Exercise Price
$ 36.81 
Options Exercisable, Options
5,415,550 
Options Exercisable, Weighted Average Exercise Price
$ 34.64 
Options, Vested and expected to vest
8,507,188 
Options, Weighted Average Remaining Contractual Life in Years
5.91 
Options, Weighted Average Exercise Price
$ 36.68 
Exercise Price Range One [Member]
 
Information regarding options outstanding and exercisable
 
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit
$ 18.70 
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit
$ 24.93 
Options Outstanding, Options
2,101,071 
Options Outstanding, Weighted Average Remaining Contractual Life in Years
5.79 
Options Outstanding, Weighted Average Exercise Price
$ 23.17 
Options Exercisable, Options
1,335,909 
Options Exercisable, Weighted Average Exercise Price
$ 23.23 
Exercise Price Range Two [Member]
 
Information regarding options outstanding and exercisable
 
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit
$ 24.94 
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit
$ 31.16 
Options Outstanding, Options
755,411 
Options Outstanding, Weighted Average Remaining Contractual Life in Years
1.19 
Options Outstanding, Weighted Average Exercise Price
$ 28.34 
Options Exercisable, Options
755,411 
Options Exercisable, Weighted Average Exercise Price
$ 28.34 
Exercise Price Range Three [Member]
 
Information regarding options outstanding and exercisable
 
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit
$ 31.17 
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit
$ 37.39 
Options Outstanding, Options
1,896,070 
Options Outstanding, Weighted Average Remaining Contractual Life in Years
6.27 
Options Outstanding, Weighted Average Exercise Price
$ 32.53 
Options Exercisable, Options
1,019,788 
Options Exercisable, Weighted Average Exercise Price
$ 32.16 
Exercise Price Range Four [Member]
 
Information regarding options outstanding and exercisable
 
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit
$ 37.40 
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit
$ 43.62 
Options Outstanding, Options
1,617,066 
Options Outstanding, Weighted Average Remaining Contractual Life in Years
5.14 
Options Outstanding, Weighted Average Exercise Price
$ 40.56 
Options Exercisable, Options
1,617,066 
Options Exercisable, Weighted Average Exercise Price
$ 40.56 
Exercise Price Range Five [Member]
 
Information regarding options outstanding and exercisable
 
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit
$ 43.63 
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit
$ 49.86 
Options Outstanding, Options
61,397 
Options Outstanding, Weighted Average Remaining Contractual Life in Years
8.52 
Options Outstanding, Weighted Average Exercise Price
$ 48.40 
Options Exercisable, Options
4,202 
Options Exercisable, Weighted Average Exercise Price
$ 45.25 
Exercise Price Range Six [Member]
 
Information regarding options outstanding and exercisable
 
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit
$ 49.87 
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit
$ 56.09 
Options Outstanding, Options
2,119,010 
Options Outstanding, Weighted Average Remaining Contractual Life in Years
7.93 
Options Outstanding, Weighted Average Exercise Price
$ 53.52 
Options Exercisable, Options
683,174 
Options Exercisable, Weighted Average Exercise Price
$ 53.50 
Exercise Price Range Seven [Member]
 
Information regarding options outstanding and exercisable
 
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit
$ 56.10 
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit
$ 62.32 
Options Outstanding, Options
43,995 
Options Outstanding, Weighted Average Remaining Contractual Life in Years
9.47 
Options Outstanding, Weighted Average Exercise Price
$ 59.23 
Options Exercisable, Options
0 
Options Exercisable, Weighted Average Exercise Price
$ 0 
Share Incentive Plans (Details Textuals) (USD $)
In Millions, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Share based compensation arrangement by share based payment award
 
 
 
Number of installments for vesting of stock option
three equal installments 
 
 
Expiry period
ten years from the date of grant 
 
 
Share Incentive Plans (Textuals) [Abstract]
 
 
 
Maximum aggregate number of awards under Share Incentive Plan
12,980,741 
 
 
Shares available for future issuance
12,473,580 
 
 
Total compensation expense not yet vested
$ 22.8 
 
 
Weighted average term for recognition of compensation expense not yet recognized (years)
1.67 
 
 
Weighted average grant date fair value for Options
$ 8.36 
$ 6.18 
$ 3.38 
Intrinsic value of options exercised
74.8 
39.6 
2.8 
Fair value of restricted shares vested
14.0 
9.1 
8.0 
Aggregate intrinsic value of options vested and expected to vest
173.2 
 
 
Aggregate intrinsic value of options exercisable
121.3 
 
 
Weighted average remaining contractual life in years of options exercisable
4.5 
 
 
Market value of shares
$ 57.03 
 
 
Options Exercisable
 
6,786,651 
7,974,815 
Weighted Average Exercise Price of Options Exercisable
 
$ 34.89 
$ 33.55 
Employee Stock Option [Member]
 
 
 
Share based compensation arrangement by share based payment award
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period, Maximum
three-year 
 
 
Long Term Investment Plan Units [Member]
 
 
 
Share based compensation arrangement by share based payment award
 
 
 
Expiry period
ten years 
 
 
Restriction period of shares
three years from the award date 
 
 
Share Incentive Plans (Textuals) [Abstract]
 
 
 
Fair value of restricted shares vested
$ 5.5 
 
 
Restricted shares [Member]
 
 
 
Share based compensation arrangement by share based payment award
 
 
 
Restriction period of shares
three years from the award date 
 
 
Restriction period of restricted shares
three-year period of restriction 
 
 
Trustees [Member]
 
 
 
Share based compensation arrangement by share based payment award
 
 
 
Restriction period of shares
one-year 
 
 
Stock Option [Member]
 
 
 
Share Incentive Plans (Textuals) [Abstract]
 
 
 
Weighted average grant date fair value for Options
$ 8.18 
 
 
Employee Plans (Details) (USD $)
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Summary of information regarding the Common Shares issued under the ESPP
 
 
 
Shares issued
113,107 
157,363 
324,394 
Employee Share Purchase Plan Issuance Price Minimum
$ 44.04 
$ 28.26 
$ 14.21 
Employee Share Purchase Plan Issuance Price Maximum
$ 51.19 
$ 41.16 
$ 24.84 
Issuance proceeds
$ 5,262,000 
$ 5,112,000 
$ 5,292,000 
Value of common shares that can be acquired by the employee and trustees under employees share purchase plan
100,000 
 
 
Number of common shares authorized after amendment
7,000,000 
 
 
Number of common shares authorized before amendment
2,000,000 
 
 
Common Shares available for purchase under the ESPP
3,290,863 
 
 
Purchase price of common stock
85.00% 
 
 
Minimum eligible compensation percentage for the defined contribution plan (the "401(k) Plan")
3.00% 
 
 
Defined contribution plan vesting period
5 
 
 
Defined contribution plan, compensation expense
$ 3,700,000 
$ 4,000,000 
$ 3,500,000 
Distribution Reinvestment and Share Purchase Plan (Details)
12 Months Ended
Dec. 31, 2011
Dec. 31, 2008
Common Shares registered with Distribution Reinvestment and Share Purchase Plan (the "DRIP Plan")
4,850,000 
5,000,000 
Number of shares available for issuance
4,849,796 
 
Discount range at which common shares can be purchased on a monthly basis with optional cash
0.00% 
 
ShareBasedCompensationArrangementByShareBasedPaymentMaximumDiscountFromMarketPrice
5.00% 
 
Transactions With Related Parties (Details) (USD $)
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Related Party Transaction [Line Items]
 
 
 
Indirect Ownership Interest Percentage
1.00% 
 
 
Amount Incurred For leased office space
$ 2,184,377 
$ 2,661,805 
$ 3,020,155 
Commitments and Contingencies (Details) (USD $)
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Operating Leases:
 
 
 
Minimum Rent Payments Due, 2012
$ 6,445,000 
 
 
Minimum Rent Payments Due, 2013
7,159,000 
 
 
Minimum Rent Payments Due, 2014
8,550,000 
 
 
Minimum Rent Payments Due, 2015
9,241,000 
 
 
Minimum Rent Payments Due, 2016
9,196,000 
 
 
Minimum Rent Payments Due, Thereafter
699,959,000 
 
 
Minimum Rent Payments Due, Total
740,550,000 
 
 
Other Long-Term Liabilities:
 
 
 
Deferred Compensation Due, 2012
1,767,000 
 
 
Deferred Compensation Due, 2013
1,480,000 
 
 
Deferred Compensation Due, 2014
1,672,000 
 
 
Deferred Compensation Due, 2015
1,671,000 
 
 
Deferred Compensation Due, 2016
1,671,000 
 
 
Defined Benefit Plan, Expected Future Benefit Payments in Five Fiscal Years Thereafter
7,472,000 
 
 
Deferred Compensation Due, Total
15,733,000 
 
 
Number Of Operating Properties and Land Parcels Under Long Term Ground Leases
5 
 
 
300 properties designed and built in violation of accessibility requirements
300 
 
 
Additional reserve
100,000 
 
 
Paid claims
2,300,000 
 
 
Released reserves
1,100,000 
 
 
Projects in various stages of development
6 
 
 
Units in various stages of development
1,535 
 
 
Consolidated Project Under Development Commitment Fund
351,200,000 
 
 
Various stages of development with estimated completion dates ranging through June 30, 2011
Mar. 31, 2014 
 
 
Number Of Unconsolidated Projects
2 
 
 
Number Of Apartments Units Under Development Unconsolidated Projects
945 
 
 
Unconsolidated Project Under Development Commitment Fund
5,400,000 
 
 
Estimated completion period of project
September 30, 2013 
 
 
Land purchase price
76,100,000 
 
 
Business Acquisition, Cost of Acquired Entity, Purchase Price
1,597,111,000 
1,554,570,000 
9,200,000 
Business Acquisition, Cost of Acquired Entity, Transaction Costs
400,000 
 
 
Restricted deposits on real estate investments
43,970,000 
0 
 
Noncontrolling Interests - Partially Owned Properties
74,306,000 
7,991,000 
 
Total operating lease payments
7,100,000 
7,600,000 
8,400,000 
Compensation expense, Recognized
1,000,111 
928,941 
1,183,691 
Joint Venture Partner [Member]
 
 
 
Other Long-Term Liabilities:
 
 
 
Land purchase price
57,900,000 
 
 
Business Acquisition, Cost of Acquired Entity, Purchase Price
75,700,000 
 
 
Business Acquisition, Cost of Acquired Entity, Transaction Costs
300,000 
 
 
Restricted deposits on real estate investments
17,500,000 
 
 
Noncontrolling Interests - Partially Owned Properties
75,800,000 
 
 
Company's Portion [Member]
 
 
 
Other Long-Term Liabilities:
 
 
 
Business Acquisition, Cost of Acquired Entity, Purchase Price
102,500,000 
 
 
Restricted deposits on real estate investments
$ 26,000,000 
 
 
Reportable Segments (Details) (USD $)
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Rental income:
 
 
 
Same store
$ 1,712,428,000 
$ 1,630,482,000 
$ 1,730,335,000 
Non-same store/other
268,009,000 
133,310,000 
115,822,000 
Properties sold in 2011
 
 
(216,279,000)
Properties sold - March YTD 2012
(20,194,000)
(19,024,000)
(19,409,000)
Total rental income
1,960,243,000 
1,744,768,000 
1,610,469,000 
Operating expenses:
 
 
 
Same store
617,712,000 
614,210,000 
648,508,000 
Non-same store/other
103,571,000 
79,576,000 
94,486,000 
Properties sold in 2011
 
 
(111,589,000)
Properties sold - March YTD 2012
(7,174,000)
(7,103,000)
(6,762,000)
Total operating expenses
714,109,000 
686,683,000 
624,643,000 
NOI:
 
 
 
Same store
1,094,716,000 
1,016,272,000 
1,081,827,000 
Non-same store/other
164,438,000 
53,734,000 
21,336,000 
Properties sold in 2011
 
 
(104,690,000)
Properties sold - March YTD 2012
(13,020,000)
(11,921,000)
(12,647,000)
Total NOI
1,246,134,000 
1,058,085,000 
985,826,000 
Total assets
16,659,303,000 
16,184,194,000 
 
Reconciliation of NOI
 
 
 
Rental income
1,960,243,000 
1,744,768,000 
1,610,469,000 
Property and maintenance expense
(412,233,000)
(397,573,000)
(365,448,000)
Real estate taxes and insurance expense
(219,743,000)
(209,023,000)
(187,895,000)
Property management expense
(82,133,000)
(80,087,000)
(71,300,000)
Total operating expenses
(714,109,000)
(686,683,000)
(624,643,000)
Reportable Segments (Textuals) [Abstract]
 
 
 
Units in same store properties
101,312 
101,312 
112,042 
Overhead Costs
400,000 
600,000 
1,400,000 
Northeast [Member]
 
 
 
Rental income:
 
 
 
Same store
584,405,000 
553,561,000 
566,518,000 
Non-same store/other
157,907,000 
95,493,000 
23,195,000 
Properties sold in 2011
 
 
0 
Properties sold - March YTD 2012
0 
0 
0 
Total rental income
742,312,000 
649,054,000 
589,713,000 
Operating expenses:
 
 
 
Same store
211,494,000 
207,131,000 
211,352,000 
Non-same store/other
56,591,000 
48,119,000 
12,798,000 
Properties sold in 2011
 
 
0 
Properties sold - March YTD 2012
0 
0 
0 
Total operating expenses
268,085,000 
255,250,000 
224,150,000 
NOI:
 
 
 
Same store
372,911,000 
346,430,000 
355,166,000 
Non-same store/other
101,316,000 
47,374,000 
10,397,000 
Properties sold in 2011
 
 
0 
Properties sold - March YTD 2012
0 
0 
0 
Total NOI
474,227,000 
393,804,000 
365,563,000 
Total assets
6,539,328,000 
6,158,908,000 
 
Northwest [Member]
 
 
 
Rental income:
 
 
 
Same store
344,615,000 
322,427,000 
357,502,000 
Non-same store/other
42,633,000 
18,825,000 
2,010,000 
Properties sold in 2011
 
 
0 
Properties sold - March YTD 2012
0 
0 
0 
Total rental income
387,248,000 
341,252,000 
359,512,000 
Operating expenses:
 
 
 
Same store
120,920,000 
119,797,000 
129,696,000 
Non-same store/other
16,021,000 
8,300,000 
1,851,000 
Properties sold in 2011
 
 
0 
Properties sold - March YTD 2012
0 
0 
0 
Total operating expenses
136,941,000 
128,097,000 
131,547,000 
NOI:
 
 
 
Same store
223,695,000 
202,630,000 
227,806,000 
Non-same store/other
26,612,000 
10,525,000 
159,000 
Properties sold in 2011
 
 
0 
Properties sold - March YTD 2012
0 
0 
0 
Total NOI
250,307,000 
213,155,000 
227,965,000 
Total assets
2,885,791,000 
2,630,850,000 
 
Southeast [Member]
 
 
 
Rental income:
 
 
 
Same store
356,936,000 
342,080,000 
383,239,000 
Non-same store/other
16,487,000 
9,009,000 
4,268,000 
Properties sold in 2011
 
 
0 
Properties sold - March YTD 2012
0 
0 
0 
Total rental income
373,423,000 
351,089,000 
387,507,000 
Operating expenses:
 
 
 
Same store
140,145,000 
139,550,000 
158,977,000 
Non-same store/other
5,974,000 
3,729,000 
1,727,000 
Properties sold in 2011
 
 
0 
Properties sold - March YTD 2012
0 
0 
0 
Total operating expenses
146,119,000 
143,279,000 
160,704,000 
NOI:
 
 
 
Same store
216,791,000 
202,530,000 
224,262,000 
Non-same store/other
10,513,000 
5,280,000 
2,541,000 
Properties sold in 2011
 
 
0 
Properties sold - March YTD 2012
0 
0 
0 
Total NOI
227,304,000 
207,810,000 
226,803,000 
Total assets
2,506,330,000 
2,495,748,000 
 
Southwest [Member]
 
 
 
Rental income:
 
 
 
Same store
426,472,000 
412,414,000 
423,076,000 
Non-same store/other
45,489,000 
13,587,000 
16,985,000 
Properties sold in 2011
 
 
0 
Properties sold - March YTD 2012
0 
0 
0 
Total rental income
471,961,000 
426,001,000 
440,061,000 
Operating expenses:
 
 
 
Same store
145,153,000 
147,732,000 
148,483,000 
Non-same store/other
17,619,000 
7,198,000 
9,418,000 
Properties sold in 2011
 
 
0 
Properties sold - March YTD 2012
0 
0 
0 
Total operating expenses
162,772,000 
154,930,000 
157,901,000 
NOI:
 
 
 
Same store
281,319,000 
264,682,000 
274,593,000 
Non-same store/other
27,870,000 
6,389,000 
7,567,000 
Properties sold in 2011
 
 
0 
Properties sold - March YTD 2012
0 
0 
0 
Total NOI
309,189,000 
271,071,000 
282,160,000 
Total assets
3,385,517,000 
3,140,153,000 
 
Other [Member]
 
 
 
Rental income:
 
 
 
Same store
0 
0 
0 
Non-same store/other
5,493,000 
(3,604,000)
69,364,000 
Properties sold in 2011
 
 
(216,279,000)
Properties sold - March YTD 2012
(20,194,000)
(19,024,000)
(19,409,000)
Total rental income
(14,701,000)
(22,628,000)
(166,324,000)
Operating expenses:
 
 
 
Same store
0 
0 
0 
Non-same store/other
7,366,000 
12,230,000 
68,692,000 
Properties sold in 2011
 
 
(111,589,000)
Properties sold - March YTD 2012
(7,174,000)
(7,103,000)
(6,762,000)
Total operating expenses
192,000 
5,127,000 
(49,659,000)
NOI:
 
 
 
Same store
0 
0 
0 
Non-same store/other
(1,873,000)
(15,834,000)
672,000 
Properties sold in 2011
 
 
(104,690,000)
Properties sold - March YTD 2012
(13,020,000)
(11,921,000)
(12,647,000)
Total NOI
(14,893,000)
(27,755,000)
(116,665,000)
Total assets
$ 1,342,337,000 
$ 1,758,535,000 
 
Subsequent Events/Other (Details) (USD $)
2 Months Ended 12 Months Ended
Feb. 24, 2012
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Subsequent Events/Other (Textuals) [Abstract]
 
 
 
 
NumberofLandParcelsAcquiredSubsequentToPeriodEnd
2 
 
 
 
ValueofLandParcelsAcquiredSubsequenttoBalanceSheetDate
$ 12,200,000 
 
 
 
Number of consolidated properties disposed of
1 
 
 
 
Number of consolidated apartment units sold
704 
 
 
 
Value of sold properties
94,825,000 
 
 
 
Repayment of mortgage loans
31,516,374 
 
 
 
Common shares issued under the Company's ATM share offering program
2,075,358 
 
 
 
Average price per Common Shares
$ 59.47 
 
 
 
Total consideration for shares issued through ATM program
123,600,000 
 
 
 
additional shares available subsequent balance sheet date
7,096,956 
 
 
 
Bridge Loan Principal Amount
 
1,000,000,000 
 
 
Line of Credit Facility, Current Borrowing Capacity
1,250,000,000 
 
 
 
Ability to Increase Line of Credit Subsequent Events
500,000,000 
 
 
 
Line of Credit Facility, Maximum Borrowing Capacity
1,750,000,000 
 
 
 
Debt Instrument, Face Amount
500,000,000 
 
 
 
Term Loan Spread
1.25% 
 
 
 
Business Combination, Acquisition Related Costs
 
9,482,000 
6,600,000 
1,650,000 
Noncash Project Abandonment Costs
 
5,075,000 
5,272,000 
4,838,000 
Other expenses
 
(14,557,000)
(11,928,000)
(6,477,000)
Proceeds From Royalty Termination
 
4,500,000 
 
 
Insurance Litigation Expenses
 
 
1,700,000 
 
Number Of Potential Condo Sales
 
 
38 
 
Insurance Litigation Settlement proceeds
 
800,000 
5,191,920 
170,704 
Disposal Group Corporate Housing Business Sale
 
4,000,000 
 
 
Seller Provided Financing
 
2,000,000 
 
 
Proceeds Received From Seller Provided Finanacing
200,000 
 
 
 
Discontinued Operation Corporate Housing Business Gain Loss On Disposal Of Discontinued Operation Net Of Tax
 
1,200,000 
 
 
contracted aquisition price
 
1,325,000,000 
 
 
contracted acquisition percent
 
26.50% 
 
 
Remaining Percentage to be Contracted
26.50% 
 
 
 
Remaining Acquisition Cost to be Contracted
1,485,000,000 
 
 
 
BreakUpFee
80,000,000 
 
 
 
Payments of Merger Related Costs, Financing Activities
 
2,600,000 
 
 
Impairment
 
0 
45,380,000 
11,124,000 
Estimates of lost revenue and garage reconstruction
 
23,000,000 
 
 
Estimates Of Lost Revenue And Garage Reconstruction After Insurance Reimbursements
 
12,000,000 
 
 
Initial insurance proceeds
 
6,103,245 
4,000,000 
 
Real estate tax and insurance
 
1,688,597 
5,500,000 
 
Fees Related to Ownership Interest in Potential Transaction [Member]
 
 
 
 
Subsequent Events/Other (Textuals) [Abstract]
 
 
 
 
Business Combination, Acquisition Related Costs
 
4,400,000 
 
 
Noncash Project Abandonment Costs
 
$ 1,800,000 
 
 
Quarterly Financial Data (Unaudited) (Details) (USD $)
Share data in Thousands, except Per Share data, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2011
Sep. 30, 2011
Jun. 30, 2011
Mar. 31, 2011
Dec. 31, 2010
Sep. 30, 2010
Jun. 30, 2010
Mar. 31, 2010
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Unaudited Quarterly Financial Data [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Total revenues
$ 514,127,000 
$ 504,496,000 
$ 484,290,000 
$ 466,356,000 
$ 455,967,000 
$ 446,934,000 
$ 434,499,000 
$ 416,844,000 
 
 
 
Total revenues subsequently reclassified to discontinued operations
(5,130,000)
(5,127,000)
(5,063,000)
(4,874,000)
(4,781,000)
(4,811,000)
(4,759,000)
(4,673,000)
 
 
 
Operating income
159,953,000 
147,850,000 
141,104,000 
115,953,000 
74,578,000 
102,631,000 
95,644,000 
95,837,000 
564,860,000 
368,690,000 
424,518,000 
Operating income subsequently reclassified to discontinued operations
(2,195,000)
(2,129,000)
(2,191,000)
(1,957,000)
(1,925,000)
(1,813,000)
(1,946,000)
(1,703,000)
 
 
 
(Loss) income from continuing operations
36,771,000 
32,287,000 
16,298,000 
(8,913,000)
(49,721,000)
(2,276,000)
(13,921,000)
(22,381,000)
76,443,000 
(88,299,000)
(63,220,000)
Income from continuing operations subsequently reclassified to discontinued operations
(2,195,000)
(2,129,000)
(1,887,000)
(1,344,000)
(1,305,000)
(1,188,000)
(1,314,000)
(1,066,000)
 
 
 
Discontinued operations, net
70,630,000 
80,690,000 
565,455,000 
141,979,000 
247,933,000 
32,102,000 
24,010,000 
80,237,000 
858,754,000 
384,282,000 
445,249,000 
Discontinued operations, net from properties sold subsequent to the respective reporting period
2,195,000 
2,129,000 
1,887,000 
1,344,000 
1,305,000 
1,188,000 
1,314,000 
1,066,000 
 
 
 
Net income
107,401,000 
112,977,000 
581,753,000 
133,066,000 
198,212,000 
29,826,000 
10,089,000 
57,856,000 
935,197,000 
295,983,000 
382,029,000 
Net income available to Common Shares
99,016,000 
104,382,000 
552,457,000 
123,865,000 
185,870,000 
25,166,000 
6,343,000 
51,863,000 
879,720,000 
269,242,000 
347,794,000 
Net income available to Common Shares
$ 0.33 
$ 0.35 
$ 1.88 
$ 0.42 
$ 0.65 
$ 0.09 
$ 0.02 
$ 0.18 
$ 2.984 
$ 0.952 
$ 1.271 
Weighted Average Number of Shares Outstanding, Basic
295,990 
295,831 
294,663 
292,895 
285,916 
282,717 
282,217 
280,645 
294,856 
282,888 
273,609 
Net income available to Common Shares
$ 0.33 
$ 0.35 
$ 1.85 
$ 0.42 
$ 0.65 
$ 0.09 
$ 0.02 
$ 0.18 
$ 2.950 
$ 0.952 
$ 1.271 
Weighted average Common Shares outstanding
312,731 
312,844 
312,199 
292,895 
285,916 
282,717 
282,217 
280,645 
312,065 
282,888 
273,609 
Weighted average Units outstanding
 
 
 
 
 
 
 
 
308,062 
296,527 
289,167 
Weighted average Units outstanding
 
 
 
 
 
 
 
 
312,065 
296,527 
289,167 
Operating Partnership [Member]
 
 
 
 
 
 
 
 
 
 
 
Unaudited Quarterly Financial Data [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Total revenues
514,127,000 
504,496,000 
484,290,000 
466,356,000 
455,967,000 
446,934,000 
434,499,000 
416,844,000 
 
 
 
Total revenues subsequently reclassified to discontinued operations
(5,130,000)
(5,127,000)
(5,063,000)
(4,874,000)
(4,781,000)
(4,811,000)
(4,759,000)
(4,673,000)
 
 
 
Operating income
159,953,000 
147,850,000 
141,104,000 
115,953,000 
74,578,000 
102,631,000 
95,644,000 
95,837,000 
 
 
 
Operating income subsequently reclassified to discontinued operations
(2,195,000)
(2,129,000)
(2,191,000)
(1,957,000)
(1,925,000)
(1,813,000)
(1,946,000)
(1,703,000)
 
 
 
(Loss) income from continuing operations
36,771,000 
32,287,000 
16,298,000 
(8,913,000)
(49,721,000)
(2,276,000)
(13,921,000)
(22,381,000)
 
 
 
Income from continuing operations subsequently reclassified to discontinued operations
(2,195,000)
(2,129,000)
(1,887,000)
(1,344,000)
(1,305,000)
(1,188,000)
(1,314,000)
(1,066,000)
 
 
 
Discontinued operations, net
70,630,000 
80,690,000 
565,455,000 
141,979,000 
247,933,000 
32,102,000 
24,010,000 
80,237,000 
 
 
 
Discontinued operations, net from properties sold subsequent to the respective reporting period
2,195,000 
2,129,000 
1,887,000 
1,344,000 
1,305,000 
1,188,000 
1,314,000 
1,066,000 
 
 
 
Net income
107,401,000 
112,977,000 
581,753,000 
133,066,000 
198,212,000 
29,826,000 
10,089,000 
57,856,000 
 
 
 
Net Income (Loss) Available to Common Stockholders, Basic
103,521,000 
109,124,000 
578,215,000 
129,640,000 
194,802,000 
26,397,000 
6,656,000 
54,486,000 
 
 
 
Net income per share - basic
$ 0.33 
$ 0.35 
$ 1.88 
$ 0.42 
$ 0.65 
$ 0.09 
$ 0.02 
$ 0.18 
 
 
 
Weighted average Units outstanding
309,120 
308,884 
307,954 
306,248 
299,363 
296,348 
295,898 
294,450 
 
 
 
Net income available to Units
$ 0.33 
$ 0.35 
$ 1.85 
$ 0.42 
$ 0.65 
$ 0.09 
$ 0.02 
$ 0.18 
 
 
 
Weighted average Units outstanding
312,731 
312,844 
312,199 
306,248 
299,363 
296,348 
295,898 
294,450 
 
 
 
Scenario, Previously Reported [Member]
 
 
 
 
 
 
 
 
 
 
 
Unaudited Quarterly Financial Data [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Total revenues
519,257,000 
509,623,000 
489,353,000 
471,230,000 
460,748,000 
451,745,000 
439,258,000 
421,517,000 
 
 
 
Operating income
162,148,000 
149,979,000 
143,295,000 
117,910,000 
76,503,000 
104,444,000 
97,590,000 
97,540,000 
 
 
 
(Loss) income from continuing operations
38,966,000 
34,416,000 
18,185,000 
(7,569,000)
(48,416,000)
(1,088,000)
(12,607,000)
(21,315,000)
 
 
 
Discontinued operations, net
68,435,000 
78,561,000 
563,568,000 
140,635,000 
246,628,000 
30,914,000 
22,696,000 
79,171,000 
 
 
 
Scenario, Previously Reported ERPOP [Member] |
Operating Partnership [Member]
 
 
 
 
 
 
 
 
 
 
 
Unaudited Quarterly Financial Data [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Total revenues
519,257,000 
509,623,000 
489,353,000 
471,230,000 
460,748,000 
451,745,000 
439,258,000 
421,517,000 
 
 
 
Operating income
162,148,000 
149,979,000 
143,295,000 
117,910,000 
76,503,000 
104,444,000 
97,590,000 
97,540,000 
 
 
 
(Loss) income from continuing operations
38,966,000 
34,416,000 
18,185,000 
(7,569,000)
(48,416,000)
(1,088,000)
(12,607,000)
(21,315,000)
 
 
 
Discontinued operations, net
$ 68,435,000 
$ 78,561,000 
$ 563,568,000 
$ 140,635,000 
$ 246,628,000 
$ 30,914,000 
$ 22,696,000 
$ 79,171,000 
 
 
 
Real Estate and Accumulated Depreciation - Overall Summary and Encumbrances Reconciliation (Details) (USD $)
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Real Estate and Accumulated Depreciation Encumbrances Reconciliation [Abstract]
 
 
 
Number of Properties Encumbered
47 
 
 
Changes in total real estate
 
 
 
Balance, beginning of year
$ 19,702,371,000 
$ 18,465,144,000 
$ 18,690,239,000 
Acquisitions and development
1,721,895,000 
1,789,948,000 
512,977,000 
Improvements
151,476,000 
141,199,000 
125,965,000 
Dispositions and other
(1,167,796,000)
(693,920,000)
(864,037,000)
Balance, end of year
20,407,946,000 
19,702,371,000 
18,465,144,000 
Changes in accumulated depreciation
 
 
 
Balance, beginning of year
4,337,357,000 
3,877,564,000 
3,561,300,000 
Depreciation
663,616,000 
673,403,000 
600,375,000 
Dispositions and other
(461,390,000)
(213,610,000)
(284,111,000)
Balance, end of year
4,539,583,000 
4,337,357,000 
3,877,564,000 
EQR-Bond Partnership [Member]
 
 
 
Real Estate and Accumulated Depreciation Encumbrances Reconciliation [Abstract]
 
 
 
Encumbrances
13,695,000 
 
 
Number of Properties Encumbered
6 
 
 
EQR-Fanwell 2007 LP [Member]
 
 
 
Real Estate and Accumulated Depreciation Encumbrances Reconciliation [Abstract]
 
 
 
Encumbrances
223,138,000 
 
 
Number of Properties Encumbered
7 
 
 
EQR-Wellfan 2008 LP [Member]
 
 
 
Real Estate and Accumulated Depreciation Encumbrances Reconciliation [Abstract]
 
 
 
Encumbrances
550,000,000 
 
 
Number of Properties Encumbered
15 
 
 
EQR-SOMBRA 2008 LP [Member]
 
 
 
Real Estate and Accumulated Depreciation Encumbrances Reconciliation [Abstract]
 
 
 
Encumbrances
543,000,000 
 
 
Number of Properties Encumbered
19 
 
 
Individual Property Encumbrances [Member]
 
 
 
Real Estate and Accumulated Depreciation Encumbrances Reconciliation [Abstract]
 
 
 
Encumbrances
2,781,653,936 
 
 
EQR-Wholly Owned Unencumbered [Member]
 
 
 
Overall summary of real estate and accumulated depreciation
 
 
 
Properties
272 
 
 
Units
75,704 
 
 
Investment in Real Estate, Gross
13,504,684,414 
 
 
Accumulated Depreciation
(2,901,009,678)
 
 
Investment in Real Estate, Net
10,603,674,736 
 
 
Real Estate and Accumulated Depreciation Encumbrances Reconciliation [Abstract]
 
 
 
Encumbrances
0 
 
 
EQR-Wholly Owned Encumbered [Member]
 
 
 
Overall summary of real estate and accumulated depreciation
 
 
 
Properties
132 
 
 
Units
37,453 
 
 
Investment in Real Estate, Gross
6,178,806,326 
 
 
Accumulated Depreciation
(1,482,040,971)
 
 
Investment in Real Estate, Net
4,696,765,355 
 
 
Real Estate and Accumulated Depreciation Encumbrances Reconciliation [Abstract]
 
 
 
Encumbrances
2,547,898,280 
 
 
Portfolio Entity Encumbrances [Member]
 
 
 
Overall summary of real estate and accumulated depreciation
 
 
 
Properties
0 
 
 
Units
0 
 
 
Investment in Real Estate, Gross
0 
 
 
Accumulated Depreciation
0 
 
 
Investment in Real Estate, Net
0 
 
 
Real Estate and Accumulated Depreciation Encumbrances Reconciliation [Abstract]
 
 
 
Encumbrances
1,329,833,000 
 
 
Wholly Owned Properties [Member]
 
 
 
Overall summary of real estate and accumulated depreciation
 
 
 
Properties
404 
 
 
Units
113,157 
 
 
Investment in Real Estate, Gross
19,683,490,740 
 
 
Accumulated Depreciation
(4,383,050,649)
 
 
Investment in Real Estate, Net
15,300,440,091 
 
 
Real Estate and Accumulated Depreciation Encumbrances Reconciliation [Abstract]
 
 
 
Encumbrances
3,877,731,280 
 
 
EQR-Partially Owned Unencumbered [Member]
 
 
 
Overall summary of real estate and accumulated depreciation
 
 
 
Properties
10 
 
 
Units
1,917 
 
 
Investment in Real Estate, Gross
441,329,067 
 
 
Accumulated Depreciation
(73,969,422)
 
 
Investment in Real Estate, Net
367,359,645 
 
 
Real Estate and Accumulated Depreciation Encumbrances Reconciliation [Abstract]
 
 
 
Encumbrances
0 
 
 
EQR-Partially Owned Encumbered [Member]
 
 
 
Overall summary of real estate and accumulated depreciation
 
 
 
Properties
11 
 
 
Units
1,999 
 
 
Investment in Real Estate, Gross
283,126,139 
 
 
Accumulated Depreciation
(82,562,799)
 
 
Investment in Real Estate, Net
200,563,340 
 
 
Real Estate and Accumulated Depreciation Encumbrances Reconciliation [Abstract]
 
 
 
Encumbrances
233,755,656 
 
 
Partially Owned Properties [Member]
 
 
 
Overall summary of real estate and accumulated depreciation
 
 
 
Properties
21 
 
 
Units
3,916 
 
 
Investment in Real Estate, Gross
724,455,206 
 
 
Accumulated Depreciation
(156,532,221)
 
 
Investment in Real Estate, Net
567,922,985 
 
 
Real Estate and Accumulated Depreciation Encumbrances Reconciliation [Abstract]
 
 
 
Encumbrances
233,755,656 
 
 
Unencumbered Properties [Member]
 
 
 
Overall summary of real estate and accumulated depreciation
 
 
 
Properties
282 
 
 
Units
77,621 
 
 
Investment in Real Estate, Gross
13,946,013,481 
 
 
Accumulated Depreciation
(2,974,979,100)
 
 
Investment in Real Estate, Net
10,971,034,381 
 
 
Real Estate and Accumulated Depreciation Encumbrances Reconciliation [Abstract]
 
 
 
Encumbrances
0 
 
 
Encumbered Properties [Member]
 
 
 
Overall summary of real estate and accumulated depreciation
 
 
 
Properties
143 
 
 
Units
39,452 
 
 
Investment in Real Estate, Gross
6,461,932,465 
 
 
Accumulated Depreciation
(1,564,603,770)
 
 
Investment in Real Estate, Net
4,897,328,695 
 
 
Real Estate and Accumulated Depreciation Encumbrances Reconciliation [Abstract]
 
 
 
Encumbrances
4,111,486,936 
 
 
Total Consolidated Investment in Real Estate [Member]
 
 
 
Overall summary of real estate and accumulated depreciation
 
 
 
Properties
425 
 
 
Units
117,073 
 
 
Investment in Real Estate, Gross
20,407,945,946 
 
 
Accumulated Depreciation
(4,539,582,870)
 
 
Investment in Real Estate, Net
15,868,363,076 
 
 
Real Estate and Accumulated Depreciation Encumbrances Reconciliation [Abstract]
 
 
 
Encumbrances
$ 4,111,486,936 
 
 
Real Estate and Accumulated Depreciation (Details) (USD $)
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Real Estate and Accumulated Depreciation [Line Items]
 
 
Fixtures and Equipment, Gross
$ 1,292,124,000 
$ 1,231,391,000 
Land And Depreciable Property Net
11,400,000,000 
10,900,000,000 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Corona, CA 
 
Military Housing Properties
2 
 
Military Housing Units
4,901 
 
400 Park Aveue South (EQR) [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
New York, NY 
 
Date of Constuction
(F) 
 
Real Estate And Accumulated Depreciation Units
0 
 
Initial Cost to Company, Land
76,292,169 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
1,273,531 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
0 
 
Gross Amount Carried at close of period 12/31/2010, Land
76,292,169 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
1,273,531 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
77,565,700 
 
Accumulated Depreciation
0 
 
Investment in Real Estate Net
77,565,700 
 
Encumbrances
0 
 
400 Park Aveue South (Toll) [Member] [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
New York, NY 
 
Date of Constuction
(F) 
 
Real Estate And Accumulated Depreciation Units
0 
 
Initial Cost to Company, Land
58,090,357 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
0 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
0 
 
Gross Amount Carried at close of period 12/31/2010, Land
58,090,357 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
0 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
58,090,357 
 
Accumulated Depreciation
0 
 
Investment in Real Estate Net
58,090,357 
 
Encumbrances
0 
 
Reserve at Empire Lakes [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Rancho Cucamonga, CA 
 
Date of Constuction
2005 
 
Real Estate And Accumulated Depreciation Units
467 
 
Initial Cost to Company, Land
16,345,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
73,080,670 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,563,160 
 
Gross Amount Carried at close of period 12/31/2010, Land
16,345,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
74,643,830 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
90,988,830 
 
Accumulated Depreciation
(18,094,411)
 
Investment in Real Estate Net
72,894,419 
 
Reserve at Fairfax Corners [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Fairfax, VA 
 
Date of Constuction
2001 
 
Real Estate And Accumulated Depreciation Units
652 
 
Initial Cost to Company, Land
15,804,057 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
63,129,051 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,789,752 
 
Gross Amount Carried at close of period 12/31/2010, Land
15,804,057 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
65,918,803 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
81,722,860 
 
Accumulated Depreciation
(22,334,850)
 
Investment in Real Estate Net
59,388,010 
 
Encumbrances
84,778,875 
 
Reserve at Potomac Yard [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Alexandria, VA 
 
Date of Constuction
2002 
 
Real Estate And Accumulated Depreciation Units
588 
 
Initial Cost to Company, Land
11,918,917 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
68,862,641 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
4,860,030 
 
Gross Amount Carried at close of period 12/31/2010, Land
11,918,917 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
73,722,671 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
85,641,588 
 
Accumulated Depreciation
(20,497,931)
 
Investment in Real Estate Net
65,143,657 
 
Encumbrances
66,470,000 
 
Reserve at Town Center [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Mill Creek, WA 
 
Date of Constuction
2001 
 
Real Estate And Accumulated Depreciation Units
389 
 
Initial Cost to Company, Land
10,369,400 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
41,172,081 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,724,572 
 
Gross Amount Carried at close of period 12/31/2010, Land
10,369,400 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
42,896,653 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
53,266,053 
 
Accumulated Depreciation
(12,420,185)
 
Investment in Real Estate Net
40,845,868 
 
Encumbrances
29,160,000 
 
Rianna II [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Seattle, WA (G) 
 
Date of Constuction
2002 
 
Real Estate And Accumulated Depreciation Units
78 
 
Initial Cost to Company, Land
2,161,840 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
14,433,614 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
45,932 
 
Gross Amount Carried at close of period 12/31/2010, Land
2,161,840 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
14,479,546 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
16,641,386 
 
Accumulated Depreciation
(1,731,383)
 
Investment in Real Estate Net
14,910,003 
 
Encumbrances
10,305,157 
 
Rockingham Glen [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
West Roxbury, MA 
 
Date of Constuction
1974 
 
Real Estate And Accumulated Depreciation Units
143 
 
Initial Cost to Company, Land
1,124,217 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
7,515,160 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,721,493 
 
Gross Amount Carried at close of period 12/31/2010, Land
1,124,217 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
9,236,653 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
10,360,870 
 
Accumulated Depreciation
(4,122,488)
 
Investment in Real Estate Net
6,238,382 
 
Encumbrances
1,281,181 
 
Rolling Green (Amherst) [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Amherst, MA 
 
Date of Constuction
1970 
 
Real Estate And Accumulated Depreciation Units
204 
 
Initial Cost to Company, Land
1,340,702 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
8,962,317 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
3,427,182 
 
Gross Amount Carried at close of period 12/31/2010, Land
1,340,702 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
12,389,499 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
13,730,201 
 
Accumulated Depreciation
(5,922,934)
 
Investment in Real Estate Net
7,807,267 
 
Encumbrances
1,938,119 
 
Rolling Green (Milford) [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Milford, MA 
 
Date of Constuction
1970 
 
Real Estate And Accumulated Depreciation Units
304 
 
Initial Cost to Company, Land
2,012,350 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
13,452,150 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
4,468,232 
 
Gross Amount Carried at close of period 12/31/2010, Land
2,012,350 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
17,920,382 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
19,932,732 
 
Accumulated Depreciation
(8,147,381)
 
Investment in Real Estate Net
11,785,351 
 
Encumbrances
4,131,247 
 
San Marcos Apartments [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Scottsdale, AZ 
 
Date of Constuction
1995 
 
Real Estate And Accumulated Depreciation Units
320 
 
Initial Cost to Company, Land
20,000,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
31,261,609 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,509,168 
 
Gross Amount Carried at close of period 12/31/2010, Land
20,000,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
32,770,777 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
52,770,777 
 
Accumulated Depreciation
(8,842,012)
 
Investment in Real Estate Net
43,928,765 
 
Encumbrances
32,900,000 
 
Savannah Lakes [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Boynton Beach, FL 
 
Date of Constuction
1991 
 
Real Estate And Accumulated Depreciation Units
466 
 
Initial Cost to Company, Land
7,000,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
30,263,310 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
5,847,909 
 
Gross Amount Carried at close of period 12/31/2010, Land
7,000,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
36,111,219 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
43,111,219 
 
Accumulated Depreciation
(13,118,776)
 
Investment in Real Estate Net
29,992,443 
 
Encumbrances
36,610,000 
 
Savannah Midtown [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Atlanta, GA 
 
Date of Constuction
2000 
 
Real Estate And Accumulated Depreciation Units
322 
 
Initial Cost to Company, Land
7,209,873 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
29,371,164 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,796,529 
 
Gross Amount Carried at close of period 12/31/2010, Land
7,209,873 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
32,167,693 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
39,377,566 
 
Accumulated Depreciation
(9,774,166)
 
Investment in Real Estate Net
29,603,400 
 
Encumbrances
17,800,000 
 
Savoy I [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Aurora, CO 
 
Date of Constuction
2001 
 
Real Estate And Accumulated Depreciation Units
444 
 
Initial Cost to Company, Land
5,450,295 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
38,765,670 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,297,824 
 
Gross Amount Carried at close of period 12/31/2010, Land
5,450,295 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
41,063,494 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
46,513,789 
 
Accumulated Depreciation
(12,563,141)
 
Investment in Real Estate Net
33,950,648 
 
Sheffield Court [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Arlington, VA 
 
Date of Constuction
1986 
 
Real Estate And Accumulated Depreciation Units
597 
 
Initial Cost to Company, Land
3,342,381 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
31,337,332 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
10,473,862 
 
Gross Amount Carried at close of period 12/31/2010, Land
3,342,381 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
41,811,194 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
45,153,575 
 
Accumulated Depreciation
(23,499,476)
 
Investment in Real Estate Net
21,654,099 
 
Sonata at Cherry Creek [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Denver, CO 
 
Date of Constuction
1999 
 
Real Estate And Accumulated Depreciation Units
183 
 
Initial Cost to Company, Land
5,490,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
18,130,479 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,264,429 
 
Gross Amount Carried at close of period 12/31/2010, Land
5,490,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
19,394,908 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
24,884,908 
 
Accumulated Depreciation
(7,685,155)
 
Investment in Real Estate Net
17,199,753 
 
Encumbrances
19,190,000 
 
Sonterra At Foothill Ranch [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Foothill Ranch, CA 
 
Date of Constuction
1997 
 
Real Estate And Accumulated Depreciation Units
300 
 
Initial Cost to Company, Land
7,503,400 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
24,048,507 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,610,524 
 
Gross Amount Carried at close of period 12/31/2010, Land
7,503,400 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
25,659,031 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
33,162,431 
 
Accumulated Depreciation
(12,408,332)
 
Investment in Real Estate Net
20,754,099 
 
South Winds [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Fall River, MA 
 
Date of Constuction
1971 
 
Real Estate And Accumulated Depreciation Units
404 
 
Initial Cost to Company, Land
2,481,821 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
16,780,359 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
4,016,098 
 
Gross Amount Carried at close of period 12/31/2010, Land
2,481,821 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
20,796,457 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
23,278,278 
 
Accumulated Depreciation
(9,547,635)
 
Investment in Real Estate Net
13,730,643 
 
Encumbrances
3,892,847 
 
Stonegate C O [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Broomfield, CO 
 
Date of Constuction
2003 
 
Real Estate And Accumulated Depreciation Units
350 
 
Initial Cost to Company, Land
8,750,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
32,998,775 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,848,652 
 
Gross Amount Carried at close of period 12/31/2010, Land
8,750,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
35,847,427 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
44,597,427 
 
Accumulated Depreciation
(10,226,676)
 
Investment in Real Estate Net
34,370,751 
 
Stoney Ridge [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Dale City, VA 
 
Date of Constuction
1985 
 
Real Estate And Accumulated Depreciation Units
264 
 
Initial Cost to Company, Land
8,000,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
24,147,091 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
5,439,826 
 
Gross Amount Carried at close of period 12/31/2010, Land
8,000,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
29,586,917 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
37,586,917 
 
Accumulated Depreciation
(9,419,073)
 
Investment in Real Estate Net
28,167,844 
 
Encumbrances
14,746,374 
 
Stonybrook [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Boynton Beach, FL 
 
Date of Constuction
2001 
 
Real Estate And Accumulated Depreciation Units
264 
 
Initial Cost to Company, Land
10,500,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
24,967,638 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,077,280 
 
Gross Amount Carried at close of period 12/31/2010, Land
10,500,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
26,044,918 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
36,544,918 
 
Accumulated Depreciation
(7,136,693)
 
Investment in Real Estate Net
29,408,225 
 
Encumbrances
20,371,693 
 
Summerhill Glen [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Maynard, MA 
 
Date of Constuction
1980 
 
Real Estate And Accumulated Depreciation Units
120 
 
Initial Cost to Company, Land
415,812 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
3,000,816 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
795,902 
 
Gross Amount Carried at close of period 12/31/2010, Land
415,812 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
3,796,718 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
4,212,530 
 
Accumulated Depreciation
(1,787,805)
 
Investment in Real Estate Net
2,424,725 
 
Encumbrances
1,044,076 
 
Summerset Village [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Chatsworth, CA 
 
Date of Constuction
1985 
 
Real Estate And Accumulated Depreciation Units
280 
 
Initial Cost to Company, Land
2,629,804 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
23,670,889 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
4,102,785 
 
Gross Amount Carried at close of period 12/31/2010, Land
2,629,804 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
27,773,674 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
30,403,478 
 
Accumulated Depreciation
(14,824,486)
 
Investment in Real Estate Net
15,578,992 
 
Encumbrances
38,039,912 
 
Summit at Lake Union [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Seattle, WA 
 
Date of Constuction
1995 -1997 
 
Real Estate And Accumulated Depreciation Units
150 
 
Initial Cost to Company, Land
1,424,700 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
12,852,461 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
3,752,142 
 
Gross Amount Carried at close of period 12/31/2010, Land
1,424,700 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
16,604,603 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
18,029,303 
 
Accumulated Depreciation
(8,410,967)
 
Investment in Real Estate Net
9,618,336 
 
Sunforest [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Davie, FL 
 
Date of Constuction
1989 
 
Real Estate And Accumulated Depreciation Units
494 
 
Initial Cost to Company, Land
10,000,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
32,124,850 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
4,492,406 
 
Gross Amount Carried at close of period 12/31/2010, Land
10,000,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
36,617,256 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
46,617,256 
 
Accumulated Depreciation
(12,704,849)
 
Investment in Real Estate Net
33,912,407 
 
Sunforest II [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Davie, FL 
 
Date of Constuction
(F) 
 
Real Estate And Accumulated Depreciation Units
0 
 
Initial Cost to Company, Land
0 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
355,520 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
0 
 
Gross Amount Carried at close of period 12/31/2010, Land
0 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
355,520 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
355,520 
 
Accumulated Depreciation
0 
 
Investment in Real Estate Net
355,520 
 
Talleyrand [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Tarrytown, NY (I) 
 
Date of Constuction
1997-1998 
 
Real Estate And Accumulated Depreciation Units
300 
 
Initial Cost to Company, Land
12,000,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
49,838,160 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
3,809,456 
 
Gross Amount Carried at close of period 12/31/2010, Land
12,000,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
53,647,616 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
65,647,616 
 
Accumulated Depreciation
(19,860,971)
 
Investment in Real Estate Net
45,786,645 
 
Encumbrances
35,000,000 
 
Teresina [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Chula Vista, CA 
 
Date of Constuction
2000 
 
Real Estate And Accumulated Depreciation Units
440 
 
Initial Cost to Company, Land
28,600,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
61,916,670 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,938,218 
 
Gross Amount Carried at close of period 12/31/2010, Land
28,600,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
63,854,888 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
92,454,888 
 
Accumulated Depreciation
(16,411,428)
 
Investment in Real Estate Net
76,043,460 
 
Encumbrances
43,424,197 
 
Touriel Building [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Berkeley, CA (G) 
 
Date of Constuction
2004 
 
Real Estate And Accumulated Depreciation Units
35 
 
Initial Cost to Company, Land
2,736,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
7,810,027 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
120,712 
 
Gross Amount Carried at close of period 12/31/2010, Land
2,736,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
7,930,739 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
10,666,739 
 
Accumulated Depreciation
(1,731,390)
 
Investment in Real Estate Net
8,935,349 
 
Encumbrances
5,050,000 
 
Town Square at Mark Center I [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Alexandria, VA 
 
Date of Constuction
1996 
 
Real Estate And Accumulated Depreciation Units
406 
 
Initial Cost to Company, Land
24,360,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
86,178,714 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,534,882 
 
Gross Amount Carried at close of period 12/31/2010, Land
24,360,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
88,713,596 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
113,073,596 
 
Accumulated Depreciation
(22,922,510)
 
Investment in Real Estate Net
90,151,086 
 
Encumbrances
64,680,000 
 
town center at mark center phase II [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Alexandria, VA 
 
Date of Constuction
2001 
 
Real Estate And Accumulated Depreciation Units
272 
 
Initial Cost to Company, Land
15,568,464 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
55,029,607 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
194,734 
 
Gross Amount Carried at close of period 12/31/2010, Land
15,568,464 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
55,224,341 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
70,792,805 
 
Accumulated Depreciation
(5,679,993)
 
Investment in Real Estate Net
65,112,812 
 
Encumbrances
46,013,583 
 
Tradition at Alafaya [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Oviedo, FL 
 
Date of Constuction
2006 
 
Real Estate And Accumulated Depreciation Units
253 
 
Initial Cost to Company, Land
7,590,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
31,881,505 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
289,137 
 
Gross Amount Carried at close of period 12/31/2010, Land
7,590,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
32,170,642 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
39,760,642 
 
Accumulated Depreciation
(9,148,562)
 
Investment in Real Estate Net
30,612,080 
 
Tuscany at Lindbergh [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Atlanta, GA 
 
Date of Constuction
2001 
 
Real Estate And Accumulated Depreciation Units
324 
 
Initial Cost to Company, Land
9,720,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
40,874,023 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,915,043 
 
Gross Amount Carried at close of period 12/31/2010, Land
9,720,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
42,789,066 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
52,509,066 
 
Accumulated Depreciation
(13,014,206)
 
Investment in Real Estate Net
39,494,860 
 
Encumbrances
32,360,000 
 
Uptown Square [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Denver, CO (G) 
 
Date of Constuction
1999/2001 
 
Real Estate And Accumulated Depreciation Units
696 
 
Initial Cost to Company, Land
17,492,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
100,696,541 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,529,750 
 
Gross Amount Carried at close of period 12/31/2010, Land
17,492,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
103,226,291 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
120,718,291 
 
Accumulated Depreciation
(28,417,401)
 
Investment in Real Estate Net
92,300,890 
 
Encumbrances
88,550,000 
 
Versailles [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Woodland Hills, CA 
 
Date of Constuction
1991 
 
Real Estate And Accumulated Depreciation Units
253 
 
Initial Cost to Company, Land
12,650,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
33,656,292 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
4,126,653 
 
Gross Amount Carried at close of period 12/31/2010, Land
12,650,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
37,782,945 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
50,432,945 
 
Accumulated Depreciation
(12,624,925)
 
Investment in Real Estate Net
37,808,020 
 
Encumbrances
30,372,953 
 
Virgil Square [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Los Angeles, CA 
 
Date of Constuction
1979 
 
Real Estate And Accumulated Depreciation Units
142 
 
Initial Cost to Company, Land
5,500,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
15,216,613 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,559,212 
 
Gross Amount Carried at close of period 12/31/2010, Land
5,500,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
16,775,825 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
22,275,825 
 
Accumulated Depreciation
(4,665,674)
 
Investment in Real Estate Net
17,610,151 
 
Encumbrances
9,900,000 
 
Strayhorse at Arrowhead Ranch [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Glendale, AZ 
 
Date of Constuction
1998 
 
Real Estate And Accumulated Depreciation Units
136 
 
Initial Cost to Company, Land
4,400,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
12,968,001 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
268,668 
 
Gross Amount Carried at close of period 12/31/2010, Land
4,400,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
13,236,669 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
17,636,669 
 
Accumulated Depreciation
(3,181,411)
 
Investment in Real Estate Net
14,455,258 
 
Encumbrances
0 
 
Surrey Downs [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Bellevue, WA 
 
Date of Constuction
1986 
 
Real Estate And Accumulated Depreciation Units
122 
 
Initial Cost to Company, Land
3,057,100 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
7,848,618 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,148,814 
 
Gross Amount Carried at close of period 12/31/2010, Land
3,057,100 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
9,997,432 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
13,054,532 
 
Accumulated Depreciation
(4,730,062)
 
Investment in Real Estate Net
8,324,470 
 
Encumbrances
9,829,000 
 
Scottsdale Meadows [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Scottsdale, AZ 
 
Date of Constuction
1984 
 
Real Estate And Accumulated Depreciation Units
168 
 
Initial Cost to Company, Land
1,512,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
11,423,349 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,695,333 
 
Gross Amount Carried at close of period 12/31/2010, Land
1,512,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
13,118,682 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
14,630,682 
 
Accumulated Depreciation
(6,778,792)
 
Investment in Real Estate Net
7,851,890 
 
Encumbrances
9,270,000 
 
Schooner Bay Two [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Foster City, CA 
 
Date of Constuction
1985 
 
Real Estate And Accumulated Depreciation Units
144 
 
Initial Cost to Company, Land
4,550,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
18,064,764 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
3,552,438 
 
Gross Amount Carried at close of period 12/31/2010, Land
4,550,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
21,617,202 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
26,167,202 
 
Accumulated Depreciation
(7,903,256)
 
Investment in Real Estate Net
18,263,946 
 
Encumbrances
26,175,000 
 
Schooner Bay One [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Foster City, CA 
 
Date of Constuction
1985 
 
Real Estate And Accumulated Depreciation Units
168 
 
Initial Cost to Company, Land
5,345,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
20,390,618 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
3,819,571 
 
Gross Amount Carried at close of period 12/31/2010, Land
5,345,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
24,210,189 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
29,555,189 
 
Accumulated Depreciation
(8,765,022)
 
Investment in Real Estate Net
20,790,167 
 
Encumbrances
28,870,000 
 
Rosecliff [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Quincy, MA 
 
Date of Constuction
1990 
 
Real Estate And Accumulated Depreciation Units
156 
 
Initial Cost to Company, Land
5,460,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
15,721,570 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,744,506 
 
Gross Amount Carried at close of period 12/31/2010, Land
5,460,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
17,466,076 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
22,926,076 
 
Accumulated Depreciation
(7,527,276)
 
Investment in Real Estate Net
15,398,800 
 
Encumbrances
17,400,000 
 
Montclair Metro [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Montclair, NJ 
 
Date of Constuction
2009 
 
Real Estate And Accumulated Depreciation Units
163 
 
Initial Cost to Company, Land
2,400,887 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
43,605,687 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
41,720 
 
Gross Amount Carried at close of period 12/31/2010, Land
2,400,887 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
43,647,407 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
46,048,294 
 
Accumulated Depreciation
(4,016,385)
 
Investment in Real Estate Net
42,031,909 
 
Encumbrances
33,418,656 
 
Lantern Cove [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Foster City, CA 
 
Date of Constuction
1985 
 
Real Estate And Accumulated Depreciation Units
232 
 
Initial Cost to Company, Land
6,945,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
23,064,976 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
3,858,408 
 
Gross Amount Carried at close of period 12/31/2010, Land
6,945,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
26,923,384 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
33,868,384 
 
Accumulated Depreciation
(10,048,742)
 
Investment in Real Estate Net
23,819,642 
 
Encumbrances
36,455,000 
 
Canyon Creek C [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
San Ramon, CA 
 
Date of Constuction
1984 
 
Real Estate And Accumulated Depreciation Units
268 
 
Initial Cost to Company, Land
5,425,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
18,812,121 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
6,048,256 
 
Gross Amount Carried at close of period 12/31/2010, Land
5,425,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
24,860,377 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
30,285,377 
 
Accumulated Depreciation
(9,367,456)
 
Investment in Real Estate Net
20,917,921 
 
Encumbrances
28,200,000 
 
Bellevue Meadows [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Bellevue, WA 
 
Date of Constuction
1983 
 
Real Estate And Accumulated Depreciation Units
180 
 
Initial Cost to Company, Land
4,507,100 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
12,574,814 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
4,168,565 
 
Gross Amount Carried at close of period 12/31/2010, Land
4,507,100 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
16,743,379 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
21,250,479 
 
Accumulated Depreciation
(8,102,753)
 
Investment in Real Estate Net
13,147,726 
 
Encumbrances
16,538,000 
 
Willow Brook C [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Pleasant Hill, CA 
 
Date of Constuction
1985 
 
Real Estate And Accumulated Depreciation Units
228 
 
Initial Cost to Company, Land
5,055,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
38,388,672 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,571,207 
 
Gross Amount Carried at close of period 12/31/2010, Land
5,055,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
40,959,879 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
46,014,879 
 
Accumulated Depreciation
(11,732,931)
 
Investment in Real Estate Net
34,281,948 
 
Encumbrances
0 
 
Partially Owned Unencumbered [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Units
1,917 
 
Initial Cost to Company, Land
195,786,350 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
225,058,663 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
20,484,054 
 
Gross Amount Carried at close of period 12/31/2010, Land
195,786,350 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
245,542,717 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
441,329,067 
 
Accumulated Depreciation
(73,969,422)
 
Investment in Real Estate Net
367,359,645 
 
Encumbrances
0 
 
Isle at Arrowhead Ranch [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Glendale, AZ 
 
Date of Constuction
1996 
 
Real Estate And Accumulated Depreciation Units
256 
 
Initial Cost to Company, Land
1,650,237 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
19,593,123 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,820,738 
 
Gross Amount Carried at close of period 12/31/2010, Land
1,650,237 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
21,413,861 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
23,064,098 
 
Accumulated Depreciation
(10,657,381)
 
Investment in Real Estate Net
12,406,717 
 
Encumbrances
17,700,000 
 
Preserve at Briarcliff [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Atlanta, GA 
 
Date of Constuction
1994 
 
Real Estate And Accumulated Depreciation Units
182 
 
Initial Cost to Company, Land
6,370,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
17,766,322 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
701,402 
 
Gross Amount Carried at close of period 12/31/2010, Land
6,370,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
18,467,724 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
24,837,724 
 
Accumulated Depreciation
(4,701,357)
 
Investment in Real Estate Net
20,136,367 
 
Encumbrances
0 
 
Hudson Crossing Two [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
New York, NY 
 
Date of Constuction
(F) 
 
Real Estate And Accumulated Depreciation Units
0 
 
Initial Cost to Company, Land
5,000,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
0 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
0 
 
Gross Amount Carried at close of period 12/31/2010, Land
5,000,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
0 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
5,000,000 
 
Accumulated Depreciation
0 
 
Investment in Real Estate Net
5,000,000 
 
Encumbrances
0 
 
Monterra in Mill Creek [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Mill Creek, WA 
 
Date of Constuction
2003 
 
Real Estate And Accumulated Depreciation Units
139 
 
Initial Cost to Company, Land
2,800,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
13,255,123 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
264,501 
 
Gross Amount Carried at close of period 12/31/2010, Land
2,800,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
13,519,624 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
16,319,624 
 
Accumulated Depreciation
(3,688,448)
 
Investment in Real Estate Net
12,631,176 
 
Encumbrances
0 
 
Fox Ridge [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Englewood, CO 
 
Date of Constuction
1984 
 
Real Estate And Accumulated Depreciation Units
300 
 
Initial Cost to Company, Land
2,490,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
17,522,114 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
3,513,373 
 
Gross Amount Carried at close of period 12/31/2010, Land
2,490,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
21,035,487 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
23,525,487 
 
Accumulated Depreciation
(9,051,210)
 
Investment in Real Estate Net
14,474,277 
 
Encumbrances
0 
 
Country Oaks [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Agoura Hills, CA 
 
Date of Constuction
1985 
 
Real Estate And Accumulated Depreciation Units
256 
 
Initial Cost to Company, Land
6,105,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
29,561,865 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
3,283,088 
 
Gross Amount Carried at close of period 12/31/2010, Land
6,105,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
32,844,953 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
38,949,953 
 
Accumulated Depreciation
(11,978,857)
 
Investment in Real Estate Net
26,971,096 
 
Encumbrances
0 
 
Copper Creek [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Tempe, AZ 
 
Date of Constuction
1984 
 
Real Estate And Accumulated Depreciation Units
144 
 
Initial Cost to Company, Land
1,017,400 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
9,158,260 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,948,215 
 
Gross Amount Carried at close of period 12/31/2010, Land
1,017,400 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
11,106,475 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
12,123,875 
 
Accumulated Depreciation
(6,030,660)
 
Investment in Real Estate Net
6,093,215 
 
Encumbrances
0 
 
Canyon Ridge [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
San Diego, CA 
 
Date of Constuction
1989 
 
Real Estate And Accumulated Depreciation Units
162 
 
Initial Cost to Company, Land
4,869,448 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
11,955,063 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,820,884 
 
Gross Amount Carried at close of period 12/31/2010, Land
4,869,448 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
13,775,947 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
18,645,395 
 
Accumulated Depreciation
(7,072,766)
 
Investment in Real Estate Net
11,572,629 
 
Encumbrances
0 
 
Butterfield Ranch [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Chino Hills, CA 
 
Date of Constuction
(F) 
 
Real Estate And Accumulated Depreciation Units
0 
 
Initial Cost to Company, Land
15,617,709 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
4,458,157 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
0 
 
Gross Amount Carried at close of period 12/31/2010, Land
15,617,709 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
4,458,157 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
20,075,866 
 
Accumulated Depreciation
0 
 
Investment in Real Estate Net
20,075,866 
 
Encumbrances
0 
 
Via Ventura [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Scottsdale, AZ 
 
Date of Constuction
1980 
 
Real Estate And Accumulated Depreciation Units
328 
 
Initial Cost to Company, Land
1,351,785 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
13,382,006 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
8,124,724 
 
Gross Amount Carried at close of period 12/31/2010, Land
1,351,785 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
21,506,730 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
22,858,515 
 
Accumulated Depreciation
(15,047,425)
 
Investment in Real Estate Net
7,811,090 
 
Village at Lakewood [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Phoenix, AZ 
 
Date of Constuction
1988 
 
Real Estate And Accumulated Depreciation Units
240 
 
Initial Cost to Company, Land
3,166,411 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
13,859,090 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,288,898 
 
Gross Amount Carried at close of period 12/31/2010, Land
3,166,411 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
16,147,988 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
19,314,399 
 
Accumulated Depreciation
(8,345,890)
 
Investment in Real Estate Net
10,968,509 
 
Vintage [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Ontario, CA 
 
Date of Constuction
2005-2007 
 
Real Estate And Accumulated Depreciation Units
300 
 
Initial Cost to Company, Land
7,059,230 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
47,677,762 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
246,411 
 
Gross Amount Carried at close of period 12/31/2010, Land
7,059,230 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
47,924,173 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
54,983,403 
 
Accumulated Depreciation
(10,944,256)
 
Investment in Real Estate Net
44,039,147 
 
Encumbrances
33,000,000 
 
Warwick Station [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Westminster, CO 
 
Date of Constuction
1986 
 
Real Estate And Accumulated Depreciation Units
332 
 
Initial Cost to Company, Land
2,274,121 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
21,113,974 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
3,143,399 
 
Gross Amount Carried at close of period 12/31/2010, Land
2,274,121 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
24,257,373 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
26,531,494 
 
Accumulated Depreciation
(12,481,108)
 
Investment in Real Estate Net
14,050,386 
 
Encumbrances
8,355,000 
 
Westgate Pasadena Apartments [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Pasadena, CA 
 
Date of Constuction
2010 
 
Real Estate And Accumulated Depreciation Units
480 
 
Initial Cost to Company, Land
22,898,848 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
133,521,158 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
22,444 
 
Gross Amount Carried at close of period 12/31/2010, Land
22,898,848 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
133,543,602 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
156,442,450 
 
Accumulated Depreciation
(4,615,636)
 
Investment in Real Estate Net
151,826,814 
 
Encumbrances
97,145,000 
 
Westwood Glen [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Westwood, MA 
 
Date of Constuction
1972 
 
Real Estate And Accumulated Depreciation Units
156 
 
Initial Cost to Company, Land
1,616,505 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
10,806,004 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,729,627 
 
Gross Amount Carried at close of period 12/31/2010, Land
1,616,505 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
12,535,631 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
14,152,136 
 
Accumulated Depreciation
(4,951,551)
 
Investment in Real Estate Net
9,200,585 
 
Encumbrances
223,541 
 
Whisper Creek [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Denver, CO 
 
Date of Constuction
2002 
 
Real Estate And Accumulated Depreciation Units
272 
 
Initial Cost to Company, Land
5,310,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
22,998,558 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
988,597 
 
Gross Amount Carried at close of period 12/31/2010, Land
5,310,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
23,987,155 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
29,297,155 
 
Accumulated Depreciation
(6,870,894)
 
Investment in Real Estate Net
22,426,261 
 
Encumbrances
13,580,000 
 
Wilkins Glen [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Medfield, MA 
 
Date of Constuction
1975 
 
Real Estate And Accumulated Depreciation Units
103 
 
Initial Cost to Company, Land
538,483 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
3,629,943 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,528,761 
 
Gross Amount Carried at close of period 12/31/2010, Land
538,483 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
5,158,704 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
5,697,187 
 
Accumulated Depreciation
(2,335,788)
 
Investment in Real Estate Net
3,361,399 
 
Encumbrances
882,098 
 
Windridge C A [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Laguna Niguel, CA 
 
Date of Constuction
1989 
 
Real Estate And Accumulated Depreciation Units
344 
 
Initial Cost to Company, Land
2,662,900 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
23,985,497 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
6,723,847 
 
Gross Amount Carried at close of period 12/31/2010, Land
2,662,900 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
30,709,344 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
33,372,244 
 
Accumulated Depreciation
(17,637,598)
 
Investment in Real Estate Net
15,734,646 
 
Woodlake W A [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Kirkland, WA 
 
Date of Constuction
1984 
 
Real Estate And Accumulated Depreciation Units
288 
 
Initial Cost to Company, Land
6,631,400 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
16,735,484 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,897,667 
 
Gross Amount Carried at close of period 12/31/2010, Land
6,631,400 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
19,633,151 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
26,264,551 
 
Accumulated Depreciation
(9,764,092)
 
Investment in Real Estate Net
16,500,459 
 
Wholly Owned Encumbered [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Units
37,453 
 
Initial Cost to Company, Land
1,229,307,164 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
4,561,433,644 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
388,065,518 
 
Gross Amount Carried at close of period 12/31/2010, Land
1,229,307,164 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
4,949,499,162 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
6,178,806,326 
 
Accumulated Depreciation
(1,482,040,971)
 
Investment in Real Estate Net
4,696,765,355 
 
Encumbrances
2,547,898,280 
 
1401 South State [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Chicago, IL 
 
Date of Constuction
2008 
 
Real Estate And Accumulated Depreciation Units
278 
 
Initial Cost to Company, Land
6,882,467 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
61,577,830 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
74,937 
 
Gross Amount Carried at close of period 12/31/2010, Land
6,882,467 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
61,652,767 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
68,535,234 
 
Accumulated Depreciation
(8,211,336)
 
Investment in Real Estate Net
60,323,898 
 
Encumbrances
0 
 
Reserve at Clarendon Centre, The [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Alexandria, VA 
 
Date of Constuction
2002 
 
Real Estate And Accumulated Depreciation Units
226 
 
Initial Cost to Company, Land
6,500,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
34,585,059 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,115,888 
 
Gross Amount Carried at close of period 12/31/2010, Land
6,500,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
35,700,947 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
42,200,947 
 
Accumulated Depreciation
(11,325,598)
 
Investment in Real Estate Net
30,875,349 
 
Providence [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Bothell, WA 
 
Date of Constuction
2000 
 
Real Estate And Accumulated Depreciation Units
200 
 
Initial Cost to Company, Land
3,573,621 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
19,055,505 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
581,521 
 
Gross Amount Carried at close of period 12/31/2010, Land
3,573,621 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
19,637,026 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
23,210,647 
 
Accumulated Depreciation
(6,033,468)
 
Investment in Real Estate Net
17,177,179 
 
Promenade at Tower Center II [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Valencia, CA 
 
Date of Constuction
2001 
 
Real Estate And Accumulated Depreciation Units
270 
 
Initial Cost to Company, Land
13,500,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
34,405,636 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
629,459 
 
Gross Amount Carried at close of period 12/31/2010, Land
13,500,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
35,035,095 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
48,535,095 
 
Accumulated Depreciation
(10,422,317)
 
Investment in Real Estate Net
38,112,778 
 
Encumbrances
32,039,955 
 
Promenade at Peachtree [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Chamblee, GA 
 
Date of Constuction
2001 
 
Real Estate And Accumulated Depreciation Units
406 
 
Initial Cost to Company, Land
10,120,250 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
31,219,739 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,765,724 
 
Gross Amount Carried at close of period 12/31/2010, Land
10,120,250 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
32,985,463 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
43,105,713 
 
Accumulated Depreciation
(9,938,378)
 
Investment in Real Estate Net
33,167,335 
 
Parkfield [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Denver, CO 
 
Date of Constuction
2000 
 
Real Estate And Accumulated Depreciation Units
476 
 
Initial Cost to Company, Land
8,330,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
28,667,618 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,473,044 
 
Gross Amount Carried at close of period 12/31/2010, Land
8,330,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
31,140,662 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
39,470,662 
 
Accumulated Depreciation
(12,454,063)
 
Investment in Real Estate Net
27,016,599 
 
Encumbrances
23,275,000 
 
Park Meadow [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Gilbert, AZ 
 
Date of Constuction
1986 
 
Real Estate And Accumulated Depreciation Units
225 
 
Initial Cost to Company, Land
835,217 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
15,120,769 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,364,618 
 
Gross Amount Carried at close of period 12/31/2010, Land
835,217 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
17,485,387 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
18,320,604 
 
Accumulated Depreciation
(9,072,518)
 
Investment in Real Estate Net
9,248,086 
 
Parc East Towers [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
New York, NY (G) 
 
Date of Constuction
1977 
 
Real Estate And Accumulated Depreciation Units
324 
 
Initial Cost to Company, Land
102,163,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
108,989,402 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
5,871,189 
 
Gross Amount Carried at close of period 12/31/2010, Land
102,163,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
114,860,591 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
217,023,591 
 
Accumulated Depreciation
(23,094,592)
 
Investment in Real Estate Net
193,928,999 
 
Encumbrances
17,081,217 
 
Olympus Towers [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Seattle, WA (G) 
 
Date of Constuction
2000 
 
Real Estate And Accumulated Depreciation Units
328 
 
Initial Cost to Company, Land
14,752,034 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
73,335,425 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
3,333,107 
 
Gross Amount Carried at close of period 12/31/2010, Land
14,752,034 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
76,668,532 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
91,420,566 
 
Accumulated Depreciation
(22,080,839)
 
Investment in Real Estate Net
69,339,727 
 
Encumbrances
49,875,780 
 
Olde Redmond Place [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Redmond, WA 
 
Date of Constuction
1986 
 
Real Estate And Accumulated Depreciation Units
192 
 
Initial Cost to Company, Land
4,807,100 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
14,126,038 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
4,182,775 
 
Gross Amount Carried at close of period 12/31/2010, Land
4,807,100 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
18,308,813 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
23,115,913 
 
Accumulated Depreciation
(9,376,336)
 
Investment in Real Estate Net
13,739,577 
 
Oaks [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Santa Clarita, CA 
 
Date of Constuction
2000 
 
Real Estate And Accumulated Depreciation Units
520 
 
Initial Cost to Company, Land
23,400,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
61,020,438 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,934,000 
 
Gross Amount Carried at close of period 12/31/2010, Land
23,400,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
63,954,438 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
87,354,438 
 
Accumulated Depreciation
(20,238,980)
 
Investment in Real Estate Net
67,115,458 
 
Encumbrances
40,260,939 
 
Oak Mill Two [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Germantown, MD 
 
Date of Constuction
1985 
 
Real Estate And Accumulated Depreciation Units
192 
 
Initial Cost to Company, Land
854,133 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
10,233,947 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
6,320,715 
 
Gross Amount Carried at close of period 12/31/2010, Land
854,133 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
16,554,662 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
17,408,795 
 
Accumulated Depreciation
(9,400,865)
 
Investment in Real Estate Net
8,007,930 
 
Encumbrances
9,600,000 
 
Oak Mill One [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Germantown, MD 
 
Date of Constuction
1984 
 
Real Estate And Accumulated Depreciation Units
208 
 
Initial Cost to Company, Land
10,000,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
13,155,522 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
7,318,552 
 
Gross Amount Carried at close of period 12/31/2010, Land
10,000,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
20,474,074 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
30,474,074 
 
Accumulated Depreciation
(7,501,774)
 
Investment in Real Estate Net
22,972,300 
 
Encumbrances
12,066,806 
 
North Pier at Harborside [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Jersey City, NJ (J) 
 
Date of Constuction
2003 
 
Real Estate And Accumulated Depreciation Units
297 
 
Initial Cost to Company, Land
4,000,159 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
94,290,590 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,966,623 
 
Gross Amount Carried at close of period 12/31/2010, Land
4,000,159 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
96,257,213 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
100,257,372 
 
Accumulated Depreciation
(25,714,421)
 
Investment in Real Estate Net
74,542,951 
 
Encumbrances
76,862,000 
 
Northpark [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Burlingame, CA 
 
Date of Constuction
1972 
 
Real Estate And Accumulated Depreciation Units
510 
 
Initial Cost to Company, Land
38,607,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
77,477,449 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
3,452,074 
 
Gross Amount Carried at close of period 12/31/2010, Land
38,607,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
80,929,523 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
119,536,523 
 
Accumulated Depreciation
(8,379,109)
 
Investment in Real Estate Net
111,157,414 
 
Encumbrances
68,776,370 
 
Mountain Terrace [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Stevenson Ranch, CA 
 
Date of Constuction
1992 
 
Real Estate And Accumulated Depreciation Units
510 
 
Initial Cost to Company, Land
3,966,500 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
35,814,995 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
11,698,615 
 
Gross Amount Carried at close of period 12/31/2010, Land
3,966,500 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
47,513,610 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
51,480,110 
 
Accumulated Depreciation
(23,751,369)
 
Investment in Real Estate Net
27,728,741 
 
Encumbrances
57,428,472 
 
Mountain Park Ranch [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Phoenix, AZ 
 
Date of Constuction
1994 
 
Real Estate And Accumulated Depreciation Units
240 
 
Initial Cost to Company, Land
1,662,332 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
18,260,276 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,912,961 
 
Gross Amount Carried at close of period 12/31/2010, Land
1,662,332 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
20,173,237 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
21,835,569 
 
Accumulated Depreciation
(10,165,770)
 
Investment in Real Estate Net
11,669,799 
 
Mosaic at Metro [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Hyattsville, MD 
 
Date of Constuction
2008 
 
Real Estate And Accumulated Depreciation Units
260 
 
Initial Cost to Company, Land
0 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
59,705,367 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
126,999 
 
Gross Amount Carried at close of period 12/31/2010, Land
0 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
59,832,366 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
59,832,366 
 
Accumulated Depreciation
(6,504,822)
 
Investment in Real Estate Net
53,327,544 
 
Encumbrances
44,655,135 
 
Montierra (CA) [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
San Diego, CA 
 
Date of Constuction
1990 
 
Real Estate And Accumulated Depreciation Units
272 
 
Initial Cost to Company, Land
8,160,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
29,360,938 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
6,578,545 
 
Gross Amount Carried at close of period 12/31/2010, Land
8,160,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
35,939,483 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
44,099,483 
 
Accumulated Depreciation
(15,545,316)
 
Investment in Real Estate Net
28,554,167 
 
Montierra [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Scottsdale, AZ 
 
Date of Constuction
1999 
 
Real Estate And Accumulated Depreciation Units
249 
 
Initial Cost to Company, Land
3,455,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
17,266,787 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,542,668 
 
Gross Amount Carried at close of period 12/31/2010, Land
3,455,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
18,809,455 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
22,264,455 
 
Accumulated Depreciation
(8,591,147)
 
Investment in Real Estate Net
13,673,308 
 
Encumbrances
17,858,854 
 
Montecito [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Valencia, CA 
 
Date of Constuction
1999 
 
Real Estate And Accumulated Depreciation Units
210 
 
Initial Cost to Company, Land
8,400,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
24,709,146 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,830,577 
 
Gross Amount Carried at close of period 12/31/2010, Land
8,400,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
26,539,723 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
34,939,723 
 
Accumulated Depreciation
(10,567,646)
 
Investment in Real Estate Net
24,372,077 
 
Monte Viejo [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Phoneix, AZ 
 
Date of Constuction
2004 
 
Real Estate And Accumulated Depreciation Units
480 
 
Initial Cost to Company, Land
12,700,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
45,926,784 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,068,859 
 
Gross Amount Carried at close of period 12/31/2010, Land
12,700,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
46,995,643 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
59,695,643 
 
Accumulated Depreciation
(14,000,776)
 
Investment in Real Estate Net
45,694,867 
 
Encumbrances
40,515,169 
 
Missions at Sunbow [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Chula Vista, CA 
 
Date of Constuction
2003 
 
Real Estate And Accumulated Depreciation Units
336 
 
Initial Cost to Company, Land
28,560,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
59,287,595 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,302,798 
 
Gross Amount Carried at close of period 12/31/2010, Land
28,560,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
60,590,393 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
89,150,393 
 
Accumulated Depreciation
(17,010,676)
 
Investment in Real Estate Net
72,139,717 
 
Encumbrances
55,091,000 
 
Miramar Lakes [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Miramar, FL 
 
Date of Constuction
2003 
 
Real Estate And Accumulated Depreciation Units
344 
 
Initial Cost to Company, Land
17,200,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
51,487,235 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,648,442 
 
Gross Amount Carried at close of period 12/31/2010, Land
17,200,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
53,135,677 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
70,335,677 
 
Accumulated Depreciation
(14,063,001)
 
Investment in Real Estate Net
56,272,676 
 
Mill Creek [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Milpitas, CA 
 
Date of Constuction
1991 
 
Real Estate And Accumulated Depreciation Units
516 
 
Initial Cost to Company, Land
12,858,693 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
57,168,503 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
3,134,053 
 
Gross Amount Carried at close of period 12/31/2010, Land
12,858,693 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
60,302,556 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
73,161,249 
 
Accumulated Depreciation
(19,263,283)
 
Investment in Real Estate Net
53,897,966 
 
Encumbrances
69,312,259 
 
Metro on First [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Seattle, WA (G) 
 
Date of Constuction
2002 
 
Real Estate And Accumulated Depreciation Units
102 
 
Initial Cost to Company, Land
8,540,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
12,209,981 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
282,559 
 
Gross Amount Carried at close of period 12/31/2010, Land
8,540,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
12,492,540 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
21,032,540 
 
Accumulated Depreciation
(3,183,956)
 
Investment in Real Estate Net
17,848,584 
 
Encumbrances
16,650,000 
 
Marks [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Englewood, CO (G) 
 
Date of Constuction
1987 
 
Real Estate And Accumulated Depreciation Units
616 
 
Initial Cost to Company, Land
4,928,500 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
44,622,314 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
9,664,858 
 
Gross Amount Carried at close of period 12/31/2010, Land
4,928,500 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
54,287,172 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
59,215,672 
 
Accumulated Depreciation
(27,218,142)
 
Investment in Real Estate Net
31,997,530 
 
Encumbrances
19,195,000 
 
Longview Place [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Waltham, MA 
 
Date of Constuction
2004 
 
Real Estate And Accumulated Depreciation Units
348 
 
Initial Cost to Company, Land
20,880,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
90,255,509 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,059,321 
 
Gross Amount Carried at close of period 12/31/2010, Land
20,880,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
92,314,830 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
113,194,830 
 
Accumulated Depreciation
(21,584,039)
 
Investment in Real Estate Net
91,610,791 
 
Encumbrances
57,029,000 
 
Market Street Village [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
San Diego, CA 
 
Date of Constuction
2006 
 
Real Estate And Accumulated Depreciation Units
229 
 
Initial Cost to Company, Land
13,740,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
40,757,301 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
570,900 
 
Gross Amount Carried at close of period 12/31/2010, Land
13,740,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
41,328,201 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
55,068,201 
 
Accumulated Depreciation
(9,542,056)
 
Investment in Real Estate Net
45,526,145 
 
Lincoln Heights [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Quincy, MA 
 
Date of Constuction
1991 
 
Real Estate And Accumulated Depreciation Units
336 
 
Initial Cost to Company, Land
5,928,400 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
33,595,262 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
10,702,664 
 
Gross Amount Carried at close of period 12/31/2010, Land
5,928,400 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
44,297,926 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
50,226,326 
 
Accumulated Depreciation
(21,483,850)
 
Investment in Real Estate Net
28,742,476 
 
Lindley [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Encino, CA 
 
Date of Constuction
2004 
 
Real Estate And Accumulated Depreciation Units
129 
 
Initial Cost to Company, Land
5,805,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
25,705,000 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
380,221 
 
Gross Amount Carried at close of period 12/31/2010, Land
5,805,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
26,085,221 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
31,890,221 
 
Accumulated Depreciation
(1,708,719)
 
Investment in Real Estate Net
30,181,502 
 
Encumbrances
22,436,908 
 
Liberty Tower [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Arlington, VA (G) 
 
Date of Constuction
2008 
 
Real Estate And Accumulated Depreciation Units
235 
 
Initial Cost to Company, Land
16,382,822 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
83,817,078 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
500,099 
 
Gross Amount Carried at close of period 12/31/2010, Land
16,382,822 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
84,317,177 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
100,699,999 
 
Accumulated Depreciation
(7,455,086)
 
Investment in Real Estate Net
93,244,913 
 
Encumbrances
48,586,957 
 
Liberty Park [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Brain Tree, MA 
 
Date of Constuction
2000 
 
Real Estate And Accumulated Depreciation Units
202 
 
Initial Cost to Company, Land
5,977,504 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
26,749,110 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,184,890 
 
Gross Amount Carried at close of period 12/31/2010, Land
5,977,504 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
28,934,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
34,911,504 
 
Accumulated Depreciation
(9,678,494)
 
Investment in Real Estate Net
25,233,010 
 
Encumbrances
24,980,280 
 
La Terrazza at Colma Station [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Colma, CA (G) (I) 
 
Date of Constuction
2005 
 
Real Estate And Accumulated Depreciation Units
153 
 
Initial Cost to Company, Land
0 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
41,251,044 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
492,747 
 
Gross Amount Carried at close of period 12/31/2010, Land
0 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
41,743,791 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
41,743,791 
 
Accumulated Depreciation
(8,533,442)
 
Investment in Real Estate Net
33,210,349 
 
Encumbrances
25,175,000 
 
Jaclen Towers [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Beverly, MA 
 
Date of Constuction
1976 
 
Real Estate And Accumulated Depreciation Units
100 
 
Initial Cost to Company, Land
437,072 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
2,921,735 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,146,926 
 
Gross Amount Carried at close of period 12/31/2010, Land
437,072 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
4,068,661 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
4,505,733 
 
Accumulated Depreciation
(1,988,692)
 
Investment in Real Estate Net
2,517,041 
 
Encumbrances
1,074,494 
 
Ivory Wood [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Bothell, WA 
 
Date of Constuction
2000 
 
Real Estate And Accumulated Depreciation Units
144 
 
Initial Cost to Company, Land
2,732,800 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
13,888,282 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
585,457 
 
Gross Amount Carried at close of period 12/31/2010, Land
2,732,800 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
14,473,739 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
17,206,539 
 
Accumulated Depreciation
(4,321,190)
 
Investment in Real Estate Net
12,885,349 
 
Encumbrances
8,020,000 
 
Highlands at Cherry Hill [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Cherry Hills, NJ 
 
Date of Constuction
2002 
 
Real Estate And Accumulated Depreciation Units
170 
 
Initial Cost to Company, Land
6,800,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
21,459,108 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
639,410 
 
Gross Amount Carried at close of period 12/31/2010, Land
6,800,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
22,098,518 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
28,898,518 
 
Accumulated Depreciation
(5,655,534)
 
Investment in Real Estate Net
23,242,984 
 
Encumbrances
14,391,147 
 
Heronfield [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Kirkland, WA 
 
Date of Constuction
1990 
 
Real Estate And Accumulated Depreciation Units
202 
 
Initial Cost to Company, Land
9,245,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
27,017,749 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,286,663 
 
Gross Amount Carried at close of period 12/31/2010, Land
9,245,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
28,304,412 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
37,549,412 
 
Accumulated Depreciation
(6,623,206)
 
Investment in Real Estate Net
30,926,206 
 
Heritage at Stone Ridge [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Burlington, MA 
 
Date of Constuction
2005 
 
Real Estate And Accumulated Depreciation Units
180 
 
Initial Cost to Company, Land
10,800,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
31,808,335 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
722,215 
 
Gross Amount Carried at close of period 12/31/2010, Land
10,800,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
32,530,550 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
43,330,550 
 
Accumulated Depreciation
(8,636,359)
 
Investment in Real Estate Net
34,694,191 
 
Encumbrances
27,859,574 
 
Heights on Capitol Hill [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Seattle, WA (G) 
 
Date of Constuction
2006 
 
Real Estate And Accumulated Depreciation Units
104 
 
Initial Cost to Company, Land
5,425,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
21,138,028 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
145,491 
 
Gross Amount Carried at close of period 12/31/2010, Land
5,425,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
21,283,519 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
26,708,519 
 
Accumulated Depreciation
(4,885,848)
 
Investment in Real Estate Net
21,822,671 
 
Encumbrances
19,320,000 
 
Hathaway [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Long Beach, CA 
 
Date of Constuction
1987 
 
Real Estate And Accumulated Depreciation Units
385 
 
Initial Cost to Company, Land
2,512,500 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
22,611,912 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
6,617,407 
 
Gross Amount Carried at close of period 12/31/2010, Land
2,512,500 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
29,229,319 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
31,741,819 
 
Accumulated Depreciation
(17,010,633)
 
Investment in Real Estate Net
14,731,186 
 
Encumbrances
46,517,800 
 
Harbor Steps [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Seattle, WA (G) 
 
Date of Constuction
2000 
 
Real Estate And Accumulated Depreciation Units
730 
 
Initial Cost to Company, Land
59,900,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
158,829,432 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
7,329,927 
 
Gross Amount Carried at close of period 12/31/2010, Land
59,900,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
166,159,359 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
226,059,359 
 
Accumulated Depreciation
(41,014,218)
 
Investment in Real Estate Net
185,045,141 
 
Encumbrances
121,360,757 
 
Greenwood Plaza [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Centennial, CO 
 
Date of Constuction
1996 
 
Real Estate And Accumulated Depreciation Units
266 
 
Initial Cost to Company, Land
3,990,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
35,846,708 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,921,183 
 
Gross Amount Carried at close of period 12/31/2010, Land
3,990,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
37,767,891 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
41,757,891 
 
Accumulated Depreciation
(8,360,465)
 
Investment in Real Estate Net
33,397,426 
 
Greenwood Park [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Centennial, CO 
 
Date of Constuction
1994 
 
Real Estate And Accumulated Depreciation Units
291 
 
Initial Cost to Company, Land
4,365,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
38,372,440 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,338,988 
 
Gross Amount Carried at close of period 12/31/2010, Land
4,365,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
39,711,428 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
44,076,428 
 
Accumulated Depreciation
(8,725,623)
 
Investment in Real Estate Net
35,350,805 
 
Grandeville at River Place [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Oviedo, FL 
 
Date of Constuction
2002 
 
Real Estate And Accumulated Depreciation Units
280 
 
Initial Cost to Company, Land
6,000,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
23,114,693 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,723,206 
 
Gross Amount Carried at close of period 12/31/2010, Land
6,000,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
24,837,899 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
30,837,899 
 
Accumulated Depreciation
(7,801,937)
 
Investment in Real Estate Net
23,035,962 
 
Encumbrances
28,890,000 
 
Glo [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Los Angeles, CA (G) 
 
Date of Constuction
2008 
 
Real Estate And Accumulated Depreciation Units
201 
 
Initial Cost to Company, Land
16,047,022 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
48,652,977 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
0 
 
Gross Amount Carried at close of period 12/31/2010, Land
16,047,022 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
48,652,977 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
64,699,999 
 
Accumulated Depreciation
0 
 
Investment in Real Estate Net
64,699,999 
 
Encumbrances
31,490,000 
 
Glen Meadow [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Franklin, MA 
 
Date of Constuction
1971 
 
Real Estate And Accumulated Depreciation Units
288 
 
Initial Cost to Company, Land
2,339,330 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
16,133,588 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
3,641,165 
 
Gross Amount Carried at close of period 12/31/2010, Land
2,339,330 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
19,774,753 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
22,114,083 
 
Accumulated Depreciation
(8,972,636)
 
Investment in Real Estate Net
13,141,447 
 
Encumbrances
353,833 
 
Geary Court Yard [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
San Francisco, CA 
 
Date of Constuction
1990 
 
Real Estate And Accumulated Depreciation Units
164 
 
Initial Cost to Company, Land
1,722,400 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
15,471,429 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,125,987 
 
Gross Amount Carried at close of period 12/31/2010, Land
1,722,400 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
17,597,416 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
19,319,816 
 
Accumulated Depreciation
(9,023,938)
 
Investment in Real Estate Net
10,295,878 
 
Encumbrances
18,281,425 
 
Gateway at Malden Center [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Malden, MA (G) 
 
Date of Constuction
1988 
 
Real Estate And Accumulated Depreciation Units
203 
 
Initial Cost to Company, Land
9,209,780 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
25,722,666 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
8,322,590 
 
Gross Amount Carried at close of period 12/31/2010, Land
9,209,780 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
34,045,256 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
43,255,036 
 
Accumulated Depreciation
(12,427,280)
 
Investment in Real Estate Net
30,827,756 
 
Encumbrances
14,970,000 
 
Woodleaf [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Campbell, CA 
 
Date of Constuction
1984 
 
Real Estate And Accumulated Depreciation Units
178 
 
Initial Cost to Company, Land
8,550,600 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
16,988,183 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,525,549 
 
Gross Amount Carried at close of period 12/31/2010, Land
8,550,600 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
19,513,732 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
28,064,332 
 
Accumulated Depreciation
(8,858,351)
 
Investment in Real Estate Net
19,205,981 
 
Encumbrances
0 
 
Woodland Park [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
East Palo Alto, CA (G) 
 
Date of Constuction
1953 
 
Real Estate And Accumulated Depreciation Units
1,812 
 
Initial Cost to Company, Land
72,224,518 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
57,775,482 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
11,882 
 
Gross Amount Carried at close of period 12/31/2010, Land
72,224,518 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
57,787,364 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
130,011,882 
 
Accumulated Depreciation
(361,821)
 
Investment in Real Estate Net
129,650,061 
 
Encumbrances
0 
 
Management Business [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Chicago, IL 
 
Date of Constuction
(D) 
 
Real Estate And Accumulated Depreciation Units
0 
 
Initial Cost to Company, Land
0 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
0 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
85,280,456 
 
Gross Amount Carried at close of period 12/31/2010, Land
0 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
85,280,456 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
85,280,456 
 
Accumulated Depreciation
(64,901,959)
 
Investment in Real Estate Net
20,378,497 
 
Encumbrances
0 
 
Mass 1210 [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Washington, D.C. (G) 
 
Date of Constuction
2004 
 
Real Estate And Accumulated Depreciation Units
144 
 
Initial Cost to Company, Land
9,213,512 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
36,559,189 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
316,157 
 
Gross Amount Carried at close of period 12/31/2010, Land
9,213,512 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
36,875,346 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
46,088,858 
 
Accumulated Depreciation
(8,949,188)
 
Investment in Real Estate Net
37,139,670 
 
Encumbrances
0 
 
Joyce On Pentagon Row 1401 [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Arlington, VA 
 
Date of Constuction
2004 
 
Real Estate And Accumulated Depreciation Units
326 
 
Initial Cost to Company, Land
9,780,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
89,668,165 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
260,729 
 
Gross Amount Carried at close of period 12/31/2010, Land
9,780,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
89,928,894 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
99,708,894 
 
Accumulated Depreciation
(11,567,038)
 
Investment in Real Estate Net
88,141,856 
 
Encumbrances
0 
 
1500 Mass Ave [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Washington, D.C. (G) 
 
Date of Constuction
1951 
 
Real Estate And Accumulated Depreciation Units
556 
 
Initial Cost to Company, Land
54,638,298 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
40,361,702 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,435,233 
 
Gross Amount Carried at close of period 12/31/2010, Land
54,638,298 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
41,796,935 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
96,435,233 
 
Accumulated Depreciation
(5,071,385)
 
Investment in Real Estate Net
91,363,848 
 
Encumbrances
0 
 
Peachtree 1660 [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Atlanta, GA 
 
Date of Constuction
1999 
 
Real Estate And Accumulated Depreciation Units
355 
 
Initial Cost to Company, Land
7,924,126 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
23,533,831 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,308,016 
 
Gross Amount Carried at close of period 12/31/2010, Land
7,924,126 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
25,841,847 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
33,765,973 
 
Accumulated Depreciation
(8,233,880)
 
Investment in Real Estate Net
25,532,093 
 
Encumbrances
0 
 
1700 Amsterdam [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
New York, NY 
 
Date of Constuction
(F) 
 
Real Estate And Accumulated Depreciation Units
0 
 
Initial Cost to Company, Land
0 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
3,347,795 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
0 
 
Gross Amount Carried at close of period 12/31/2010, Land
0 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
3,347,795 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
3,347,795 
 
Accumulated Depreciation
0 
 
Investment in Real Estate Net
3,347,795 
 
Encumbrances
0 
 
175 Kent [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Brooklyn, NY (G) 
 
Date of Constuction
2011 
 
Real Estate And Accumulated Depreciation Units
113 
 
Initial Cost to Company, Land
22,037,831 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
53,962,169 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
4,899 
 
Gross Amount Carried at close of period 12/31/2010, Land
22,037,831 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
53,967,068 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
76,004,899 
 
Accumulated Depreciation
0 
 
Investment in Real Estate Net
76,004,899 
 
Encumbrances
0 
 
200 N Lemon Street [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Anaheim, CA 
 
Date of Constuction
(F) 
 
Real Estate And Accumulated Depreciation Units
0 
 
Initial Cost to Company, Land
5,865,235 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
171,438 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
0 
 
Gross Amount Carried at close of period 12/31/2010, Land
5,865,235 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
171,438 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
6,036,673 
 
Accumulated Depreciation
0 
 
Investment in Real Estate Net
6,036,673 
 
Encumbrances
0 
 
2201 Pershing Drive [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Arlington, VA 
 
Date of Constuction
(F) 
 
Real Estate And Accumulated Depreciation Units
0 
 
Initial Cost to Company, Land
11,321,198 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
19,605,311 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
0 
 
Gross Amount Carried at close of period 12/31/2010, Land
11,321,198 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
19,605,311 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
30,926,509 
 
Accumulated Depreciation
0 
 
Investment in Real Estate Net
30,926,509 
 
Encumbrances
0 
 
M St 2400 [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Washington, D.C. (G) 
 
Date of Constuction
2006 
 
Real Estate And Accumulated Depreciation Units
359 
 
Initial Cost to Company, Land
30,006,593 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
114,013,785 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
821,940 
 
Gross Amount Carried at close of period 12/31/2010, Land
30,006,593 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
114,835,725 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
144,842,318 
 
Accumulated Depreciation
(25,913,002)
 
Investment in Real Estate Net
118,929,316 
 
Encumbrances
0 
 
Four Hundred And Twenty East 80th Street [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
New York, NY 
 
Date of Constuction
1961 
 
Real Estate And Accumulated Depreciation Units
155 
 
Initial Cost to Company, Land
39,277,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
23,026,984 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,670,219 
 
Gross Amount Carried at close of period 12/31/2010, Land
39,277,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
25,697,203 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
64,974,203 
 
Accumulated Depreciation
(7,346,380)
 
Investment in Real Estate Net
57,627,823 
 
Encumbrances
0 
 
425 Mass [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Washington, D.C. (G) 
 
Date of Constuction
2009 
 
Real Estate And Accumulated Depreciation Units
559 
 
Initial Cost to Company, Land
28,150,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
138,600,000 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,306,882 
 
Gross Amount Carried at close of period 12/31/2010, Land
28,150,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
140,906,882 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
169,056,882 
 
Accumulated Depreciation
(10,753,212)
 
Investment in Real Estate Net
158,303,670 
 
Encumbrances
0 
 
51 University [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Seattle, WA (G) 
 
Date of Constuction
1918 
 
Real Estate And Accumulated Depreciation Units
0 
 
Initial Cost to Company, Land
3,640,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
8,110,000 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
782,855 
 
Gross Amount Carried at close of period 12/31/2010, Land
3,640,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
8,892,855 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
12,532,855 
 
Accumulated Depreciation
(207,107)
 
Investment in Real Estate Net
12,325,748 
 
Encumbrances
0 
 
Washington 600 [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
New York, NY (G) 
 
Date of Constuction
2004 
 
Real Estate And Accumulated Depreciation Units
135 
 
Initial Cost to Company, Land
32,852,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
43,140,551 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
241,280 
 
Gross Amount Carried at close of period 12/31/2010, Land
32,852,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
43,381,831 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
76,233,831 
 
Accumulated Depreciation
(10,895,304)
 
Investment in Real Estate Net
65,338,527 
 
Encumbrances
0 
 
Greene 70 [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Jersey City, NJ (G) 
 
Date of Constuction
2010 
 
Real Estate And Accumulated Depreciation Units
480 
 
Initial Cost to Company, Land
28,170,659 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
237,020,220 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
298,646 
 
Gross Amount Carried at close of period 12/31/2010, Land
28,170,659 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
237,318,866 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
265,489,525 
 
Accumulated Depreciation
(15,466,554)
 
Investment in Real Estate Net
250,022,971 
 
Encumbrances
0 
 
Broadway 71 [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
New York, NY (G) 
 
Date of Constuction
1997 
 
Real Estate And Accumulated Depreciation Units
238 
 
Initial Cost to Company, Land
22,611,600 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
77,492,171 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
7,194,824 
 
Gross Amount Carried at close of period 12/31/2010, Land
22,611,600 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
84,686,995 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
107,298,595 
 
Accumulated Depreciation
(21,051,383)
 
Investment in Real Estate Net
86,247,212 
 
Encumbrances
0 
 
777 Sixth [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
New York, NY (G) 
 
Date of Constuction
2002 
 
Real Estate And Accumulated Depreciation Units
294 
 
Initial Cost to Company, Land
65,352,706 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
65,747,294 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
760,339 
 
Gross Amount Carried at close of period 12/31/2010, Land
65,352,706 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
66,507,633 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
131,860,339 
 
Accumulated Depreciation
(11,220,212)
 
Investment in Real Estate Net
120,640,127 
 
Encumbrances
0 
 
88 Hillside [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Daly City, CA (G) 
 
Date of Constuction
2011 
 
Real Estate And Accumulated Depreciation Units
95 
 
Initial Cost to Company, Land
7,786,800 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
31,733,200 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
729,871 
 
Gross Amount Carried at close of period 12/31/2010, Land
7,786,800 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
32,463,071 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
40,249,871 
 
Accumulated Depreciation
(343,824)
 
Investment in Real Estate Net
39,906,047 
 
Encumbrances
0 
 
Abington Glen [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Abington, MA 
 
Date of Constuction
1968 
 
Real Estate And Accumulated Depreciation Units
90 
 
Initial Cost to Company, Land
553,105 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
3,697,396 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,394,444 
 
Gross Amount Carried at close of period 12/31/2010, Land
553,105 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
6,091,840 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
6,644,945 
 
Accumulated Depreciation
(3,160,486)
 
Investment in Real Estate Net
3,484,459 
 
Encumbrances
0 
 
Acacia Creek [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Scottsdale, AZ 
 
Date of Constuction
1988-1994 
 
Real Estate And Accumulated Depreciation Units
304 
 
Initial Cost to Company, Land
3,663,473 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
21,172,386 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,955,147 
 
Gross Amount Carried at close of period 12/31/2010, Land
3,663,473 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
24,127,533 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
27,791,006 
 
Accumulated Depreciation
(12,113,624)
 
Investment in Real Estate Net
15,677,382 
 
Encumbrances
0 
 
The Arches [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Sunnyvale, CA 
 
Date of Constuction
1974 
 
Real Estate And Accumulated Depreciation Units
410 
 
Initial Cost to Company, Land
26,650,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
62,850,000 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
8,347 
 
Gross Amount Carried at close of period 12/31/2010, Land
26,650,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
62,858,347 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
89,508,347 
 
Accumulated Depreciation
(745,859)
 
Investment in Real Estate Net
88,762,488 
 
Encumbrances
0 
 
Arden Villas [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Orlando, FL 
 
Date of Constuction
1999 
 
Real Estate And Accumulated Depreciation Units
336 
 
Initial Cost to Company, Land
5,500,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
28,600,796 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
3,366,120 
 
Gross Amount Carried at close of period 12/31/2010, Land
5,500,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
31,966,916 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
37,466,916 
 
Accumulated Depreciation
(9,505,727)
 
Investment in Real Estate Net
27,961,189 
 
Encumbrances
0 
 
Arlington at Perimeter Center [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Atlanta, GA 
 
Date of Constuction
1980 
 
Real Estate And Accumulated Depreciation Units
204 
 
Initial Cost to Company, Land
2,448,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
8,095,484 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
199,927 
 
Gross Amount Carried at close of period 12/31/2010, Land
2,448,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
8,295,411 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
10,743,411 
 
Accumulated Depreciation
(2,002,871)
 
Investment in Real Estate Net
8,740,540 
 
Encumbrances
0 
 
Artisan on Second [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Los Angeles, CA 
 
Date of Constuction
2008 
 
Real Estate And Accumulated Depreciation Units
118 
 
Initial Cost to Company, Land
8,000,400 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
36,074,600 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
12,623 
 
Gross Amount Carried at close of period 12/31/2010, Land
8,000,400 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
36,087,223 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
44,087,623 
 
Accumulated Depreciation
(1,370,912)
 
Investment in Real Estate Net
42,716,711 
 
Encumbrances
0 
 
Ashton, The [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Corona Hills, CA 
 
Date of Constuction
1986 
 
Real Estate And Accumulated Depreciation Units
492 
 
Initial Cost to Company, Land
2,594,264 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
33,042,398 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
6,318,737 
 
Gross Amount Carried at close of period 12/31/2010, Land
2,594,264 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
39,361,135 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
41,955,399 
 
Accumulated Depreciation
(20,407,980)
 
Investment in Real Estate Net
21,547,419 
 
Encumbrances
0 
 
Auvers Village [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Orlando, FL 
 
Date of Constuction
1991 
 
Real Estate And Accumulated Depreciation Units
480 
 
Initial Cost to Company, Land
3,808,823 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
29,322,243 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
6,438,957 
 
Gross Amount Carried at close of period 12/31/2010, Land
3,808,823 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
35,761,200 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
39,570,023 
 
Accumulated Depreciation
(17,562,711)
 
Investment in Real Estate Net
22,007,312 
 
Encumbrances
0 
 
Avenue Royale [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Jacksonville, FL 
 
Date of Constuction
2001 
 
Real Estate And Accumulated Depreciation Units
200 
 
Initial Cost to Company, Land
5,000,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
17,785,388 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,015,551 
 
Gross Amount Carried at close of period 12/31/2010, Land
5,000,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
18,800,939 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
23,800,939 
 
Accumulated Depreciation
(5,263,233)
 
Investment in Real Estate Net
18,537,706 
 
Encumbrances
0 
 
Avon Place LLC [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Avon, CT 
 
Date of Constuction
1973 
 
Real Estate And Accumulated Depreciation Units
163 
 
Initial Cost to Company, Land
1,788,943 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
12,440,003 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,826,600 
 
Gross Amount Carried at close of period 12/31/2010, Land
1,788,943 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
14,266,603 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
16,055,546 
 
Accumulated Depreciation
(5,868,216)
 
Investment in Real Estate Net
10,187,330 
 
Encumbrances
0 
 
Ball Park Lofts [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Denver, CO (G) 
 
Date of Constuction
2003 
 
Real Estate And Accumulated Depreciation Units
346 
 
Initial Cost to Company, Land
5,481,556 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
51,658,741 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
3,147,155 
 
Gross Amount Carried at close of period 12/31/2010, Land
5,481,556 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
54,805,896 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
60,287,452 
 
Accumulated Depreciation
(15,027,289)
 
Investment in Real Estate Net
45,260,163 
 
Encumbrances
0 
 
Barrington Place [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Oviedo, FL 
 
Date of Constuction
1998 
 
Real Estate And Accumulated Depreciation Units
233 
 
Initial Cost to Company, Land
6,990,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
15,740,825 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,656,061 
 
Gross Amount Carried at close of period 12/31/2010, Land
6,990,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
18,396,886 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
25,386,886 
 
Accumulated Depreciation
(7,143,268)
 
Investment in Real Estate Net
18,243,618 
 
Encumbrances
0 
 
Bay Hill [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Long Beach, CA 
 
Date of Constuction
2002 
 
Real Estate And Accumulated Depreciation Units
160 
 
Initial Cost to Company, Land
7,600,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
27,437,239 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
819,776 
 
Gross Amount Carried at close of period 12/31/2010, Land
7,600,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
28,257,015 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
35,857,015 
 
Accumulated Depreciation
(8,027,118)
 
Investment in Real Estate Net
27,829,897 
 
Encumbrances
0 
 
Bella Terra [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Mukilteo, WA (G) 
 
Date of Constuction
2002 
 
Real Estate And Accumulated Depreciation Units
235 
 
Initial Cost to Company, Land
5,686,861 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
26,070,540 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
743,787 
 
Gross Amount Carried at close of period 12/31/2010, Land
5,686,861 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
26,814,327 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
32,501,188 
 
Accumulated Depreciation
(8,186,839)
 
Investment in Real Estate Net
24,314,349 
 
Encumbrances
0 
 
Bella Vista [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Phoenix, AZ 
 
Date of Constuction
1995 
 
Real Estate And Accumulated Depreciation Units
248 
 
Initial Cost to Company, Land
2,978,879 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
20,641,333 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
3,456,763 
 
Gross Amount Carried at close of period 12/31/2010, Land
2,978,879 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
24,098,096 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
27,076,975 
 
Accumulated Depreciation
(12,710,839)
 
Investment in Real Estate Net
14,366,136 
 
Encumbrances
0 
 
Bella Vista One Two Three Combined [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Woodland Hills, CA 
 
Date of Constuction
2003-2007 
 
Real Estate And Accumulated Depreciation Units
579 
 
Initial Cost to Company, Land
31,682,754 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
121,095,786 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,563,367 
 
Gross Amount Carried at close of period 12/31/2010, Land
31,682,754 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
122,659,153 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
154,341,907 
 
Accumulated Depreciation
(28,332,758)
 
Investment in Real Estate Net
126,009,149 
 
Encumbrances
0 
 
Belle Arts Condominium Homes, LLC [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Bellevue, WA 
 
Date of Constuction
2000 
 
Real Estate And Accumulated Depreciation Units
1 
 
Initial Cost to Company, Land
63,158 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
248,929 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
(5,320)
 
Gross Amount Carried at close of period 12/31/2010, Land
63,158 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
243,609 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
306,767 
 
Accumulated Depreciation
0 
 
Investment in Real Estate Net
306,767 
 
Encumbrances
0 
 
Berkeley Land [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Berkeley, CA 
 
Date of Constuction
(F) 
 
Real Estate And Accumulated Depreciation Units
0 
 
Initial Cost to Company, Land
13,908,910 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
2,227,866 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
0 
 
Gross Amount Carried at close of period 12/31/2010, Land
13,908,910 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
2,227,866 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
16,136,776 
 
Accumulated Depreciation
0 
 
Investment in Real Estate Net
16,136,776 
 
Encumbrances
0 
 
Bermuda Cove [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Jacksonville, FL 
 
Date of Constuction
1989 
 
Real Estate And Accumulated Depreciation Units
350 
 
Initial Cost to Company, Land
1,503,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
19,561,896 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
4,743,553 
 
Gross Amount Carried at close of period 12/31/2010, Land
1,503,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
24,305,449 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
25,808,449 
 
Accumulated Depreciation
(12,374,482)
 
Investment in Real Estate Net
13,433,967 
 
Encumbrances
0 
 
Bishop Park [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Winter Park, FL 
 
Date of Constuction
1991 
 
Real Estate And Accumulated Depreciation Units
324 
 
Initial Cost to Company, Land
2,592,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
17,990,436 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
3,762,396 
 
Gross Amount Carried at close of period 12/31/2010, Land
2,592,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
21,752,832 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
24,344,832 
 
Accumulated Depreciation
(11,171,320)
 
Investment in Real Estate Net
13,173,512 
 
Encumbrances
0 
 
Bradford Apartments [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Newington, CT 
 
Date of Constuction
1964 
 
Real Estate And Accumulated Depreciation Units
64 
 
Initial Cost to Company, Land
401,091 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
2,681,210 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
627,352 
 
Gross Amount Carried at close of period 12/31/2010, Land
401,091 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
3,308,562 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
3,709,653 
 
Accumulated Depreciation
(1,443,213)
 
Investment in Real Estate Net
2,266,440 
 
Encumbrances
0 
 
Bradley Park [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Puyallup, WA 
 
Date of Constuction
1999 
 
Real Estate And Accumulated Depreciation Units
155 
 
Initial Cost to Company, Land
3,813,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
18,313,645 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
451,352 
 
Gross Amount Carried at close of period 12/31/2010, Land
3,813,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
18,764,997 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
22,577,997 
 
Accumulated Depreciation
(5,726,555)
 
Investment in Real Estate Net
16,851,442 
 
Encumbrances
0 
 
Briar Knoll Apts [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Vernon, CT 
 
Date of Constuction
1986 
 
Real Estate And Accumulated Depreciation Units
150 
 
Initial Cost to Company, Land
928,972 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
6,209,988 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,467,900 
 
Gross Amount Carried at close of period 12/31/2010, Land
928,972 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
7,677,888 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
8,606,860 
 
Accumulated Depreciation
(3,355,569)
 
Investment in Real Estate Net
5,251,291 
 
Encumbrances
0 
 
Bridford Lakes Two [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Greensboro, NC 
 
Date of Constuction
(F) 
 
Real Estate And Accumulated Depreciation Units
0 
 
Initial Cost to Company, Land
1,100,564 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
792,508 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
0 
 
Gross Amount Carried at close of period 12/31/2010, Land
1,100,564 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
792,508 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
1,893,072 
 
Accumulated Depreciation
0 
 
Investment in Real Estate Net
1,893,072 
 
Encumbrances
0 
 
Bridgewater at Wells Crossing [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Orange Park, FL 
 
Date of Constuction
1986 
 
Real Estate And Accumulated Depreciation Units
288 
 
Initial Cost to Company, Land
2,160,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
13,347,549 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,202,929 
 
Gross Amount Carried at close of period 12/31/2010, Land
2,160,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
15,550,478 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
17,710,478 
 
Accumulated Depreciation
(7,204,309)
 
Investment in Real Estate Net
10,506,169 
 
Encumbrances
0 
 
The Brooklyner [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Brooklyn, NY (G) 
 
Date of Constuction
2010 
 
Real Estate And Accumulated Depreciation Units
490 
 
Initial Cost to Company, Land
40,099,922 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
221,413,464 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
84,680 
 
Gross Amount Carried at close of period 12/31/2010, Land
40,099,922 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
221,498,144 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
261,598,066 
 
Accumulated Depreciation
(7,655,279)
 
Investment in Real Estate Net
253,942,787 
 
Encumbrances
0 
 
Camellero [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Scottsdale, AZ 
 
Date of Constuction
1979 
 
Real Estate And Accumulated Depreciation Units
348 
 
Initial Cost to Company, Land
1,924,900 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
17,324,593 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
5,702,222 
 
Gross Amount Carried at close of period 12/31/2010, Land
1,924,900 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
23,026,815 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
24,951,715 
 
Accumulated Depreciation
(14,664,481)
 
Investment in Real Estate Net
10,287,234 
 
Encumbrances
0 
 
Carlyle Mill [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Alexandria, VA 
 
Date of Constuction
2002 
 
Real Estate And Accumulated Depreciation Units
317 
 
Initial Cost to Company, Land
10,000,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
51,367,913 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
3,734,381 
 
Gross Amount Carried at close of period 12/31/2010, Land
10,000,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
55,102,294 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
65,102,294 
 
Accumulated Depreciation
(17,452,858)
 
Investment in Real Estate Net
47,649,436 
 
Encumbrances
0 
 
Centennial Court [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Seattle, WA (G) 
 
Date of Constuction
2001 
 
Real Estate And Accumulated Depreciation Units
187 
 
Initial Cost to Company, Land
3,800,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
21,280,039 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
389,948 
 
Gross Amount Carried at close of period 12/31/2010, Land
3,800,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
21,669,987 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
25,469,987 
 
Accumulated Depreciation
(5,773,241)
 
Investment in Real Estate Net
19,696,746 
 
Encumbrances
0 
 
Centerpointe [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Beaverton, OR 
 
Date of Constuction
1996 
 
Real Estate And Accumulated Depreciation Units
264 
 
Initial Cost to Company, Land
3,421,535 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
15,708,853 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,854,171 
 
Gross Amount Carried at close of period 12/31/2010, Land
3,421,535 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
18,563,024 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
21,984,559 
 
Accumulated Depreciation
(7,802,200)
 
Investment in Real Estate Net
14,182,359 
 
Encumbrances
0 
 
Centre Club [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Ontario, CA 
 
Date of Constuction
1994 
 
Real Estate And Accumulated Depreciation Units
312 
 
Initial Cost to Company, Land
5,616,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
23,485,891 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,737,952 
 
Gross Amount Carried at close of period 12/31/2010, Land
5,616,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
26,223,843 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
31,839,843 
 
Accumulated Depreciation
(10,900,792)
 
Investment in Real Estate Net
20,939,051 
 
Encumbrances
0 
 
Centre Club II [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Ontario, CA 
 
Date of Constuction
2002 
 
Real Estate And Accumulated Depreciation Units
100 
 
Initial Cost to Company, Land
1,820,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
9,528,898 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
591,236 
 
Gross Amount Carried at close of period 12/31/2010, Land
1,820,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
10,120,134 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
11,940,134 
 
Accumulated Depreciation
(3,571,632)
 
Investment in Real Estate Net
8,368,502 
 
Encumbrances
0 
 
Chandlers Bay [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Kent, WA 
 
Date of Constuction
1980 
 
Real Estate And Accumulated Depreciation Units
293 
 
Initial Cost to Company, Land
3,700,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
18,961,895 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
284,794 
 
Gross Amount Carried at close of period 12/31/2010, Land
3,700,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
19,246,689 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
22,946,689 
 
Accumulated Depreciation
(3,172,283)
 
Investment in Real Estate Net
19,774,406 
 
Encumbrances
0 
 
Chatelaine Park [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Duluth, GA 
 
Date of Constuction
1995 
 
Real Estate And Accumulated Depreciation Units
303 
 
Initial Cost to Company, Land
1,818,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
24,489,671 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,121,430 
 
Gross Amount Carried at close of period 12/31/2010, Land
1,818,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
26,611,101 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
28,429,101 
 
Accumulated Depreciation
(12,460,470)
 
Investment in Real Estate Net
15,968,631 
 
Encumbrances
0 
 
Chesapeake Glen Apts [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Glen Burnie, MD 
 
Date of Constuction
1973 
 
Real Estate And Accumulated Depreciation Units
796 
 
Initial Cost to Company, Land
8,993,411 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
27,301,052 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
21,729,611 
 
Gross Amount Carried at close of period 12/31/2010, Land
8,993,411 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
49,030,663 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
58,024,074 
 
Accumulated Depreciation
(25,384,518)
 
Investment in Real Estate Net
32,639,556 
 
Encumbrances
0 
 
Chestnut Hills [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Puyallup, WA 
 
Date of Constuction
1991 
 
Real Estate And Accumulated Depreciation Units
157 
 
Initial Cost to Company, Land
756,300 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
6,806,635 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,478,004 
 
Gross Amount Carried at close of period 12/31/2010, Land
756,300 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
8,284,639 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
9,040,939 
 
Accumulated Depreciation
(4,569,192)
 
Investment in Real Estate Net
4,471,747 
 
Encumbrances
0 
 
Chickasaw Crossing [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Orlando, FL 
 
Date of Constuction
1986 
 
Real Estate And Accumulated Depreciation Units
292 
 
Initial Cost to Company, Land
2,044,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
12,366,832 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,026,320 
 
Gross Amount Carried at close of period 12/31/2010, Land
2,044,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
14,393,152 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
16,437,152 
 
Accumulated Depreciation
(7,087,225)
 
Investment in Real Estate Net
9,349,927 
 
Encumbrances
0 
 
Chinatown Gateway [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Los Angeles, CA 
 
Date of Constuction
(F) 
 
Real Estate And Accumulated Depreciation Units
0 
 
Initial Cost to Company, Land
14,791,831 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
20,219,520 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
0 
 
Gross Amount Carried at close of period 12/31/2010, Land
14,791,831 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
20,219,520 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
35,011,351 
 
Accumulated Depreciation
0 
 
Investment in Real Estate Net
35,011,351 
 
Encumbrances
0 
 
City View (GA) [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Atlanta, GA (G) 
 
Date of Constuction
2003 
 
Real Estate And Accumulated Depreciation Units
202 
 
Initial Cost to Company, Land
6,440,800 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
19,993,460 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,317,239 
 
Gross Amount Carried at close of period 12/31/2010, Land
6,440,800 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
21,310,699 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
27,751,499 
 
Accumulated Depreciation
(5,974,911)
 
Investment in Real Estate Net
21,776,588 
 
Encumbrances
0 
 
Cleo, The [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Los Angeles, CA 
 
Date of Constuction
1989 
 
Real Estate And Accumulated Depreciation Units
92 
 
Initial Cost to Company, Land
6,615,467 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
14,829,335 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
3,705,284 
 
Gross Amount Carried at close of period 12/31/2010, Land
6,615,467 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
18,534,619 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
25,150,086 
 
Accumulated Depreciation
(4,696,293)
 
Investment in Real Estate Net
20,453,793 
 
Encumbrances
0 
 
Coconut Palm Club [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Coconut Creek, FL 
 
Date of Constuction
1992 
 
Real Estate And Accumulated Depreciation Units
300 
 
Initial Cost to Company, Land
3,001,700 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
17,678,928 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
3,011,144 
 
Gross Amount Carried at close of period 12/31/2010, Land
3,001,700 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
20,690,072 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
23,691,772 
 
Accumulated Depreciation
(10,164,773)
 
Investment in Real Estate Net
13,526,999 
 
Encumbrances
0 
 
Cortona at Dana Park [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Mesa, AZ 
 
Date of Constuction
1986 
 
Real Estate And Accumulated Depreciation Units
222 
 
Initial Cost to Company, Land
2,028,939 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
12,466,128 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,545,062 
 
Gross Amount Carried at close of period 12/31/2010, Land
2,028,939 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
15,011,190 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
17,040,129 
 
Accumulated Depreciation
(7,883,606)
 
Investment in Real Estate Net
9,156,523 
 
Encumbrances
0 
 
Cove at Boynton Beach I [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Boynton Beach, FL 
 
Date of Constuction
1996 
 
Real Estate And Accumulated Depreciation Units
252 
 
Initial Cost to Company, Land
12,600,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
31,469,651 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
3,289,248 
 
Gross Amount Carried at close of period 12/31/2010, Land
12,600,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
34,758,899 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
47,358,899 
 
Accumulated Depreciation
(11,006,677)
 
Investment in Real Estate Net
36,352,222 
 
Encumbrances
0 
 
Cove at Boynton Beach II [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Boynton Beach, FL 
 
Date of Constuction
1998 
 
Real Estate And Accumulated Depreciation Units
296 
 
Initial Cost to Company, Land
14,800,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
37,874,719 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
0 
 
Gross Amount Carried at close of period 12/31/2010, Land
14,800,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
37,874,719 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
52,674,719 
 
Accumulated Depreciation
(11,305,764)
 
Investment in Real Estate Net
41,368,955 
 
Encumbrances
0 
 
Crown Court [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Scottsdale, AZ 
 
Date of Constuction
1987 
 
Real Estate And Accumulated Depreciation Units
416 
 
Initial Cost to Company, Land
3,156,600 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
28,414,599 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
8,646,438 
 
Gross Amount Carried at close of period 12/31/2010, Land
3,156,600 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
37,061,037 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
40,217,637 
 
Accumulated Depreciation
(19,125,520)
 
Investment in Real Estate Net
21,092,117 
 
Encumbrances
0 
 
Crowntree Lakes [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Orlando, FL 
 
Date of Constuction
2008 
 
Real Estate And Accumulated Depreciation Units
352 
 
Initial Cost to Company, Land
12,009,630 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
44,407,977 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
236,864 
 
Gross Amount Carried at close of period 12/31/2010, Land
12,009,630 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
44,644,841 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
56,654,471 
 
Accumulated Depreciation
(7,065,210)
 
Investment in Real Estate Net
49,589,261 
 
Encumbrances
0 
 
Cypress Lake at Waterford [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Orlando, FL 
 
Date of Constuction
2001 
 
Real Estate And Accumulated Depreciation Units
316 
 
Initial Cost to Company, Land
7,000,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
27,654,816 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,621,151 
 
Gross Amount Carried at close of period 12/31/2010, Land
7,000,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
29,275,967 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
36,275,967 
 
Accumulated Depreciation
(8,974,873)
 
Investment in Real Estate Net
27,301,094 
 
Encumbrances
0 
 
Dartmouth Woods [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Lakewood, CO 
 
Date of Constuction
1990 
 
Real Estate And Accumulated Depreciation Units
201 
 
Initial Cost to Company, Land
1,609,800 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
10,832,754 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,098,370 
 
Gross Amount Carried at close of period 12/31/2010, Land
1,609,800 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
12,931,124 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
14,540,924 
 
Accumulated Depreciation
(6,960,459)
 
Investment in Real Estate Net
7,580,465 
 
Encumbrances
0 
 
Dean Estates [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Taunton, MA 
 
Date of Constuction
1984 
 
Real Estate And Accumulated Depreciation Units
58 
 
Initial Cost to Company, Land
498,080 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
3,329,560 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
644,755 
 
Gross Amount Carried at close of period 12/31/2010, Land
498,080 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
3,974,315 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
4,472,395 
 
Accumulated Depreciation
(1,831,109)
 
Investment in Real Estate Net
2,641,286 
 
Encumbrances
0 
 
Deerwood (Corona) [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Date of Constuction
1992 
 
Real Estate And Accumulated Depreciation Units
316 
 
Initial Cost to Company, Land
4,742,200 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
20,272,892 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
3,983,156 
 
Gross Amount Carried at close of period 12/31/2010, Land
4,742,200 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
24,256,048 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
28,998,248 
 
Accumulated Depreciation
(12,694,215)
 
Investment in Real Estate Net
16,304,033 
 
Encumbrances
0 
 
Defoor Village [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Atlanta, GA 
 
Date of Constuction
1997 
 
Real Estate And Accumulated Depreciation Units
156 
 
Initial Cost to Company, Land
2,966,400 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
10,570,210 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,022,481 
 
Gross Amount Carried at close of period 12/31/2010, Land
2,966,400 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
12,592,691 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
15,559,091 
 
Accumulated Depreciation
(6,381,963)
 
Investment in Real Estate Net
9,177,128 
 
Encumbrances
0 
 
DelMarRidge [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
San Diego, CA 
 
Date of Constuction
1998 
 
Real Estate And Accumulated Depreciation Units
181 
 
Initial Cost to Company, Land
7,801,824 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
36,948,176 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,873,844 
 
Gross Amount Carried at close of period 12/31/2010, Land
7,801,824 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
39,822,020 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
47,623,844 
 
Accumulated Depreciation
(4,887,595)
 
Investment in Real Estate Net
42,736,249 
 
Encumbrances
0 
 
Eagle Canyon [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Chino Hills, CA 
 
Date of Constuction
1985 
 
Real Estate And Accumulated Depreciation Units
252 
 
Initial Cost to Company, Land
1,808,900 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
16,274,361 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
6,201,855 
 
Gross Amount Carried at close of period 12/31/2010, Land
1,808,900 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
22,476,216 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
24,285,116 
 
Accumulated Depreciation
(11,710,765)
 
Investment in Real Estate Net
12,574,351 
 
Encumbrances
0 
 
Edgemont at Bethesda Metro [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Bethesda, MD 
 
Date of Constuction
1989 
 
Real Estate And Accumulated Depreciation Units
122 
 
Initial Cost to Company, Land
13,092,552 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
43,907,448 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
14,551 
 
Gross Amount Carried at close of period 12/31/2010, Land
13,092,552 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
43,921,999 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
57,014,551 
 
Accumulated Depreciation
(143,993)
 
Investment in Real Estate Net
56,870,558 
 
Encumbrances
0 
 
Ellipse at Government Center [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Fairfax, VA 
 
Date of Constuction
1989 
 
Real Estate And Accumulated Depreciation Units
404 
 
Initial Cost to Company, Land
19,433,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
56,816,266 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
3,407,457 
 
Gross Amount Carried at close of period 12/31/2010, Land
19,433,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
60,223,723 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
79,656,723 
 
Accumulated Depreciation
(10,767,112)
 
Investment in Real Estate Net
68,889,611 
 
Encumbrances
0 
 
Emerson Place [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Boston, MA (G) 
 
Date of Constuction
1962 
 
Real Estate And Accumulated Depreciation Units
444 
 
Initial Cost to Company, Land
14,855,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
57,566,636 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
15,461,793 
 
Gross Amount Carried at close of period 12/31/2010, Land
14,855,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
73,028,429 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
87,883,429 
 
Accumulated Depreciation
(39,453,309)
 
Investment in Real Estate Net
48,430,120 
 
Encumbrances
0 
 
Enclave at Lake Underhill [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Orlando, FL 
 
Date of Constuction
1989 
 
Real Estate And Accumulated Depreciation Units
312 
 
Initial Cost to Company, Land
9,359,750 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
29,539,650 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,285,853 
 
Gross Amount Carried at close of period 12/31/2010, Land
9,359,750 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
31,825,503 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
41,185,253 
 
Accumulated Depreciation
(9,090,279)
 
Investment in Real Estate Net
32,094,974 
 
Encumbrances
0 
 
Enclave at Waterways [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Deerfield Beach, FL 
 
Date of Constuction
1998 
 
Real Estate And Accumulated Depreciation Units
300 
 
Initial Cost to Company, Land
15,000,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
33,194,576 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,068,582 
 
Gross Amount Carried at close of period 12/31/2010, Land
15,000,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
34,263,158 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
49,263,158 
 
Accumulated Depreciation
(10,140,629)
 
Investment in Real Estate Net
39,122,529 
 
Encumbrances
0 
 
Enclave at Winston Park [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Coconut Creek, FL 
 
Date of Constuction
1995 
 
Real Estate And Accumulated Depreciation Units
278 
 
Initial Cost to Company, Land
5,560,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
19,939,324 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,590,243 
 
Gross Amount Carried at close of period 12/31/2010, Land
5,560,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
22,529,567 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
28,089,567 
 
Accumulated Depreciation
(8,422,705)
 
Investment in Real Estate Net
19,666,862 
 
Encumbrances
0 
 
Enclave, The [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Tempe, AZ 
 
Date of Constuction
1994 
 
Real Estate And Accumulated Depreciation Units
204 
 
Initial Cost to Company, Land
1,500,192 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
19,281,399 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,446,011 
 
Gross Amount Carried at close of period 12/31/2010, Land
1,500,192 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
20,727,410 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
22,227,602 
 
Accumulated Depreciation
(10,245,126)
 
Investment in Real Estate Net
11,982,476 
 
Encumbrances
0 
 
The Encore at Sherman Oaks [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Sherman Oaks, CA 
 
Date of Constuction
1988 
 
Real Estate And Accumulated Depreciation Units
174 
 
Initial Cost to Company, Land
8,700,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
25,450,000 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
(172)
 
Gross Amount Carried at close of period 12/31/2010, Land
8,700,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
25,449,828 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
34,149,828 
 
Accumulated Depreciation
(102,111)
 
Investment in Real Estate Net
34,047,717 
 
Encumbrances
0 
 
Estates at Wellington Green [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Wellington, FL 
 
Date of Constuction
2003 
 
Real Estate And Accumulated Depreciation Units
400 
 
Initial Cost to Company, Land
20,000,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
64,790,850 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,940,468 
 
Gross Amount Carried at close of period 12/31/2010, Land
20,000,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
66,731,318 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
86,731,318 
 
Accumulated Depreciation
(18,233,852)
 
Investment in Real Estate Net
68,497,466 
 
Encumbrances
0 
 
Eye Street [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Washington, D.C. 
 
Date of Constuction
(F) 
 
Real Estate And Accumulated Depreciation Units
0 
 
Initial Cost to Company, Land
13,523,104 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
1,434,731 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
0 
 
Gross Amount Carried at close of period 12/31/2010, Land
13,523,104 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
1,434,731 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
14,957,835 
 
Accumulated Depreciation
0 
 
Investment in Real Estate Net
14,957,835 
 
Encumbrances
0 
 
Four Winds [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Fall River, MA 
 
Date of Constuction
1987 
 
Real Estate And Accumulated Depreciation Units
168 
 
Initial Cost to Company, Land
1,370,843 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
9,163,804 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,055,216 
 
Gross Amount Carried at close of period 12/31/2010, Land
1,370,843 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
11,219,020 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
12,589,863 
 
Accumulated Depreciation
(4,838,597)
 
Investment in Real Estate Net
7,751,266 
 
Encumbrances
0 
 
Fox Hill Apartments [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Enfield, CT 
 
Date of Constuction
1974 
 
Real Estate And Accumulated Depreciation Units
168 
 
Initial Cost to Company, Land
1,129,018 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
7,547,256 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,542,032 
 
Gross Amount Carried at close of period 12/31/2010, Land
1,129,018 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
9,089,288 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
10,218,306 
 
Accumulated Depreciation
(3,874,075)
 
Investment in Real Estate Net
6,344,231 
 
Encumbrances
0 
 
Fox Run (WA) [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Federal Way, WA 
 
Date of Constuction
1988 
 
Real Estate And Accumulated Depreciation Units
144 
 
Initial Cost to Company, Land
626,637 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
5,765,018 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,799,744 
 
Gross Amount Carried at close of period 12/31/2010, Land
626,637 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
7,564,762 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
8,191,399 
 
Accumulated Depreciation
(4,799,492)
 
Investment in Real Estate Net
3,391,907 
 
Encumbrances
0 
 
Fox Run Two Wa [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Federal Way, WA 
 
Date of Constuction
1988 
 
Real Estate And Accumulated Depreciation Units
18 
 
Initial Cost to Company, Land
80,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
1,286,139 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
53,086 
 
Gross Amount Carried at close of period 12/31/2010, Land
80,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
1,339,225 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
1,419,225 
 
Accumulated Depreciation
(435,137)
 
Investment in Real Estate Net
984,088 
 
Encumbrances
0 
 
Gables Grand Plaza [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Coral Gables, FL (G) 
 
Date of Constuction
1998 
 
Real Estate And Accumulated Depreciation Units
195 
 
Initial Cost to Company, Land
0 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
44,601,000 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
4,864,473 
 
Gross Amount Carried at close of period 12/31/2010, Land
0 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
49,465,473 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
49,465,473 
 
Accumulated Depreciation
(14,528,653)
 
Investment in Real Estate Net
34,936,820 
 
Encumbrances
0 
 
Gallery, The [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Hermosa Beach,CA 
 
Date of Constuction
1971 
 
Real Estate And Accumulated Depreciation Units
168 
 
Initial Cost to Company, Land
18,144,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
46,567,941 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,800,776 
 
Gross Amount Carried at close of period 12/31/2010, Land
18,144,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
48,368,717 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
66,512,717 
 
Accumulated Depreciation
(11,575,744)
 
Investment in Real Estate Net
54,936,973 
 
Encumbrances
0 
 
Gatehouse at Pine Lake [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Pembroke Pines, FL 
 
Date of Constuction
1990 
 
Real Estate And Accumulated Depreciation Units
296 
 
Initial Cost to Company, Land
1,896,600 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
17,070,795 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
4,694,859 
 
Gross Amount Carried at close of period 12/31/2010, Land
1,896,600 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
21,765,654 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
23,662,254 
 
Accumulated Depreciation
(11,286,379)
 
Investment in Real Estate Net
12,375,875 
 
Encumbrances
0 
 
Gatehouse on the Green [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Plantation, FL 
 
Date of Constuction
1990 
 
Real Estate And Accumulated Depreciation Units
312 
 
Initial Cost to Company, Land
2,228,200 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
20,056,270 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
6,918,445 
 
Gross Amount Carried at close of period 12/31/2010, Land
2,228,200 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
26,974,715 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
29,202,915 
 
Accumulated Depreciation
(13,806,093)
 
Investment in Real Estate Net
15,396,822 
 
Encumbrances
0 
 
Gates of Redmond [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Redmond, WA 
 
Date of Constuction
1979 
 
Real Estate And Accumulated Depreciation Units
180 
 
Initial Cost to Company, Land
2,306,100 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
12,064,015 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
4,676,955 
 
Gross Amount Carried at close of period 12/31/2010, Land
2,306,100 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
16,740,970 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
19,047,070 
 
Accumulated Depreciation
(8,269,321)
 
Investment in Real Estate Net
10,777,749 
 
Encumbrances
0 
 
Gatewood [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Pleasanton, CA 
 
Date of Constuction
1985 
 
Real Estate And Accumulated Depreciation Units
200 
 
Initial Cost to Company, Land
6,796,511 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
20,249,392 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
4,235,044 
 
Gross Amount Carried at close of period 12/31/2010, Land
6,796,511 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
24,484,436 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
31,280,947 
 
Accumulated Depreciation
(7,962,040)
 
Investment in Real Estate Net
23,318,907 
 
Encumbrances
0 
 
Governors Green [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Bowie, MD 
 
Date of Constuction
1999 
 
Real Estate And Accumulated Depreciation Units
478 
 
Initial Cost to Company, Land
19,845,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
73,335,916 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
695,633 
 
Gross Amount Carried at close of period 12/31/2010, Land
19,845,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
74,031,549 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
93,876,549 
 
Accumulated Depreciation
(14,127,464)
 
Investment in Real Estate Net
79,749,085 
 
Encumbrances
0 
 
Greenfield Village [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Rocky Hill , CT 
 
Date of Constuction
1965 
 
Real Estate And Accumulated Depreciation Units
151 
 
Initial Cost to Company, Land
911,534 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
6,093,418 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
653,663 
 
Gross Amount Carried at close of period 12/31/2010, Land
911,534 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
6,747,081 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
7,658,615 
 
Accumulated Depreciation
(2,908,887)
 
Investment in Real Estate Net
4,749,728 
 
Encumbrances
0 
 
Hamilton Villas [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Beverly Hills, CA 
 
Date of Constuction
1990 
 
Real Estate And Accumulated Depreciation Units
35 
 
Initial Cost to Company, Land
7,772,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
16,864,269 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,248,987 
 
Gross Amount Carried at close of period 12/31/2010, Land
7,772,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
18,113,256 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
25,885,256 
 
Accumulated Depreciation
(2,886,918)
 
Investment in Real Estate Net
22,998,338 
 
Encumbrances
0 
 
Hampshire Place [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Los Angeles, CA 
 
Date of Constuction
1989 
 
Real Estate And Accumulated Depreciation Units
259 
 
Initial Cost to Company, Land
10,806,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
30,335,330 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,975,273 
 
Gross Amount Carried at close of period 12/31/2010, Land
10,806,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
32,310,603 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
43,116,603 
 
Accumulated Depreciation
(9,342,481)
 
Investment in Real Estate Net
33,774,122 
 
Encumbrances
0 
 
Hamptons [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Puyallup, WA 
 
Date of Constuction
1991 
 
Real Estate And Accumulated Depreciation Units
230 
 
Initial Cost to Company, Land
1,119,200 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
10,075,844 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,181,372 
 
Gross Amount Carried at close of period 12/31/2010, Land
1,119,200 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
12,257,216 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
13,376,416 
 
Accumulated Depreciation
(6,502,883)
 
Investment in Real Estate Net
6,873,533 
 
Encumbrances
0 
 
Heritage Ridge [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Lynwood, WA 
 
Date of Constuction
1999 
 
Real Estate And Accumulated Depreciation Units
197 
 
Initial Cost to Company, Land
6,895,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
18,983,597 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
580,309 
 
Gross Amount Carried at close of period 12/31/2010, Land
6,895,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
19,563,906 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
26,458,906 
 
Accumulated Depreciation
(6,170,097)
 
Investment in Real Estate Net
20,288,809 
 
Encumbrances
0 
 
Heritage, The [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Phoenix, AZ 
 
Date of Constuction
1995 
 
Real Estate And Accumulated Depreciation Units
204 
 
Initial Cost to Company, Land
1,209,705 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
13,136,903 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,445,456 
 
Gross Amount Carried at close of period 12/31/2010, Land
1,209,705 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
14,582,359 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
15,792,064 
 
Accumulated Depreciation
(7,351,002)
 
Investment in Real Estate Net
8,441,062 
 
Encumbrances
0 
 
Heron Pointe [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Boynton Beach, FL 
 
Date of Constuction
1989 
 
Real Estate And Accumulated Depreciation Units
192 
 
Initial Cost to Company, Land
1,546,700 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
7,774,676 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,100,353 
 
Gross Amount Carried at close of period 12/31/2010, Land
1,546,700 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
9,875,029 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
11,421,729 
 
Accumulated Depreciation
(5,452,706)
 
Investment in Real Estate Net
5,969,023 
 
Encumbrances
0 
 
High Meadow [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Ellington, CT 
 
Date of Constuction
1975 
 
Real Estate And Accumulated Depreciation Units
100 
 
Initial Cost to Company, Land
583,679 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
3,901,774 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
847,209 
 
Gross Amount Carried at close of period 12/31/2010, Land
583,679 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
4,748,983 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
5,332,662 
 
Accumulated Depreciation
(1,998,900)
 
Investment in Real Estate Net
3,333,762 
 
Encumbrances
0 
 
Highland Glen [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Westwood, MA 
 
Date of Constuction
1979 
 
Real Estate And Accumulated Depreciation Units
180 
 
Initial Cost to Company, Land
2,229,096 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
16,828,153 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,377,035 
 
Gross Amount Carried at close of period 12/31/2010, Land
2,229,096 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
19,205,188 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
21,434,284 
 
Accumulated Depreciation
(7,889,981)
 
Investment in Real Estate Net
13,544,303 
 
Encumbrances
0 
 
Highland Glen Two [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Westwood, MA 
 
Date of Constuction
2007 
 
Real Estate And Accumulated Depreciation Units
102 
 
Initial Cost to Company, Land
0 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
19,875,857 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
96,440 
 
Gross Amount Carried at close of period 12/31/2010, Land
0 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
19,972,297 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
19,972,297 
 
Accumulated Depreciation
(3,651,496)
 
Investment in Real Estate Net
16,320,801 
 
Encumbrances
0 
 
Highlands At South Plainfield [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
South Plainfield, NJ 
 
Date of Constuction
2000 
 
Real Estate And Accumulated Depreciation Units
252 
 
Initial Cost to Company, Land
10,080,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
37,526,912 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
775,891 
 
Gross Amount Carried at close of period 12/31/2010, Land
10,080,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
38,302,803 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
48,382,803 
 
Accumulated Depreciation
(9,250,419)
 
Investment in Real Estate Net
39,132,384 
 
Encumbrances
0 
 
Highlands The [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Scottsdale, AZ 
 
Date of Constuction
1990 
 
Real Estate And Accumulated Depreciation Units
272 
 
Initial Cost to Company, Land
11,823,840 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
31,990,970 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,898,136 
 
Gross Amount Carried at close of period 12/31/2010, Land
11,823,840 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
34,889,106 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
46,712,946 
 
Accumulated Depreciation
(9,125,842)
 
Investment in Real Estate Net
37,587,104 
 
Encumbrances
0 
 
Hikari [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Los Angeles, CA (G) 
 
Date of Constuction
2007 
 
Real Estate And Accumulated Depreciation Units
128 
 
Initial Cost to Company, Land
9,435,760 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
32,564,240 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
459 
 
Gross Amount Carried at close of period 12/31/2010, Land
9,435,760 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
32,564,699 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
42,000,459 
 
Accumulated Depreciation
(227,136)
 
Investment in Real Estate Net
41,773,323 
 
Encumbrances
0 
 
Hudson Crossing [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
New York, NY (G) 
 
Date of Constuction
2003 
 
Real Estate And Accumulated Depreciation Units
259 
 
Initial Cost to Company, Land
23,420,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
70,086,976 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
788,773 
 
Gross Amount Carried at close of period 12/31/2010, Land
23,420,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
70,875,749 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
94,295,749 
 
Accumulated Depreciation
(18,595,417)
 
Investment in Real Estate Net
75,700,332 
 
Encumbrances
0 
 
Hudson Pointe [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Jersey City, NJ 
 
Date of Constuction
2003 
 
Real Estate And Accumulated Depreciation Units
182 
 
Initial Cost to Company, Land
5,148,500 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
41,114,074 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,657,246 
 
Gross Amount Carried at close of period 12/31/2010, Land
5,148,500 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
42,771,320 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
47,919,820 
 
Accumulated Depreciation
(11,801,705)
 
Investment in Real Estate Net
36,118,115 
 
Encumbrances
0 
 
Hunt Club Two [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Charlotte, NC 
 
Date of Constuction
(F) 
 
Real Estate And Accumulated Depreciation Units
0 
 
Initial Cost to Company, Land
100,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
0 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
0 
 
Gross Amount Carried at close of period 12/31/2010, Land
100,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
0 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
100,000 
 
Accumulated Depreciation
0 
 
Investment in Real Estate Net
100,000 
 
Encumbrances
0 
 
Huntington Park [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Everett, WA 
 
Date of Constuction
1991 
 
Real Estate And Accumulated Depreciation Units
381 
 
Initial Cost to Company, Land
1,597,500 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
14,367,864 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
4,183,579 
 
Gross Amount Carried at close of period 12/31/2010, Land
1,597,500 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
18,551,443 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
20,148,943 
 
Accumulated Depreciation
(11,674,614)
 
Investment in Real Estate Net
8,474,329 
 
Encumbrances
0 
 
Indian Bend [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Scottsdale, AZ 
 
Date of Constuction
1973 
 
Real Estate And Accumulated Depreciation Units
278 
 
Initial Cost to Company, Land
1,075,700 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
9,800,330 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
3,187,921 
 
Gross Amount Carried at close of period 12/31/2010, Land
1,075,700 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
12,988,251 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
14,063,951 
 
Accumulated Depreciation
(8,540,028)
 
Investment in Real Estate Net
5,523,923 
 
Encumbrances
0 
 
Iron Horse Park [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Pleasant Hill, CA 
 
Date of Constuction
1973 
 
Real Estate And Accumulated Depreciation Units
252 
 
Initial Cost to Company, Land
15,000,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
24,335,549 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
7,795,496 
 
Gross Amount Carried at close of period 12/31/2010, Land
15,000,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
32,131,045 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
47,131,045 
 
Accumulated Depreciation
(9,910,604)
 
Investment in Real Estate Net
37,220,441 
 
Encumbrances
0 
 
Kelvin Court [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Irvine, CA 
 
Date of Constuction
2008 
 
Real Estate And Accumulated Depreciation Units
132 
 
Initial Cost to Company, Land
10,752,145 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
34,628,115 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
58,454 
 
Gross Amount Carried at close of period 12/31/2010, Land
10,752,145 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
34,686,569 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
45,438,714 
 
Accumulated Depreciation
(4,720,720)
 
Investment in Real Estate Net
40,717,994 
 
Encumbrances
0 
 
Kenwood Mews [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Burbank, CA 
 
Date of Constuction
1991 
 
Real Estate And Accumulated Depreciation Units
141 
 
Initial Cost to Company, Land
14,100,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
24,662,883 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,114,407 
 
Gross Amount Carried at close of period 12/31/2010, Land
14,100,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
26,777,290 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
40,877,290 
 
Accumulated Depreciation
(6,347,552)
 
Investment in Real Estate Net
34,529,738 
 
Encumbrances
0 
 
Key Isle at Windermere [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Ocoee, FL 
 
Date of Constuction
2000 
 
Real Estate And Accumulated Depreciation Units
282 
 
Initial Cost to Company, Land
8,460,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
31,761,470 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,390,677 
 
Gross Amount Carried at close of period 12/31/2010, Land
8,460,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
33,152,147 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
41,612,147 
 
Accumulated Depreciation
(9,266,266)
 
Investment in Real Estate Net
32,345,881 
 
Encumbrances
0 
 
Key Isle at Windermere II [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Ocoee, FL 
 
Date of Constuction
2008 
 
Real Estate And Accumulated Depreciation Units
165 
 
Initial Cost to Company, Land
3,306,286 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
24,519,644 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
21,547 
 
Gross Amount Carried at close of period 12/31/2010, Land
3,306,286 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
24,541,191 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
27,847,477 
 
Accumulated Depreciation
(2,938,408)
 
Investment in Real Estate Net
24,909,069 
 
Encumbrances
0 
 
Kings Colony (FL) [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Miami, FL 
 
Date of Constuction
1986 
 
Real Estate And Accumulated Depreciation Units
480 
 
Initial Cost to Company, Land
19,200,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
48,379,586 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
3,018,997 
 
Gross Amount Carried at close of period 12/31/2010, Land
19,200,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
51,398,583 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
70,598,583 
 
Accumulated Depreciation
(14,665,777)
 
Investment in Real Estate Net
55,932,806 
 
Encumbrances
0 
 
La Mirage [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
San Diego, CA 
 
Date of Constuction
1988/1992 
 
Real Estate And Accumulated Depreciation Units
1,070 
 
Initial Cost to Company, Land
28,895,200 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
95,567,943 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
15,389,455 
 
Gross Amount Carried at close of period 12/31/2010, Land
28,895,200 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
110,957,398 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
139,852,598 
 
Accumulated Depreciation
(56,328,723)
 
Investment in Real Estate Net
83,523,875 
 
Encumbrances
0 
 
La Mirage IV [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
San Diego, CA 
 
Date of Constuction
2001 
 
Real Estate And Accumulated Depreciation Units
340 
 
Initial Cost to Company, Land
6,000,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
47,449,353 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
3,395,835 
 
Gross Amount Carried at close of period 12/31/2010, Land
6,000,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
50,845,188 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
56,845,188 
 
Accumulated Depreciation
(18,165,863)
 
Investment in Real Estate Net
38,679,325 
 
Encumbrances
0 
 
Laguna Clara [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Santa Clara, CA 
 
Date of Constuction
1972 
 
Real Estate And Accumulated Depreciation Units
264 
 
Initial Cost to Company, Land
13,642,420 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
29,707,475 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
3,710,137 
 
Gross Amount Carried at close of period 12/31/2010, Land
13,642,420 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
33,417,612 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
47,060,032 
 
Accumulated Depreciation
(10,479,322)
 
Investment in Real Estate Net
36,580,710 
 
Encumbrances
0 
 
Lake Buena Vista Combined [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Orlando, FL 
 
Date of Constuction
2000/2002 
 
Real Estate And Accumulated Depreciation Units
672 
 
Initial Cost to Company, Land
23,520,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
75,068,205 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
3,989,075 
 
Gross Amount Carried at close of period 12/31/2010, Land
23,520,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
79,057,280 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
102,577,280 
 
Accumulated Depreciation
(20,170,142)
 
Investment in Real Estate Net
82,407,138 
 
Encumbrances
0 
 
Landings at Pembroke Lakes [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Pembroke Pines, FL 
 
Date of Constuction
1989 
 
Real Estate And Accumulated Depreciation Units
358 
 
Initial Cost to Company, Land
17,900,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
24,460,989 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
4,965,432 
 
Gross Amount Carried at close of period 12/31/2010, Land
17,900,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
29,426,421 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
47,326,421 
 
Accumulated Depreciation
(9,344,572)
 
Investment in Real Estate Net
37,981,849 
 
Encumbrances
0 
 
Landings at Port Imperial [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
W. New York, NJ 
 
Date of Constuction
1999 
 
Real Estate And Accumulated Depreciation Units
276 
 
Initial Cost to Company, Land
27,246,045 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
37,741,049 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
6,836,741 
 
Gross Amount Carried at close of period 12/31/2010, Land
27,246,045 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
44,577,790 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
71,823,835 
 
Accumulated Depreciation
(17,306,712)
 
Investment in Real Estate Net
54,517,123 
 
Encumbrances
0 
 
La Salle [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Beaverton, OR (G) 
 
Date of Constuction
1998 
 
Real Estate And Accumulated Depreciation Units
554 
 
Initial Cost to Company, Land
7,202,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
35,877,612 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,810,808 
 
Gross Amount Carried at close of period 12/31/2010, Land
7,202,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
38,688,420 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
45,890,420 
 
Accumulated Depreciation
(13,657,006)
 
Investment in Real Estate Net
32,233,414 
 
Encumbrances
0 
 
Las Colinas at Black Canyon [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Phoenix, AZ 
 
Date of Constuction
2008 
 
Real Estate And Accumulated Depreciation Units
304 
 
Initial Cost to Company, Land
9,000,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
35,917,811 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
159,522 
 
Gross Amount Carried at close of period 12/31/2010, Land
9,000,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
36,077,333 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
45,077,333 
 
Accumulated Depreciation
(6,297,814)
 
Investment in Real Estate Net
38,779,519 
 
Encumbrances
0 
 
Legacy at Highlands Ranch [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Highlands Ranch, CO 
 
Date of Constuction
1999 
 
Real Estate And Accumulated Depreciation Units
422 
 
Initial Cost to Company, Land
6,330,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
37,557,013 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,769,576 
 
Gross Amount Carried at close of period 12/31/2010, Land
6,330,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
39,326,589 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
45,656,589 
 
Accumulated Depreciation
(11,207,950)
 
Investment in Real Estate Net
34,448,639 
 
Encumbrances
0 
 
Legacy Park Central [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Concord, CA 
 
Date of Constuction
2003 
 
Real Estate And Accumulated Depreciation Units
259 
 
Initial Cost to Company, Land
6,469,230 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
46,745,854 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
535,142 
 
Gross Amount Carried at close of period 12/31/2010, Land
6,469,230 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
47,280,996 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
53,750,226 
 
Accumulated Depreciation
(12,393,957)
 
Investment in Real Estate Net
41,356,269 
 
Encumbrances
0 
 
Lexington Farm [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Alpharetta, GA 
 
Date of Constuction
1995 
 
Real Estate And Accumulated Depreciation Units
352 
 
Initial Cost to Company, Land
3,521,900 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
22,888,305 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,627,912 
 
Gross Amount Carried at close of period 12/31/2010, Land
3,521,900 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
25,516,217 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
29,038,117 
 
Accumulated Depreciation
(12,190,060)
 
Investment in Real Estate Net
16,848,057 
 
Encumbrances
0 
 
Lexington Park [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Orlando, FL 
 
Date of Constuction
1988 
 
Real Estate And Accumulated Depreciation Units
252 
 
Initial Cost to Company, Land
2,016,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
12,346,726 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,656,043 
 
Gross Amount Carried at close of period 12/31/2010, Land
2,016,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
15,002,769 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
17,018,769 
 
Accumulated Depreciation
(7,642,248)
 
Investment in Real Estate Net
9,376,521 
 
Encumbrances
0 
 
Little Cottonwoods [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Tempe, AZ 
 
Date of Constuction
1984 
 
Real Estate And Accumulated Depreciation Units
379 
 
Initial Cost to Company, Land
3,050,133 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
26,991,689 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
4,911,946 
 
Gross Amount Carried at close of period 12/31/2010, Land
3,050,133 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
31,903,635 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
34,953,768 
 
Accumulated Depreciation
(15,716,576)
 
Investment in Real Estate Net
19,237,192 
 
Encumbrances
0 
 
Longacre House [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
New York, NY (G) 
 
Date of Constuction
2000 
 
Real Estate And Accumulated Depreciation Units
293 
 
Initial Cost to Company, Land
73,170,045 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
53,962,510 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
714,414 
 
Gross Amount Carried at close of period 12/31/2010, Land
73,170,045 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
54,676,924 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
127,846,969 
 
Accumulated Depreciation
(9,897,055)
 
Investment in Real Estate Net
117,949,914 
 
Encumbrances
0 
 
Longfellow Place [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Boston, MA (G) 
 
Date of Constuction
1975 
 
Real Estate And Accumulated Depreciation Units
710 
 
Initial Cost to Company, Land
53,164,160 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
185,281,065 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
57,736,158 
 
Gross Amount Carried at close of period 12/31/2010, Land
53,164,160 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
243,017,223 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
296,181,383 
 
Accumulated Depreciation
(107,939,415)
 
Investment in Real Estate Net
188,241,968 
 
Encumbrances
0 
 
Longwood [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Decatur, GA 
 
Date of Constuction
1992 
 
Real Estate And Accumulated Depreciation Units
268 
 
Initial Cost to Company, Land
1,454,048 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
13,087,393 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,068,198 
 
Gross Amount Carried at close of period 12/31/2010, Land
1,454,048 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
15,155,591 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
16,609,639 
 
Accumulated Depreciation
(9,410,160)
 
Investment in Real Estate Net
7,199,479 
 
Encumbrances
0 
 
Madison, The [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Alexandria, VA 
 
Date of Constuction
(F) 
 
Real Estate And Accumulated Depreciation Units
0 
 
Initial Cost to Company, Land
18,471,288 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
8,904,782 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
0 
 
Gross Amount Carried at close of period 12/31/2010, Land
18,471,288 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
8,904,782 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
27,376,070 
 
Accumulated Depreciation
0 
 
Investment in Real Estate Net
27,376,070 
 
Encumbrances
0 
 
Mariners Wharf [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Orange Park, FL 
 
Date of Constuction
1989 
 
Real Estate And Accumulated Depreciation Units
272 
 
Initial Cost to Company, Land
1,861,200 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
16,744,951 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
3,434,409 
 
Gross Amount Carried at close of period 12/31/2010, Land
1,861,200 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
20,179,360 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
22,040,560 
 
Accumulated Depreciation
(10,561,564)
 
Investment in Real Estate Net
11,478,996 
 
Encumbrances
0 
 
Market Street Landing [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Seattle, WA 
 
Date of Constuction
(F) 
 
Real Estate And Accumulated Depreciation Units
0 
 
Initial Cost to Company, Land
12,542,418 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
3,462,522 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
0 
 
Gross Amount Carried at close of period 12/31/2010, Land
12,542,418 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
3,462,522 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
16,004,940 
 
Accumulated Depreciation
0 
 
Investment in Real Estate Net
16,004,940 
 
Encumbrances
0 
 
Marquessa [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Corona Hills, CA 
 
Date of Constuction
1992 
 
Real Estate And Accumulated Depreciation Units
336 
 
Initial Cost to Company, Land
6,888,500 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
21,604,584 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,835,419 
 
Gross Amount Carried at close of period 12/31/2010, Land
6,888,500 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
24,440,003 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
31,328,503 
 
Accumulated Depreciation
(12,707,309)
 
Investment in Real Estate Net
18,621,194 
 
Encumbrances
0 
 
Martine, The [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Bellevue, WA 
 
Date of Constuction
1984 
 
Real Estate And Accumulated Depreciation Units
67 
 
Initial Cost to Company, Land
3,200,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
9,616,264 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,668,310 
 
Gross Amount Carried at close of period 12/31/2010, Land
3,200,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
12,284,574 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
15,484,574 
 
Accumulated Depreciation
(2,717,288)
 
Investment in Real Estate Net
12,767,286 
 
Encumbrances
0 
 
Midtown 24 [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Plantation, FL (G) 
 
Date of Constuction
2010 
 
Real Estate And Accumulated Depreciation Units
247 
 
Initial Cost to Company, Land
10,129,900 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
58,770,100 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
44,337 
 
Gross Amount Carried at close of period 12/31/2010, Land
10,129,900 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
58,814,437 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
68,944,337 
 
Accumulated Depreciation
(2,063,247)
 
Investment in Real Estate Net
66,881,090 
 
Encumbrances
0 
 
Millikan [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Irvine, CA 
 
Date of Constuction
(F) 
 
Real Estate And Accumulated Depreciation Units
0 
 
Initial Cost to Company, Land
5,610,247 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
437,421 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
0 
 
Gross Amount Carried at close of period 12/31/2010, Land
5,610,247 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
437,421 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
6,047,668 
 
Accumulated Depreciation
0 
 
Investment in Real Estate Net
6,047,668 
 
Encumbrances
0 
 
Mill Pond [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Millersville, MD 
 
Date of Constuction
1984 
 
Real Estate And Accumulated Depreciation Units
240 
 
Initial Cost to Company, Land
2,880,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
8,468,014 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,869,551 
 
Gross Amount Carried at close of period 12/31/2010, Land
2,880,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
11,337,565 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
14,217,565 
 
Accumulated Depreciation
(6,045,891)
 
Investment in Real Estate Net
8,171,674 
 
Encumbrances
0 
 
Mission Bay [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Orlando, FL 
 
Date of Constuction
1991 
 
Real Estate And Accumulated Depreciation Units
304 
 
Initial Cost to Company, Land
2,432,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
21,623,560 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,927,456 
 
Gross Amount Carried at close of period 12/31/2010, Land
2,432,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
24,551,016 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
26,983,016 
 
Accumulated Depreciation
(11,783,502)
 
Investment in Real Estate Net
15,199,514 
 
Encumbrances
0 
 
Mission Bay Block 13 [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
San Francisco, CA 
 
Date of Constuction
(F) 
 
Real Estate And Accumulated Depreciation Units
0 
 
Initial Cost to Company, Land
32,853,438 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
432,822 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
0 
 
Gross Amount Carried at close of period 12/31/2010, Land
32,853,438 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
432,822 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
33,286,260 
 
Accumulated Depreciation
0 
 
Investment in Real Estate Net
33,286,260 
 
Encumbrances
0 
 
Mission Verde, LLC [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
San Jose, CA 
 
Date of Constuction
1986 
 
Real Estate And Accumulated Depreciation Units
108 
 
Initial Cost to Company, Land
5,190,700 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
9,679,109 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
3,236,339 
 
Gross Amount Carried at close of period 12/31/2010, Land
5,190,700 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
12,915,448 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
18,106,148 
 
Accumulated Depreciation
(6,373,021)
 
Investment in Real Estate Net
11,733,127 
 
Encumbrances
0 
 
Moda [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Seattle, WA (G) 
 
Date of Constuction
2009 
 
Real Estate And Accumulated Depreciation Units
251 
 
Initial Cost to Company, Land
12,649,228 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
36,842,012 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
17,685 
 
Gross Amount Carried at close of period 12/31/2010, Land
12,649,228 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
36,859,697 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
49,508,925 
 
Accumulated Depreciation
(2,499,093)
 
Investment in Real Estate Net
47,009,832 
 
Encumbrances
0 
 
Morningside [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Scottsdale, AZ 
 
Date of Constuction
1989 
 
Real Estate And Accumulated Depreciation Units
160 
 
Initial Cost to Company, Land
670,470 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
12,607,976 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,783,573 
 
Gross Amount Carried at close of period 12/31/2010, Land
670,470 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
14,391,549 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
15,062,019 
 
Accumulated Depreciation
(7,289,537)
 
Investment in Real Estate Net
7,772,482 
 
Encumbrances
0 
 
Mosaic at Largo Station [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Hyattsville, MD 
 
Date of Constuction
2008 
 
Real Estate And Accumulated Depreciation Units
242 
 
Initial Cost to Company, Land
4,120,800 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
42,477,297 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
392,872 
 
Gross Amount Carried at close of period 12/31/2010, Land
4,120,800 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
42,870,169 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
46,990,969 
 
Accumulated Depreciation
(6,066,463)
 
Investment in Real Estate Net
40,924,506 
 
Encumbrances
0 
 
Mozaic at Union Station [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Los Angeles, CA 
 
Date of Constuction
2007 
 
Real Estate And Accumulated Depreciation Units
272 
 
Initial Cost to Company, Land
8,500,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
52,529,446 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
778,315 
 
Gross Amount Carried at close of period 12/31/2010, Land
8,500,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
53,307,761 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
61,807,761 
 
Accumulated Depreciation
(11,231,137)
 
Investment in Real Estate Net
50,576,624 
 
Encumbrances
0 
 
New River Cove [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Davie, FL 
 
Date of Constuction
1999 
 
Real Estate And Accumulated Depreciation Units
316 
 
Initial Cost to Company, Land
15,800,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
46,142,895 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,198,681 
 
Gross Amount Carried at close of period 12/31/2010, Land
15,800,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
47,341,576 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
63,141,576 
 
Accumulated Depreciation
(12,706,013)
 
Investment in Real Estate Net
50,435,563 
 
Encumbrances
0 
 
Northampton 1 [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Largo, MD 
 
Date of Constuction
1977 
 
Real Estate And Accumulated Depreciation Units
344 
 
Initial Cost to Company, Land
1,843,200 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
17,518,161 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
6,045,739 
 
Gross Amount Carried at close of period 12/31/2010, Land
1,843,200 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
23,563,900 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
25,407,100 
 
Accumulated Depreciation
(15,171,944)
 
Investment in Real Estate Net
10,235,156 
 
Encumbrances
0 
 
Northampton 2 [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Largo, MD 
 
Date of Constuction
1988 
 
Real Estate And Accumulated Depreciation Units
276 
 
Initial Cost to Company, Land
1,513,500 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
14,257,210 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
3,852,776 
 
Gross Amount Carried at close of period 12/31/2010, Land
1,513,500 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
18,109,986 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
19,623,486 
 
Accumulated Depreciation
(11,333,760)
 
Investment in Real Estate Net
8,289,726 
 
Encumbrances
0 
 
Northglen [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Valencia, CA 
 
Date of Constuction
1988 
 
Real Estate And Accumulated Depreciation Units
234 
 
Initial Cost to Company, Land
9,360,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
20,778,553 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,805,127 
 
Gross Amount Carried at close of period 12/31/2010, Land
9,360,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
22,583,680 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
31,943,680 
 
Accumulated Depreciation
(9,104,971)
 
Investment in Real Estate Net
22,838,709 
 
Encumbrances
0 
 
Northlake (MD) [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Germantown, MD 
 
Date of Constuction
1985 
 
Real Estate And Accumulated Depreciation Units
304 
 
Initial Cost to Company, Land
15,000,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
23,142,302 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
10,011,783 
 
Gross Amount Carried at close of period 12/31/2010, Land
15,000,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
33,154,085 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
48,154,085 
 
Accumulated Depreciation
(11,726,038)
 
Investment in Real Estate Net
36,428,047 
 
Encumbrances
0 
 
Northridge [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Pleasant Hill, CA 
 
Date of Constuction
1974 
 
Real Estate And Accumulated Depreciation Units
221 
 
Initial Cost to Company, Land
5,527,800 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
14,691,704 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
8,977,443 
 
Gross Amount Carried at close of period 12/31/2010, Land
5,527,800 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
23,669,147 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
29,196,947 
 
Accumulated Depreciation
(11,011,193)
 
Investment in Real Estate Net
18,185,754 
 
Encumbrances
0 
 
Oak Park North [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Agoura Hills, CA 
 
Date of Constuction
1990 
 
Real Estate And Accumulated Depreciation Units
220 
 
Initial Cost to Company, Land
1,706,900 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
15,362,666 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
3,387,039 
 
Gross Amount Carried at close of period 12/31/2010, Land
1,706,900 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
18,749,705 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
20,456,605 
 
Accumulated Depreciation
(10,408,032)
 
Investment in Real Estate Net
10,048,573 
 
Encumbrances
0 
 
Oak Park South [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Agoura Hills, CA 
 
Date of Constuction
1989 
 
Real Estate And Accumulated Depreciation Units
224 
 
Initial Cost to Company, Land
1,683,800 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
15,154,608 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
3,423,630 
 
Gross Amount Carried at close of period 12/31/2010, Land
1,683,800 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
18,578,238 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
20,262,038 
 
Accumulated Depreciation
(10,392,724)
 
Investment in Real Estate Net
9,869,314 
 
Encumbrances
0 
 
Oaks at Falls Church [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Falls Church, VA 
 
Date of Constuction
1966 
 
Real Estate And Accumulated Depreciation Units
176 
 
Initial Cost to Company, Land
20,240,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
20,152,616 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
3,597,985 
 
Gross Amount Carried at close of period 12/31/2010, Land
20,240,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
23,750,601 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
43,990,601 
 
Accumulated Depreciation
(6,823,244)
 
Investment in Real Estate Net
37,167,357 
 
Encumbrances
0 
 
Ocean Crest [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Solana Beach, CA 
 
Date of Constuction
1986 
 
Real Estate And Accumulated Depreciation Units
146 
 
Initial Cost to Company, Land
5,111,200 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
11,910,438 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,156,580 
 
Gross Amount Carried at close of period 12/31/2010, Land
5,111,200 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
14,067,018 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
19,178,218 
 
Accumulated Depreciation
(7,079,314)
 
Investment in Real Estate Net
12,098,904 
 
Encumbrances
0 
 
Ocean Walk [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Key West, FL 
 
Date of Constuction
1990 
 
Real Estate And Accumulated Depreciation Units
297 
 
Initial Cost to Company, Land
2,838,749 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
25,545,009 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
3,350,804 
 
Gross Amount Carried at close of period 12/31/2010, Land
2,838,749 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
28,895,813 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
31,734,562 
 
Accumulated Depreciation
(14,702,707)
 
Investment in Real Estate Net
17,031,855 
 
Encumbrances
0 
 
Orchard Ridge [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Lynnwood, WA 
 
Date of Constuction
1988 
 
Real Estate And Accumulated Depreciation Units
104 
 
Initial Cost to Company, Land
480,600 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
4,372,033 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,203,111 
 
Gross Amount Carried at close of period 12/31/2010, Land
480,600 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
5,575,144 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
6,055,744 
 
Accumulated Depreciation
(3,511,076)
 
Investment in Real Estate Net
2,544,668 
 
Encumbrances
0 
 
Paces Station [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Atlanta, GA 
 
Date of Constuction
1984-1989 
 
Real Estate And Accumulated Depreciation Units
610 
 
Initial Cost to Company, Land
4,801,500 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
32,548,053 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
8,467,289 
 
Gross Amount Carried at close of period 12/31/2010, Land
4,801,500 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
41,015,342 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
45,816,842 
 
Accumulated Depreciation
(22,459,682)
 
Investment in Real Estate Net
23,357,160 
 
Encumbrances
0 
 
Palm Trace Landings [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Davie, FL 
 
Date of Constuction
1995 
 
Real Estate And Accumulated Depreciation Units
768 
 
Initial Cost to Company, Land
38,400,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
105,693,432 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
3,265,111 
 
Gross Amount Carried at close of period 12/31/2010, Land
38,400,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
108,958,543 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
147,358,543 
 
Accumulated Depreciation
(28,842,025)
 
Investment in Real Estate Net
118,516,518 
 
Encumbrances
0 
 
Panther Ridge [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Federal Way, WA 
 
Date of Constuction
1980 
 
Real Estate And Accumulated Depreciation Units
260 
 
Initial Cost to Company, Land
1,055,800 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
9,506,117 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,957,972 
 
Gross Amount Carried at close of period 12/31/2010, Land
1,055,800 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
11,464,089 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
12,519,889 
 
Accumulated Depreciation
(6,285,344)
 
Investment in Real Estate Net
6,234,545 
 
Encumbrances
0 
 
Parc 77 [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
New York, NY (G) 
 
Date of Constuction
1903 
 
Real Estate And Accumulated Depreciation Units
137 
 
Initial Cost to Company, Land
40,504,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
18,025,679 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
4,278,417 
 
Gross Amount Carried at close of period 12/31/2010, Land
40,504,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
22,304,096 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
62,808,096 
 
Accumulated Depreciation
(6,087,382)
 
Investment in Real Estate Net
56,720,714 
 
Encumbrances
0 
 
Parc Cameron [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
New York, NY (G) 
 
Date of Constuction
1927 
 
Real Estate And Accumulated Depreciation Units
166 
 
Initial Cost to Company, Land
37,600,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
9,855,597 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
5,465,305 
 
Gross Amount Carried at close of period 12/31/2010, Land
37,600,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
15,320,902 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
52,920,902 
 
Accumulated Depreciation
(5,085,919)
 
Investment in Real Estate Net
47,834,983 
 
Encumbrances
0 
 
Parc Coliseum [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
New York, NY (G) 
 
Date of Constuction
1910 
 
Real Estate And Accumulated Depreciation Units
177 
 
Initial Cost to Company, Land
52,654,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
23,045,751 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
7,255,306 
 
Gross Amount Carried at close of period 12/31/2010, Land
52,654,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
30,301,057 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
82,955,057 
 
Accumulated Depreciation
(8,238,480)
 
Investment in Real Estate Net
74,716,577 
 
Encumbrances
0 
 
Park at Turtle Run The [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Coral Springs, FL 
 
Date of Constuction
2001 
 
Real Estate And Accumulated Depreciation Units
257 
 
Initial Cost to Company, Land
15,420,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
36,064,629 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,030,466 
 
Gross Amount Carried at close of period 12/31/2010, Land
15,420,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
37,095,095 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
52,515,095 
 
Accumulated Depreciation
(10,820,264)
 
Investment in Real Estate Net
41,694,831 
 
Encumbrances
0 
 
Park West C A [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Los Angeles, CA 
 
Date of Constuction
1987/1990 
 
Real Estate And Accumulated Depreciation Units
444 
 
Initial Cost to Company, Land
3,033,500 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
27,302,383 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
5,703,492 
 
Gross Amount Carried at close of period 12/31/2010, Land
3,033,500 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
33,005,875 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
36,039,375 
 
Accumulated Depreciation
(19,273,051)
 
Investment in Real Estate Net
16,766,324 
 
Encumbrances
0 
 
Parkside [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Union City, CA 
 
Date of Constuction
1979 
 
Real Estate And Accumulated Depreciation Units
208 
 
Initial Cost to Company, Land
6,246,700 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
11,827,453 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
3,558,423 
 
Gross Amount Carried at close of period 12/31/2010, Land
6,246,700 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
15,385,876 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
21,632,576 
 
Accumulated Depreciation
(8,388,169)
 
Investment in Real Estate Net
13,244,407 
 
Encumbrances
0 
 
Pegasus [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Los Angeles, CA (G) 
 
Date of Constuction
1949/2003 
 
Real Estate And Accumulated Depreciation Units
322 
 
Initial Cost to Company, Land
18,094,052 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
81,905,948 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
346,824 
 
Gross Amount Carried at close of period 12/31/2010, Land
18,094,052 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
82,252,772 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
100,346,824 
 
Accumulated Depreciation
(5,441,406)
 
Investment in Real Estate Net
94,905,418 
 
Encumbrances
0 
 
Phillips Park [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Wellesley, MA 
 
Date of Constuction
1988 
 
Real Estate And Accumulated Depreciation Units
49 
 
Initial Cost to Company, Land
816,922 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
5,460,955 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
966,255 
 
Gross Amount Carried at close of period 12/31/2010, Land
816,922 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
6,427,210 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
7,244,132 
 
Accumulated Depreciation
(2,756,961)
 
Investment in Real Estate Net
4,487,171 
 
Encumbrances
0 
 
Playa Pacifica [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Hermosa Beach,CA 
 
Date of Constuction
1972 
 
Real Estate And Accumulated Depreciation Units
285 
 
Initial Cost to Company, Land
35,100,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
33,473,822 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
7,342,285 
 
Gross Amount Carried at close of period 12/31/2010, Land
35,100,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
40,816,107 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
75,916,107 
 
Accumulated Depreciation
(12,772,538)
 
Investment in Real Estate Net
63,143,569 
 
Encumbrances
0 
 
Polos East [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Orlando, FL 
 
Date of Constuction
1991 
 
Real Estate And Accumulated Depreciation Units
308 
 
Initial Cost to Company, Land
1,386,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
19,058,620 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,299,557 
 
Gross Amount Carried at close of period 12/31/2010, Land
1,386,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
21,358,177 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
22,744,177 
 
Accumulated Depreciation
(10,353,927)
 
Investment in Real Estate Net
12,390,250 
 
Encumbrances
0 
 
Port Royale [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Ft. Lauderdale, FL (G) 
 
Date of Constuction
1988 
 
Real Estate And Accumulated Depreciation Units
252 
 
Initial Cost to Company, Land
1,754,200 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
15,789,873 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
7,644,246 
 
Gross Amount Carried at close of period 12/31/2010, Land
1,754,200 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
23,434,119 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
25,188,319 
 
Accumulated Depreciation
(18,059,650)
 
Investment in Real Estate Net
7,128,669 
 
Encumbrances
0 
 
Port Royale I I [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Ft. Lauderdale, FL (G) 
 
Date of Constuction
1988 
 
Real Estate And Accumulated Depreciation Units
161 
 
Initial Cost to Company, Land
1,022,200 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
9,203,166 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
4,823,127 
 
Gross Amount Carried at close of period 12/31/2010, Land
1,022,200 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
14,026,293 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
15,048,493 
 
Accumulated Depreciation
(7,879,025)
 
Investment in Real Estate Net
7,169,468 
 
Encumbrances
0 
 
Port Royale I I I [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Ft. Lauderdale, FL (G) 
 
Date of Constuction
1988 
 
Real Estate And Accumulated Depreciation Units
324 
 
Initial Cost to Company, Land
7,454,900 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
14,725,802 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
9,178,900 
 
Gross Amount Carried at close of period 12/31/2010, Land
7,454,900 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
23,904,702 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
31,359,602 
 
Accumulated Depreciation
(12,857,701)
 
Investment in Real Estate Net
18,501,901 
 
Encumbrances
0 
 
Port Royale I V [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Ft. Lauderdale, FL 
 
Date of Constuction
(F) 
 
Real Estate And Accumulated Depreciation Units
0 
 
Initial Cost to Company, Land
0 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
1,831,695 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
0 
 
Gross Amount Carried at close of period 12/31/2010, Land
0 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
1,831,695 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
1,831,695 
 
Accumulated Depreciation
0 
 
Investment in Real Estate Net
1,831,695 
 
Encumbrances
0 
 
Portofino [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Chino Hills, CA 
 
Date of Constuction
1989 
 
Real Estate And Accumulated Depreciation Units
176 
 
Initial Cost to Company, Land
3,572,400 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
14,660,994 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,679,877 
 
Gross Amount Carried at close of period 12/31/2010, Land
3,572,400 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
17,340,871 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
20,913,271 
 
Accumulated Depreciation
(8,523,434)
 
Investment in Real Estate Net
12,389,837 
 
Encumbrances
0 
 
Portofino Val [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Valencia, CA 
 
Date of Constuction
1989 
 
Real Estate And Accumulated Depreciation Units
216 
 
Initial Cost to Company, Land
8,640,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
21,487,126 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,363,242 
 
Gross Amount Carried at close of period 12/31/2010, Land
8,640,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
23,850,368 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
32,490,368 
 
Accumulated Depreciation
(9,740,058)
 
Investment in Real Estate Net
22,750,310 
 
Encumbrances
0 
 
Portside Towers [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Jersey City, NJ (G) 
 
Date of Constuction
1992-1997 
 
Real Estate And Accumulated Depreciation Units
527 
 
Initial Cost to Company, Land
22,487,006 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
96,842,913 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
15,960,366 
 
Gross Amount Carried at close of period 12/31/2010, Land
22,487,006 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
112,803,279 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
135,290,285 
 
Accumulated Depreciation
(51,996,044)
 
Investment in Real Estate Net
83,294,241 
 
Encumbrances
0 
 
Preserve at Deer Creek [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Deerfield Beach, FL 
 
Date of Constuction
1997 
 
Real Estate And Accumulated Depreciation Units
540 
 
Initial Cost to Company, Land
13,500,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
60,011,208 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
4,458,758 
 
Gross Amount Carried at close of period 12/31/2010, Land
13,500,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
64,469,966 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
77,969,966 
 
Accumulated Depreciation
(19,150,628)
 
Investment in Real Estate Net
58,819,338 
 
Encumbrances
0 
 
Prime, The [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Arlington, VA 
 
Date of Constuction
2002 
 
Real Estate And Accumulated Depreciation Units
256 
 
Initial Cost to Company, Land
32,000,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
64,436,539 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
684,785 
 
Gross Amount Carried at close of period 12/31/2010, Land
32,000,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
65,121,324 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
97,121,324 
 
Accumulated Depreciation
(14,791,625)
 
Investment in Real Estate Net
82,329,699 
 
Encumbrances
0 
 
Promenade at Aventura [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Aventura, FL 
 
Date of Constuction
1995 
 
Real Estate And Accumulated Depreciation Units
296 
 
Initial Cost to Company, Land
13,320,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
30,353,748 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
5,286,447 
 
Gross Amount Carried at close of period 12/31/2010, Land
13,320,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
35,640,195 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
48,960,195 
 
Accumulated Depreciation
(13,866,100)
 
Investment in Real Estate Net
35,094,095 
 
Encumbrances
0 
 
Promenade at Town Center I [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Valencia, CA 
 
Date of Constuction
2001 
 
Real Estate And Accumulated Depreciation Units
294 
 
Initial Cost to Company, Land
14,700,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
35,390,278 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
3,021,232 
 
Gross Amount Carried at close of period 12/31/2010, Land
14,700,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
38,411,510 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
53,111,510 
 
Accumulated Depreciation
(11,845,700)
 
Investment in Real Estate Net
41,265,810 
 
Encumbrances
0 
 
Promenade at Wyndham Lakes [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Coral Springs, FL 
 
Date of Constuction
1998 
 
Real Estate And Accumulated Depreciation Units
332 
 
Initial Cost to Company, Land
6,640,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
26,743,760 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
4,487,114 
 
Gross Amount Carried at close of period 12/31/2010, Land
6,640,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
31,230,874 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
37,870,874 
 
Accumulated Depreciation
(12,267,084)
 
Investment in Real Estate Net
25,603,790 
 
Encumbrances
0 
 
Promenade Terrace [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Corona, CA 
 
Date of Constuction
1990 
 
Real Estate And Accumulated Depreciation Units
330 
 
Initial Cost to Company, Land
2,272,800 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
20,546,289 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
4,889,001 
 
Gross Amount Carried at close of period 12/31/2010, Land
2,272,800 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
25,435,290 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
27,708,090 
 
Accumulated Depreciation
(14,665,897)
 
Investment in Real Estate Net
13,042,193 
 
Encumbrances
0 
 
Promontory Pointe I And I I [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Phoenix, AZ 
 
Date of Constuction
1984/1996 
 
Real Estate And Accumulated Depreciation Units
424 
 
Initial Cost to Company, Land
2,355,509 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
30,421,840 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
3,871,392 
 
Gross Amount Carried at close of period 12/31/2010, Land
2,355,509 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
34,293,232 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
36,648,741 
 
Accumulated Depreciation
(17,574,045)
 
Investment in Real Estate Net
19,074,696 
 
Encumbrances
0 
 
Prospect Towers [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Hackensack, NJ 
 
Date of Constuction
1995 
 
Real Estate And Accumulated Depreciation Units
157 
 
Initial Cost to Company, Land
3,926,600 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
31,679,339 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
3,891,995 
 
Gross Amount Carried at close of period 12/31/2010, Land
3,926,600 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
35,571,334 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
39,497,934 
 
Accumulated Depreciation
(14,860,521)
 
Investment in Real Estate Net
24,637,413 
 
Encumbrances
0 
 
Prospect Towers I I [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Hackensack, NJ 
 
Date of Constuction
2002 
 
Real Estate And Accumulated Depreciation Units
203 
 
Initial Cost to Company, Land
4,500,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
40,623,746 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
3,303,318 
 
Gross Amount Carried at close of period 12/31/2010, Land
4,500,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
43,927,064 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
48,427,064 
 
Accumulated Depreciation
(12,304,870)
 
Investment in Real Estate Net
36,122,194 
 
Encumbrances
0 
 
Ravens Crest [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Plainsboro, NJ 
 
Date of Constuction
1984 
 
Real Estate And Accumulated Depreciation Units
704 
 
Initial Cost to Company, Land
4,670,850 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
42,080,642 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
12,305,515 
 
Gross Amount Carried at close of period 12/31/2010, Land
4,670,850 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
54,386,157 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
59,057,007 
 
Accumulated Depreciation
(33,866,628)
 
Investment in Real Estate Net
25,190,379 
 
Encumbrances
0 
 
Redmond Ridge [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Redmond, WA 
 
Date of Constuction
2008 
 
Real Estate And Accumulated Depreciation Units
321 
 
Initial Cost to Company, Land
6,975,705 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
46,175,001 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
130,545 
 
Gross Amount Carried at close of period 12/31/2010, Land
6,975,705 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
46,305,546 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
53,281,251 
 
Accumulated Depreciation
(6,420,578)
 
Investment in Real Estate Net
46,860,673 
 
Encumbrances
0 
 
Red 160 [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Redmond , WA (G) 
 
Date of Constuction
2011 
 
Real Estate And Accumulated Depreciation Units
250 
 
Initial Cost to Company, Land
15,546,376 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
65,305,957 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
128,077 
 
Gross Amount Carried at close of period 12/31/2010, Land
15,546,376 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
65,434,034 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
80,980,410 
 
Accumulated Depreciation
(1,764,057)
 
Investment in Real Estate Net
79,216,353 
 
Encumbrances
0 
 
Red Road Commons [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Miami, FL (G) 
 
Date of Constuction
2009 
 
Real Estate And Accumulated Depreciation Units
404 
 
Initial Cost to Company, Land
27,383,547 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
99,656,440 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
88,542 
 
Gross Amount Carried at close of period 12/31/2010, Land
27,383,547 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
99,744,982 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
127,128,529 
 
Accumulated Depreciation
(7,014,820)
 
Investment in Real Estate Net
120,113,709 
 
Encumbrances
0 
 
Regency Palms [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Huntington Beach, CA 
 
Date of Constuction
1969 
 
Real Estate And Accumulated Depreciation Units
310 
 
Initial Cost to Company, Land
1,857,400 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
16,713,253 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
4,662,931 
 
Gross Amount Carried at close of period 12/31/2010, Land
1,857,400 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
21,376,184 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
23,233,584 
 
Accumulated Depreciation
(12,370,296)
 
Investment in Real Estate Net
10,863,288 
 
Encumbrances
0 
 
Registry [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Northglenn, CO 
 
Date of Constuction
1986 
 
Real Estate And Accumulated Depreciation Units
208 
 
Initial Cost to Company, Land
2,000,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
10,925,007 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
185,780 
 
Gross Amount Carried at close of period 12/31/2010, Land
2,000,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
11,110,787 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
13,110,787 
 
Accumulated Depreciation
(1,911,145)
 
Investment in Real Estate Net
11,199,642 
 
Encumbrances
0 
 
Renaissance Villas [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Berkeley, CA (G) 
 
Date of Constuction
1998 
 
Real Estate And Accumulated Depreciation Units
34 
 
Initial Cost to Company, Land
2,458,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
4,542,000 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
66,604 
 
Gross Amount Carried at close of period 12/31/2010, Land
2,458,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
4,608,604 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
7,066,604 
 
Accumulated Depreciation
(795,642)
 
Investment in Real Estate Net
6,270,962 
 
Encumbrances
0 
 
Reserve at Ashley Lake [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Boynton Beach, FL 
 
Date of Constuction
1990 
 
Real Estate And Accumulated Depreciation Units
440 
 
Initial Cost to Company, Land
3,520,400 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
23,332,494 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
5,597,846 
 
Gross Amount Carried at close of period 12/31/2010, Land
3,520,400 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
28,930,340 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
32,450,740 
 
Accumulated Depreciation
(14,691,506)
 
Investment in Real Estate Net
17,759,234 
 
Encumbrances
0 
 
Reserve At Town Center I I W A Member
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Mill Creek, WA 
 
Date of Constuction
2009 
 
Real Estate And Accumulated Depreciation Units
100 
 
Initial Cost to Company, Land
4,310,417 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
17,165,442 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
24,078 
 
Gross Amount Carried at close of period 12/31/2010, Land
4,310,417 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
17,189,520 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
21,499,937 
 
Accumulated Depreciation
(1,244,466)
 
Investment in Real Estate Net
20,255,471 
 
Encumbrances
0 
 
Reserve at Town Center III [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Mill Creek, WA 
 
Date of Constuction
(F) 
 
Real Estate And Accumulated Depreciation Units
0 
 
Initial Cost to Company, Land
2,089,388 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
1,111,424 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
0 
 
Gross Amount Carried at close of period 12/31/2010, Land
2,089,388 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
1,111,424 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
3,200,812 
 
Accumulated Depreciation
0 
 
Investment in Real Estate Net
3,200,812 
 
Encumbrances
0 
 
Residences at Bayview [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Pompano Beach, FL (G) 
 
Date of Constuction
2004 
 
Real Estate And Accumulated Depreciation Units
225 
 
Initial Cost to Company, Land
5,783,545 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
39,334,455 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
403,418 
 
Gross Amount Carried at close of period 12/31/2010, Land
5,783,545 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
39,737,873 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
45,521,418 
 
Accumulated Depreciation
(3,437,193)
 
Investment in Real Estate Net
42,084,225 
 
Encumbrances
0 
 
Retreat, The [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Phoenix, AZ 
 
Date of Constuction
1999 
 
Real Estate And Accumulated Depreciation Units
480 
 
Initial Cost to Company, Land
3,475,114 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
27,265,252 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,794,986 
 
Gross Amount Carried at close of period 12/31/2010, Land
3,475,114 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
30,060,238 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
33,535,352 
 
Accumulated Depreciation
(13,502,357)
 
Investment in Real Estate Net
20,032,995 
 
Encumbrances
0 
 
Rianna I [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Seattle, WA (G) 
 
Date of Constuction
2000 
 
Real Estate And Accumulated Depreciation Units
78 
 
Initial Cost to Company, Land
2,268,160 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
14,864,482 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
141,808 
 
Gross Amount Carried at close of period 12/31/2010, Land
2,268,160 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
15,006,290 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
17,274,450 
 
Accumulated Depreciation
(1,860,348)
 
Investment in Real Estate Net
15,414,102 
 
Encumbrances
0 
 
Ridgewood Village I And I I [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
San Diego, CA 
 
Date of Constuction
1997 
 
Real Estate And Accumulated Depreciation Units
408 
 
Initial Cost to Company, Land
11,809,500 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
34,004,048 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,924,110 
 
Gross Amount Carried at close of period 12/31/2010, Land
11,809,500 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
36,928,158 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
48,737,658 
 
Accumulated Depreciation
(15,531,096)
 
Investment in Real Estate Net
33,206,562 
 
Encumbrances
0 
 
River Tower [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
New York, NY (G) 
 
Date of Constuction
1982 
 
Real Estate And Accumulated Depreciation Units
323 
 
Initial Cost to Company, Land
118,669,441 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
98,880,559 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,505,315 
 
Gross Amount Carried at close of period 12/31/2010, Land
118,669,441 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
100,385,874 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
219,055,315 
 
Accumulated Depreciation
(16,503,085)
 
Investment in Real Estate Net
202,552,230 
 
Encumbrances
0 
 
Rivers Bend C T [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Windsor, CT 
 
Date of Constuction
1973 
 
Real Estate And Accumulated Depreciation Units
373 
 
Initial Cost to Company, Land
3,325,517 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
22,573,826 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,808,444 
 
Gross Amount Carried at close of period 12/31/2010, Land
3,325,517 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
25,382,270 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
28,707,787 
 
Accumulated Depreciation
(10,675,715)
 
Investment in Real Estate Net
18,032,072 
 
Encumbrances
0 
 
Riverview Condominiums [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Norwalk, CT 
 
Date of Constuction
1991 
 
Real Estate And Accumulated Depreciation Units
92 
 
Initial Cost to Company, Land
2,300,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
7,406,730 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,129,804 
 
Gross Amount Carried at close of period 12/31/2010, Land
2,300,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
9,536,534 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
11,836,534 
 
Accumulated Depreciation
(4,459,420)
 
Investment in Real Estate Net
7,377,114 
 
Encumbrances
0 
 
Rosecliff II [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Quincy, MA 
 
Date of Constuction
2005 
 
Real Estate And Accumulated Depreciation Units
130 
 
Initial Cost to Company, Land
4,922,840 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
30,202,160 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
7,250 
 
Gross Amount Carried at close of period 12/31/2010, Land
4,922,840 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
30,209,410 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
35,132,250 
 
Accumulated Depreciation
(107,367)
 
Investment in Real Estate Net
35,024,883 
 
Encumbrances
0 
 
Royal Oaks F L [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Jacksonville, FL 
 
Date of Constuction
1991 
 
Real Estate And Accumulated Depreciation Units
284 
 
Initial Cost to Company, Land
1,988,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
13,645,117 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
4,491,664 
 
Gross Amount Carried at close of period 12/31/2010, Land
1,988,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
18,136,781 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
20,124,781 
 
Accumulated Depreciation
(8,638,178)
 
Investment in Real Estate Net
11,486,603 
 
Encumbrances
0 
 
Sabal Palm at Lake Buena Vista [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Orlando, FL 
 
Date of Constuction
1988 
 
Real Estate And Accumulated Depreciation Units
400 
 
Initial Cost to Company, Land
2,800,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
23,687,893 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
5,622,700 
 
Gross Amount Carried at close of period 12/31/2010, Land
2,800,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
29,310,593 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
32,110,593 
 
Accumulated Depreciation
(13,405,565)
 
Investment in Real Estate Net
18,705,028 
 
Encumbrances
0 
 
Sabal Palm At Metrowest I I [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Orlando, FL 
 
Date of Constuction
1997 
 
Real Estate And Accumulated Depreciation Units
456 
 
Initial Cost to Company, Land
4,560,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
33,907,283 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,935,939 
 
Gross Amount Carried at close of period 12/31/2010, Land
4,560,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
36,843,222 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
41,403,222 
 
Accumulated Depreciation
(17,227,183)
 
Investment in Real Estate Net
24,176,039 
 
Encumbrances
0 
 
Sabal Pointe [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Coral Springs, FL 
 
Date of Constuction
1995 
 
Real Estate And Accumulated Depreciation Units
275 
 
Initial Cost to Company, Land
1,951,600 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
17,570,508 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
4,514,398 
 
Gross Amount Carried at close of period 12/31/2010, Land
1,951,600 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
22,084,906 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
24,036,506 
 
Accumulated Depreciation
(12,666,537)
 
Investment in Real Estate Net
11,369,969 
 
Encumbrances
0 
 
Sage Condominium Homes, LLC [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Everett, WA 
 
Date of Constuction
2002 
 
Real Estate And Accumulated Depreciation Units
123 
 
Initial Cost to Company, Land
2,500,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
12,021,256 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
453,063 
 
Gross Amount Carried at close of period 12/31/2010, Land
2,500,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
12,474,319 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
14,974,319 
 
Accumulated Depreciation
(3,319,591)
 
Investment in Real Estate Net
11,654,728 
 
Encumbrances
0 
 
Sakura Crossing [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Los Angeles, CA (G) 
 
Date of Constuction
2009 
 
Real Estate And Accumulated Depreciation Units
230 
 
Initial Cost to Company, Land
14,641,990 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
42,858,010 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
657 
 
Gross Amount Carried at close of period 12/31/2010, Land
14,641,990 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
42,858,667 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
57,500,657 
 
Accumulated Depreciation
(321,156)
 
Investment in Real Estate Net
57,179,501 
 
Encumbrances
0 
 
Savannah at Park Place [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Atlanta, GA 
 
Date of Constuction
2001 
 
Real Estate And Accumulated Depreciation Units
416 
 
Initial Cost to Company, Land
7,696,095 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
34,034,000 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,730,835 
 
Gross Amount Carried at close of period 12/31/2010, Land
7,696,095 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
36,764,835 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
44,460,930 
 
Accumulated Depreciation
(11,527,618)
 
Investment in Real Estate Net
32,933,312 
 
Encumbrances
0 
 
Savoy I I I [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Aurora, CO 
 
Date of Constuction
(F) 
 
Real Estate And Accumulated Depreciation Units
0 
 
Initial Cost to Company, Land
659,165 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
15,126,173 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
0 
 
Gross Amount Carried at close of period 12/31/2010, Land
659,165 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
15,126,173 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
15,785,338 
 
Accumulated Depreciation
0 
 
Investment in Real Estate Net
15,785,338 
 
Encumbrances
0 
 
Scarborough Square [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Rockville, MD 
 
Date of Constuction
1967 
 
Real Estate And Accumulated Depreciation Units
121 
 
Initial Cost to Company, Land
1,815,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
7,608,126 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,525,055 
 
Gross Amount Carried at close of period 12/31/2010, Land
1,815,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
10,133,181 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
11,948,181 
 
Accumulated Depreciation
(5,378,833)
 
Investment in Real Estate Net
6,569,348 
 
Encumbrances
0 
 
Sedona Ridge [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Phoenix, AZ 
 
Date of Constuction
1989 
 
Real Estate And Accumulated Depreciation Units
250 
 
Initial Cost to Company, Land
3,750,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
14,750,000 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
474,406 
 
Gross Amount Carried at close of period 12/31/2010, Land
3,750,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
15,224,406 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
18,974,406 
 
Accumulated Depreciation
(2,882,082)
 
Investment in Real Estate Net
16,092,324 
 
Encumbrances
0 
 
Seeley Lake [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Lakewood, WA 
 
Date of Constuction
1990 
 
Real Estate And Accumulated Depreciation Units
522 
 
Initial Cost to Company, Land
2,760,400 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
24,845,286 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
4,653,709 
 
Gross Amount Carried at close of period 12/31/2010, Land
2,760,400 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
29,498,995 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
32,259,395 
 
Accumulated Depreciation
(15,612,322)
 
Investment in Real Estate Net
16,647,073 
 
Encumbrances
0 
 
Seventh And James [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Seattle, WA 
 
Date of Constuction
1992 
 
Real Estate And Accumulated Depreciation Units
96 
 
Initial Cost to Company, Land
663,800 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
5,974,803 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
3,128,846 
 
Gross Amount Carried at close of period 12/31/2010, Land
663,800 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
9,103,649 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
9,767,449 
 
Accumulated Depreciation
(5,206,225)
 
Investment in Real Estate Net
4,561,224 
 
Encumbrances
0 
 
Shadow Creek [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Winter Springs, FL 
 
Date of Constuction
2000 
 
Real Estate And Accumulated Depreciation Units
280 
 
Initial Cost to Company, Land
6,000,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
21,719,768 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,572,807 
 
Gross Amount Carried at close of period 12/31/2010, Land
6,000,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
23,292,575 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
29,292,575 
 
Accumulated Depreciation
(7,236,138)
 
Investment in Real Estate Net
22,056,437 
 
Encumbrances
0 
 
Sheridan Lake Club [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Dania Beach, FL 
 
Date of Constuction
2001 
 
Real Estate And Accumulated Depreciation Units
240 
 
Initial Cost to Company, Land
12,000,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
23,170,580 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,359,509 
 
Gross Amount Carried at close of period 12/31/2010, Land
12,000,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
24,530,089 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
36,530,089 
 
Accumulated Depreciation
(6,610,875)
 
Investment in Real Estate Net
29,919,214 
 
Encumbrances
0 
 
Sheridan Ocean Club Combined [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Dania Beach, FL 
 
Date of Constuction
1991 
 
Real Estate And Accumulated Depreciation Units
648 
 
Initial Cost to Company, Land
18,313,414 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
47,091,594 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
14,449,396 
 
Gross Amount Carried at close of period 12/31/2010, Land
18,313,414 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
61,540,990 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
79,854,404 
 
Accumulated Depreciation
(24,316,848)
 
Investment in Real Estate Net
55,537,556 
 
Encumbrances
0 
 
Siena Terrace [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Lake Forest, CA 
 
Date of Constuction
1988 
 
Real Estate And Accumulated Depreciation Units
356 
 
Initial Cost to Company, Land
8,900,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
24,083,024 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
3,009,699 
 
Gross Amount Carried at close of period 12/31/2010, Land
8,900,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
27,092,723 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
35,992,723 
 
Accumulated Depreciation
(12,680,205)
 
Investment in Real Estate Net
23,312,518 
 
Encumbrances
0 
 
Skycrest [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Valencia, CA 
 
Date of Constuction
1999 
 
Real Estate And Accumulated Depreciation Units
264 
 
Initial Cost to Company, Land
10,560,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
25,574,457 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,987,885 
 
Gross Amount Carried at close of period 12/31/2010, Land
10,560,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
27,562,342 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
38,122,342 
 
Accumulated Depreciation
(11,026,671)
 
Investment in Real Estate Net
27,095,671 
 
Encumbrances
0 
 
Skylark [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Union City, CA 
 
Date of Constuction
1986 
 
Real Estate And Accumulated Depreciation Units
174 
 
Initial Cost to Company, Land
1,781,600 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
16,731,916 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,737,878 
 
Gross Amount Carried at close of period 12/31/2010, Land
1,781,600 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
18,469,794 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
20,251,394 
 
Accumulated Depreciation
(8,810,822)
 
Investment in Real Estate Net
11,440,572 
 
Encumbrances
0 
 
Skyline Terrace [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Burlingame, CA 
 
Date of Constuction
1967 & 1987 
 
Real Estate And Accumulated Depreciation Units
138 
 
Initial Cost to Company, Land
16,836,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
35,414,000 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
574,744 
 
Gross Amount Carried at close of period 12/31/2010, Land
16,836,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
35,988,744 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
52,824,744 
 
Accumulated Depreciation
(3,233,204)
 
Investment in Real Estate Net
49,591,540 
 
Encumbrances
0 
 
Skyline Towers [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Falls Church, VA (G) 
 
Date of Constuction
1971 
 
Real Estate And Accumulated Depreciation Units
939 
 
Initial Cost to Company, Land
78,278,200 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
91,485,591 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
28,949,642 
 
Gross Amount Carried at close of period 12/31/2010, Land
78,278,200 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
120,435,233 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
198,713,433 
 
Accumulated Depreciation
(37,194,628)
 
Investment in Real Estate Net
161,518,805 
 
Encumbrances
0 
 
Skyview [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Rancho Santa Margarita, CA 
 
Date of Constuction
1999 
 
Real Estate And Accumulated Depreciation Units
260 
 
Initial Cost to Company, Land
3,380,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
21,952,863 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,827,160 
 
Gross Amount Carried at close of period 12/31/2010, Land
3,380,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
23,780,023 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
27,160,023 
 
Accumulated Depreciation
(10,583,765)
 
Investment in Real Estate Net
16,576,258 
 
Encumbrances
0 
 
Sonoran [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Phoenix, AZ 
 
Date of Constuction
1995 
 
Real Estate And Accumulated Depreciation Units
429 
 
Initial Cost to Company, Land
2,361,922 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
31,841,724 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
3,086,404 
 
Gross Amount Carried at close of period 12/31/2010, Land
2,361,922 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
34,928,128 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
37,290,050 
 
Accumulated Depreciation
(17,405,642)
 
Investment in Real Estate Net
19,884,408 
 
Encumbrances
0 
 
Southwood [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Palo Alto, CA 
 
Date of Constuction
1985 
 
Real Estate And Accumulated Depreciation Units
100 
 
Initial Cost to Company, Land
6,936,600 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
14,324,069 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,518,550 
 
Gross Amount Carried at close of period 12/31/2010, Land
6,936,600 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
16,842,619 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
23,779,219 
 
Accumulated Depreciation
(8,121,990)
 
Investment in Real Estate Net
15,657,229 
 
Encumbrances
0 
 
Springbrook Estates [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Riverside, CA 
 
Date of Constuction
(F) 
 
Real Estate And Accumulated Depreciation Units
0 
 
Initial Cost to Company, Land
18,200,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
0 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
0 
 
Gross Amount Carried at close of period 12/31/2010, Land
18,200,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
0 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
18,200,000 
 
Accumulated Depreciation
0 
 
Investment in Real Estate Net
18,200,000 
 
Encumbrances
0 
 
Springs Colony [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Altamonte Springs, FL 
 
Date of Constuction
1986 
 
Real Estate And Accumulated Depreciation Units
188 
 
Initial Cost to Company, Land
630,411 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
5,852,157 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,472,624 
 
Gross Amount Carried at close of period 12/31/2010, Land
630,411 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
8,324,781 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
8,955,192 
 
Accumulated Depreciation
(5,475,003)
 
Investment in Real Estate Net
3,480,189 
 
Encumbrances
0 
 
St. Andrews at Winston Park [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Coconut Creek, FL 
 
Date of Constuction
1997 
 
Real Estate And Accumulated Depreciation Units
284 
 
Initial Cost to Company, Land
5,680,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
19,812,090 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,633,219 
 
Gross Amount Carried at close of period 12/31/2010, Land
5,680,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
22,445,309 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
28,125,309 
 
Accumulated Depreciation
(8,422,121)
 
Investment in Real Estate Net
19,703,188 
 
Encumbrances
0 
 
Stoneleigh at Deerfield [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Alpharetta, GA 
 
Date of Constuction
2003 
 
Real Estate And Accumulated Depreciation Units
370 
 
Initial Cost to Company, Land
4,810,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
29,999,596 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
940,991 
 
Gross Amount Carried at close of period 12/31/2010, Land
4,810,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
30,940,587 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
35,750,587 
 
Accumulated Depreciation
(8,733,406)
 
Investment in Real Estate Net
27,017,181 
 
Encumbrances
0 
 
Stoney Creek [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Lakewood, WA 
 
Date of Constuction
1990 
 
Real Estate And Accumulated Depreciation Units
231 
 
Initial Cost to Company, Land
1,215,200 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
10,938,134 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,431,476 
 
Gross Amount Carried at close of period 12/31/2010, Land
1,215,200 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
13,369,610 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
14,584,810 
 
Accumulated Depreciation
(7,261,625)
 
Investment in Real Estate Net
7,323,185 
 
Encumbrances
0 
 
Summerset Village [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Chatsworth, CA 
 
Date of Constuction
(F) 
 
Real Estate And Accumulated Depreciation Units
0 
 
Initial Cost to Company, Land
260,646 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
0 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
0 
 
Gross Amount Carried at close of period 12/31/2010, Land
260,646 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
0 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
260,646 
 
Accumulated Depreciation
0 
 
Investment in Real Estate Net
260,646 
 
Encumbrances
0 
 
Summit And Birch Hill [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Farmington, CT 
 
Date of Constuction
1967 
 
Real Estate And Accumulated Depreciation Units
186 
 
Initial Cost to Company, Land
1,757,438 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
11,748,112 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,983,818 
 
Gross Amount Carried at close of period 12/31/2010, Land
1,757,438 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
14,731,930 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
16,489,368 
 
Accumulated Depreciation
(6,433,027)
 
Investment in Real Estate Net
10,056,341 
 
Encumbrances
0 
 
Surprise Lake Village
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Milton, WA 
 
Date of Constuction
1986 
 
Real Estate And Accumulated Depreciation Units
338 
 
Initial Cost to Company, Land
4,162,543 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
21,994,412 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
649,532 
 
Gross Amount Carried at close of period 12/31/2010, Land
4,162,543 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
22,643,944 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
26,806,487 
 
Accumulated Depreciation
(3,664,956)
 
Investment in Real Estate Net
23,141,531 
 
Encumbrances
0 
 
Sycamore Creek [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Scottsdale, AZ 
 
Date of Constuction
1984 
 
Real Estate And Accumulated Depreciation Units
350 
 
Initial Cost to Company, Land
3,152,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
19,083,727 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
3,176,046 
 
Gross Amount Carried at close of period 12/31/2010, Land
3,152,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
22,259,773 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
25,411,773 
 
Accumulated Depreciation
(11,798,644)
 
Investment in Real Estate Net
13,613,129 
 
Encumbrances
0 
 
Ten23 (fka 500 West 23rd Street) [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
New York, NY (G) 
 
Date of Constuction
2011 
 
Real Estate And Accumulated Depreciation Units
111 
 
Initial Cost to Company, Land
0 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
53,001,730 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
0 
 
Gross Amount Carried at close of period 12/31/2010, Land
0 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
53,001,730 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
53,001,730 
 
Accumulated Depreciation
0 
 
Investment in Real Estate Net
53,001,730 
 
Encumbrances
0 
 
Terraces, The [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
San Francisco, CA (G) 
 
Date of Constuction
1975 
 
Real Estate And Accumulated Depreciation Units
117 
 
Initial Cost to Company, Land
14,087,610 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
16,337,390 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,176 
 
Gross Amount Carried at close of period 12/31/2010, Land
14,087,610 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
16,339,566 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
30,427,176 
 
Accumulated Depreciation
(66,507)
 
Investment in Real Estate Net
30,360,669 
 
Encumbrances
0 
 
3rd Square-285 3rd Street [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Cambridge, MA (G) 
 
Date of Constuction
2008/2009 
 
Real Estate And Accumulated Depreciation Units
471 
 
Initial Cost to Company, Land
26,767,171 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
218,232,419 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
993,046 
 
Gross Amount Carried at close of period 12/31/2010, Land
26,767,171 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
219,225,465 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
245,992,636 
 
Accumulated Depreciation
(23,830,415)
 
Investment in Real Estate Net
222,162,221 
 
Encumbrances
0 
 
Tortuga Bay [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Orlando, FL 
 
Date of Constuction
2004 
 
Real Estate And Accumulated Depreciation Units
314 
 
Initial Cost to Company, Land
6,280,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
32,121,779 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,101,933 
 
Gross Amount Carried at close of period 12/31/2010, Land
6,280,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
33,223,712 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
39,503,712 
 
Accumulated Depreciation
(9,084,110)
 
Investment in Real Estate Net
30,419,602 
 
Encumbrances
0 
 
Toscana [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Irvine, CA 
 
Date of Constuction
1991/1993 
 
Real Estate And Accumulated Depreciation Units
563 
 
Initial Cost to Company, Land
39,410,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
50,806,072 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
6,734,465 
 
Gross Amount Carried at close of period 12/31/2010, Land
39,410,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
57,540,537 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
96,950,537 
 
Accumulated Depreciation
(23,926,306)
 
Investment in Real Estate Net
73,024,231 
 
Encumbrances
0 
 
Townes at Herndon [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Herndon, VA 
 
Date of Constuction
2002 
 
Real Estate And Accumulated Depreciation Units
218 
 
Initial Cost to Company, Land
10,900,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
49,216,125 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
687,699 
 
Gross Amount Carried at close of period 12/31/2010, Land
10,900,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
49,903,824 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
60,803,824 
 
Accumulated Depreciation
(12,452,191)
 
Investment in Real Estate Net
48,351,633 
 
Encumbrances
0 
 
Trump Place 140 Riverside [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
New York, NY (G) 
 
Date of Constuction
2003 
 
Real Estate And Accumulated Depreciation Units
354 
 
Initial Cost to Company, Land
103,539,100 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
94,082,725 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,776,392 
 
Gross Amount Carried at close of period 12/31/2010, Land
103,539,100 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
95,859,117 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
199,398,217 
 
Accumulated Depreciation
(23,301,809)
 
Investment in Real Estate Net
176,096,408 
 
Encumbrances
0 
 
Trump Place 160 Riverside [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
New York, NY (G) 
 
Date of Constuction
2001 
 
Real Estate And Accumulated Depreciation Units
455 
 
Initial Cost to Company, Land
139,933,500 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
190,964,745 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
6,185,491 
 
Gross Amount Carried at close of period 12/31/2010, Land
139,933,500 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
197,150,236 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
337,083,736 
 
Accumulated Depreciation
(45,819,143)
 
Investment in Real Estate Net
291,264,593 
 
Encumbrances
0 
 
Trump place 180 Riverside [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
New York, NY (G) 
 
Date of Constuction
1998 
 
Real Estate And Accumulated Depreciation Units
516 
 
Initial Cost to Company, Land
144,968,250 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
138,346,681 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
6,290,045 
 
Gross Amount Carried at close of period 12/31/2010, Land
144,968,250 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
144,636,726 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
289,604,976 
 
Accumulated Depreciation
(35,545,460)
 
Investment in Real Estate Net
254,059,516 
 
Encumbrances
0 
 
Uwajimaya Village [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Seattle, WA 
 
Date of Constuction
2002 
 
Real Estate And Accumulated Depreciation Units
176 
 
Initial Cost to Company, Land
8,800,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
22,188,288 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
271,647 
 
Gross Amount Carried at close of period 12/31/2010, Land
8,800,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
22,459,935 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
31,259,935 
 
Accumulated Depreciation
(6,624,216)
 
Investment in Real Estate Net
24,635,719 
 
Encumbrances
0 
 
Valencia Plantation [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Orlando, FL 
 
Date of Constuction
1990 
 
Real Estate And Accumulated Depreciation Units
194 
 
Initial Cost to Company, Land
873,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
12,819,377 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,196,462 
 
Gross Amount Carried at close of period 12/31/2010, Land
873,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
15,015,839 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
15,888,839 
 
Accumulated Depreciation
(7,071,212)
 
Investment in Real Estate Net
8,817,627 
 
Encumbrances
0 
 
Vantage Pointe [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
San Diego, CA (G) 
 
Date of Constuction
2009 
 
Real Estate And Accumulated Depreciation Units
679 
 
Initial Cost to Company, Land
9,403,960 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
190,596,040 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,992,384 
 
Gross Amount Carried at close of period 12/31/2010, Land
9,403,960 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
193,588,424 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
202,992,384 
 
Accumulated Depreciation
(11,668,707)
 
Investment in Real Estate Net
191,323,677 
 
Encumbrances
0 
 
Veridian [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Silver Spring, MD (G) 
 
Date of Constuction
2009 
 
Real Estate And Accumulated Depreciation Units
457 
 
Initial Cost to Company, Land
18,539,817 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
130,407,365 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
200,587 
 
Gross Amount Carried at close of period 12/31/2010, Land
18,539,817 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
130,607,952 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
149,147,769 
 
Accumulated Depreciation
(11,516,355)
 
Investment in Real Estate Net
137,631,414 
 
Encumbrances
0 
 
Versailles (K-Town) [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Los Angeles, CA 
 
Date of Constuction
2008 
 
Real Estate And Accumulated Depreciation Units
225 
 
Initial Cost to Company, Land
10,590,975 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
44,409,025 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
119,893 
 
Gross Amount Carried at close of period 12/31/2010, Land
10,590,975 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
44,528,918 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
55,119,893 
 
Accumulated Depreciation
(4,998,525)
 
Investment in Real Estate Net
50,121,368 
 
Encumbrances
0 
 
Victor on Venice [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Los Angeles, CA (G) 
 
Date of Constuction
2006 
 
Real Estate And Accumulated Depreciation Units
115 
 
Initial Cost to Company, Land
10,350,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
35,433,437 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
211,045 
 
Gross Amount Carried at close of period 12/31/2010, Land
10,350,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
35,644,482 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
45,994,482 
 
Accumulated Depreciation
(7,709,609)
 
Investment in Real Estate Net
38,284,873 
 
Encumbrances
0 
 
Villa Solana [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Laguna Hills, CA 
 
Date of Constuction
1984 
 
Real Estate And Accumulated Depreciation Units
272 
 
Initial Cost to Company, Land
1,665,100 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
14,985,677 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
6,763,757 
 
Gross Amount Carried at close of period 12/31/2010, Land
1,665,100 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
21,749,434 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
23,414,534 
 
Accumulated Depreciation
(13,252,476)
 
Investment in Real Estate Net
10,162,058 
 
Encumbrances
0 
 
Village at Bear Creek [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Lakewood, CO 
 
Date of Constuction
1987 
 
Real Estate And Accumulated Depreciation Units
472 
 
Initial Cost to Company, Land
4,519,700 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
40,676,390 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
4,709,335 
 
Gross Amount Carried at close of period 12/31/2010, Land
4,519,700 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
45,385,725 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
49,905,425 
 
Accumulated Depreciation
(23,047,453)
 
Investment in Real Estate Net
26,857,972 
 
Encumbrances
0 
 
Vista Del Lago [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Mission Viejo, CA 
 
Date of Constuction
1986-1988 
 
Real Estate And Accumulated Depreciation Units
608 
 
Initial Cost to Company, Land
4,525,800 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
40,736,293 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
12,750,488 
 
Gross Amount Carried at close of period 12/31/2010, Land
4,525,800 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
53,486,781 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
58,012,581 
 
Accumulated Depreciation
(32,354,232)
 
Investment in Real Estate Net
25,658,349 
 
Encumbrances
0 
 
Vista Grove [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Mesa, AZ 
 
Date of Constuction
1997/1998 
 
Real Estate And Accumulated Depreciation Units
224 
 
Initial Cost to Company, Land
1,341,796 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
12,157,045 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,350,805 
 
Gross Amount Carried at close of period 12/31/2010, Land
1,341,796 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
13,507,850 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
14,849,646 
 
Accumulated Depreciation
(6,719,180)
 
Investment in Real Estate Net
8,130,466 
 
Encumbrances
0 
 
Vista Montana - Residential and Townhomes [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
San Jose, CA 
 
Date of Constuction
(F) 
 
Real Estate And Accumulated Depreciation Units
0 
 
Initial Cost to Company, Land
27,000,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
402,025 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
0 
 
Gross Amount Carried at close of period 12/31/2010, Land
27,000,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
402,025 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
27,402,025 
 
Accumulated Depreciation
0 
 
Investment in Real Estate Net
27,402,025 
 
Encumbrances
0 
 
Vista on Courthouse [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Arlington, VA 
 
Date of Constuction
2008 
 
Real Estate And Accumulated Depreciation Units
220 
 
Initial Cost to Company, Land
15,550,260 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
69,449,740 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
321,207 
 
Gross Amount Carried at close of period 12/31/2010, Land
15,550,260 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
69,770,947 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
85,321,207 
 
Accumulated Depreciation
(7,990,132)
 
Investment in Real Estate Net
77,331,075 
 
Encumbrances
0 
 
Walden Park [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Cambridge, MA 
 
Date of Constuction
1966 
 
Real Estate And Accumulated Depreciation Units
232 
 
Initial Cost to Company, Land
12,448,888 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
52,451,112 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
5,623 
 
Gross Amount Carried at close of period 12/31/2010, Land
12,448,888 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
52,456,735 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
64,905,623 
 
Accumulated Depreciation
(375,173)
 
Investment in Real Estate Net
64,530,450 
 
Encumbrances
0 
 
Waterford at Deerwood [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Jacksonville, FL 
 
Date of Constuction
1985 
 
Real Estate And Accumulated Depreciation Units
248 
 
Initial Cost to Company, Land
1,496,913 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
10,659,702 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
3,971,640 
 
Gross Amount Carried at close of period 12/31/2010, Land
1,496,913 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
14,631,342 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
16,128,255 
 
Accumulated Depreciation
(7,399,404)
 
Investment in Real Estate Net
8,728,851 
 
Encumbrances
0 
 
Waterford at Orange Park [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Orange Park, FL 
 
Date of Constuction
1986 
 
Real Estate And Accumulated Depreciation Units
280 
 
Initial Cost to Company, Land
1,960,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
12,098,784 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
3,088,273 
 
Gross Amount Carried at close of period 12/31/2010, Land
1,960,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
15,187,057 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
17,147,057 
 
Accumulated Depreciation
(8,006,263)
 
Investment in Real Estate Net
9,140,794 
 
Encumbrances
0 
 
Waterford Place C O [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Thornton, CO 
 
Date of Constuction
1998 
 
Real Estate And Accumulated Depreciation Units
336 
 
Initial Cost to Company, Land
5,040,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
29,946,419 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,514,787 
 
Gross Amount Carried at close of period 12/31/2010, Land
5,040,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
31,461,206 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
36,501,206 
 
Accumulated Depreciation
(10,889,463)
 
Investment in Real Estate Net
25,611,743 
 
Encumbrances
0 
 
Waterside [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Reston, VA 
 
Date of Constuction
1984 
 
Real Estate And Accumulated Depreciation Units
276 
 
Initial Cost to Company, Land
20,700,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
27,474,388 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
7,861,949 
 
Gross Amount Carried at close of period 12/31/2010, Land
20,700,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
35,336,337 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
56,036,337 
 
Accumulated Depreciation
(10,816,319)
 
Investment in Real Estate Net
45,220,018 
 
Encumbrances
0 
 
Webster Green [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Needham, MA 
 
Date of Constuction
1985 
 
Real Estate And Accumulated Depreciation Units
77 
 
Initial Cost to Company, Land
1,418,893 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
9,485,006 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,040,968 
 
Gross Amount Carried at close of period 12/31/2010, Land
1,418,893 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
10,525,974 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
11,944,867 
 
Accumulated Depreciation
(4,303,747)
 
Investment in Real Estate Net
7,641,120 
 
Encumbrances
0 
 
Welleby Lake Club [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Sunrise, FL 
 
Date of Constuction
1991 
 
Real Estate And Accumulated Depreciation Units
304 
 
Initial Cost to Company, Land
3,648,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
17,620,879 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
4,590,765 
 
Gross Amount Carried at close of period 12/31/2010, Land
3,648,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
22,211,644 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
25,859,644 
 
Accumulated Depreciation
(10,471,643)
 
Investment in Real Estate Net
15,388,001 
 
Encumbrances
0 
 
West End Apartments [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Boston, MA (G) 
 
Date of Constuction
2008 
 
Real Estate And Accumulated Depreciation Units
310 
 
Initial Cost to Company, Land
469,546 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
163,123,022 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
371,431 
 
Gross Amount Carried at close of period 12/31/2010, Land
469,546 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
163,494,453 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
163,963,999 
 
Accumulated Depreciation
(21,595,586)
 
Investment in Real Estate Net
142,368,413 
 
Encumbrances
0 
 
West Seattle [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Seattle, WA 
 
Date of Constuction
(F) 
 
Real Estate And Accumulated Depreciation Units
0 
 
Initial Cost to Company, Land
11,726,305 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
134,366 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
0 
 
Gross Amount Carried at close of period 12/31/2010, Land
11,726,305 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
134,366 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
11,860,671 
 
Accumulated Depreciation
0 
 
Investment in Real Estate Net
11,860,671 
 
Encumbrances
0 
 
Westerly at Worldgate [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Herndon, VA 
 
Date of Constuction
1995 
 
Real Estate And Accumulated Depreciation Units
320 
 
Initial Cost to Company, Land
14,568,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
43,620,057 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,266,145 
 
Gross Amount Carried at close of period 12/31/2010, Land
14,568,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
44,886,202 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
59,454,202 
 
Accumulated Depreciation
(8,061,110)
 
Investment in Real Estate Net
51,393,092 
 
Encumbrances
0 
 
Westgate Block 2 [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Pasadena, CA 
 
Date of Constuction
(F) 
 
Real Estate And Accumulated Depreciation Units
0 
 
Initial Cost to Company, Land
17,859,785 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
17,226,268 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
0 
 
Gross Amount Carried at close of period 12/31/2010, Land
17,859,785 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
17,226,268 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
35,086,053 
 
Accumulated Depreciation
0 
 
Investment in Real Estate Net
35,086,053 
 
Encumbrances
0 
 
Westgate Block 1 [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Pasadena, CA 
 
Date of Constuction
(F) 
 
Real Estate And Accumulated Depreciation Units
0 
 
Initial Cost to Company, Land
12,118,061 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
4,402,664 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
0 
 
Gross Amount Carried at close of period 12/31/2010, Land
12,118,061 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
4,402,664 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
16,520,725 
 
Accumulated Depreciation
0 
 
Investment in Real Estate Net
16,520,725 
 
Encumbrances
0 
 
Westridge [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Tacoma, WA 
 
Date of Constuction
1987 -1991 
 
Real Estate And Accumulated Depreciation Units
714 
 
Initial Cost to Company, Land
3,501,900 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
31,506,082 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
7,003,576 
 
Gross Amount Carried at close of period 12/31/2010, Land
3,501,900 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
38,509,658 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
42,011,558 
 
Accumulated Depreciation
(20,787,738)
 
Investment in Real Estate Net
21,223,820 
 
Encumbrances
0 
 
Westside Villas I [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Los Angeles, CA 
 
Date of Constuction
1999 
 
Real Estate And Accumulated Depreciation Units
21 
 
Initial Cost to Company, Land
1,785,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
3,233,254 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
274,539 
 
Gross Amount Carried at close of period 12/31/2010, Land
1,785,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
3,507,793 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
5,292,793 
 
Accumulated Depreciation
(1,444,813)
 
Investment in Real Estate Net
3,847,980 
 
Encumbrances
0 
 
Westside Villas II [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Los Angeles, CA 
 
Date of Constuction
1999 
 
Real Estate And Accumulated Depreciation Units
23 
 
Initial Cost to Company, Land
1,955,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
3,541,435 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
159,881 
 
Gross Amount Carried at close of period 12/31/2010, Land
1,955,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
3,701,316 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
5,656,316 
 
Accumulated Depreciation
(1,444,271)
 
Investment in Real Estate Net
4,212,045 
 
Encumbrances
0 
 
Westside Villas III [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Los Angeles, CA 
 
Date of Constuction
1999 
 
Real Estate And Accumulated Depreciation Units
36 
 
Initial Cost to Company, Land
3,060,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
5,538,871 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
235,019 
 
Gross Amount Carried at close of period 12/31/2010, Land
3,060,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
5,773,890 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
8,833,890 
 
Accumulated Depreciation
(2,252,284)
 
Investment in Real Estate Net
6,581,606 
 
Encumbrances
0 
 
Westside Villas IV [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Los Angeles, CA 
 
Date of Constuction
1999 
 
Real Estate And Accumulated Depreciation Units
36 
 
Initial Cost to Company, Land
3,060,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
5,539,390 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
243,466 
 
Gross Amount Carried at close of period 12/31/2010, Land
3,060,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
5,782,856 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
8,842,856 
 
Accumulated Depreciation
(2,251,558)
 
Investment in Real Estate Net
6,591,298 
 
Encumbrances
0 
 
Westside Villas V [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Los Angeles, CA 
 
Date of Constuction
1999 
 
Real Estate And Accumulated Depreciation Units
60 
 
Initial Cost to Company, Land
5,100,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
9,224,485 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
420,696 
 
Gross Amount Carried at close of period 12/31/2010, Land
5,100,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
9,645,181 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
14,745,181 
 
Accumulated Depreciation
(3,769,440)
 
Investment in Real Estate Net
10,975,741 
 
Encumbrances
0 
 
Westside Villas VI [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Los Angeles, CA 
 
Date of Constuction
1989 
 
Real Estate And Accumulated Depreciation Units
18 
 
Initial Cost to Company, Land
1,530,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
3,023,523 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
247,685 
 
Gross Amount Carried at close of period 12/31/2010, Land
1,530,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
3,271,208 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
4,801,208 
 
Accumulated Depreciation
(1,306,921)
 
Investment in Real Estate Net
3,494,287 
 
Encumbrances
0 
 
Westside Villas VII [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Los Angeles, CA 
 
Date of Constuction
2001 
 
Real Estate And Accumulated Depreciation Units
53 
 
Initial Cost to Company, Land
4,505,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
10,758,900 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
407,425 
 
Gross Amount Carried at close of period 12/31/2010, Land
4,505,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
11,166,325 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
15,671,325 
 
Accumulated Depreciation
(3,777,977)
 
Investment in Real Estate Net
11,893,348 
 
Encumbrances
0 
 
Wimberly at Deerwood [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Jacksonville, FL 
 
Date of Constuction
2000 
 
Real Estate And Accumulated Depreciation Units
322 
 
Initial Cost to Company, Land
8,000,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
30,057,214 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,642,086 
 
Gross Amount Carried at close of period 12/31/2010, Land
8,000,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
31,699,300 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
39,699,300 
 
Accumulated Depreciation
(8,241,714)
 
Investment in Real Estate Net
31,457,586 
 
Encumbrances
0 
 
Winchester Park [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Riverside, RI 
 
Date of Constuction
1972 
 
Real Estate And Accumulated Depreciation Units
416 
 
Initial Cost to Company, Land
2,822,618 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
18,868,626 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
6,898,312 
 
Gross Amount Carried at close of period 12/31/2010, Land
2,822,618 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
25,766,938 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
28,589,556 
 
Accumulated Depreciation
(11,731,473)
 
Investment in Real Estate Net
16,858,083 
 
Encumbrances
0 
 
Winchester Wood [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Riverside, RI 
 
Date of Constuction
1989 
 
Real Estate And Accumulated Depreciation Units
62 
 
Initial Cost to Company, Land
683,215 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
4,567,154 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
842,944 
 
Gross Amount Carried at close of period 12/31/2010, Land
683,215 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
5,410,098 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
6,093,313 
 
Accumulated Depreciation
(2,252,943)
 
Investment in Real Estate Net
3,840,370 
 
Encumbrances
0 
 
Windsor at Fair Lakes [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Fairfax, VA 
 
Date of Constuction
1988 
 
Real Estate And Accumulated Depreciation Units
250 
 
Initial Cost to Company, Land
10,000,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
28,587,109 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
6,385,915 
 
Gross Amount Carried at close of period 12/31/2010, Land
10,000,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
34,973,024 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
44,973,024 
 
Accumulated Depreciation
(11,053,951)
 
Investment in Real Estate Net
33,919,073 
 
Encumbrances
0 
 
Winston F L [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Pembroke Pines, FL 
 
Date of Constuction
2001/2003 
 
Real Estate And Accumulated Depreciation Units
464 
 
Initial Cost to Company, Land
18,561,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
49,527,569 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,066,953 
 
Gross Amount Carried at close of period 12/31/2010, Land
18,561,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
51,594,522 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
70,155,522 
 
Accumulated Depreciation
(11,364,025)
 
Investment in Real Estate Net
58,791,497 
 
Encumbrances
0 
 
Wood Creek C A [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Pleasant Hill, CA 
 
Date of Constuction
1987 
 
Real Estate And Accumulated Depreciation Units
256 
 
Initial Cost to Company, Land
9,729,900 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
23,009,768 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
5,486,055 
 
Gross Amount Carried at close of period 12/31/2010, Land
9,729,900 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
28,495,823 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
38,225,723 
 
Accumulated Depreciation
(13,857,483)
 
Investment in Real Estate Net
24,368,240 
 
Encumbrances
0 
 
Woodbridge C T [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Chicago, IL 
 
Date of Constuction
(F) 
 
Real Estate And Accumulated Depreciation Units
0 
 
Initial Cost to Company, Land
0 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
1,950,020 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
0 
 
Gross Amount Carried at close of period 12/31/2010, Land
0 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
1,950,020 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
1,950,020 
 
Accumulated Depreciation
0 
 
Investment in Real Estate Net
1,950,020 
 
Encumbrances
0 
 
Wholly Owned Unencumbered [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Units
75,704 
 
Initial Cost to Company, Land
3,271,110,872 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
9,313,640,030 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
919,933,512 
 
Gross Amount Carried at close of period 12/31/2010, Land
3,271,110,872 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
10,233,573,542 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
13,504,684,414 
 
Accumulated Depreciation
(2,901,009,678)
 
Investment in Real Estate Net
10,603,674,736 
 
Encumbrances
0 
 
House 929 [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Cambridge, MA (G) 
 
Date of Constuction
1975 
 
Real Estate And Accumulated Depreciation Units
127 
 
Initial Cost to Company, Land
3,252,993 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
21,745,595 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
4,619,180 
 
Gross Amount Carried at close of period 12/31/2010, Land
3,252,993 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
26,364,775 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
29,617,768 
 
Accumulated Depreciation
(10,267,914)
 
Investment in Real Estate Net
19,349,854 
 
Encumbrances
2,771,507 
 
Gaia Building [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Berkeley, CA (G) 
 
Date of Constuction
2000 
 
Real Estate And Accumulated Depreciation Units
91 
 
Initial Cost to Company, Land
7,113,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
25,623,826 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
162,348 
 
Gross Amount Carried at close of period 12/31/2010, Land
7,113,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
25,786,174 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
32,899,174 
 
Accumulated Depreciation
(5,408,769)
 
Investment in Real Estate Net
27,490,405 
 
Encumbrances
14,630,000 
 
Reserve at Clarendon Centre, The [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Arlington, VA (G) 
 
Date of Constuction
2003 
 
Real Estate And Accumulated Depreciation Units
252 
 
Initial Cost to Company, Land
10,500,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
52,812,935 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,624,457 
 
Gross Amount Carried at close of period 12/31/2010, Land
10,500,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
55,437,392 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
65,937,392 
 
Accumulated Depreciation
(16,220,530)
 
Investment in Real Estate Net
49,716,862 
 
Fine Arts Building [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Berkeley, CA (G) 
 
Date of Constuction
2004 
 
Real Estate And Accumulated Depreciation Units
100 
 
Initial Cost to Company, Land
7,817,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
26,462,772 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
79,744 
 
Gross Amount Carried at close of period 12/31/2010, Land
7,817,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
26,542,516 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
34,359,516 
 
Accumulated Depreciation
(5,605,770)
 
Investment in Real Estate Net
28,753,746 
 
Encumbrances
16,215,000 
 
Fairfield [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Stamford, CT (G) 
 
Date of Constuction
1996 
 
Real Estate And Accumulated Depreciation Units
263 
 
Initial Cost to Company, Land
6,510,200 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
39,690,120 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
5,451,905 
 
Gross Amount Carried at close of period 12/31/2010, Land
6,510,200 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
45,142,025 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
51,652,225 
 
Accumulated Depreciation
(21,756,531)
 
Investment in Real Estate Net
29,895,694 
 
Encumbrances
34,595,000 
 
Estates at Tanglewood [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Westminster, CO 
 
Date of Constuction
2003 
 
Real Estate And Accumulated Depreciation Units
504 
 
Initial Cost to Company, Land
7,560,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
51,256,538 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,139,241 
 
Gross Amount Carried at close of period 12/31/2010, Land
7,560,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
53,395,779 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
60,955,779 
 
Accumulated Depreciation
(14,217,883)
 
Investment in Real Estate Net
46,737,896 
 
Estates at Maitland Summit [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Orlando, FL 
 
Date of Constuction
1998 
 
Real Estate And Accumulated Depreciation Units
272 
 
Initial Cost to Company, Land
9,520,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
28,352,160 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
790,374 
 
Gross Amount Carried at close of period 12/31/2010, Land
9,520,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
29,142,534 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
38,662,534 
 
Accumulated Depreciation
(8,841,396)
 
Investment in Real Estate Net
29,821,138 
 
Deerwood (SD) [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
San Diego, CA 
 
Date of Constuction
1990 
 
Real Estate And Accumulated Depreciation Units
316 
 
Initial Cost to Company, Land
2,082,095 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
18,739,815 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
13,192,417 
 
Gross Amount Carried at close of period 12/31/2010, Land
2,082,095 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
31,932,232 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
34,014,327 
 
Accumulated Depreciation
(19,263,646)
 
Investment in Real Estate Net
14,750,681 
 
Crescent at Cherry Creek [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Denver, CO 
 
Date of Constuction
1994 
 
Real Estate And Accumulated Depreciation Units
216 
 
Initial Cost to Company, Land
2,594,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
15,149,470 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
3,226,064 
 
Gross Amount Carried at close of period 12/31/2010, Land
2,594,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
18,375,534 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
20,969,534 
 
Accumulated Depreciation
(8,864,759)
 
Investment in Real Estate Net
12,104,775 
 
Creekside (San Mateo) [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
San Mateo, CA 
 
Date of Constuction
1985 
 
Real Estate And Accumulated Depreciation Units
192 
 
Initial Cost to Company, Land
9,606,600 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
21,193,232 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,748,866 
 
Gross Amount Carried at close of period 12/31/2010, Land
9,606,600 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
23,942,098 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
33,548,698 
 
Accumulated Depreciation
(10,867,143)
 
Investment in Real Estate Net
22,681,555 
 
Country Club Lakes [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Jacksonville, FL 
 
Date of Constuction
1997 
 
Real Estate And Accumulated Depreciation Units
555 
 
Initial Cost to Company, Land
15,000,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
41,055,786 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
4,992,551 
 
Gross Amount Carried at close of period 12/31/2010, Land
15,000,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
46,048,337 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
61,048,337 
 
Accumulated Depreciation
(13,233,047)
 
Investment in Real Estate Net
47,815,290 
 
Encumbrances
31,516,374 
 
Country Brook [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Chandler, AZ 
 
Date of Constuction
1986-1996 
 
Real Estate And Accumulated Depreciation Units
396 
 
Initial Cost to Company, Land
1,505,219 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
29,542,535 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
5,114,344 
 
Gross Amount Carried at close of period 12/31/2010, Land
1,505,219 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
34,656,879 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
36,162,098 
 
Accumulated Depreciation
(16,823,253)
 
Investment in Real Estate Net
19,338,845 
 
Copper Canyon [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Highlands Ranch, CO 
 
Date of Constuction
1999 
 
Real Estate And Accumulated Depreciation Units
222 
 
Initial Cost to Company, Land
1,442,212 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
16,251,114 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,380,659 
 
Gross Amount Carried at close of period 12/31/2010, Land
1,442,212 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
17,631,773 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
19,073,985 
 
Accumulated Depreciation
(7,981,910)
 
Investment in Real Estate Net
11,092,075 
 
Conway Court [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Roslindale, MA 
 
Date of Constuction
1920 
 
Real Estate And Accumulated Depreciation Units
28 
 
Initial Cost to Company, Land
101,451 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
710,524 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
241,538 
 
Gross Amount Carried at close of period 12/31/2010, Land
101,451 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
952,062 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
1,053,513 
 
Accumulated Depreciation
(443,463)
 
Investment in Real Estate Net
610,050 
 
Encumbrances
226,295 
 
Colorado Pointe [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Denver, CO 
 
Date of Constuction
2006 
 
Real Estate And Accumulated Depreciation Units
193 
 
Initial Cost to Company, Land
5,790,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
28,815,766 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
492,849 
 
Gross Amount Carried at close of period 12/31/2010, Land
5,790,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
29,308,615 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
35,098,615 
 
Accumulated Depreciation
(7,693,474)
 
Investment in Real Estate Net
27,405,141 
 
Clarendon, The [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Arlington, VA (G) 
 
Date of Constuction
2005 
 
Real Estate And Accumulated Depreciation Units
292 
 
Initial Cost to Company, Land
30,400,340 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
103,824,660 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
338,226 
 
Gross Amount Carried at close of period 12/31/2010, Land
30,400,340 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
104,162,886 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
134,563,226 
 
Accumulated Depreciation
(6,178,258)
 
Investment in Real Estate Net
128,384,968 
 
Encumbrances
48,066,590 
 
city pointe [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Fullerton, CA (G) 
 
Date of Constuction
2004 
 
Real Estate And Accumulated Depreciation Units
183 
 
Initial Cost to Company, Land
6,863,792 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
36,476,208 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
184,403 
 
Gross Amount Carried at close of period 12/31/2010, Land
6,863,792 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
36,660,611 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
43,524,403 
 
Accumulated Depreciation
(4,282,292)
 
Investment in Real Estate Net
39,242,111 
 
Encumbrances
23,024,033 
 
CityView at Longwood [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Boston, MA (G) 
 
Date of Constuction
1970 
 
Real Estate And Accumulated Depreciation Units
295 
 
Initial Cost to Company, Land
14,704,898 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
79,195,102 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,419,758 
 
Gross Amount Carried at close of period 12/31/2010, Land
14,704,898 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
81,614,860 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
96,319,758 
 
Accumulated Depreciation
(6,371,361)
 
Investment in Real Estate Net
89,948,397 
 
Encumbrances
26,461,565 
 
Cierra Crest [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Denver, CO 
 
Date of Constuction
1996 
 
Real Estate And Accumulated Depreciation Units
480 
 
Initial Cost to Company, Land
4,803,100 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
34,894,898 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
4,644,644 
 
Gross Amount Carried at close of period 12/31/2010, Land
4,803,100 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
39,539,542 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
44,342,642 
 
Accumulated Depreciation
(19,806,595)
 
Investment in Real Estate Net
24,536,047 
 
Church Corner [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Cambridge, MA (G) 
 
Date of Constuction
1987 
 
Real Estate And Accumulated Depreciation Units
85 
 
Initial Cost to Company, Land
5,220,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
16,744,643 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,297,417 
 
Gross Amount Carried at close of period 12/31/2010, Land
5,220,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
18,042,060 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
23,262,060 
 
Accumulated Depreciation
(4,951,855)
 
Investment in Real Estate Net
18,310,205 
 
Encumbrances
12,000,000 
 
Chelsea Square [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Redmond, WA 
 
Date of Constuction
1991 
 
Real Estate And Accumulated Depreciation Units
113 
 
Initial Cost to Company, Land
3,397,100 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
9,289,074 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,574,184 
 
Gross Amount Carried at close of period 12/31/2010, Land
3,397,100 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
10,863,258 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
14,260,358 
 
Accumulated Depreciation
(5,005,927)
 
Investment in Real Estate Net
9,254,431 
 
Centennial Tower [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Seattle, WA (G) 
 
Date of Constuction
1991 
 
Real Estate And Accumulated Depreciation Units
221 
 
Initial Cost to Company, Land
5,900,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
48,800,339 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
3,277,474 
 
Gross Amount Carried at close of period 12/31/2010, Land
5,900,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
52,077,813 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
57,977,813 
 
Accumulated Depreciation
(13,349,202)
 
Investment in Real Estate Net
44,628,611 
 
Encumbrances
24,577,505 
 
Cascade at Landmark [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Alexandria, VA 
 
Date of Constuction
1990 
 
Real Estate And Accumulated Depreciation Units
277 
 
Initial Cost to Company, Land
3,603,400 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
19,657,554 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
7,662,660 
 
Gross Amount Carried at close of period 12/31/2010, Land
3,603,400 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
27,320,214 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
30,923,614 
 
Accumulated Depreciation
(14,152,859)
 
Investment in Real Estate Net
16,770,755 
 
Encumbrances
31,921,089 
 
Carmel Terrace [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
San Diego, CA 
 
Date of Constuction
1988-1989 
 
Real Estate And Accumulated Depreciation Units
384 
 
Initial Cost to Company, Land
2,288,300 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
20,596,281 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
10,072,544 
 
Gross Amount Carried at close of period 12/31/2010, Land
2,288,300 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
30,668,825 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
32,957,125 
 
Accumulated Depreciation
(18,109,198)
 
Investment in Real Estate Net
14,847,927 
 
Cape House Two [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Jacksonville, FL 
 
Date of Constuction
1998 
 
Real Estate And Accumulated Depreciation Units
240 
 
Initial Cost to Company, Land
4,800,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
22,229,836 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,779,613 
 
Gross Amount Carried at close of period 12/31/2010, Land
4,800,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
24,009,449 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
28,809,449 
 
Accumulated Depreciation
(6,237,002)
 
Investment in Real Estate Net
22,572,447 
 
Encumbrances
13,010,713 
 
Cape House One [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Jacksonville, FL 
 
Date of Constuction
1998 
 
Real Estate And Accumulated Depreciation Units
240 
 
Initial Cost to Company, Land
4,800,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
22,484,239 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
577,378 
 
Gross Amount Carried at close of period 12/31/2010, Land
4,800,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
23,061,617 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
27,861,617 
 
Accumulated Depreciation
(5,851,708)
 
Investment in Real Estate Net
22,009,909 
 
Encumbrances
13,542,878 
 
Canterbury [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Germantown, MD (I) 
 
Date of Constuction
1986 
 
Real Estate And Accumulated Depreciation Units
544 
 
Initial Cost to Company, Land
2,781,300 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
32,942,531 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
14,356,360 
 
Gross Amount Carried at close of period 12/31/2010, Land
2,781,300 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
47,298,891 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
50,080,191 
 
Accumulated Depreciation
(27,043,148)
 
Investment in Real Estate Net
23,037,043 
 
Encumbrances
31,680,000 
 
Brookside (CO) [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Boulder, CO 
 
Date of Constuction
1993 
 
Real Estate And Accumulated Depreciation Units
144 
 
Initial Cost to Company, Land
3,600,400 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
10,211,159 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,108,971 
 
Gross Amount Carried at close of period 12/31/2010, Land
3,600,400 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
12,320,130 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
15,920,530 
 
Accumulated Depreciation
(5,588,246)
 
Investment in Real Estate Net
10,332,284 
 
Briarwood C [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Sunnyvale, CA (I) 
 
Date of Constuction
1985 
 
Real Estate And Accumulated Depreciation Units
192 
 
Initial Cost to Company, Land
9,991,500 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
22,247,278 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,543,294 
 
Gross Amount Carried at close of period 12/31/2010, Land
9,991,500 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
23,790,572 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
33,782,072 
 
Accumulated Depreciation
(11,128,707)
 
Investment in Real Estate Net
22,653,365 
 
Encumbrances
12,800,000 
 
Berkeleyan [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Berkeley, CA (G) 
 
Date of Constuction
1998 
 
Real Estate And Accumulated Depreciation Units
56 
 
Initial Cost to Company, Land
4,377,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
16,022,110 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
289,057 
 
Gross Amount Carried at close of period 12/31/2010, Land
4,377,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
16,311,167 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
20,688,167 
 
Accumulated Depreciation
(3,419,440)
 
Investment in Real Estate Net
17,268,727 
 
Encumbrances
8,290,000 
 
Bellagio Apartment Homes [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Scottsdale, AZ 
 
Date of Constuction
1995 
 
Real Estate And Accumulated Depreciation Units
202 
 
Initial Cost to Company, Land
2,626,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
16,025,041 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,134,830 
 
Gross Amount Carried at close of period 12/31/2010, Land
2,626,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
17,159,871 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
19,785,871 
 
Accumulated Depreciation
(5,165,966)
 
Investment in Real Estate Net
14,619,905 
 
Bella Vista Apartments at Boca Del Mar [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Boca Raton, FL 
 
Date of Constuction
1985 
 
Real Estate And Accumulated Depreciation Units
392 
 
Initial Cost to Company, Land
11,760,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
20,190,252 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
13,600,755 
 
Gross Amount Carried at close of period 12/31/2010, Land
11,760,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
33,791,007 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
45,551,007 
 
Accumulated Depreciation
(15,322,700)
 
Investment in Real Estate Net
30,228,307 
 
Encumbrances
26,134,010 
 
Bachenheimer Building [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Berkeley, CA (G) 
 
Date of Constuction
2004 
 
Real Estate And Accumulated Depreciation Units
44 
 
Initial Cost to Company, Land
3,439,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
13,866,379 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
48,863 
 
Gross Amount Carried at close of period 12/31/2010, Land
3,439,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
13,915,242 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
17,354,242 
 
Accumulated Depreciation
(2,844,495)
 
Investment in Real Estate Net
14,509,747 
 
Encumbrances
8,585,000 
 
Avanti [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Anaheim, CA 
 
Date of Constuction
1987 
 
Real Estate And Accumulated Depreciation Units
162 
 
Initial Cost to Company, Land
12,960,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
18,497,683 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,066,332 
 
Gross Amount Carried at close of period 12/31/2010, Land
12,960,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
19,564,015 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
32,524,015 
 
Accumulated Depreciation
(5,101,737)
 
Investment in Real Estate Net
27,422,278 
 
Encumbrances
19,850,000 
 
Artisan Square [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Northridge, CA 
 
Date of Constuction
2002 
 
Real Estate And Accumulated Depreciation Units
140 
 
Initial Cost to Company, Land
7,000,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
20,537,359 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
745,265 
 
Gross Amount Carried at close of period 12/31/2010, Land
7,000,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
21,282,624 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
28,282,624 
 
Accumulated Depreciation
(6,983,871)
 
Investment in Real Estate Net
21,298,753 
 
Encumbrances
22,779,715 
 
Artech Building [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Berkeley, CA (G) 
 
Date of Constuction
2002 
 
Real Estate And Accumulated Depreciation Units
21 
 
Initial Cost to Company, Land
1,642,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
9,152,518 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
92,358 
 
Gross Amount Carried at close of period 12/31/2010, Land
1,642,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
9,244,876 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
10,886,876 
 
Accumulated Depreciation
(1,795,520)
 
Investment in Real Estate Net
9,091,356 
 
Encumbrances
3,200,000 
 
Arboretum (MA) [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Canton, MA 
 
Date of Constuction
1989 
 
Real Estate And Accumulated Depreciation Units
156 
 
Initial Cost to Company, Land
4,683,531 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
10,992,751 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,954,762 
 
Gross Amount Carried at close of period 12/31/2010, Land
4,683,531 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
12,947,513 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
17,631,044 
 
Accumulated Depreciation
(6,525,737)
 
Investment in Real Estate Net
11,105,307 
 
Arbor Terrace [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Sunnyvale, CA 
 
Date of Constuction
1979 
 
Real Estate And Accumulated Depreciation Units
175 
 
Initial Cost to Company, Land
9,057,300 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
18,483,642 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,318,138 
 
Gross Amount Carried at close of period 12/31/2010, Land
9,057,300 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
20,801,780 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
29,859,080 
 
Accumulated Depreciation
(9,986,511)
 
Investment in Real Estate Net
19,872,569 
 
Alexander on Ponce [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Atlanta, GA 
 
Date of Constuction
2003 
 
Real Estate And Accumulated Depreciation Units
330 
 
Initial Cost to Company, Land
9,900,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
35,819,022 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,574,440 
 
Gross Amount Carried at close of period 12/31/2010, Land
9,900,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
37,393,462 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
47,293,462 
 
Accumulated Depreciation
(9,591,619)
 
Investment in Real Estate Net
37,701,843 
 
Encumbrances
28,880,000 
 
Alborada [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Fremont, CA 
 
Date of Constuction
1999 
 
Real Estate And Accumulated Depreciation Units
442 
 
Initial Cost to Company, Land
24,310,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
59,214,129 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
2,426,046 
 
Gross Amount Carried at close of period 12/31/2010, Land
24,310,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
61,640,175 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
85,950,175 
 
Accumulated Depreciation
(25,283,895)
 
Investment in Real Estate Net
60,666,280 
 
Acton Courtyard [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Berkeley, CA (G) 
 
Date of Constuction
2003 
 
Real Estate And Accumulated Depreciation Units
71 
 
Initial Cost to Company, Land
5,550,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
15,785,509 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
92,850 
 
Gross Amount Carried at close of period 12/31/2010, Land
5,550,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
15,878,359 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
21,428,359 
 
Accumulated Depreciation
(3,488,928)
 
Investment in Real Estate Net
17,939,431 
 
Encumbrances
9,920,000 
 
Acappella [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Pasadena, CA 
 
Date of Constuction
2002 
 
Real Estate And Accumulated Depreciation Units
143 
 
Initial Cost to Company, Land
5,839,548 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
29,360,452 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
199,588 
 
Gross Amount Carried at close of period 12/31/2010, Land
5,839,548 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
29,560,040 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
35,399,588 
 
Accumulated Depreciation
(2,536,777)
 
Investment in Real Estate Net
32,862,811 
 
Encumbrances
20,644,023 
 
Academy Village [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
North Hollywood, CA 
 
Date of Constuction
1989 
 
Real Estate And Accumulated Depreciation Units
248 
 
Initial Cost to Company, Land
25,000,000 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
23,593,194 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
5,811,441 
 
Gross Amount Carried at close of period 12/31/2010, Land
25,000,000 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
29,404,635 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
54,404,635 
 
Accumulated Depreciation
(10,089,093)
 
Investment in Real Estate Net
44,315,542 
 
Encumbrances
20,000,000 
 
Elliott 2300 [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Seattle, WA 
 
Date of Constuction
1992 
 
Real Estate And Accumulated Depreciation Units
92 
 
Initial Cost to Company, Land
796,800 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
7,173,725 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
6,037,779 
 
Gross Amount Carried at close of period 12/31/2010, Land
796,800 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
13,211,504 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
14,008,304 
 
Accumulated Depreciation
(8,320,446)
 
Investment in Real Estate Net
5,687,858 
 
Encumbrances
0 
 
Woodbridge C T [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Newington, CT 
 
Date of Constuction
1968 
 
Real Estate And Accumulated Depreciation Units
73 
 
Initial Cost to Company, Land
498,377 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
3,331,548 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
934,712 
 
Gross Amount Carried at close of period 12/31/2010, Land
498,377 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
4,266,260 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
4,764,637 
 
Accumulated Depreciation
(1,835,396)
 
Investment in Real Estate Net
2,929,241 
 
Encumbrances
0 
 
Hammocks Place [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Description Of Location
Miami, FL 
 
Date of Constuction
1986 
 
Real Estate And Accumulated Depreciation Units
296 
 
Initial Cost to Company, Land
319,180 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
12,513,467 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
3,756,576 
 
Gross Amount Carried at close of period 12/31/2010, Land
319,180 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
16,270,043 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
16,589,223 
 
Accumulated Depreciation
(10,420,561)
 
Investment in Real Estate Net
6,168,662 
 
Encumbrances
0 
 
Partially Owned Encumbered [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Units
1,999 
 
Initial Cost to Company, Land
46,352,324 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
206,316,253 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
30,457,562 
 
Gross Amount Carried at close of period 12/31/2010, Land
46,352,324 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
236,773,815 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
283,126,139 
 
Accumulated Depreciation
(82,562,799)
 
Investment in Real Estate Net
200,563,340 
 
Encumbrances
233,755,656 
 
Portfolio Entity Encumbrances [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Units
0 
 
Accumulated Depreciation
0 
 
Encumbrances
1,329,833,000 
 
Total Consolidated Investment in Real Estate [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Real Estate And Accumulated Depreciation Units
117,073 
 
Initial Cost to Company, Land
4,742,556,710 
 
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
14,306,448,590 
 
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
1,358,940,646 
 
Gross Amount Carried at close of period 12/31/2010, Land
4,742,556,710 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
15,665,389,236 
 
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
20,407,945,946 
 
Accumulated Depreciation
(4,539,582,870)
 
Investment in Real Estate Net
15,868,363,076 
 
Encumbrances
4,111,486,936 
 
Depreciable Property [Member]
 
 
Real Estate and Accumulated Depreciation [Line Items]
 
 
Fixtures and Equipment, Gross
$ 1,292,125,000 
 
Renovations and Improvements Minimum [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Property, Plant and Equipment, Estimated Useful Lives
5 
 
Renovations and Improvements Maximum [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Property, Plant and Equipment, Estimated Useful Lives
15 
 
Replacements Minimum [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Property, Plant and Equipment, Estimated Useful Lives
5 
 
Replacements Maximum [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Property, Plant and Equipment, Estimated Useful Lives
10 
 
Management Business Renovations and Improvements Minimum [Member] [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Property, Plant and Equipment, Estimated Useful Lives
3 
 
Management Business Renovations and Improvements Maximum [Member] [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Property, Plant and Equipment, Estimated Useful Lives
7 
 
Building [Member]
 
 
Real Estates And Accumulated Depreciation Abstract
 
 
Property, Plant and Equipment, Estimated Useful Lives
30