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Equity Residential's Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:
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Interest expense, including amortization of deferred financing costs, decreased approximately $33.0 million or 19.2% and approximately $14.9 million or 17.8% for the six months and quarter ended June 30, 2021, respectively, as compared to the prior year periods.
The following table presents the Company's balances for cash and cash equivalents, restricted deposits and the available borrowing capacity on its revolving credit facility as of June 30, 2021 and December 31, 2020 (amounts in thousands): 44 During the six months ended June 30, 2021, the Company generated proceeds from various transactions, which included the following: Disposed of five consolidated rental properties, receiving net proceeds of approximately $406.9 million; Issued Common Shares related to share option exercises and ESPP purchases and received net proceeds of $42.3 million, which were contributed to the capital of the Operating Partnership in exchange for additional OP Units (on a one-for-one Common Share per OP Unit basis); and Sold various investment securities, receiving net proceeds of $191.4 million.
This difference is due primarily to: A negative impact of lower NOI from development and newly stabilized development properties in lease-up of $0.5 million; A negative impact of lower NOI from other non-same store properties (including one master-leased property) of $0.2 million; and 42 The following table presents a reconciliation of diluted earnings per share/unit for the six months and quarter ended June 30, 2021 as compared to the same periods in 2020: The decrease in consolidated NOI is primarily a result of the Company's lower NOI from same store properties, largely due to the economic impact from the COVID-19 pandemic.
Other on-site operating expenses - Decrease primarily driven by lower ground lease costs due to a lease modification at one property.
The following table provides Physical Occupancy by geographic market for the Six-Month 2021 Same Store Properties as of the dates listed: In summary, the positive trends and favorable forward operating indicators described have positioned our portfolio well, driving the revision upward to our same store revenue and NOI guidance for the full year 2021.
These increases are primarily due...Read more
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The Company generally expects to...Read more
41 Repairs and maintenance -...Read more
Renewal Rate Achieved - The...Read more
The Company maintains substantial additional...Read more
(4) Other on-site operating expenses...Read more
Washington, D.C. - Washington, D.C....Read more
Physical Occupancy and pricing continue...Read more
48 The definition of certain...Read more
New Lease Change - The...Read more
There has also been significant...Read more
These expenses decreased approximately $0.7...Read more
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The Company may also use...Read more
On-site payroll - Improved sales...Read more
San Francisco - San Francisco's...Read more
Additional factors that might cause...Read more
The Company's total debt summary...Read more
We continue to work with...Read more
The Company has a significant...Read more
In addition, these forward-looking statements...Read more
The use of Leasing Concessions...Read more
Pricing continues to improve and...Read more
Physical Occupancy has been relatively...Read more
We currently anticipate spending approximately...Read more
Financial Statements, Disclosures and Schedules
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Equity Residential provided additional information to their SEC Filing as exhibits
Ticker: EQR
CIK: 906107
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-21-039495
Submitted to the SEC: Fri Jul 30 2021 4:12:42 PM EST
Accepted by the SEC: Fri Jul 30 2021
Period: Wednesday, June 30, 2021
Industry: Real Estate Investment Trusts