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MarketScreener Homepage  >  Equities  >  Nyse  >  Equity Residential    EQR

EQUITY RESIDENTIAL

(EQR)
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EQUITY RESIDENTIAL : Management's Discussion and Analysis of Financial Condition and Results of Operations (form 10-Q)

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10/30/2019 | 03:26pm EST
For further information including definitions for capitalized terms not defined
herein, refer to the consolidated financial statements and footnotes thereto
included in the Company's and the Operating Partnership's Annual Report on Form
10-K for the year ended December 31, 2018.

Forward-Looking Statements




Forward-looking statements are intended to be made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. These
statements are based on current expectations, estimates, projections and
assumptions made by management. While the Company's management believes the
assumptions underlying its forward-looking statements are reasonable, such
information is inherently subject to uncertainties and may involve certain
risks, which could cause actual results, performance or achievements of the
Company to differ materially from anticipated future results, performance or
achievements expressed or implied by such forward-looking statements. Many of
these uncertainties and risks are difficult to predict and beyond management's
control. Forward-looking statements are not guarantees of future performance,
results or events. The forward-looking statements contained herein are made as
of the date hereof and the Company undertakes no obligation to update or
supplement these forward-looking statements. Factors that might cause such
differences include, but are not limited to, the following:

• We intend to actively acquire, develop and renovate multifamily operating

properties as market conditions dictate. We may also acquire multifamily

properties that are unoccupied or in the early stages of lease-up. We may

be unable to lease these apartment properties on schedule, resulting in

decreases in expected rental revenues and/or lower yields due to lower

occupancy and rental rates as well as higher than expected concessions or

higher than expected operating expenses. We may not be able to achieve

rents that are consistent with expectations for acquired, developed or

renovated properties. We may underestimate the costs necessary to bring an

acquired property up to standards established for its intended market

position, to complete a development property or to complete a

renovation. Additionally, we expect that other real estate investors with

capital will compete with us for attractive investment opportunities or

may also develop properties in markets where we focus our development and

acquisition efforts. This competition (or lack thereof) may increase (or

depress) prices for multifamily properties. We may not be in a position or

have the opportunity in the future to make suitable property acquisitions

on favorable terms. We have acquired in the past and intend to continue to

pursue the acquisition of properties, including large portfolios of

properties, that could increase our size and result in alterations to our

capital structure. The total number of apartment units under development,

costs of labor and construction materials and estimated completion dates

are subject to uncertainties arising from changing economic conditions,

competition, tariffs and other trade disruptions and local government

        regulation;


    •   Debt financing and other capital required by the Company may not be
        available or may only be available on adverse terms;

• Labor and materials required for maintenance, repair, capital expenditure

or development may be more expensive than anticipated;

• Occupancy levels, property values and market rents may be adversely

affected by national and local political, economic and market conditions

including, without limitation, new construction and excess inventory of

multifamily and owned housing/condominiums, increasing portions of owned

housing/condominium stock being converted to rental use, rental housing

subsidized by the government, other government programs that favor single

family rental housing or owner occupied housing over multifamily rental

housing, slow or negative employment growth and household formation, the

availability of low-interest mortgages or the availability of mortgages

requiring little or no down payment for single family home buyers, changes

in social preferences, governmental regulations including rent control or

rent stabilization laws and regulations and the potential for geopolitical

instability, all of which are beyond the Company's control; and



    •   Additional factors as discussed in Part I of the Company's and the
        Operating Partnership's Annual Report on Form 10-K, particularly those
        under Item 1A, Risk Factors.

Forward-looking statements and related uncertainties are also included in the Notes to Consolidated Financial Statements in this report.

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Overview



Equity Residential ("EQR") is committed to creating communities where people
thrive. The Company, a member of the S&P 500, is focused on the acquisition,
development and management of rental apartment properties located in urban and
high-density suburban communities where today's renters want to live, work and
play. ERP Operating Limited Partnership ("ERPOP") was formed to conduct the
multifamily residential property business of EQR. EQR is a Maryland real estate
investment trust ("REIT") formed in March 1993 and ERPOP is an Illinois limited
partnership formed in May 1993. 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.



EQR is the general partner of, and as of September 30, 2019 owned an approximate
96.4% 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 equity from time to time, the net proceeds of
which it is obligated to contribute to ERPOP, 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.



The Company's corporate headquarters is located in Chicago, Illinois and the
Company also operates property management offices in each of its markets. As of
September 30, 2019, the Company had approximately 2,700 employees who provided
real estate operations, leasing, legal, financial, accounting, acquisition,
disposition, development and other support functions.



Available Information


You may access our Annual Report on Form 10-K, our Quarterly Reports on Form
10-Q, our Current Reports on Form 8-K and any amendments to any of those reports
we file with the SEC free of charge on our website,
www.equityapartments.com. These reports are made available on our website as
soon as reasonably practicable after we file them with the SEC. The information
contained on our website, including any information referred to in this report
as being available on our website, is not a part of or incorporated into this
report.

Business Objectives and Operating and Investing Strategies


The Company's and the Operating Partnership's business objectives and operating
and investing strategies have not changed from the information included in the
Company's and the Operating Partnership's Annual Report on Form 10-K for the
year ended December 31, 2018.

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Results of Operations

2019 Transactions

In conjunction with our business objectives and operating strategy, the Company
continued to invest in apartment properties located primarily in our urban and
high-density suburban communities and sell apartment properties that we believe
will have inferior long-term returns. The following table provides a rollforward
of the transactions that occurred during the nine months ended September 30,
2019:



                             Portfolio Rollforward

                                ($ in thousands)



                                                             Apartment        Purchase         Acquisition
                                            Properties         Units            Price           Cap Rate
                              12/31/2018            307          79,482
Acquisitions:
Consolidated:
Rental Properties                                     8           2,142     $     922,080               4.6 %
Rental Properties - Not Stabilized (1)                2             586     $     202,500               4.8 %
Land Parcels                                          -               -     $      19,832
                                                                                               Disposition
                                                                             Sales Price          Yield
Dispositions:
Consolidated:
Rental Properties                                    (9 )        (1,202 )   $    (706,675 )            (4.5 )%
Land Parcels                                          -               -     $      (1,900 )
Unconsolidated:
Rental Properties (2)                                (2 )          (945 )   $    (394,500 )            (4.7 )%
Completed Developments - Consolidated                 2             221
Configuration Changes                                 -              15
                               9/30/2019            308          80,299



(1) The Company acquired two properties in the Denver market in the nine months

ended September 30, 2019 that are in the final stages of completing lease-up

     and are expected to stabilize in the second year of ownership at the
     Acquisition Cap Rate listed above.

(2) The Company owned a 20% interest in unconsolidated rental properties located

in San Jose, CA and South Florida. Sales price listed is the gross sales

price. The Company received net sales proceeds of approximately $78.3

million and recognized a GAAP gain on sale of approximately $69.5 million.



The consolidated properties acquired were located in the New York, Seattle,
Washington D.C., San Francisco, Los Angeles and Denver markets. The consolidated
properties disposed of were located in the New York, Washington D.C., San
Francisco and Boston markets. The consolidated properties development
completions were located in the Boston and Seattle markets. Finally, the Company
started construction on two consolidated projects, located in the San Francisco
and Washington D.C. markets, consisting of 354 apartment units totaling
approximately $193.1 million of expected development costs. See the Definitions
section below for the definition of Acquisition Cap Rate, Development Yield,
Disposition Yield and Unlevered IRR. See also Note 4 in the Notes to
Consolidated Financial Statements for additional discussion regarding the
Company's real estate transactions.

Same Store Results


Properties that the Company owned and were stabilized (see definition below) for
all of both of the nine months ended September 30, 2019 and 2018 (the
"Nine-Month 2019 Same Store Properties"), which represented 72,979 apartment
units, and properties that the Company owned and were stabilized for all of both
of the quarters ended September 30, 2019 and 2018 (the "Third Quarter 2019 Same
Store Properties"), which represented 75,290 apartment units, impacted the
Company's results of operations. Both the Nine-Month 2019 Same Store Properties
and the Third Quarter 2019 Same Store Properties are discussed in the following
paragraphs.

The Company's primary financial measure for evaluating each of its apartment
communities is net operating income ("NOI"). NOI represents rental income less
direct property operating expenses (including real estate taxes and
insurance). 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 properties.

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The following tables provide a rollforward of the apartment units included in
Same Store Properties and a reconciliation of apartment units included in Same
Store Properties to those included in Total Properties for the nine months and
quarter ended September 30, 2019:



                                           Nine Months Ended                       Quarter Ended
                                           September 30, 2019                    September 30, 2019
                                                          Apartment                            Apartment
                                     Properties             Units          Properties            Units
Same Store Properties at Beginning
of Period                                      281             71,721               291             74,236
2017 acquisitions                                2                437                 -                  -
2018 acquisitions                                -                  -                 1                240
2019 dispositions                               (9 )           (1,202 )              (7 )             (641 )
Properties added back to same
store (1)                                        2                356                 -                  -
Lease-up properties stabilized                   5              1,652                 3              1,444
Other                                            -                 15                 -                 11
Same Store Properties at
September 30, 2019                             281             72,979               288             75,290




                                             Nine Months Ended                     Quarter Ended
                                             September 30, 2019                  September 30, 2019
                                                            Apartment                          Apartment
                                        Properties            Units         Properties           Units
Same Store                                       281            72,979              288            75,290
Non-Same Store:
2019 acquisitions                                 10             2,728               10             2,728
2018 acquisitions                                  5             1,461                3             1,104
2017 acquisitions - not stabilized                 2               510                -                 -
Master-Leased properties (2)                       1               162                1               162
Lease-up properties not yet
stabilized (3)                                     8             2,458                5             1,014
Other                                              1                 1                1                 1
Total Non-Same Store                              27             7,320               20             5,009
Total Properties and Apartment
Units                                            308            80,299              308            80,299



Note: Properties are considered "stabilized" when they have achieved 90% occupancy for three consecutive months. Properties are included in Same Store when they are stabilized for all of the current and comparable periods presented.

(1) Consists of two properties which were added back to the same store portfolio

as discussed further below:

a. Playa Pacifica in Hermosa Beach, California containing 285 apartment

            units was removed from the same store portfolio in the first 

quarter

            of 2015 due to a major renovation in which significant portions 

of the

            property were taken offline for extended time periods. Playa 

Pacifica

            was added back to same store for the nine months ended 

September 30,

            2019 as the property achieved greater than 90% occupancy for all of
            the current and comparable periods presented.


         b. Acton Courtyard in Berkeley, California containing 71 apartment units
            was removed from the same store portfolio in the third quarter of 2016
            due to an affordable housing dispute which required significant
            portions of the property to be vacant for an extended

re-leasing

            period. Acton Courtyard was added back to same store for the 

nine

            months ended September 30, 2019 as the property achieved

greater than

            90% occupancy for all of the current and comparable periods 

presented.

(2) Consists of one property containing 162 apartment units that is wholly owned

by the Company where the entire project is master-leased to a third party

corporate housing provider.

(3) Consists of properties in various stages of lease-up and properties where

lease-up has been completed but the properties were not stabilized for the

comparable periods presented. Also includes two former master-leased

properties that were not stabilized for the comparable periods presented.

The following table provides comparative same store results and statistics for the Nine-Month 2019 Same Store Properties:

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                   September YTD 2019 vs. September YTD 2018

      Same Store Results/Statistics for 72,979 Same Store Apartment Units

                $ in thousands (except for Average Rental Rate)



                               Results                                           Statistics
                                                               Average
                                                               Rental           Physical

Description Revenues Expenses NOI Rate (1)

Occupancy (2) Turnover (3)

 YTD 2019     $ 1,857,679$  559,793$ 1,297,886$     2,823                96.5 %             38.9 %
 YTD 2018     $ 1,798,638$  539,070$ 1,259,568$     2,743                96.2 %             40.7 %
  Change      $    59,041$   20,723$    38,318$        80                 0.3 %             (1.8 %)
  Change              3.3 %          3.8 %           3.0 %           2.9 %

Note: Same store revenues for all leases are reflected on a straight-line basis in accordance with GAAP for the current and comparable periods.

(1) Average Rental Rate - Total residential rental revenues reflected on a

straight-line basis in accordance with GAAP divided by the weighted average

occupied apartment units for the reporting period presented.

(2) Physical Occupancy - The weighted average occupied apartment units for the

reporting period divided by the average of total apartment units available

for rent for the reporting period.

(3) Turnover - Total residential move-outs (including inter-property and

    intra-property transfers) divided by total residential apartment units.



The following tables present reconciliations of operating income per the consolidated statements of operations to NOI, along with rental income, operating expenses and NOI per the consolidated statements of operations allocated between same store and non-same store results (amounts in thousands):




                                              Nine Months Ended September 30,           Quarter Ended September 30,
                                                2019                   2018                2019               2018
Operating income                          $        947,592$        896,088$      368,363$   339,403
Adjustments:
Fee and asset management revenue                      (360 )                 (563 )              (25 )            (190 )
Property management                                 72,705                 69,175             21,940            22,247
General and administrative                          41,127                 41,420             11,417            12,640
Depreciation                                       616,201                583,869            211,478           194,618

Net (gain) loss on sales of real estate

  properties                                      (269,400 )             (256,834 )         (130,565 )        (114,672 )
Impairment                                               -                    702                  -               702
Total NOI                                 $      1,407,865$      1,333,857$      482,608$   454,748
Rental income:
Same store                                $      1,857,679$      1,798,638$      649,712$   628,454
Non-same store/other                               159,117                126,490             35,408            24,223
Total rental income                              2,016,796              1,925,128            685,120           652,677
Operating expenses:
Same store                                         559,793                539,070            196,520           189,582
Non-same store/other                                49,138                 52,201              5,992             8,347
Total operating expenses                           608,931                591,271            202,512           197,929
NOI:
Same store                                       1,297,886              1,259,568            453,192           438,872
Non-same store/other                               109,979                 74,289             29,416            15,876
Total NOI                                 $      1,407,865$      1,333,857$      482,608$   454,748


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The Company anticipates the following same store results for the full year
ending December 31, 2019, which assumptions are based on current expectations
and are forward-looking:



                             Revised 2019 Same Store      Previous 2019 Same Store
                                   Assumptions                  Assumptions
Physical Occupancy                    96.4%                        96.4%
Revenue change                        3.3%                      3.1% to 3.5%
Expense change                        3.8%                      3.5% to 4.0%
NOI change                            3.1%                      2.7% to 3.5%

The following table provides the same store revenue growth during the nine months ended September 30, 2019 as compared to the same period in 2018 and our expected same store revenue growth for 2019 as of September 30, 2019:



                                             Revised Projected        Previous Projected
                       Actual YTD 2019         Full Year 2019           Full Year 2019
                         Same Store          Same Store Revenue       Same Store Revenue
Markets/Metro Areas    Revenue Growth              Growth                   Growth
Boston                      3.8%                    3.9%                     3.5%
New York                    2.5%                    2.5%                     2.5%
Washington D.C.             2.3%                    2.5%                     2.6%
Seattle                     2.9%                    3.4%                     3.2%
San Francisco               3.9%                    3.8%                     4.0%
Los Angeles                 4.1%                    3.8%                     3.9%
Orange County               3.9%                    3.8%                     3.6%
San Diego                   3.6%                    3.4%                     3.4%
Overall                     3.3%                    3.3%                 3.1% to 3.5%




Same store revenues, which were in line with our expectations, increased due to
record low turnover, strong occupancy and favorable overall demand. Strong
results, particularly in Boston and Seattle, led us to reaffirm the midpoint of
our same store revenue growth expectations for full year 2019. We continue to
focus on providing remarkable experiences for our residents resulting in record
retention levels and strong occupancy.



Boston performed better than expected with strong demand across the market. Strong occupancy, new lease and renewal pricing increases continue to drive performance. Stronger than anticipated demand has driven our improved performance. Supply has been modest in 2019 but is expected to be more competitive as we head into 2020.




The New York market performed in line with our expectations with strong
occupancy and pricing power. Strong demand and lower new supply in our
competitive footprint is driving performance. Due in part to improved new lease
pricing and occupancy and this reduction in supply, we have also used very
limited concessions. We continue to monitor the impact of the recently passed
rent control regulations. Thus far, the impact has been in line with
expectations. Of the approximately 9,600 apartment units located in our New York
market, approximately 3,200 apartment units are "rent stabilized" and therefore
more directly impacted by these new regulations. We estimate that the new
regulations will have a negative impact on renewal rates for some of these 3,200
apartment units and will impact our ability to charge certain fees at all of our
New York City properties (approximately 6,600 apartment units). We expect an
approximate $0.8 million annual reduction in fees, of which approximately $0.4
million will impact 2019. Overall, we believe the new rent control regulations
will have a modestly negative impact on our New York market results in 2019.



Washington D.C. continues to demonstrate strength in demand with strong
occupancy and improved pricing power despite elevated deliveries. The economy,
particularly in Northern Virginia, remains strong with gains in the professional
and business services sector which are aiding in the absorption of new supply
being delivered. However, we remain cautious on this market's performance due to
continued pressure from elevated new supply.



The Seattle market performed better than expected as the market continues to
experience strong demand despite elevated new supply. Job growth continues to be
very strong and we experienced improvement in occupancy and better new lease and
renewal pricing than anticipated for the year.



California recently passed new rent control regulations which become effective
on January 1, 2020. The new regulations, among other things, limit the ability
to raise rents on renewal to the local California consumer price index + 5% on
properties fifteen years or older. It does not however impose such a cap upon
vacancy of an apartment unit. Of our approximately 37,600 apartment units
located in California, approximately 24,400 will be subject to these new
regulations when they take effect next year. Overall, we believe the new rent
control regulations will have a modestly negative impact on our California
market results beginning in 2020.



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While San Francisco continues to be one of our strongest markets in 2019, recent
renewal rates and occupancy have been slightly lower than expected. While these
recent trends are consistent with normal seasonal declines, we continue to
monitor these changes in demand. Overall, the market continues to show good
absorption of new supply and continued economic growth as well as job expansion
driven by technology company expansions and investments, with the downtown area
performing strongly and the East Bay lagging.



The Los Angeles market continues to perform well. Overall results were largely
in line with expectations. We had anticipated the second half of 2019 would be
more challenging due to pressure from new supply and difficult occupancy
comparisons against 2018. Occupancy remained strong, but we experienced less
pricing power and softening rate growth. We expect to see the higher supply
trends continue as deliveries have been pushed from 2019 to 2020 due to labor
and construction constraints.



In the Orange County market, results have been better than expected primarily due to strong occupancy. Renewal pricing remains strong and our properties continue to perform well against competitive new supply.

In San Diego, results have been in line with expectations. Slightly lower renewal pricing is driven by supply pressure in the downtown area, but military spending remains strong.




While the recently acquired Denver properties are not currently within our full
year same store portfolio, they are performing in line with our expectations at
the time of acquisition.

The following table provides comparative same store operating expenses for the Nine-Month 2019 Same Store Properties:


                   September YTD 2019 vs. September YTD 2018

      Same Store Operating Expenses for 72,979 Same Store Apartment Units

                                 $ in thousands

                                                                                                    % of Actual
                                                                                                     YTD 2019
                                        Actual        Actual            $               %            Operating
                                       YTD 2019      YTD 2018       Change (5)       Change          Expenses
Real estate taxes                      $ 237,273$ 228,971$      8,302           3.6 %             42.4 %
On-site payroll (1)                      121,739       117,869            3,870           3.3 %             21.8 %
Utilities (2)                             74,534        72,717            1,817           2.5 %             13.3 %
Repairs and maintenance (3)               71,835        69,589            2,246           3.2 %             12.8 %
Insurance                                 15,778        14,351            1,427           9.9 %              2.8 %
Leasing and advertising                    7,352         7,460             (108 )        (1.4 )%             1.3 %
Other on-site operating expenses (4)      31,282        28,113            3,169          11.3 %              5.6 %

Same store operating expenses $ 559,793$ 539,070$ 20,723

           3.8 %            100.0 %


(1) On-site payroll - Includes payroll and related expenses for on-site personnel

including property managers, leasing consultants and maintenance staff.

(2) Utilities - Represents gross expenses prior to any recoveries under the

Resident Utility Billing System ("RUBS"). Recoveries are reflected in rental

income.

(3) Repairs and maintenance - Includes general maintenance costs, apartment unit

turnover costs including interior painting, routine landscaping, security,

exterminating, fire protection, snow removal, elevator, roof and parking lot

repairs and other miscellaneous building repair and maintenance costs.

(4) Other on-site operating expenses - Includes ground lease costs and

administrative costs such as office supplies, telephone and data charges and

association and business licensing fees.

(5) The changes are due primarily to:

• Real estate taxes - Increase slightly above most recent expectations due

primarily to anticipated delays in receiving recoveries from appeals

activity.

• On-site payroll - Increase below expectations. Payroll pressures continue

but were somewhat offset by lower than expected employee benefit related

        costs.


  • Utilities - Growth in line with expectations for the year.

• Insurance - Increase due to higher premiums on property insurance renewal

due to challenging conditions in the insurance market.

• Other on-site operating expenses - Increase primarily driven by higher

ground lease costs due to a contractual revaluation at one property along

        with higher association fees.


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Same store expenses increased 3.8% during the nine months ended September 30,
2019 as compared to the same period in 2018. The Company now anticipates that
full year 2019 same store expenses will increase 3.8%.



Same store NOI increased 3.0% during the nine months ended September 30, 2019 as
compared to the same period in 2018, which was in line with our
expectations. The Company now anticipates same store NOI growth of approximately
3.1% for full year 2019 as compared to 2018 as a result of the above same store
revenue and expense expectations.

See also Note 13 in the Notes to Consolidated Financial Statements for additional discussion regarding the Company's segment disclosures.

Non-Same Store/Other Results


Non-same store/other NOI results for the nine months ended September 30, 2019
increased approximately $35.7 million compared to the same period of 2018 and
consist primarily of properties acquired in calendar years 2018 and 2019,
operations from the Company's development properties and operations prior to
disposition from 2018 and 2019 sold properties. This difference is due primarily
to:


• A positive impact of higher NOI from development and newly stabilized

development properties in lease-up of $10.8 million;

• A positive impact of higher NOI from properties primarily acquired in 2018

and 2019 of $37.2 million;

• A positive impact of higher NOI from other non-same store properties

        (including one current and two former master-leased properties) of $0.7
        million; and



• A negative impact of lost NOI from 2018 and 2019 dispositions of $23.3

million.



The Company's guidance assumes consolidated rental acquisitions of $1.1 billion
and consolidated rental dispositions of $1.0 billion and expects that the
Acquisition Cap Rate will be equal to the Disposition Yield for the full year
ending December 31, 2019. The Company currently budgets two development starts
during the year ending December 31, 2019, both of which started in the third
quarter of 2019. We currently budget spending approximately $185.6 million on
development costs during the year ending December 31, 2019, primarily for
properties currently under construction. We assume that this capital will be
primarily sourced with excess operating cash flow, future debt offerings and
borrowings on our revolving credit facility and/or commercial paper
program. These 2019 assumptions are based on current expectations and are
forward-looking.

Comparison of the nine months and quarter ended September 30, 2019 to the nine months and quarter ended September 30, 2018


The following table presents a reconciliation of diluted earnings per share/unit
for the nine months and quarter ended September 30, 2019 as compared to the same
period in 2018:



                                                 Nine Months Ended          Quarter Ended
                                                    September 30             September 30
Diluted earnings per share/unit for period
ended 2018                                      $               1.46     $               0.58
Property NOI                                                    0.19                     0.08
Debt extinguishment costs                                       0.08                     0.05
Depreciation expense                                           (0.08 )                  (0.03 )
Net gain/loss on property/unconsolidated
sales                                                           0.21                     0.03
Other                                                          (0.04 )                      -
Diluted earnings per share/unit for period
ended 2019                                      $               1.82     $               0.71




The increase in consolidated NOI is primarily a result of the Company's improved
NOI from same store and lease-up properties along with NOI from the Company's
recent transaction activity. The following table presents the changes in the
components of consolidated NOI for the nine months and quarter ended September
30, 2019 as compared to the same period in 2018:

© Edgar Online, source Glimpses

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