8-KOther EventsExhibits & Filings

EQUITY RESIDENTIAL 8-K Report, Corporate Update (May 23, 2007)

Filed May 23, 2007For Securities:EQR

Summary

Equity Residential (EQR) filed this Form 8-K on May 23, 2007, to re-issue historical financial statements in an updated format. This reclassification is required by the Statement of Financial Accounting Standards (SFAS) No. 144 concerning the impairment or disposal of long-lived assets. Specifically, the company is reclassifying properties sold during the first three months of 2007 as a component of discontinued operations in its previously filed annual financial statements for the year ended December 31, 2006. Importantly, this reclassification has no impact on Equity Residential's previously reported net income available to Common Shares or its Funds from Operations (FFO). Investors should note that this filing is primarily a technical, compliance-related update and does not introduce new financial performance information or change the company's reported operational or financial results. All other aspects of the Form 10-K for the year ended December 31, 2006, remain unchanged.

Key Highlights

  • 1EQR is re-issuing historical financial statements to comply with SFAS No. 144.
  • 2Properties sold in Q1 2007 are being classified as discontinued operations.
  • 3This reclassification impacts annual financial statements for the year ended December 31, 2006.
  • 4The reclassification has no impact on previously reported Net Income available to Common Shares.
  • 5The reclassification has no impact on previously reported Funds from Operations (FFO).
  • 6This filing updates specific items (6, 7, 8, and Exhibit 12) of the Form 10-K for December 31, 2006.
  • 7No other items in the Form 10-K remain unchanged, and no new financial performance data is introduced.

Frequently Asked Questions

The primary purpose of this Form 8-K is to update Equity Residential's historical financial statements to comply with SEC regulations regarding SFAS No. 144. This involves reclassifying certain sold properties as discontinued operations.

No, the filing explicitly states that this reclassification has no effect on the company's previously reported net income available to Common Shares or Funds from Operations (FFO). It is a technical accounting adjustment.

This filing updates Items 6, 7, 8, and Exhibit 12 of Equity Residential's Form 10-K for the year ended December 31, 2006, to reflect the reclassification of properties sold in early 2007.

Investors should generally not be concerned, as this is a routine compliance filing necessitated by accounting standards. It does not represent a change in the company's underlying financial health or operational results.