8-KOther EventsExhibits & Filings

EQUITY RESIDENTIAL 8-K Report, Corporate Update (Aug 28, 2007)

Filed August 28, 2007For Securities:EQR

Summary

Equity Residential (EQR) filed this Form 8-K on August 28, 2007, primarily to update its historical financial statements in accordance with Statement of Financial Accounting Standards (SFAS) No. 144. This update involves reclassifying the financial results of properties sold during the first six months of 2007 as discontinued operations for all periods presented, including the comparable periods in prior years as shown in their annual reports. This reclassification is a technical accounting adjustment and does not impact the company's previously reported net income available to common shareholders or its Funds From Operations (FFO). Investors should note that this filing is purely for accounting compliance and does not introduce new operational or financial performance information. The company is essentially restating prior periods to adhere to updated accounting standards for asset impairment and disposal.

Key Highlights

  • 1Reclassification of properties sold in H1 2007 as discontinued operations to comply with SFAS No. 144.
  • 2This reclassification applies to financial statements for periods presented in the 2006 Form 10-K.
  • 3The adjustment has no impact on previously reported Net Income available to Common Shares.
  • 4The adjustment has no impact on previously reported Funds From Operations (FFO).
  • 5This 8-K filing updates specific items (6, 7, 8, and Exhibit 12) of the 2006 Form 10-K.
  • 6All other aspects of the previously filed Form 10-K for 2006 remain unchanged.
  • 7The filing includes updated financial data and supporting exhibits.

Frequently Asked Questions

The main purpose of this 8-K filing is to reformat and update Equity Residential's historical financial statements to comply with Statement of Financial Accounting Standards (SFAS) No. 144, which governs accounting for the impairment or disposal of long-lived assets. Specifically, properties sold during the first six months of 2007 are now reported as discontinued operations.

No, the reclassification of sold properties as discontinued operations has no effect on Equity Residential's previously reported net income available to common shares or its Funds From Operations (FFO). This is an accounting adjustment for presentation purposes.

This 8-K filing updates Items 6 (Selected Financial Data), 7 (Management's Discussion and Analysis of Financial Condition and Results of Operations), 8 (Financial Statements and Supplementary Data), and Exhibit 12 (Computation of Ratio of Earnings to Combined Fixed Charges) of the company's annual report on Form 10-K for the year ended December 31, 2006.

No, this filing is purely an accounting compliance update. It does not introduce any new information regarding the company's ongoing business operations, financial performance, or strategic initiatives beyond the reclassification of historical financial data.