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2021-09-30 0000906107 eqr:NonSameStoreAndOtherMember 2021-09-30 0000906107 us-gaap:SubsequentEventMember eqr:LandParcelsMember eqr:LongTermGroundLeaseMember 2021-10-01 2021-10-01 eqr:Land 0000906107 us-gaap:SubsequentEventMember eqr:LandParcelsMember eqr:CommitmentAgreementMember 2021-10-01 2021-10-01 0000906107 us-gaap:SubsequentEventMember eqr:LandParcelsMember 2021-10-01 2021-10-01

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2021

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from        to

Commission File Number: 1-12252 (Equity Residential)

Commission File Number: 0-24920 (ERP Operating Limited Partnership)

EQUITY RESIDENTIAL

ERP OPERATING LIMITED PARTNERSHIP

(Exact name of registrant as specified in its charter)

 

Maryland (Equity Residential)

 

13-3675988 (Equity Residential)

Illinois (ERP Operating Limited Partnership)

 

36-3894853 (ERP Operating Limited Partnership)

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification No.)

 

 

 

Two North Riverside Plaza, Chicago, Illinois 60606

 

(312) 474-1300

(Address of principal executive offices) (Zip Code)

 

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common Shares of Beneficial Interest,
$0.01 Par Value (Equity Residential)

 

EQR

 

New York Stock Exchange

7.57% Notes due August 15, 2026
(ERP Operating Limited Partnership)

 

N/A

 

New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

 

Equity Residential  Yes   No

ERP Operating Limited Partnership  Yes   No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

 

Equity Residential  Yes   No

ERP Operating Limited Partnership  Yes   No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Equity Residential:

 

Large accelerated filer

 

 

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

 

Smaller reporting company

 

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

l

ERP Operating Limited Partnership:

 

Large accelerated filer

 

 

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

 

Smaller reporting company

 

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

Equity Residential  

ERP Operating Limited Partnership  

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

 

Equity Residential  Yes   No

ERP Operating Limited Partnership  Yes   No

 

The number of EQR Common Shares of Beneficial Interest, $0.01 par value, outstanding on October 22, 2021 was 375,016,222.

 

 


 

 

 

EXPLANATORY NOTE

This report combines the reports on Form 10-Q for the quarterly period ended September 30, 2021 of Equity Residential and ERP Operating Limited Partnership.  Unless stated otherwise or the context otherwise requires, references to “EQR” mean Equity Residential, a Maryland real estate investment trust (“REIT”), and references to “ERPOP” mean ERP Operating Limited Partnership, an Illinois limited partnership.  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.  The following chart illustrates the Company’s and the Operating Partnership’s corporate structure:

EQR is the general partner of, and as of September 30, 2021 owned an approximate 96.7% ownership interest in, ERPOP.  The remaining 3.3% interest is owned by limited partners.  As the sole general partner of ERPOP, EQR has exclusive control of ERPOP’s day-to-day management.  Management operates the Company and the Operating Partnership as one business.  The management of EQR consists of the same members as the management of ERPOP.

The Company is structured as an umbrella partnership REIT (“UPREIT”) and EQR contributes all net proceeds from its various equity offerings to ERPOP.  In return for those contributions, EQR receives a number of OP Units (see definition below) in ERPOP equal to the number of Common Shares it has issued in the equity offering.  The Company may acquire properties in transactions that include the issuance of OP Units as consideration for the acquired properties.  Such transactions may, in certain circumstances, enable the sellers to defer in whole or in part, the recognition of taxable income or gain that might otherwise result from the sales.  This is one of the reasons why the Company is structured in the manner shown above.  Based on the terms of ERPOP’s partnership agreement, OP Units can be exchanged with Common Shares on a one-for-one basis because the Company maintains a one-for-one relationship between the OP Units of ERPOP issued to EQR and the outstanding Common Shares.

The Company believes that combining the reports on Form 10-Q of EQR and ERPOP into this single report provides the following benefits:

 

enhances investors’ understanding of the Company and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;

 

eliminates duplicative disclosure and provides a more streamlined and readable presentation since a substantial portion of the disclosure applies to both the Company and the Operating Partnership; and

 

creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.


 

 

 

The Company believes it is important to understand the few differences between EQR and ERPOP in the context of how EQR and ERPOP operate as a consolidated company.  All of the Companys 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.  EQRs primary function is acting as the general partner of ERPOP.  EQR also issues equity from time to time, the net proceeds of which it is obligated to contribute to ERPOP.  EQR 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 Companys 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.  Except for the net proceeds from equity offerings by EQR (which are contributed to the capital of ERPOP in exchange for additional partnership interests in ERPOP (“OP Units”) (on a one-for-one Common Share per OP Unit basis) or additional preference units in ERPOP (on a one-for-one preferred share per preference unit basis)), the Operating Partnership generates all remaining capital required by the Company’s business.  These sources include the Operating Partnerships working capital, net cash provided by operating activities, borrowings under its revolving credit facility and/or commercial paper program, the issuance of secured and unsecured debt and partnership interests, and proceeds received from disposition of certain properties and joint venture interests.

Shareholders equity, partners capital and noncontrolling interests are the main areas of difference between the consolidated financial statements of the Company and those of the Operating Partnership.  The limited partners of the Operating Partnership are accounted for as partners capital in the Operating Partnerships financial statements and as noncontrolling interests in the Companys financial statements.  The noncontrolling interests in the Operating Partnerships financial statements include the interests of unaffiliated partners in various consolidated partnerships.  The noncontrolling interests in the Companys financial statements include the same noncontrolling interests at the Operating Partnership level and limited partner OP Unit holders of the Operating Partnership.  The differences between shareholders equity and partners capital result from differences in the equity issued at the Company and Operating Partnership levels.

To help investors understand the differences between the Company and the Operating Partnership, this report provides separate consolidated financial statements for the Company and the Operating Partnership; a single set of consolidated notes to such financial statements that includes separate discussions of each entitys debt, noncontrolling interests and shareholders equity or partners capital, as applicable; and a combined Managements Discussion and Analysis of Financial Condition and Results of Operations section that includes discrete information related to each entity.

This report also includes separate Part I, Item 4, Controls and Procedures, sections and separate Exhibits 31 and 32 certifications for each of the Company and the Operating Partnership in order to establish that the requisite certifications have been made and that the Company and the Operating Partnership are compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and 18 U.S.C. §1350.

In order to highlight the differences between the Company and the Operating Partnership, the separate sections in this report for the Company and the Operating Partnership specifically refer to the Company and the Operating Partnership.  In the sections that combine disclosure of the Company and the Operating Partnership, this report refers to actions or holdings as being actions or holdings of the Company.  Although the Operating Partnership is generally the entity that directly or indirectly enters into contracts and joint ventures and holds assets and debt, reference to the Company is appropriate because the Company is one business and the Company operates that business through the Operating Partnership.

As general partner with control of ERPOP, EQR consolidates ERPOP for financial reporting purposes, and EQR essentially has no assets or liabilities other than its investment in ERPOP.  Therefore, the assets and liabilities of the Company and the Operating Partnership are the same on their respective financial statements.  The separate discussions of the Company and the Operating Partnership in this report should be read in conjunction with each other to understand the results of the Company on a consolidated basis and how management operates the Company.

 

 


 

 

 

TABLE OF CONTENTS

 

 

PAGE

 

 

PART I.

 

 

 

Item 1. Financial Statements of Equity Residential:

 

 

 

Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020

2

 

 

Consolidated Statements of Operations and Comprehensive Income for the nine months and quarters ended September 30, 2021 and 2020

3

 

 

Consolidated Statements of Cash Flows for the nine months ended September 30, 2021 and 2020

5

 

 

Consolidated Statements of Changes in Equity for the nine months and quarters ended September 30, 2021 and 2020

8

 

 

Financial Statements of ERP Operating Limited Partnership:

 

 

 

Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020

10

 

 

Consolidated Statements of Operations and Comprehensive Income for the nine months and quarters ended September 30, 2021 and 2020

11

 

 

Consolidated Statements of Cash Flows for the nine months ended September 30, 2021 and 2020

13

 

 

Consolidated Statements of Changes in Capital for the nine months and quarters ended September 30, 2021 and 2020

16

 

 

Notes to Consolidated Financial Statements of Equity Residential and ERP Operating Limited Partnership

18

 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

36

 

 

Item 3. Quantitative and Qualitative Disclosures about Market Risk

51

 

 

Item 4. Controls and Procedures

51

 

 

PART II.

 

 

Item 1. Legal Proceedings

52

 

Item 1A. Risk Factors

52

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

52

 

Item 3. Defaults Upon Senior Securities

52

 

Item 4. Mine Safety Disclosures

52

 

Item 5. Other Information

52

 

 

Item 6. Exhibits

52

 

 


 

 

 

EQUITY RESIDENTIAL

CONSOLIDATED BALANCE SHEETS

(Amounts in thousands except for share amounts)

(Unaudited)

 

 

 

September 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

ASSETS

 

 

 

 

 

 

 

 

Land

 

$

5,779,686

 

 

$

5,785,367

 

Depreciable property

 

 

21,840,344

 

 

 

20,920,654

 

Projects under development

 

 

163,659

 

 

 

411,134

 

Land held for development

 

 

82,026

 

 

 

86,170

 

Investment in real estate

 

 

27,865,715

 

 

 

27,203,325

 

Accumulated depreciation

 

 

(8,260,846

)

 

 

(7,859,657

)

Investment in real estate, net

 

 

19,604,869

 

 

 

19,343,668

 

Investments in unconsolidated entities

 

 

79,429

 

 

 

52,782

 

Cash and cash equivalents

 

 

39,707

 

 

 

42,591

 

Restricted deposits

 

 

187,042

 

 

 

57,137

 

Right-of-use assets

 

 

477,693

 

 

 

499,287

 

Other assets

 

 

274,275

 

 

 

291,426

 

Total assets

 

$

20,663,015

 

 

$

20,286,891

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Mortgage notes payable, net

 

$

2,281,165

 

 

$

2,293,890

 

Notes, net

 

 

5,833,483

 

 

 

5,335,536

 

Line of credit and commercial paper

 

 

30,000

 

 

 

414,830

 

Accounts payable and accrued expenses

 

 

166,522

 

 

 

107,366

 

Accrued interest payable

 

 

56,777

 

 

 

65,896

 

Lease liabilities

 

 

313,361

 

 

 

329,130

 

Other liabilities

 

 

350,201

 

 

 

345,064

 

Security deposits

 

 

64,617

 

 

 

60,480

 

Distributions payable

 

 

233,306

 

 

 

232,262

 

Total liabilities

 

 

9,329,432

 

 

 

9,184,454

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Redeemable Noncontrolling Interests – Operating Partnership

 

 

459,933

 

 

 

338,951

 

Equity:

 

 

 

 

 

 

 

 

Shareholders' equity:

 

 

 

 

 

 

 

 

Preferred Shares of beneficial interest, $0.01 par value; 100,000,000 shares

   authorized; 745,600 shares issued and outstanding as of September 30, 2021 and

   December 31, 2020

 

 

37,280

 

 

 

37,280

 

Common Shares of beneficial interest, $0.01 par value; 1,000,000,000 shares

   authorized; 375,002,588 shares issued and outstanding as of September 30, 2021 and

   372,302,000 shares issued and outstanding as of December 31, 2020

 

 

3,750

 

 

 

3,723

 

Paid in capital

 

 

9,131,078

 

 

 

9,128,599

 

Retained earnings

 

 

1,527,115

 

 

 

1,399,715

 

Accumulated other comprehensive income (loss)

 

 

(36,666

)

 

 

(43,666

)

Total shareholders’ equity

 

 

10,662,557

 

 

 

10,525,651

 

Noncontrolling Interests:

 

 

 

 

 

 

 

 

Operating Partnership

 

 

208,955

 

 

 

233,162

 

Partially Owned Properties

 

 

2,138

 

 

 

4,673

 

Total Noncontrolling Interests

 

 

211,093

 

 

 

237,835

 

Total equity

 

 

10,873,650

 

 

 

10,763,486

 

Total liabilities and equity

 

$

20,663,015

 

 

$

20,286,891

 

 

See accompanying notes

 

 

2


 

 

 

EQUITY RESIDENTIAL

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(Amounts in thousands except per share data)

(Unaudited)

 

 

 

Nine Months Ended September 30,

 

 

Quarter Ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

REVENUES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental income

 

$

1,818,867

 

 

$

1,958,270

 

 

$

623,206

 

 

$

622,433

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property and maintenance

 

 

341,261

 

 

 

333,333

 

 

 

116,461

 

 

 

113,065

 

Real estate taxes and insurance

 

 

297,780

 

 

 

288,043

 

 

 

96,909

 

 

 

95,273

 

Property management

 

 

74,357

 

 

 

71,513

 

 

 

23,772

 

 

 

20,196

 

General and administrative

 

 

43,102

 

 

 

37,212

 

 

 

13,041

 

 

 

10,859

 

Depreciation

 

 

616,032

 

 

 

619,003

 

 

 

215,397

 

 

 

200,605

 

Total expenses

 

 

1,372,532

 

 

 

1,349,104

 

 

 

465,580

 

 

 

439,998

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net gain (loss) on sales of real estate properties

 

 

587,623

 

 

 

352,218

 

 

 

363,928

 

 

 

(25

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

 

1,033,958

 

 

 

961,384

 

 

 

521,554

 

 

 

182,410

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and other income

 

 

25,293

 

 

 

4,006

 

 

 

973

 

 

 

535

 

Other expenses

 

 

(10,908

)

 

 

(8,324

)

 

 

(3,456

)

 

 

(4,097

)

Interest:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expense incurred, net

 

 

(202,733

)

 

 

(248,349

)

 

 

(68,251

)

 

 

(80,874

)

Amortization of deferred financing costs

 

 

(6,172

)

 

 

(6,253

)

 

 

(2,048

)

 

 

(2,101

)

Income before income and other taxes, income (loss) from investments in

   unconsolidated entities and net gain (loss) on sales of land parcels

 

 

839,438

 

 

 

702,464

 

 

 

448,772

 

 

 

95,873

 

Income and other tax (expense) benefit

 

 

(679

)

 

 

(502

)

 

 

(284

)

 

 

(262

)

Income (loss) from investments in unconsolidated entities

 

 

(3,028

)

 

 

(2,445

)

 

 

(1,156

)

 

 

(246

)

Net gain (loss) on sales of land parcels

 

 

5

 

 

 

 

 

 

 

 

 

 

Net income

 

 

835,736

 

 

 

699,517

 

 

 

447,332

 

 

 

95,365

 

Net (income) loss attributable to Noncontrolling Interests:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Partnership

 

 

(27,903

)

 

 

(24,624

)

 

 

(14,847

)

 

 

(3,376

)

Partially Owned Properties

 

 

(1,957

)

 

 

(14,113

)

 

 

(534

)

 

 

(703

)

Net income attributable to controlling interests

 

 

805,876

 

 

 

660,780

 

 

 

431,951

 

 

 

91,286

 

Preferred distributions

 

 

(2,318

)

 

 

(2,318

)

 

 

(773

)

 

 

(773

)

Net income available to Common Shares

 

$

803,558

 

 

$

658,462

 

 

$

431,178

 

 

$

90,513

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share – basic:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income available to Common Shares

 

$

2.15

 

 

$

1.77

 

 

$

1.15

 

 

$

0.24

 

Weighted average Common Shares outstanding

 

 

373,474

 

 

 

371,749

 

 

 

374,308

 

 

 

371,869

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share – diluted:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income available to Common Shares

 

$

2.14

 

 

$

1.77

 

 

$

1.15

 

 

$

0.24

 

Weighted average Common Shares outstanding

 

 

387,642

 

 

 

385,973

 

 

 

388,374

 

 

 

385,652

 

 

See accompanying notes

3


 

 

EQUITY RESIDENTIAL

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Continued)

(Amounts in thousands except per share data)

(Unaudited)

 

 

Nine Months Ended September 30,

 

 

Quarter Ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

835,736

 

 

$

699,517

 

 

$

447,332

 

 

$

95,365

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss) – derivative instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized holding gains (losses) arising during the period

 

 

 

 

 

(1,190

)

 

 

 

 

 

 

Losses reclassified into earnings from other comprehensive

   income

 

 

7,000

 

 

 

17,275

 

 

 

2,363

 

 

 

5,877

 

Other comprehensive income (loss)

 

 

7,000

 

 

 

16,085

 

 

 

2,363

 

 

 

5,877

 

Comprehensive income

 

 

842,736

 

 

 

715,602

 

 

 

449,695

 

 

 

101,242

 

Comprehensive (income) attributable to Noncontrolling Interests

 

 

(30,100

)

 

 

(39,316

)

 

 

(15,459

)

 

 

(4,290

)

Comprehensive income attributable to controlling interests

 

$

812,636

 

 

$

676,286

 

 

$

434,236

 

 

$

96,952

 

See accompanying notes

4


 

 

EQUITY RESIDENTIAL

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in thousands)

(Unaudited)

 

 

 

Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

Net income

 

$

835,736

 

 

$

699,517

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation

 

 

616,032

 

 

 

619,003

 

Amortization of deferred financing costs

 

 

6,172

 

 

 

6,253

 

Amortization of above/below market lease intangibles

 

 

(154

)

 

 

(53

)

Amortization of discounts and premiums on debt

 

 

3,934

 

 

 

3,834

 

Amortization of deferred settlements on derivative instruments

 

 

6,991

 

 

 

17,266

 

Amortization of right-of-use assets

 

 

10,286

 

 

 

8,785

 

Write-off of pursuit costs

 

 

3,557

 

 

 

4,864

 

(Income) loss from investments in unconsolidated entities

 

 

3,028

 

 

 

2,445

 

Distributions from unconsolidated entities – return on capital

 

 

 

 

 

100

 

Net (gain) loss on sales of real estate properties

 

 

(587,623

)

 

 

(352,218

)

Net (gain) loss on sales of land parcels

 

 

(5

)

 

 

 

Realized/unrealized (gain) loss on derivative instruments

 

 

 

 

 

50

 

Realized (gain) loss on sale of investment securities

 

 

(23,432

)

 

 

 

Compensation paid with Company Common Shares

 

 

21,919

 

 

 

18,275

 

Other operating activities, net

 

 

 

 

 

1,805

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

(Increase) decrease in other assets

 

 

16,269

 

 

 

(30,197

)

Increase (decrease) in accounts payable and accrued expenses

 

 

69,170

 

 

 

54,418

 

Increase (decrease) in accrued interest payable

 

 

(9,119

)

 

 

(1,183

)

Increase (decrease) in lease liabilities

 

 

(4,112

)

 

 

(1,650

)

Increase (decrease) in other liabilities

 

 

5,427

 

 

 

(8,381

)

Increase (decrease) in security deposits

 

 

4,137

 

 

 

(8,609

)

Net cash provided by operating activities

 

 

978,213

 

 

 

1,034,324

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

Investment in real estate – acquisitions

 

 

(1,022,275

)

 

 

(48,898