VRMK ERP OPERATING LTD PARTNERSHIP

Overview and Growth

Fiscal 2009 results for ERP OPERATING LTD PARTNERSHIP combined $1.94B of revenue with net income of $382.59M and an operating cash inflow of $672.46M. The $1.94B revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Compared with $1.98B in fiscal 2008, revenue decreased 1.6%, a top-line contraction that reduced operating scale. The company employed $15.42B of total assets, the balance-sheet base supporting its current operating and cash-flow results. Asset turnover was 0.13x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

Operating income was $529.39M, the earnings remaining from reported operations after the company’s recognized operating cost structure. The operating result equaled 27.2% of revenue, placing the absolute operating-income figure in the context of the company’s sales base. The bottom-line result was net income of $382.59M, after the operating, financing, tax, and other items recognized for the period. Net margin was 19.7%, meaning that this portion of revenue remained as net income after all recognized expenses. EBITDA was $1.11B, adding a pre-interest, tax, depreciation, and amortization view of the company’s earnings capacity. Income tax expense totaled $2.81M, providing the reported tax component that separates pretax and after-tax earnings. Return on period-end equity was 7.0%, relating annual net income to the equity capital on the balance sheet. Net income represented 2.5% of period-end assets, placing the company’s bottom-line result against the total resource base employed. Against $433.76M in fiscal 2008, the current $382.59M bottom line finished below the prior-year result in absolute terms.

Liquidity and Capital Structure

Total assets were $15.42B, supported by $9.98B of liabilities and $5.43B of shareholder equity. Cash and equivalents totaled $193.29M, identifying the most liquid reported component available within the broader current-asset balance. The equity-to-assets relationship was 35.2%, placing book capital against the total resource base. Liabilities represented 64.8% of total assets, quantifying the liability-funded share of the company’s resource base. The cash-to-assets relationship was 1.3%, comparing reported cash and equivalents with the full positive asset balance. The asset base changed 6.8% from $16.54B in fiscal 2008, leaving current total assets lower year over year. Book equity was 1.9% higher than fiscal 2008 equity of $5.33B, showing how shareholder capital changed year over year. Compared with $890.79M in fiscal 2008, the current cash balance moved 78.3% and finished lower.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $672.46M, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. Operating cash flow equaled 1.76x of net income, showing how strongly accounting earnings converted into cash from operations. Compared with $755.25M in fiscal 2008, current operating cash flow of $672.46M was below the prior result.

Based on the annual report for the fiscal year ending Dec 31, 2009. Analysis generated Oct 21, 2026.