Debt

EQR does not have any indebtedness as all debt is incurred by the Operating Partnership. EQR guarantees the Operating Partnership’s $500.0 million unsecured senior term loan and $500.0 million unsecured senior delayed draw term loan and also guarantees the Operating Partnership’s revolving credit facility up to the maximum amount and for the full term of the facility.

Mortgage Notes Payable

As of March 31, 2012, the Company had outstanding mortgage debt of approximately $4.1 billion.

During the quarter ended March 31, 2012, the Company:


▪	Repaid $51.8 million of mortgage loans.

As of March 31, 2012, the Company had $459.2 million of secured debt subject to third party credit enhancement.

As of March 31, 2012, scheduled maturities for the Company’s outstanding mortgage indebtedness were at various dates through September 1, 2048. At March 31, 2012, the interest rate range on the Company’s mortgage debt was 0.09% to 11.25%. During the quarter ended March 31, 2012, the weighted average interest rate on the Company’s mortgage debt was 4.88%.

Notes

As of March 31, 2012, the Company had outstanding unsecured notes of approximately $5.4 billion.

During the quarter ended March 31, 2012, the Company:


▪	Repaid $253.9 million of 6.625% unsecured notes at maturity; and

▪

Entered into a new senior unsecured $500.0 million delayed draw term loan facility which is currently undrawn and may be drawn anytime on or before July 4, 2012. If the Company elects to draw on this facility, up to the full amount of the principal will be funded in a single borrowing and the maturity date will be January 4, 2013, subject to two one-year extension options exercisable by the Company. The interest rate on advances under the new term loan facility will generally be LIBOR plus a spread (currently 1.25%), which is dependent on the credit rating of the Company's long term debt.

In December 2011, the Company obtained a commitment for a senior unsecured bridge loan facility in an aggregate principal amount not to exceed $1.0 billion to finance the potential acquisition of an ownership interest in Archstone, a privately-held owner, operator and developer of multifamily apartment properties. On January 6, 2012, the Company terminated this $1.0 billion bridge loan facility in connection with an amendment to the Company's revolving credit facility (see below for further discussion) and the execution of the term loan facility discussed above.

As of March 31, 2012, scheduled maturities for the Company’s outstanding notes were at various dates through 2026. At March 31, 2012, the interest rate range on the Company’s notes was 0.74% to 7.57%. During the quarter ended March 31, 2012, the weighted average interest rate on the Company’s notes was 5.14%.

Lines of Credit

In July 2011, the Company replaced its then existing unsecured revolving credit facility with a new $1.25 billion unsecured revolving credit facility maturing on July 13, 2014, subject to a one-year extension option exercisable by the Company. The Company has the ability to increase available borrowings by an additional $500.0 million by adding additional banks to the facility or obtaining the agreement of existing banks to increase their commitments. On January 6, 2012, the Company amended this credit facility to increase available borrowings by an additional $500.0 million to $1.75 billion with all other terms, including the July 13, 2014 maturity date, remaining the same. The interest rate on advances under the new credit facility will generally be LIBOR plus a spread (currently 1.15%) and the Company pays an annual facility fee of 0.2%. Both the spread and the facility fee are dependent on the credit rating of the Company’s long-term debt. This facility replaced the Company’s then existing $1.425 billion facility which was scheduled to mature in February 2012.

As of March 31, 2012, the amount available on the credit facility was $1.72 billion (net of $30.8 million which was restricted/dedicated to support letters of credit). The Company did not draw and had no balance outstanding on its revolving credit facility at any time during the quarter ended March 31, 2012.