Quarterly Financial Data (Unaudited)

Equity Residential

The following unaudited quarterly data has been prepared on the basis of a December 31 year-end. All amounts have also been restated in accordance with the guidance on discontinued operations and reflect dispositions and/or properties held for sale through December 31, 2012. Amounts are in thousands, except for per share amounts.



	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
2012	3/31		6/30		9/30		12/31
Total revenues (1)	$	505,761	$	525,630	$	544,674	$	547,650
Operating income (1)	140,889		158,988		179,867		188,214
Income from continuing operations (1)	12,654		30,213		128,433		140,255
Discontinued operations, net (1)	139,513		78,102		107,890		244,144
Net income *	152,167		108,315		236,323		384,399
Net income available to Common Shares	141,833		99,797		218,603		365,979
Earnings per share – basic:
Net income available to Common Shares	$	0.47	$	0.33	$	0.73	$	1.18
Weighted average Common Shares outstanding	298,805		300,193		301,336		310,398
Earnings per share – diluted:
Net income available to Common Shares	$	0.47	$	0.33	$	0.72	$	1.17
Weighted average Common Shares outstanding	315,230		317,648		318,773		327,108


(1)	The amounts presented for the first three quarters of 2012 are not equal to the same amounts previously reported in the respective Form 10-Q’s filed with the SEC for each period as a result of changes in discontinued operations due to additional property sales which occurred throughout 2012. Below is a reconciliation to the amounts previously reported:



	First Quarter			Second Quarter			Third Quarter
2012	3/31			6/30			9/30
Total revenues previously reported in Form 10-Q	$	527,659		$	543,781		$	556,144
Total revenues subsequently reclassified to discontinued operations	(21,898		)	(18,151		)	(11,470		)
Total revenues disclosed in Form 10-K	$	505,761		$	525,630		$	544,674

Operating income previously reported in Form 10-Q	$	146,152		$	165,711		$	184,127
Operating income subsequently reclassified to discontinued operations	(5,263		)	(6,723		)	(4,260		)
Operating income disclosed in Form 10-K	$	140,889		$	158,988		$	179,867

Income from continuing operations previously reported in Form 10-Q	$	17,389		$	36,558		$	132,681
Income from continuing operations subsequently reclassified to discontinued operations	(4,735		)	(6,345		)	(4,248		)
Income from continuing operations disclosed in Form 10-K	$	12,654		$	30,213		$	128,433

Discontinued operations, net previously reported in Form 10-Q	$	134,778		$	71,757		$	103,642
Discontinued operations, net from properties sold subsequent to the respective reporting period	4,735			6,345			4,248
Discontinued operations, net disclosed in Form 10-K	$	139,513		$	78,102		$	107,890



	First Quarter			Second Quarter		Third Quarter		Fourth Quarter
2011	3/31			6/30		9/30		12/31
Total revenues (2)	$	445,408		$	462,881	$	482,852	$	492,350
Operating income (2)	110,042			134,130		142,781		154,722
(Loss) income from continuing operations (2)	(13,322		)	10,336		28,274		32,506
Discontinued operations, net (2)	146,388			571,417		84,703		74,895
Net income *	133,066			581,753		112,977		107,401
Net income available to Common Shares	123,865			552,457		104,382		99,016
Earnings per share – basic:
Net income available to Common Shares	$	0.42		$	1.88	$	0.35	$	0.33
Weighted average Common Shares outstanding	292,895			294,663		295,831		295,990
Earnings per share – diluted:
Net income available to Common Shares	$	0.42		$	1.85	$	0.35	$	0.33
Weighted average Common Shares outstanding	292,895			312,199		312,844		312,731

(2)

The amounts presented for the four quarters of 2011 are not equal to the same amounts previously reported in the Form 8-K filed with the SEC on June 13, 2012 (for the first and fourth quarters of 2011), the second quarter 2012 Form 10-Q filed with the SEC on August 2, 2012 (for the second quarter of 2011) and the third quarter 2012 Form 10-Q filed with the SEC on November 1, 2012 (for the third quarter of 2011) as a result of changes in discontinued operations due to additional property sales which occurred throughout 2012. Below is a reconciliation to the amounts previously reported:



	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
2011	3/31			6/30			9/30			12/31
Total revenues previously reported in June 2012 Form 8-K/Form 10-Q	$	466,356		$	480,367		$	493,872		$	514,127
Total revenues subsequently reclassified to discontinued operations	(20,948		)	(17,486		)	(11,020		)	(21,777		)
Total revenues disclosed in Form 10-K	$	445,408		$	462,881		$	482,852		$	492,350

Operating income previously reported in June 2012 Form 8-K/Form 10-Q	$	115,953		$	139,857		$	144,814		$	159,953
Operating income subsequently reclassified to discontinued operations	(5,911		)	(5,727		)	(2,033		)	(5,231		)
Operating income disclosed in Form 10-K	$	110,042		$	134,130		$	142,781		$	154,722

(Loss) income from continuing operations previously reported in June 2012 Form 8-K/Form 10-Q	$	(8,913	)	$	15,126		$	30,217		$	36,771
Income from continuing operations subsequently reclassified to discontinued operations	(4,409		)	(4,790		)	(1,943		)	(4,265		)
(Loss) income from continuing operations disclosed in Form 10-K	$	(13,322	)	$	10,336		$	28,274		$	32,506

Discontinued operations, net previously reported in June 2012 Form 8-K/Form 10-Q	$	141,979		$	566,627		$	82,760		$	70,630
Discontinued operations, net from properties sold subsequent to the respective reporting period	4,409			4,790			1,943			4,265
Discontinued operations, net disclosed in Form 10-K	$	146,388		$	571,417		$	84,703		$	74,895

* The Company did not have any extraordinary items or cumulative effect of change in accounting principle during the years ended December 31, 2012 and 2011. Therefore, income before extraordinary items and cumulative effect of change in accounting principle is not shown as it was equal to the net income amounts disclosed above.

ERP Operating Limited Partnership



	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
2012	3/31		6/30		9/30		12/31
Total revenues (1)	$	505,761	$	525,630	$	544,674	$	547,650
Operating income (1)	140,889		158,988		179,867		188,214
Income from continuing operations (1)	12,654		30,213		128,433		140,255
Discontinued operations, net (1)	139,513		78,102		107,890		244,144
Net income *	152,167		108,315		236,323		384,399
Net income available to Units	148,251		104,529		229,099		382,974
Earnings per Unit – basic:
Net income available to Units	$	0.47	$	0.33	$	0.73	$	1.18
Weighted average Units outstanding	312,011		314,255		315,513		324,364
Earnings per Unit – diluted:
Net income available to Units	$	0.47	$	0.33	$	0.72	$	1.17
Weighted average Units outstanding	315,230		317,648		318,773		327,108


(1)	The amounts presented for the first three quarters of 2012 are not equal to the same amounts previously reported in the respective Form 10-Q’s filed with the SEC for each period as a result of changes in discontinued operations due to additional property sales which occurred throughout 2012. Below is a reconciliation to the amounts previously reported:



	First Quarter			Second Quarter			Third Quarter
2012	3/31			6/30			9/30
Total revenues previously reported in Form 10-Q	$	527,659		$	543,781		$	556,144
Total revenues subsequently reclassified to discontinued operations	(21,898		)	(18,151		)	(11,470		)
Total revenues disclosed in Form 10-K	$	505,761		$	525,630		$	544,674

Operating income previously reported in Form 10-Q	$	146,152		$	165,711		$	184,127
Operating income subsequently reclassified to discontinued operations	(5,263		)	(6,723		)	(4,260		)
Operating income disclosed in Form 10-K	$	140,889		$	158,988		$	179,867

Income from continuing operations previously reported in Form 10-Q	$	17,389		$	36,558		$	132,681
Income from continuing operations subsequently reclassified to discontinued operations	(4,735		)	(6,345		)	(4,248		)
Income from continuing operations disclosed in Form 10-K	$	12,654		$	30,213		$	128,433

Discontinued operations, net previously reported in Form 10-Q	$	134,778		$	71,757		$	103,642
Discontinued operations, net from properties sold subsequent to the respective reporting period	4,735			6,345			4,248
Discontinued operations, net disclosed in Form 10-K	$	139,513		$	78,102		$	107,890



	First Quarter			Second Quarter		Third Quarter		Fourth Quarter
2011	3/31			6/30		9/30		12/31
Total revenues (2)	$	445,408		$	462,881	$	482,852	$	492,350
Operating income (2)	110,042			134,130		142,781		154,722
(Loss) income from continuing operations (2)	(13,322		)	10,336		28,274		32,506
Discontinued operations, net (2)	146,388			571,417		84,703		74,895
Net income *	133,066			581,753		112,977		107,401
Net income available to Units	129,640			578,215		109,124		103,521
Earnings per Unit – basic:
Net income available to Units	$	0.42		$	1.88	$	0.35	$	0.33
Weighted average Units outstanding	306,248			307,954		308,884		309,120
Earnings per Unit – diluted:
Net income available to Units	$	0.42		$	1.85	$	0.35	$	0.33
Weighted average Units outstanding	306,248			312,199		312,844		312,731

(2)



	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
2011	3/31			6/30			9/30			12/31
Total revenues previously reported in June 2012 Form 8-K/Form 10-Q	$	466,356		$	480,367		$	493,872		$	514,127
Total revenues subsequently reclassified to discontinued operations	(20,948		)	(17,486		)	(11,020		)	(21,777		)
Total revenues disclosed in Form 10-K	$	445,408		$	462,881		$	482,852		$	492,350

Operating income previously reported in June 2012 Form 8-K/Form 10-Q	$	115,953		$	139,857		$	144,814		$	159,953
Operating income subsequently reclassified to discontinued operations	(5,911		)	(5,727		)	(2,033		)	(5,231		)
Operating income disclosed in Form 10-K	$	110,042		$	134,130		$	142,781		$	154,722

(Loss) income from continuing operations previously reported in June 2012 Form 8-K/Form 10-Q	$	(8,913	)	$	15,126		$	30,217		$	36,771
Income from continuing operations subsequently reclassified to discontinued operations	(4,409		)	(4,790		)	(1,943		)	(4,265		)
(Loss) income from continuing operations disclosed in Form 10-K	$	(13,322	)	$	10,336		$	28,274		$	32,506

Discontinued operations, net previously reported in June 2012 Form 8-K/Form 10-Q	$	141,979		$	566,627		$	82,760		$	70,630
Discontinued operations, net from properties sold subsequent to the respective reporting period	4,409			4,790			1,943			4,265
Discontinued operations, net disclosed in Form 10-K	$	146,388		$	571,417		$	84,703		$	74,895

* The Operating Partnership did not have any extraordinary items or cumulative effect of change in accounting principle during the years ended December 31, 2012 and 2011. Therefore, income before extraordinary items and cumulative effect of change in accounting principle is not shown as it was equal to the net income amounts disclosed above.