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 March 31, 2013. 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)	$	446,448		$	464,918	$	482,648	$	485,868
Operating income (1)	114,476			134,698		155,159		162,109
(Loss) income from continuing operations (1)	(13,426		)	6,222		104,020		114,239
Discontinued operations, net (1)	165,593			102,093		132,303		270,160
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	298,805			317,648		318,773		327,108


(1)	The amounts presented for 2012 are not equal to the same amounts previously reported in the Form 10-K filed with the SEC on February 21, 2013 as a result of changes in discontinued operations due to additional property sales which occurred throughout the first three months of 2013. Below is a reconciliation to the amounts previously reported in the Form 10-K:



	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
2012	3/31			6/30			9/30			12/31
Total revenues previously reported in 2012 Form 10-K	$	505,761		$	525,630		$	544,674		$	547,650
Total revenues subsequently reclassified to discontinued operations	(59,313		)	(60,712		)	(62,026		)	(61,782		)
Total revenues disclosed in Form 8-K	$	446,448		$	464,918		$	482,648		$	485,868

Operating income previously reported in 2012 Form 10-K	$	140,889		$	158,988		$	179,867		$	188,214
Operating income subsequently reclassified to discontinued operations	(26,413		)	(24,290		)	(24,708		)	(26,105		)
Operating income disclosed in Form 8-K	$	114,476		$	134,698		$	155,159		$	162,109

Income from continuing operations previously reported in 2012 Form 10-K	$	12,654		$	30,213		$	128,433		$	140,255
Income from continuing operations subsequently reclassified to discontinued operations	(26,080		)	(23,991		)	(24,413		)	(26,016		)
(Loss) income from continuing operations disclosed in Form 8-K	$	(13,426	)	$	6,222		$	104,020		$	114,239

Discontinued operations, net previously reported in 2012 Form 10-K	$	139,513		$	78,102		$	107,890		$	244,144
Discontinued operations, net from properties sold subsequent to the respective reporting period	26,080			23,991			24,413			26,016
Discontinued operations, net disclosed in Form 8-K	$	165,593		$	102,093		$	132,303		$	270,160



	First Quarter			Second Quarter			Third Quarter		Fourth Quarter
2011	3/31			6/30			9/30		12/31
Total revenues (2)	$	389,708		$	405,975		$	424,300	$	433,685
Operating income (2)	90,801			115,234			121,285		128,994
(Loss) income from continuing operations (2)	(31,876		)	(7,935		)	7,489		7,496
Discontinued operations, net (2)	164,942			589,688			105,488		99,905
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		$	1.88		$	0.35	$	0.33
Weighted average Common Shares outstanding	292,895			294,663			312,844		312,731


(2)	The amounts presented for 2011 are not equal to the same amounts previously reported in the Form 10-K filed with the SEC on February 21, 2013 as a result of changes in discontinued operations due to additional property sales which occurred throughout the first three months of 2013. Below is a reconciliation to the amounts previously reported in the Form 10-K:



	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
2011	3/31			6/30			9/30			12/31
Total revenues previously reported in 2012 Form 10-K	$	445,408		$	462,881		$	482,852		$	492,350
Total revenues subsequently reclassified to discontinued operations	(55,700		)	(56,906		)	(58,552		)	(58,665		)
Total revenues disclosed in Form 8-K	$	389,708		$	405,975		$	424,300		$	433,685

Operating income previously reported in 2012 Form 10-K	$	110,042		$	134,130		$	142,781		$	154,722
Operating income subsequently reclassified to discontinued operations	(19,241		)	(18,896		)	(21,496		)	(25,728		)
Operating income disclosed in Form 8-K	$	90,801		$	115,234		$	121,285		$	128,994

(Loss) income from continuing operations previously reported in 2012 Form 10-K	$	(13,322	)	$	10,336		$	28,274		$	32,506
Income from continuing operations subsequently reclassified to discontinued operations	(18,554		)	(18,271		)	(20,785		)	(25,010		)
(Loss) income from continuing operations disclosed in Form 8-K	$	(31,876	)	$	(7,935	)	$	7,489		$	7,496

Discontinued operations, net previously reported in 2012 Form 10-K	$	146,388		$	571,417		$	84,703		$	74,895
Discontinued operations, net from properties sold subsequent to the respective reporting period	18,554			18,271			20,785			25,010
Discontinued operations, net disclosed in Form 8-K	$	164,942		$	589,688		$	105,488		$	99,905

* 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)	$	446,448		$	464,918	$	482,648	$	485,868
Operating income (1)	114,476			134,698		155,159		162,109
(Loss) income from continuing operations (1)	(13,426		)	6,222		104,020		114,239
Discontinued operations, net (1)	165,593			102,093		132,303		270,160
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	312,011			317,648		318,773		327,108


(1)	The amounts presented for 2012 are not equal to the same amounts previously reported in the Form 10-K filed with the SEC on February 21, 2013 as a result of changes in discontinued operations due to additional property sales which occurred throughout the first three months of 2013. Below is a reconciliation to the amounts previously reported in the Form 10-K:



	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
2012	3/31			6/30			9/30			12/31
Total revenues previously reported in 2012 Form 10-K	$	505,761		$	525,630		$	544,674		$	547,650
Total revenues subsequently reclassified to discontinued operations	(59,313		)	(60,712		)	(62,026		)	(61,782		)
Total revenues disclosed in Form 8-K	$	446,448		$	464,918		$	482,648		$	485,868

Operating income previously reported in 2012 Form 10-K	$	140,889		$	158,988		$	179,867		$	188,214
Operating income subsequently reclassified to discontinued operations	(26,413		)	(24,290		)	(24,708		)	(26,105		)
Operating income disclosed in Form 8-K	$	114,476		$	134,698		$	155,159		$	162,109

Income from continuing operations previously reported in 2012 Form 10-K	$	12,654		$	30,213		$	128,433		$	140,255
Income from continuing operations subsequently reclassified to discontinued operations	(26,080		)	(23,991		)	(24,413		)	(26,016		)
(Loss) income from continuing operations disclosed in Form 8-K	$	(13,426	)	$	6,222		$	104,020		$	114,239

Discontinued operations, net previously reported in 2012 Form 10-K	$	139,513		$	78,102		$	107,890		$	244,144
Discontinued operations, net from properties sold subsequent to the respective reporting period	26,080			23,991			24,413			26,016
Discontinued operations, net disclosed in Form 8-K	$	165,593		$	102,093		$	132,303		$	270,160



	First Quarter			Second Quarter			Third Quarter		Fourth Quarter
2011	3/31			6/30			9/30		12/31
Total revenues (2)	$	389,708		$	405,975		$	424,300	$	433,685
Operating income (2)	90,801			115,234			121,285		128,994
(Loss) income from continuing operations (2)	(31,876		)	(7,935		)	7,489		7,496
Discontinued operations, net (2)	164,942			589,688			105,488		99,905
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		$	1.88		$	0.35	$	0.33
Weighted average Units outstanding	306,248			307,954			312,844		312,731


(2)	The amounts presented for 2011 are not equal to the same amounts previously reported in the Form 10-K filed with the SEC on February 21, 2013 as a result of changes in discontinued operations due to additional property sales which occurred throughout the first three months of 2013. Below is a reconciliation to the amounts previously reported in the Form 10-K:



	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
2011	3/31			6/30			9/30			12/31
Total revenues previously reported in 2012 Form 10-K	$	445,408		$	462,881		$	482,852		$	492,350
Total revenues subsequently reclassified to discontinued operations	(55,700		)	(56,906		)	(58,552		)	(58,665		)
Total revenues disclosed in Form 8-K	$	389,708		$	405,975		$	424,300		$	433,685

Operating income previously reported in 2012 Form 10-K	$	110,042		$	134,130		$	142,781		$	154,722
Operating income subsequently reclassified to discontinued operations	(19,241		)	(18,896		)	(21,496		)	(25,728		)
Operating income disclosed in Form 8-K	$	90,801		$	115,234		$	121,285		$	128,994

(Loss) income from continuing operations previously reported in 2012 Form 10-K	$	(13,322	)	$	10,336		$	28,274		$	32,506
Income from continuing operations subsequently reclassified to discontinued operations	(18,554		)	(18,271		)	(20,785		)	(25,010		)
(Loss) income from continuing operations disclosed in Form 8-K	$	(31,876	)	$	(7,935	)	$	7,489		$	7,496

Discontinued operations, net previously reported in 2012 Form 10-K	$	146,388		$	571,417		$	84,703		$	74,895
Discontinued operations, net from properties sold subsequent to the respective reporting period	18,554			18,271			20,785			25,010
Discontinued operations, net disclosed in Form 8-K	$	164,942		$	589,688		$	105,488		$	99,905

* 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.