10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended JUNE 30, 2013

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)

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 x    No ¨ ERP Operating Limited Partnership Yes x      No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post such files).

Equity Residential Yes x    No ¨ ERP Operating Limited Partnership Yes x      No o

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

Equity Residential:
Large accelerated filer x	Accelerated filer ¨
Non-accelerated filer ¨ (Do not check if a smaller reporting company)	Smaller reporting company ¨

ERP Operating Limited Partnership:
Large accelerated filer ¨	Accelerated filer ¨
Non-accelerated filer x (Do not check if a smaller reporting company)	Smaller reporting company ¨

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 x ERP Operating Limited Partnership Yes ¨      No x

The number of EQR Common Shares of Beneficial Interest, $0.01 par value, outstanding on August 2, 2013 was 360,334,578.

EXPLANATORY NOTE

This report combines the reports on Form 10-Q for the quarterly period ended June 30, 2013 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 June 30, 2013 owned an approximate 96.2% ownership interest in, ERPOP. The remaining 3.8% interest is owned by limited partners. As the sole general partner of ERPOP, EQR has exclusive control of ERPOP's day-to-day management.

The Company is structured as an umbrella partnership REIT (“UPREIT”) and contributes all net proceeds from its various equity offerings to the Operating Partnership. In return for those contributions, the Company receives a number of OP Units (see definition below) in the Operating Partnership equal to the number of Common Shares it has issued in the equity offering. Contributions of properties to the Company can be structured as tax-deferred transactions through the issuance of OP Units in the Operating Partnership, which 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. The Company maintains a one-for-one relationship between the OP Units of the Operating Partnership issued to EQR and the 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.

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 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 Company's 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. EQR's primary function is acting as the general partner of ERPOP. EQR also issues equity from time to time and guarantees certain debt of ERPOP, as disclosed in this report. 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 Company's 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 the Company, which are contributed

to the capital of the Operating Partnership in exchange for additional limited partnership interests in the Operating Partnership (“OP Units”) (on a one-for-one Common Share per OP Unit basis), the Operating Partnership generates all remaining capital required by the Company's business. These sources include the Operating Partnership's working capital, net cash provided by operating activities, borrowings under its revolving credit facility, the issuance of secured and unsecured debt and equity securities and proceeds received from disposition of certain properties and joint ventures.

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 Partnership's financial statements and as noncontrolling interests in the Company's financial statements. The noncontrolling interests in the Operating Partnership's financial statements include the interests of unaffiliated partners in various consolidated partnerships and development joint venture partners. The noncontrolling interests in the Company's 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 significant 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 entity's debt, noncontrolling interests and shareholders' equity or partners' capital, as applicable; and a combined Management's 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 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 the Operating Partnership, the Company consolidates the Operating Partnership 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 June 30, 2013 and December 31, 2012	2
Consolidated Statements of Operations for the six months and quarters ended June 30, 2013 and 2012	3 to 4
Consolidated Statements of Cash Flows for the six months ended June 30, 2013 and 2012	5 to 7
Consolidated Statement of Changes in Equity for the six months ended June 30, 2013	8 to 9
Financial Statements of ERP Operating Limited Partnership:
Consolidated Balance Sheets as of June 30, 2013 and December 31, 2012	10
Consolidated Statements of Operations for the six months and quarters ended June 30, 2013 and 2012	11 to 12
Consolidated Statements of Cash Flows for the six months ended June 30, 2013 and 2012	13 to 15
Consolidated Statement of Changes in Capital for the six months ended June 30, 2013	16 to 17
Notes to Consolidated Financial Statements of Equity Residential and ERP Operating Limited Partnership	18 to 44
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	45 to 70
Item 3. Quantitative and Qualitative Disclosures about Market Risk	70 to 71
Item 4. Controls and Procedures	71
PART II.
Item 1. Legal Proceedings	72
Item 1A. Risk Factors	72
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	72
Item 3. Defaults Upon Senior Securities	72
Item 4. Mine Safety Disclosures	72
Item 5. Other Information	72
Item 6. Exhibits	72

EQUITY RESIDENTIAL

CONSOLIDATED BALANCE SHEETS

(Amounts in thousands except for share amounts)

(Unaudited)

	June 30, 2013			December 31, 2012
ASSETS
Investment in real estate
Land	$	6,264,787		$	4,554,912
Depreciable property	19,568,973			15,711,944
Projects under development	585,749			387,750
Land held for development	569,398			353,823
Investment in real estate	26,988,907			21,008,429
Accumulated depreciation	(4,547,327		)	(4,912,221		)
Investment in real estate, net	22,441,580			16,096,208
Cash and cash equivalents	152,564			612,590
Investments in unconsolidated entities	188,582			17,877
Deposits – restricted	197,267			250,442
Escrow deposits – mortgage	41,357			9,129
Deferred financing costs, net	71,013			44,382
Other assets	390,020			170,372
Total assets	$	23,482,383		$	17,201,000
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable	$	6,247,612		$	3,898,369
Notes, net	5,475,954			4,630,875
Lines of credit	—			—
Accounts payable and accrued expenses	84,603			38,372
Accrued interest payable	86,083			76,223
Other liabilities	318,622			304,518
Security deposits	71,857			66,988
Distributions payable	150,846			260,176
Total liabilities	12,435,577			9,275,521
Commitments and contingencies
Redeemable Noncontrolling Interests – Operating Partnership	407,890			398,372
Equity:
Shareholders’ equity:
Preferred Shares of beneficial interest, $0.01 par value; 100,000,000 shares authorized; 1,000,000 shares issued and outstanding as of June 30, 2013 and December 31, 2012	50,000			50,000
Common Shares of beneficial interest, $0.01 par value; 1,000,000,000 shares authorized; 360,312,049 shares issued and outstanding as of June 30, 2013 and 325,054,654 shares issued and outstanding as of December 31, 2012	3,603			3,251
Paid in capital	8,496,027			6,542,355
Retained earnings	1,939,598			887,355
Accumulated other comprehensive (loss)	(166,844		)	(193,148		)
Total shareholders’ equity	10,322,384			7,289,813
Noncontrolling Interests:
Operating Partnership	209,039			159,606
Partially Owned Properties	107,493			77,688
Total Noncontrolling Interests	316,532			237,294
Total equity	10,638,916			7,527,107
Total liabilities and equity	$	23,482,383		$	17,201,000

See accompanying notes

2

EQUITY RESIDENTIAL

CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in thousands except per share data)

(Unaudited)

	Six Months Ended June 30,						Quarter Ended June 30,
	2013			2012			2013			2012
REVENUES
Rental income	$	1,151,918		$	874,338		$	632,405		$	446,139
Fee and asset management	4,833			4,276			2,673			2,212
Total revenues	1,156,751			878,614			635,078			448,351
EXPENSES
Property and maintenance	220,417			173,819			117,819			85,423
Real estate taxes and insurance	145,400			104,268			78,547			53,422
Property management	44,520			44,276			22,031			20,937
Fee and asset management	3,223			2,487			1,577			1,180
Depreciation	528,328			289,273			327,985			145,438
General and administrative	32,582			27,079			16,086			13,391
Total expenses	974,470			641,202			564,045			319,791
Operating income	182,281			237,412			71,033			128,560
Interest and other income	504			427			249			258
Other expenses	(3,544		)	(14,603		)	(981		)	(8,802		)
Merger expenses	(19,559		)	(1,834		)	(467		)	(685		)
Interest:
Expense incurred, net	(317,417		)	(232,254		)	(122,950		)	(114,627		)
Amortization of deferred financing costs	(11,301		)	(6,945		)	(4,353		)	(4,017		)
(Loss) income before income and other taxes, (loss) from investments in unconsolidated entities, net gain on sales of land parcels and discontinued operations	(169,036		)	(17,797		)	(57,469		)	687
Income and other tax (expense) benefit	(833		)	(380		)	(428		)	(213		)
(Loss) from investments in unconsolidated entities due to operations	(1,530		)	—			(1,175		)	—
(Loss) from investments in unconsolidated entities due to merger expenses	(53,010		)	—			(6,999		)	—
Net gain on sales of land parcels	14,616			—			14,616			—
(Loss) income from continuing operations	(209,793		)	(18,177		)	(51,455		)	474
Discontinued operations, net	1,607,559			278,659			388,187			107,841
Net income	1,397,766			260,482			336,732			108,315
Net (income) loss attributable to Noncontrolling Interests:
Operating Partnership	(56,111		)	(11,150		)	(12,788		)	(4,732		)
Partially Owned Properties	790			(769		)	815			(319		)
Net income attributable to controlling interests	1,342,445			248,563			324,759			103,264
Preferred distributions	(2,072		)	(6,933		)	(1,036		)	(3,467		)
Net income available to Common Shares	$	1,340,373		$	241,630		$	323,723		$	99,797
Earnings per share – basic:
(Loss) from continuing operations available to Common Shares	$	(0.58	)	$	(0.08	)	$	(0.14	)	$	(0.01	)
Net income available to Common Shares	$	3.84		$	0.81		$	0.90		$	0.33
Weighted average Common Shares outstanding	348,654			299,499			359,653			300,193
Earnings per share – diluted:
(Loss) from continuing operations available to Common Shares	$	(0.58	)	$	(0.08	)	$	(0.14	)	$	(0.01	)
Net income available to Common Shares	$	3.84		$	0.81		$	0.90		$	0.33
Weighted average Common Shares outstanding	348,654			299,499			359,653			300,193
Distributions declared per Common Share outstanding	$	0.80		$	0.6750		$	0.40		$	0.3375

See accompanying notes

3

EQUITY RESIDENTIAL

CONSOLIDATED STATEMENTS OF OPERATIONS (Continued)

(Amounts in thousands except per share data)

(Unaudited)

	Six Months Ended June 30,						Quarter Ended June 30,
	2013			2012			2013			2012
Comprehensive income:
Net income	$	1,397,766		$	260,482		$	336,732		$	108,315
Other comprehensive income (loss):
Other comprehensive income (loss) – derivative instruments:
Unrealized holding gains (losses) arising during the period	12,337			(8,642		)	9,523			(11,860		)
Losses reclassified into earnings from other comprehensive income	12,098			7,203			3,826			3,640
Other comprehensive income – other instruments:
Unrealized holding gains arising during the period	928			82			501			118
Other comprehensive income – foreign currency:
Currency translation adjustments arising during the period	941			—			1,814			—
Other comprehensive income (loss)	26,304			(1,357		)	15,664			(8,102		)
Comprehensive income	1,424,070			259,125			352,396			100,213
Comprehensive (income) attributable to Noncontrolling Interests	(55,321		)	(11,919		)	(11,973		)	(5,051		)
Comprehensive income attributable to controlling interests	$	1,368,749		$	247,206		$	340,423		$	95,162

See accompanying notes

4

EQUITY RESIDENTIAL

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in thousands)

(Unaudited)

	Six Months Ended June 30,
	2013			2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	1,397,766		$	260,482
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	550,488			348,106
Amortization of deferred financing costs	11,529			7,037
Amortization of above/below market leases	1,216			—
Amortization of discounts and premiums on debt	(23,031		)	(3,538		)
Amortization of deferred settlements on derivative instruments	11,830			6,935
Write-off of pursuit costs	3,365			3,565
Loss from investments in unconsolidated entities	54,540			—
Distributions from unconsolidated entities – return on capital	588			240
Net (gain) on sales of land parcels	(14,616		)	—
Net (gain) on sales of discontinued operations	(1,588,874		)	(204,053		)
Unrealized loss (gain) on derivative instruments	24			(1		)
Compensation paid with Company Common Shares	22,089			16,878
Changes in assets and liabilities:
(Increase) in deposits – restricted	(12,220		)	(1,330		)
Decrease (increase) in mortgage deposits	789			(992		)
(Increase) in other assets	(4,695		)	(23,017		)
Increase in accounts payable and accrued expenses	25,956			35,794
(Decrease) in accrued interest payable	(1,396		)	(5,426		)
(Decrease) increase in other liabilities	(11,449		)	141,090
(Decrease) increase in security deposits	(6,080		)	2,979
Net cash provided by operating activities	417,819			584,749
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of Archstone, net of cash acquired	(4,000,875		)	—
Investment in real estate – acquisitions	(108,308		)	(520,775		)
Investment in real estate – development/other	(154,576		)	(78,210		)
Improvements to real estate	(57,253		)	(68,319		)
Additions to non-real estate property	(2,801		)	(4,700		)
Interest capitalized for real estate and unconsolidated entities under development	(20,006		)	(10,055		)
Proceeds from disposition of real estate, net	3,764,000			333,015
Investments in unconsolidated entities	(53,687		)	(5,420		)
Decrease (increase) in deposits on real estate acquisitions and investments, net	65,869			(40,539		)
Decrease in mortgage deposits	5,089			2,285
Acquisition of Noncontrolling Interests – Partially Owned Properties	—			(87		)
Net cash (used for) investing activities	(562,548		)	(392,805		)

See accompanying notes

5

EQUITY RESIDENTIAL

CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

(Amounts in thousands)

(Unaudited)

	Six Months Ended June 30,
	2013			2012
CASH FLOWS FROM FINANCING ACTIVITIES:
Loan and bond acquisition costs	$	(18,006	)	$	(4,283	)
Mortgage deposits	(2,208		)	260
Mortgage notes payable:
Proceeds	683			—
Restricted cash	—			214
Lump sum payoffs	(697,897		)	(198,763		)
Scheduled principal repayments	(6,336		)	(7,575		)
Notes, net:
Proceeds	1,245,550			—
Lump sum payoffs	(400,000		)	(253,858		)
Lines of credit:
Proceeds	8,413,000			105,000
Repayments	(8,413,000		)	(70,000		)
(Payments on) settlement of derivative instruments	(44,013		)	—
Proceeds from sale of Common Shares	—			152,058
Proceeds from Employee Share Purchase Plan (ESPP)	2,363			4,523
Proceeds from exercise of options	13,885			31,281
Payment of offering costs	(744		)	(1,907		)
Other financing activities, net	(33		)	(33		)
Contributions – Noncontrolling Interests – Partially Owned Properties	6,769			2,935
Contributions – Noncontrolling Interests – Operating Partnership	5			5
Distributions:
Common Shares	(393,347		)	(269,755		)
Preferred Shares	(1,036		)	(6,933		)
Noncontrolling Interests – Operating Partnership	(16,528		)	(12,224		)
Noncontrolling Interests – Partially Owned Properties	(4,404		)	(2,225		)
Net cash (used for) financing activities	(315,297		)	(531,280		)
Net (decrease) in cash and cash equivalents	(460,026		)	(339,336		)
Cash and cash equivalents, beginning of period	612,590			383,921
Cash and cash equivalents, end of period	$	152,564		$	44,585

See accompanying notes

6

EQUITY RESIDENTIAL

CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

(Amounts in thousands)

(Unaudited)

	Six Months Ended June 30,
	2013			2012
SUPPLEMENTAL INFORMATION:
Cash paid for interest, net of amounts capitalized	$	319,992		$	236,600
Net cash paid for income and other taxes	$	1,028		$	454
Real estate acquisitions/dispositions/other:
Mortgage loans assumed	$	—		$	106,600
Valuation of OP Units issued	$	—		$	66,606
Amortization of deferred financing costs:
Investment in real estate, net	$	(1	)	$	—
Deferred financing costs, net	$	11,530		$	7,037
Amortization of discounts and premiums on debt:
Mortgage notes payable	$	(24,083	)	$	(4,664	)
Notes, net	$	1,052		$	1,126
Amortization of deferred settlements on derivative instruments:
Other liabilities	$	(268	)	$	(268	)
Accumulated other comprehensive income	$	12,098		$	7,203
Loss from investments in unconsolidated entities:
Investments in unconsolidated entities	$	49,507		$	—
Other liabilities	$	5,033		$	—
Unrealized loss (gain) on derivative instruments:
Other assets	$	(10,753	)	$	4,663
Mortgage notes payable	$	—		$	(2,589	)
Notes, net	$	(1,523	)	$	(2,074	)
Other liabilities	$	(37	)	$	8,641
Accumulated other comprehensive income	$	12,337		$	(8,642	)
Acquisition of Archstone, net of cash acquired:
Investment in real estate, net	$	(8,713,217	)	$	—
Investments in unconsolidated entities	$	(214,677	)	$	—
Deposits – restricted	$	(474	)	$	—
Escrow deposits – mortgage	$	(35,898	)	$	—
Deferred financing costs, net	$	(25,780	)	$	—
Other assets	$	(203,008	)	$	—
Mortgage notes payable	$	3,076,876		$	—
Accounts payable and accrued expenses	$	17,576		$	—
Accrued interest payable	$	11,256		$	—
Other liabilities	$	117,391		$	—
Security deposits	$	10,949		$	—
Issuance of Common Shares	$	1,929,868		$	—
Noncontrolling Interests – Partially Owned Properties	$	28,263		$	—
Interest capitalized for real estate and unconsolidated entities under development:
Investment in real estate, net	$	(19,195	)	$	(9,676	)
Investments in unconsolidated entities	$	(811	)	$	(379	)
Investments in unconsolidated entities:
Investments in unconsolidated entities	$	(4,371	)	$	(5,420	)
Other liabilities	$	(49,316	)	$	—
Other:
Receivable on sale of Common Shares	$	—		$	28,457
Foreign currency translation adjustments	$	(941	)	$	—

See accompanying notes

7

EQUITY RESIDENTIAL

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

(Amounts in thousands)

(Unaudited)

	Six Months Ended
	June 30, 2013
SHAREHOLDERS’ EQUITY
PREFERRED SHARES
Balance, beginning of year	$	50,000
Balance, end of period	$	50,000
COMMON SHARES, $0.01 PAR VALUE
Balance, beginning of year	$	3,251
Issuance of Common Shares	345
Exercise of share options	5
Share-based employee compensation expense:
Restricted shares	2
Balance, end of period	$	3,603
PAID IN CAPITAL
Balance, beginning of year	$	6,542,355
Common Share Issuance:
Conversion of OP Units into Common Shares	979
Issuance of Common Shares	1,929,523
Exercise of share options	13,880
Employee Share Purchase Plan (ESPP)	2,363
Share-based employee compensation expense:
Restricted shares	6,884
Share options	6,688
ESPP discount	449
Offering costs	(744		)
Supplemental Executive Retirement Plan (SERP)	(671		)
Change in market value of Redeemable Noncontrolling Interests – Operating Partnership	33,039
Adjustment for Noncontrolling Interests ownership in Operating Partnership	(38,718		)
Balance, end of period	$	8,496,027
RETAINED EARNINGS
Balance, beginning of year	$	887,355
Net income attributable to controlling interests	1,342,445
Common Share distributions	(288,130		)
Preferred Share distributions	(2,072		)
Balance, end of period	$	1,939,598

See accompanying notes

8

EQUITY RESIDENTIAL

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Continued)

(Amounts in thousands)

(Unaudited)

	Six Months Ended
	June 30, 2013
SHAREHOLDERS’ EQUITY (continued)
ACCUMULATED OTHER COMPREHENSIVE (LOSS)
Balance, beginning of year	$	(193,148	)
Accumulated other comprehensive income – derivative instruments:
Unrealized holding gains arising during the period	12,337
Losses reclassified into earnings from other comprehensive income	12,098
Accumulated other comprehensive income – other instruments:
Unrealized holding gains arising during the period	928
Accumulated other comprehensive income – foreign currency:
Currency translation adjustments arising during the period	941
Balance, end of period	$	(166,844	)
NONCONTROLLING INTERESTS
OPERATING PARTNERSHIP
Balance, beginning of year	$	159,606
Issuance of LTIP Units to Noncontrolling Interests	5
Conversion of OP Units held by Noncontrolling Interests into OP Units held by General Partner	(979		)
Equity compensation associated with Noncontrolling Interests	9,514
Net income attributable to Noncontrolling Interests	56,111
Distributions to Noncontrolling Interests	(11,379		)
Change in carrying value of Redeemable Noncontrolling Interests – Operating Partnership	(42,557		)
Adjustment for Noncontrolling Interests ownership in Operating Partnership	38,718
Balance, end of period	$	209,039
PARTIALLY OWNED PROPERTIES
Balance, beginning of year	$	77,688
Net (loss) attributable to Noncontrolling Interests	(790		)
Contributions by Noncontrolling Interests	6,769
Acquisition of Archstone	28,263
Distributions to Noncontrolling Interests	(4,437		)
Balance, end of period	$	107,493

See accompanying notes

9

ERP OPERATING LIMITED PARTNERSHIP

CONSOLIDATED BALANCE SHEETS

(Amounts in thousands)

(Unaudited)

	June 30, 2013			December 31, 2012
ASSETS
Investment in real estate
Land	$	6,264,787		$	4,554,912
Depreciable property	19,568,973			15,711,944
Projects under development	585,749			387,750
Land held for development	569,398			353,823
Investment in real estate	26,988,907			21,008,429
Accumulated depreciation	(4,547,327		)	(4,912,221		)
Investment in real estate, net	22,441,580			16,096,208
Cash and cash equivalents	152,564			612,590
Investments in unconsolidated entities	188,582			17,877
Deposits – restricted	197,267			250,442
Escrow deposits – mortgage	41,357			9,129
Deferred financing costs, net	71,013			44,382
Other assets	390,020			170,372
Total assets	$	23,482,383		$	17,201,000
LIABILITIES AND CAPITAL
Liabilities:
Mortgage notes payable	$	6,247,612		$	3,898,369
Notes, net	5,475,954			4,630,875
Lines of credit	—			—
Accounts payable and accrued expenses	84,603			38,372
Accrued interest payable	86,083			76,223
Other liabilities	318,622			304,518
Security deposits	71,857			66,988
Distributions payable	150,846			260,176
Total liabilities	12,435,577			9,275,521
Commitments and contingencies
Redeemable Limited Partners	407,890			398,372
Capital:
Partners' Capital:
Preference Units	50,000			50,000
General Partner	10,439,228			7,432,961
Limited Partners	209,039			159,606
Accumulated other comprehensive (loss)	(166,844		)	(193,148		)
Total partners' capital	10,531,423			7,449,419
Noncontrolling Interests – Partially Owned Properties	107,493			77,688
Total capital	10,638,916			7,527,107
Total liabilities and capital	$	23,482,383		$	17,201,000

See accompanying notes

10

ERP OPERATING LIMITED PARTNERSHIP

CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in thousands except per Unit data)(Unaudited)

	Six Months Ended June 30,						Quarter Ended June 30,
	2013			2012			2013			2012
REVENUES
Rental income	$	1,151,918		$	874,338		$	632,405		$	446,139
Fee and asset management	4,833			4,276			2,673			2,212
Total revenues	1,156,751			878,614			635,078			448,351
EXPENSES
Property and maintenance	220,417			173,819			117,819			85,423
Real estate taxes and insurance	145,400			104,268			78,547			53,422
Property management	44,520			44,276			22,031			20,937
Fee and asset management	3,223			2,487			1,577			1,180
Depreciation	528,328			289,273			327,985			145,438
General and administrative	32,582			27,079			16,086			13,391
Total expenses	974,470			641,202			564,045			319,791
Operating income	182,281			237,412			71,033			128,560
Interest and other income	504			427			249			258
Other expenses	(3,544		)	(14,603		)	(981		)	(8,802		)
Merger expenses	(19,559		)	(1,834		)	(467		)	(685		)
Interest:
Expense incurred, net	(317,417		)	(232,254		)	(122,950		)	(114,627		)
Amortization of deferred financing costs	(11,301		)	(6,945		)	(4,353		)	(4,017		)
(Loss) income before income and other taxes, (loss) from investments in unconsolidated entities, net gain on sales of land parcels and discontinued operations	(169,036		)	(17,797		)	(57,469		)	687
Income and other tax (expense) benefit	(833		)	(380		)	(428		)	(213		)
(Loss) from investments in unconsolidated entities due to operations	(1,530		)	—			(1,175		)	—
(Loss) from investments in unconsolidated entities due to merger expenses	(53,010		)	—			(6,999		)	—
Net gain on sales of land parcels	14,616			—			14,616			—
(Loss) income from continuing operations	(209,793		)	(18,177		)	(51,455		)	474
Discontinued operations, net	1,607,559			278,659			388,187			107,841
Net income	1,397,766			260,482			336,732			108,315
Net loss (income) attributable to Noncontrolling Interests – Partially Owned Properties	790			(769		)	815			(319		)
Net income attributable to controlling interests	$	1,398,556		$	259,713		$	337,547		$	107,996
ALLOCATION OF NET INCOME:
Preference Units	$	2,072		$	6,933		$	1,036		$	3,467
General Partner	$	1,340,373		$	241,630		$	323,723		$	99,797
Limited Partners	56,111			11,150			12,788			4,732
Net income available to Units	$	1,396,484		$	252,780		$	336,511		$	104,529
Earnings per Unit – basic:
(Loss) from continuing operations available to Units	$	(0.58	)	$	(0.08	)	$	(0.14	)	$	(0.01	)
Net income available to Units	$	3.84		$	0.81		$	0.90		$	0.33
Weighted average Units outstanding	362,390			313,133			373,403			314,255
Earnings per Unit – diluted:
(Loss) from continuing operations available to Units	$	(0.58	)	$	0.08		$	(0.14	)	$	(0.01	)
Net income available to Units	$	3.84		$	0.81		$	0.90		$	0.33
Weighted average Units outstanding	362,390			313,133			373,403			314,255
Distributions declared per Unit outstanding	$	0.80		$	0.6750		$	0.40		$	0.3375

See accompanying notes

11

ERP OPERATING LIMITED PARTNERSHIP

CONSOLIDATED STATEMENTS OF OPERATIONS (Continued)

(Amounts in thousands except per Unit data)

(Unaudited)

	Six Months Ended June 30,					Quarter Ended June 30,
	2013		2012			2013		2012
Comprehensive income:
Net income	$	1,397,766	$	260,482		$	336,732	$	108,315
Other comprehensive income (loss):
Other comprehensive income (loss) – derivative instruments:
Unrealized holding gains (losses) arising during the period	12,337		(8,642		)	9,523		(11,860		)
Losses reclassified into earnings from other comprehensive income	12,098		7,203			3,826		3,640
Other comprehensive income – other instruments:
Unrealized holding gains arising during the period	928		82			501		118
Other comprehensive income – foreign currency:
Currency translation adjustments arising during the period	941		—			1,814		—
Other comprehensive income (loss)	26,304		(1,357		)	15,664		(8,102		)
Comprehensive income	1,424,070		259,125			352,396		100,213
Comprehensive loss (income) attributable to Noncontrolling Interests – Partially Owned Properties	790		(769		)	815		(319		)
Comprehensive income attributable to controlling interests	$	1,424,860	$	258,356		$	353,211	$	99,894

See accompanying notes

12

ERP OPERATING LIMITED PARTNERSHIP

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in thousands)

(Unaudited)

	Six Months Ended June 30,
	2013			2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	1,397,766		$	260,482
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	550,488			348,106
Amortization of deferred financing costs	11,529			7,037
Amortization of above/below market leases	1,216			—
Amortization of discounts and premiums on debt	(23,031		)	(3,538		)
Amortization of deferred settlements on derivative instruments	11,830			6,935
Write-off of pursuit costs	3,365			3,565
Loss from investments in unconsolidated entities	54,540			—
Distributions from unconsolidated entities – return on capital	588			240
Net (gain) on sales of land parcels	(14,616		)	—
Net (gain) on sales of discontinued operations	(1,588,874		)	(204,053		)
Unrealized loss (gain) on derivative instruments	24			(1		)
Compensation paid with Company Common Shares	22,089			16,878
Changes in assets and liabilities:
(Increase) in deposits – restricted	(12,220		)	(1,330		)
Decrease (increase) in mortgage deposits	789			(992		)
(Increase) in other assets	(4,695		)	(23,017		)
Increase in accounts payable and accrued expenses	25,956			35,794
(Decrease) in accrued interest payable	(1,396		)	(5,426		)
(Decrease) increase in other liabilities	(11,449		)	141,090
(Decrease) increase in security deposits	(6,080		)	2,979
Net cash provided by operating activities	417,819			584,749
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of Archstone, net of cash acquired	(4,000,875		)	—
Investment in real estate – acquisitions	(108,308		)	(520,775		)
Investment in real estate – development/other	(154,576		)	(78,210		)
Improvements to real estate	(57,253		)	(68,319		)
Additions to non-real estate property	(2,801		)	(4,700		)
Interest capitalized for real estate and unconsolidated entities under development	(20,006		)	(10,055		)
Proceeds from disposition of real estate, net	3,764,000			333,015
Investments in unconsolidated entities	(53,687		)	(5,420		)
Decrease (increase) in deposits on real estate acquisitions and investments, net	65,869			(40,539		)
Decrease in mortgage deposits	5,089			2,285
Acquisition of Noncontrolling Interests – Partially Owned Properties	—			(87		)
Net cash (used for) investing activities	(562,548		)	(392,805		)

See accompanying notes

13

ERP OPERATING LIMITED PARTNERSHIP

CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

(Amounts in thousands)

(Unaudited)

	Six Months Ended June 30,
	2013			2012
CASH FLOWS FROM FINANCING ACTIVITIES:
Loan and bond acquisition costs	$	(18,006	)	$	(4,283	)
Mortgage deposits	(2,208		)	260
Mortgage notes payable:
Proceeds	683			—
Restricted cash	—			214
Lump sum payoffs	(697,897		)	(198,763		)
Scheduled principal repayments	(6,336		)	(7,575		)
Notes, net:
Proceeds	1,245,550			—
Lump sum payoffs	(400,000		)	(253,858		)
Lines of credit:
Proceeds	8,413,000			105,000
Repayments	(8,413,000		)	(70,000		)
(Payments on) settlement of derivative instruments	(44,013		)	—
Proceeds from sale of OP Units	—			152,058
Proceeds from EQR's Employee Share Purchase Plan (ESPP)	2,363			4,523
Proceeds from exercise of EQR options	13,885			31,281
Payment of offering costs	(744		)	(1,907		)
Other financing activities, net	(33		)	(33		)
Contributions – Noncontrolling Interests – Partially Owned Properties	6,769			2,935
Contributions – Limited Partners	5			5
Distributions:
OP Units – General Partner	(393,347		)	(269,755		)
Preference Units	(1,036		)	(6,933		)
OP Units – Limited Partners	(16,528		)	(12,224		)
Noncontrolling Interests – Partially Owned Properties	(4,404		)	(2,225		)
Net cash (used for) financing activities	(315,297		)	(531,280		)
Net (decrease) in cash and cash equivalents	(460,026		)	(339,336		)
Cash and cash equivalents, beginning of period	612,590			383,921
Cash and cash equivalents, end of period	$	152,564		$	44,585

See accompanying notes

14

ERP OPERATING LIMITED PARTNERSHIP

CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

(Amounts in thousands)

(Unaudited)

	Six Months Ended June 30,
	2013			2012
SUPPLEMENTAL INFORMATION:
Cash paid for interest, net of amounts capitalized	$	319,992		$	236,600
Net cash paid for income and other taxes	$	1,028		$	454
Real estate acquisitions/dispositions/other:
Mortgage loans assumed	$	—		$	106,600
Valuation of OP Units issued	$	—		$	66,606
Amortization of deferred financing costs:
Investment in real estate, net	$	(1	)	$	—
Deferred financing costs, net	$	11,530		$	7,037
Amortization of discounts and premiums on debt:
Mortgage notes payable	$	(24,083	)	$	(4,664	)
Notes, net	$	1,052		$	1,126
Amortization of deferred settlements on derivative instruments:
Other liabilities	$	(268	)	$	(268	)
Accumulated other comprehensive income	$	12,098		$	7,203
Loss from investments in unconsolidated entities:
Investments in unconsolidated entities	$	49,507		$	—
Other liabilities	$	5,033		$	—
Unrealized loss (gain) on derivative instruments:
Other assets	$	(10,753	)	$	4,663
Mortgage notes payable	$	—		$	(2,589	)
Notes, net	$	(1,523	)	$	(2,074	)
Other liabilities	$	(37	)	$	8,641
Accumulated other comprehensive income	$	12,337		$	(8,642	)
Acquisition of Archstone, net of cash acquired:
Investment in real estate, net	$	(8,713,217	)	$	—
Investments in unconsolidated entities	$	(214,677	)	$	—
Deposits – restricted	$	(474	)	$	—
Escrow deposits – mortgage	$	(35,898	)	$	—
Deferred financing costs, net	$	(25,780	)	$	—
Other assets	$	(203,008	)	$	—
Mortgage notes payable	$	3,076,876		$	—
Accounts payable and accrued expenses	$	17,576		$	—
Accrued interest payable	$	11,256		$	—
Other liabilities	$	117,391		$	—
Security deposits	$	10,949		$	—
Issuance of OP Units	$	1,929,868		$	—
Noncontrolling Interests – Partially Owned Properties	$	28,263		$	—
Interest capitalized for real estate and unconsolidated entities under development:
Investment in real estate, net	$	(19,195	)	$	(9,676	)
Investments in unconsolidated entities	$	(811	)	$	(379	)
Investments in unconsolidated entities:
Investments in unconsolidated entities	$	(4,371	)	$	(5,420	)
Other liabilities	$	(49,316	)	$	—
Other:
Receivable on sale of OP Units	$	—		$	28,457
Foreign currency translation adjustments	$	(941	)	$	—

See accompanying notes

15

ERP OPERATING LIMITED PARTNERSHIP

CONSOLIDATED STATEMENT OF CHANGES IN CAPITAL

(Amounts in thousands)

(Unaudited)

	Six Months Ended
	June 30, 2013
PARTNERS' CAPITAL
PREFERENCE UNITS
Balance, beginning of year	$	50,000
Balance, end of period	$	50,000
GENERAL PARTNER
Balance, beginning of year	$	7,432,961
OP Unit Issuance:
Conversion of OP Units held by Limited Partners into OP Units held by General Partner	979
Issuance of OP Units	1,929,868
Exercise of EQR share options	13,885
EQR's Employee Share Purchase Plan (ESPP)	2,363
Share-based employee compensation expense:
EQR restricted shares	6,886
EQR share options	6,688
EQR ESPP discount	449
Offering costs	(744		)
Net income available to Units – General Partner	1,340,373
OP Units – General Partner distributions	(288,130		)
Supplemental Executive Retirement Plan (SERP)	(671		)
Change in market value of Redeemable Limited Partners	33,039
Adjustment for Limited Partners ownership in Operating Partnership	(38,718		)
Balance, end of period	$	10,439,228
LIMITED PARTNERS
Balance, beginning of year	$	159,606
Issuance of LTIP Units to Limited Partners	5
Conversion of OP Units held by Limited Partners into OP Units held by General Partner	(979		)
Equity compensation associated with Units – Limited Partners	9,514
Net income available to Units – Limited Partners	56,111
Units – Limited Partners distributions	(11,379		)
Change in carrying value of Redeemable Limited Partners	(42,557		)
Adjustment for Limited Partners ownership in Operating Partnership	38,718
Balance, end of period	$	209,039
ACCUMULATED OTHER COMPREHENSIVE (LOSS)
Balance, beginning of year	$	(193,148	)
Accumulated other comprehensive income – derivative instruments:
Unrealized holding gains arising during the period	12,337
Losses reclassified into earnings from other comprehensive income	12,098
Accumulated other comprehensive income – other instruments:
Unrealized holding gains arising during the period	928
Accumulated other comprehensive income – foreign currency:
Currency translation adjustments arising during the period	941
Balance, end of period	$	(166,844	)

See accompanying notes

16

ERP OPERATING LIMITED PARTNERSHIP

CONSOLIDATED STATEMENT OF CHANGES IN CAPITAL (Continued)

(Amounts in thousands)

(Unaudited)

	Six Months Ended
	June 30, 2013
NONCONTROLLING INTERESTS
NONCONTROLLING INTERESTS – PARTIALLY OWNED PROPERTIES
Balance, beginning of year	$	77,688
Net (loss) attributable to Noncontrolling Interests	(790		)
Contributions by Noncontrolling Interests	6,769
Acquisition of Archstone	28,263
Distributions to Noncontrolling Interests	(4,437		)
Balance, end of period	$	107,493

See accompanying notes

17

EQUITY RESIDENTIAL

ERP OPERATING LIMITED PARTNERSHIP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1. Business

Equity Residential (“EQR”), a Maryland real estate investment trust (“REIT”) formed in March 1993, is an S&P 500 company focused on the acquisition, development and management of high quality apartment properties in top United States growth markets. ERP Operating Limited Partnership (“ERPOP”), an Illinois limited partnership, was formed in May 1993 to conduct the multifamily residential property business of Equity Residential. EQR has elected to be taxed as a REIT. 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. Unless otherwise indicated, the notes to consolidated financial statements apply to both the Company and the Operating Partnership.

EQR is the general partner of, and as of June 30, 2013 owned an approximate 96.2% ownership interest in, ERPOP. All of the Company’s 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. EQR issues equity from time to time but 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 Company’s 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.

As of June 30, 2013, the Company, directly or indirectly through investments in title holding entities, owned all or a portion of 398 properties located in 12 states and the District of Columbia consisting of 113,388 apartment units. The ownership breakdown includes (table does not include various uncompleted development properties):

	Properties	Apartment Units
Wholly Owned Properties	373	103,322
Master-Leased Properties – Consolidated	3	853
Partially Owned Properties – Consolidated	19	3,752
Partially Owned Properties – Unconsolidated	1	336
Military Housing	2	5,125
	398	113,388

2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) and certain reclassifications considered necessary for a fair presentation have been included. Certain reclassifications have been made to the prior period financial statements in order to conform to the current year presentation. Operating results for the six months ended June 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013.

In preparation of the Company’s financial statements in conformity with accounting principles generally accepted in the United States, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

The balance sheets at December 31, 2012 have been derived from the audited financial statements at that date but do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.

18

For further information, including definitions of capitalized terms not defined herein, refer to the consolidated financial statements and footnotes thereto included in the Company’s and the Operating Partnership's annual report on Form 10-K for the year ended December 31, 2012.

Real Estate Assets and Depreciation of Investment in Real Estate

Effective for business combinations on or after January 1, 2009, an acquiring entity is required to recognize all assets acquired and liabilities assumed in a transaction at the acquisition-date fair value with limited exceptions. In addition, an acquiring entity is required to expense acquisition-related costs as incurred, value noncontrolling interests at fair value at the acquisition date and expense restructuring costs associated with an acquired business.

The Company allocates the purchase price of properties to net tangible and identified intangible assets acquired based on their fair values. In making estimates of fair values for purposes of allocating purchase price, the Company utilizes a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property, our own analysis of recently acquired and existing comparable properties in our portfolio and other market data. The Company also considers information obtained about each property as a result of its pre-acquisition due diligence, marketing and leasing activities in estimating the fair value of the tangible and intangible assets acquired. The Company allocates the purchase price of acquired real estate to various components as follows:

• Land – Based on actual purchase price adjusted to fair value (as necessary) if acquired separately or market research/comparables if acquired with an operating property.

• Furniture, Fixtures and Equipment – Ranges between $3,000 and $13,000 per apartment unit acquired as an estimate of the fair value of the appliances and fixtures inside an apartment unit. The per-apartment unit amount applied depends on the type of apartment building acquired. Depreciation is calculated on the straight-line method over an estimated useful life of five to ten years.

• Lease Intangibles – The Company considers the value of acquired in-place leases and above/below market leases and the amortization period is the average remaining term of each respective acquired lease. In-place residential leases' average term at acquisition approximates six months. See Note 4 for more information on above and below market leases.

• Other Intangible Assets – The Company considers whether it has acquired other intangible assets, including any customer relationship intangibles and the amortization period is the estimated useful life of the acquired intangible asset.

• Building – Based on the fair value determined on an “as-if vacant” basis. Depreciation is calculated on the straight-line method over an estimated useful life of thirty years.

• Site Improvements – Based on replacement cost. Depreciation is calculated on the straight-line method over an estimated useful life of eight years.

• Long-Term Debt – The Company calculates the fair value by discounting the remaining contractual cash flows on each instrument at the current market rate for those borrowings.

Income and Other Taxes

Due to the structure of EQR as a REIT and the nature of the operations of its operating properties, no provision for federal income taxes has been made at the EQR level. In addition, ERPOP generally is not liable for federal income taxes as the partners recognize their proportionate share of income or loss in their tax returns; therefore no provision for federal income taxes has been made at the ERPOP level. Historically, the Company has generally only incurred certain state and local income, excise and franchise taxes. The Company has elected Taxable REIT Subsidiary (“TRS”) status for certain of its corporate subsidiaries and as a result, these entities will incur both federal and state income taxes on any taxable income of such entities after consideration of any net operating losses.

Deferred tax assets and liabilities applicable to the TRS are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. These assets and liabilities are measured using enacted tax rates for which the temporary differences are expected to be recovered or settled. The effects of changes in tax rates on deferred tax assets and liabilities are recognized in earnings in the period enacted. The Company’s deferred tax assets are generally the result of tax affected amortization of goodwill, differing depreciable lives on capitalized assets and the timing of expense recognition for certain accrued liabilities. As of June 30, 2013, the Company has recorded a deferred tax asset, which is fully offset by a valuation allowance due to the uncertainty in forecasting future TRS taxable income.

19

Other

The Company is the controlling partner in various consolidated partnerships owning 19 properties and 3,752 apartment units and various completed and uncompleted development properties having a noncontrolling interest book value of $107.5 million at June 30, 2013. The Company is required to make certain disclosures regarding noncontrolling interests in consolidated limited-life subsidiaries. Of the consolidated entities described above, the Company is the controlling partner in limited-life partnerships owning six properties having a noncontrolling interest deficit balance of $8.2 million. These six partnership agreements contain provisions that require the partnerships to be liquidated through the sale of their assets upon reaching a date specified in each respective partnership agreement. The Company, as controlling partner, has an obligation to cause the property owning partnerships to distribute the proceeds of liquidation to the Noncontrolling Interests in these Partially Owned Properties only to the extent that the net proceeds received by the partnerships from the sale of their assets warrant a distribution based on the partnership agreements. As of June 30, 2013, the Company estimates the value of Noncontrolling Interest distributions for these six properties would have been approximately $37.8 million (“Settlement Value”) had the partnerships been liquidated. This Settlement Value is based on estimated third party consideration realized by the partnerships upon disposition of the six Partially Owned Properties and is net of all other assets and liabilities, including yield maintenance on the mortgages encumbering the properties, that would have been due on June 30, 2013 had those mortgages been prepaid. Due to, among other things, the inherent uncertainty in the sale of real estate assets, the amount of any potential distribution to the Noncontrolling Interests in the Company's Partially Owned Properties is subject to change. To the extent that the partnerships' underlying assets are worth less than the underlying liabilities, the Company has no obligation to remit any consideration to the Noncontrolling Interests in these Partially Owned Properties.

Effective January 1, 2012, companies are required to separately disclose the amounts and reasons for any transfers of assets and liabilities into and out of Level 1 and Level 2 of the fair value hierarchy. For fair value measurements using significant unobservable inputs (Level 3), companies are required to disclose quantitative information about the significant unobservable inputs used for all Level 3 measurements and a description of the Company's valuation processes in determining fair value. In addition, companies are required to provide a qualitative discussion about the sensitivity of recurring Level 3 measurements to changes in the unobservable inputs disclosed, including the interrelationship between inputs. Companies are also required to disclose information about when the current use of a non-financial asset measured at fair value differs from its highest and best use and the hierarchy classification for items whose fair value is not recorded on the balance sheet but is disclosed in the notes. This does not have a material effect on the Company's consolidated results of operations or financial position. See Notes 4 and 9 for further discussion.

Effective January 1, 2013, companies are required to report, in one place, information about reclassifications out of accumulated other comprehensive income ("AOCI"). Companies will also be required to report changes in AOCI balances. For significant items reclassified out of AOCI to net income in their entirety in the same reporting period, reporting is required about the effect of the reclassifications on the respective line items in the statement where net income is presented. For items that are not reclassified to net income in their entirety in the same reporting period, a cross reference to other disclosures currently required under US GAAP is required in the notes. This does not have a material effect on the Company's consolidated results of operations or financial position. See Note 9 for further discussion.

3. Equity, Capital and Other Interests

Equity and Redeemable Noncontrolling Interests of Equity Residential

The following tables present the changes in the Company’s issued and outstanding Common Shares and “Units” (which includes OP Units and Long-Term Incentive Plan (“LTIP”) Units) for the six months ended June 30, 2013:

20

	2013
Common Shares
Common Shares outstanding at January 1,	325,054,654
Common Shares Issued:
Conversion of OP Units	36,262
Issuance of Common Shares	34,468,085
Exercise of share options	468,203
Employee Share Purchase Plan (ESPP)	50,148
Restricted share grants, net	234,697
Common Shares outstanding at June 30,	360,312,049
Units
Units outstanding at January 1,	13,968,758
LTIP Units, net	281,931
Conversion of OP Units to Common Shares	(36,262	)
Units outstanding at June 30,	14,214,427
Total Common Shares and Units outstanding at June 30,	374,526,476
Units Ownership Interest in Operating Partnership	3.8	%

The equity positions of various individuals and entities that contributed their properties to the Operating Partnership in exchange for OP Units, as well as the equity positions of the holders of LTIP Units, are collectively referred to as the “Noncontrolling Interests – Operating Partnership”. Subject to certain exceptions (including the “book-up” requirements of LTIP Units), the Noncontrolling Interests – Operating Partnership may exchange their Units with EQR for Common Shares on a one-for-one basis. The carrying value of the Noncontrolling Interests – Operating Partnership (including redeemable interests) is allocated based on the number of Noncontrolling Interests – Operating Partnership Units in total in proportion to the number of Noncontrolling Interests – Operating Partnership Units in total plus the number of Common Shares. Net income is allocated to the Noncontrolling Interests – Operating Partnership based on the weighted average ownership percentage during the period.

The Operating Partnership has the right but not the obligation to make a cash payment instead of issuing Common Shares to any and all holders of Noncontrolling Interests – Operating Partnership Units requesting an exchange of their OP Units with EQR. Once the Operating Partnership elects not to redeem the Noncontrolling Interests – Operating Partnership Units for cash, EQR is obligated to deliver Common Shares to the exchanging holder of the Noncontrolling Interests – Operating Partnership Units.

The Noncontrolling Interests – Operating Partnership Units are classified as either mezzanine equity or permanent equity. If EQR is required, either by contract or securities law, to deliver registered Common Shares, such Noncontrolling Interests – Operating Partnership are differentiated and referred to as “Redeemable Noncontrolling Interests – Operating Partnership”. Instruments that require settlement in registered shares can not be classified in permanent equity as it is not always completely within an issuer’s control to deliver registered shares. Therefore, settlement in cash is assumed and that responsibility for settlement in cash is deemed to fall to the Operating Partnership as the primary source of cash for EQR, resulting in presentation in the mezzanine section of the balance sheet. The Redeemable Noncontrolling Interests – Operating Partnership are adjusted to the greater of carrying value or fair market value based on the Common Share price of EQR at the end of each respective reporting period. EQR has the ability to deliver unregistered Common Shares for the remaining portion of the Noncontrolling Interests – Operating Partnership Units that are classified in permanent equity at June 30, 2013 and December 31, 2012.

The carrying value of the Redeemable Noncontrolling Interests – Operating Partnership is allocated based on the number of Redeemable Noncontrolling Interests – Operating Partnership Units in proportion to the number of Noncontrolling Interests – Operating Partnership Units in total. Such percentage of the total carrying value of Units which is ascribed to the Redeemable Noncontrolling Interests – Operating Partnership is then adjusted to the greater of carrying value or fair market value as described above. As of June 30, 2013, the Redeemable Noncontrolling Interests – Operating Partnership have a redemption value of approximately $407.9 million, which represents the value of Common Shares that would be issued in exchange with the Redeemable Noncontrolling Interests – Operating Partnership Units.

The following table presents the change in the redemption value of the Redeemable Noncontrolling Interests – Operating Partnership for the six months ended June 30, 2013 (amounts in thousands):

21

	2013
Balance at January 1,	$	398,372
Change in market value	(33,039		)
Change in carrying value	42,557
Balance at June 30,	$	407,890

Net proceeds from EQR Common Share and Preferred Share (see definition below) offerings are contributed by EQR to ERPOP. In return for those contributions, EQR receives a number of OP Units in ERPOP equal to the number of Common Shares it has issued in the equity offering (or in the case of a preferred equity offering, a number of preference units in ERPOP equal in number and having the same terms as the Preferred Shares issued in the equity offering). As a result, the net offering proceeds from Common Shares and Preferred Shares are allocated between shareholders’ equity and Noncontrolling Interests – Operating Partnership to account for the change in their respective percentage ownership of the underlying equity of ERPOP.

The Company’s declaration of trust authorizes it to issue up to 100,000,000 preferred shares of beneficial interest, $0.01 par value per share (the “Preferred Shares”), with specific rights, preferences and other attributes as the Board of Trustees may determine, which may include preferences, powers and rights that are senior to the rights of holders of the Company’s Common Shares.

The following table presents the Company’s issued and outstanding Preferred Shares as of June 30, 2013 and December 31, 2012:

				Amounts in thousands
	Redemption Date (1)	Annual Dividend per Share (2)		June 30, 2013		December 31, 2012
Preferred Shares of beneficial interest, $0.01 par value; 100,000,000 shares authorized:
8.29% Series K Cumulative Redeemable Preferred; liquidation value $50 per share; 1,000,000 shares issued and outstanding at June 30, 2013 and December 31, 2012	12/10/26		$4.145	$	50,000	$	50,000
				$	50,000	$	50,000

(1) On or after the redemption date, redeemable preferred shares may be redeemed for cash at the option of the Company, in whole or in part, at a redemption price equal to the liquidation price per share, plus accrued and unpaid distributions, if any.

(2) Dividends on Preferred Shares are payable quarterly.

Capital and Redeemable Limited Partners of ERP Operating Limited Partnership

The following tables present the changes in the Operating Partnership’s issued and outstanding Units and in the limited partners’ Units for the six months ended June 30, 2013:

22

	2013
General and Limited Partner Units
General and Limited Partner Units outstanding at January 1,	339,023,412
Issued to General Partner:
Issuance of OP Units	34,468,085
Exercise of EQR share options	468,203
EQR’s Employee Share Purchase Plan (ESPP)	50,148
EQR's restricted share grants, net	234,697
Issued to Limited Partners:
LTIP Units, net	281,931
General and Limited Partner Units outstanding at June 30,	374,526,476
Limited Partner Units
Limited Partner Units outstanding at January 1,	13,968,758
Limited Partner LTIP Units, net	281,931
Conversion of Limited Partner OP Units to EQR Common Shares	(36,262	)
Limited Partner Units outstanding at June 30,	14,214,427
Limited Partner Units Ownership Interest in Operating Partnership	3.8	%

The Limited Partners of the Operating Partnership as of June 30, 2013 include various individuals and entities that contributed their properties to the Operating Partnership in exchange for OP Units, as well as the equity positions of the holders of LTIP Units. Subject to certain exceptions (including the “book-up” requirements of LTIP Units), Limited Partners may exchange their Units with EQR for Common Shares on a one-for-one basis. The carrying value of the Limited Partner Units (including redeemable interests) is allocated based on the number of Limited Partner Units in total in proportion to the number of Limited Partner Units in total plus the number of General Partner Units. Net income is allocated to the Limited Partner Units based on the weighted average ownership percentage during the period.

The Operating Partnership has the right but not the obligation to make a cash payment instead of issuing Common Shares to any and all holders of Limited Partner Units requesting an exchange of their OP Units with EQR. Once the Operating Partnership elects not to redeem the Limited Partner Units for cash, EQR is obligated to deliver Common Shares to the exchanging limited partner.

The Limited Partner Units are classified as either mezzanine equity or permanent equity. If EQR is required, either by contract or securities law, to deliver registered Common Shares, such Limited Partner Units are differentiated and referred to as “Redeemable Limited Partner Units”. Instruments that require settlement in registered shares can not be classified in permanent equity as it is not always completely within an issuer's control to deliver registered shares. Therefore, settlement in cash is assumed and that responsibility for settlement in cash is deemed to fall to the Operating Partnership as the primary source of cash for EQR, resulting in presentation in the mezzanine section of the balance sheet. The Redeemable Limited Partner Units are adjusted to the greater of carrying value or fair market value based on the Common Share price of EQR at the end of each respective reporting period. EQR has the ability to deliver unregistered Common Shares for the remaining portion of the Limited Partner Units that are classified in permanent equity at June 30, 2013 and December 31, 2012.

The carrying value of the Redeemable Limited Partner Units is allocated based on the number of Redeemable Limited Partner Units in proportion to the number of Limited Partner Units in total. Such percentage of the total carrying value of Limited Partner Units which is ascribed to the Redeemable Limited Partner Units is then adjusted to the greater of carrying value or fair market value as described above. As of June 30, 2013, the Redeemable Limited Partner Units have a redemption value of approximately $407.9 million, which represents the value of Common Shares that would be issued in exchange with the Redeemable Limited Partner Units.

The following table presents the change in the redemption value of the Redeemable Limited Partners for the six months ended June 30, 2013 (amounts in thousands):

23

	2013
Balance at January 1,	$	398,372
Change in market value	(33,039		)
Change in carrying value	42,557
Balance at June 30,	$	407,890

EQR contributes all net proceeds from its various equity offerings (including proceeds from exercise of options for Common Shares) to ERPOP. In return for those contributions, EQR receives a number of OP Units in ERPOP equal to the number of Common Shares it has issued in the equity offering (or in the case of a preferred equity offering, a number of preference units in ERPOP equal in number and having the same terms as the preferred shares issued in the equity offering).

The following table presents the Operating Partnership’s issued and outstanding “Preference Units” as of June 30, 2013 and December 31, 2012:

				Amounts in thousands
	Redemption Date (1)	Annual Dividend per Unit (2)		June 30, 2013		December 31, 2012
Preference Units:
8.29% Series K Cumulative Redeemable Preference Units;   liquidation value $50 per unit; 1,000,000 units issued and   outstanding at June 30, 2013 and December 31, 2012	12/10/26		$4.145	$	50,000	$	50,000
				$	50,000	$	50,000

(1) On or after the redemption date, redeemable preference units may be redeemed for cash at the option of the Operating Partnership, in whole or in part, at a redemption price equal to the liquidation price per unit, plus accrued and unpaid distributions, if any, in conjunction with the concurrent redemption of the corresponding Company Preferred Shares.

(2) Dividends on Preference Units are payable quarterly.

Other

On February 27, 2013, the Company issued 34,468,085 Common Shares to an affiliate of Lehman Brothers Holdings Inc. as partial consideration for the portion of the Archstone Portfolio acquired by the Company (as discussed in Note 4 below). The shares had a total value of $1.9 billion based on the February 27, 2013 closing price of EQR Common Shares of $55.99 per share. Concurrent with this transaction, ERPOP issued 34,468,085 OP Units to EQR. On March 7, 2013, EQR filed a shelf registration statement relating to the resale of these shares by the selling shareholders.

On November 28, 2012, as a partial source of funding for the Archstone Acquisition (see definition below), EQR priced the issuance of 21,850,000 Common Shares at a price of $54.75 per share for total consideration of approximately $1.2 billion, after deducting underwriting commissions of $35.9 million. Concurrent with this transaction, ERPOP issued 21,850,000 OP Units to EQR.

In September 2009, the Company announced the establishment of an At-The-Market (“ATM”) share offering program which would allow EQR to sell up to 17.0 million Common Shares from time to time over the next three years (later increased by 5.7 million Common Shares and extended to February 2014) into the existing trading market at current market prices as well as through negotiated transactions. Per the terms of ERPOP's partnership agreement, EQR contributes the net proceeds from all equity offerings to the capital of ERPOP in exchange for additional OP Units (on a one-for-one Common Share per OP Unit basis). EQR has not issued any shares under this program since September 14, 2012. EQR had 6.0 million Common Shares remaining available for issuance under the ATM program as of June 30, 2013. On July 30, 2013, the Company filed a new universal shelf registration statement to replace its existing universal shelf registration statement, which expires later this year. The Board of Trustees also approved an increase to the amount of shares which may be offered under the ATM program to 13.0 million Common Shares and extended the program maturity to July 2016. See Note 14 for further discussion.

EQR has a share repurchase program authorized by the Board of Trustees under which it had authorization to repurchase up to $464.6 million of its shares as of June 30, 2013. No shares were repurchased during the six months ended June 30, 2013. The Board of Trustees also approved an increase and modification to the Company's share repurchase program to allow for the potential repurchase of up to 13.0 million Common Shares. See Note 14 for further discussion.

See Note 6 for a discussion of the Noncontrolling Interests assumed in conjunction with the acquisition of Archstone.

24

4. Real Estate and Lease Intangibles

The following table summarizes the carrying amounts for the Company’s investment in real estate (at cost) as of June 30, 2013 and December 31, 2012 (amounts in thousands):

	June 30, 2013			December 31, 2012
Land	$	6,264,787		$	4,554,912
Depreciable property:
Buildings and improvements	17,862,440			14,135,740
Furniture, fixtures and equipment	1,201,868			1,343,765
In-Place lease intangibles	504,665			232,439
Projects under development:
Land	224,561			210,632
Construction-in-progress	361,188			177,118
Land held for development:
Land	506,380			294,868
Construction-in-progress	63,018			58,955
Investment in real estate	26,988,907			21,008,429
Accumulated depreciation	(4,547,327		)	(4,912,221		)
Investment in real estate, net	$	22,441,580		$	16,096,208

The following table summarizes the carrying amounts for the Company's above and below market ground and retail lease intangibles as of June 30, 2013 (amounts in thousands):

Description	Balance Sheet Location	Fair Value
Assets
Ground lease intangibles – below market	Other Assets	$	178,251
Retail lease intangibles – above market	Other Assets	2,310
Lease intangible assets		180,561
Accumulated amortization		(1,841		)
Lease intangible assets, net		$	178,720
Liabilities
Ground lease intangibles – above market	Other Liabilities	$	2,400
Retail lease intangibles – below market	Other Liabilities	7,790
Lease intangible liabilities		10,190
Accumulated amortization		(610		)
Lease intangible liabilities, net		$	9,580

During the six months and quarter ended June 30, 2013, the Company amortized approximately $1.4 million and $1.0 million, respectively, of above and below market ground lease intangibles which is included (net increase) in property and maintenance expense in the accompanying consolidated statements of operations and approximately $0.2 million and $0.1 million, respectively, of above and below market retail lease intangibles which is included (net increase) in rental income in the accompanying consolidated statements of operations.

The weighted average amortization period for above and below market ground lease intangibles and retail lease intangibles is 49.8 years and 5.3 years, respectively.

The following table provides a summary of the aggregate amortization expense for above and below market ground lease intangibles and retail lease intangibles for each of the next five years (amounts in thousands):

25

	Remaining
	2013			2014			2015			2016			2017			2018
Ground lease intangibles	$	2,161		$	4,321		$	4,321		$	4,321		$	4,321		$	4,321
Retail lease intangibles	(300		)	(1,144		)	(1,150		)	(1,042		)	(674		)	(205		)
Total	$	1,861		$	3,177		$	3,171		$	3,279		$	3,647		$	4,116

Archstone Acquisition

On February 27, 2013, the Company, AvalonBay Communities, Inc. (“AVB”) and certain of their respective subsidiaries completed their previously announced acquisition (the “Archstone Acquisition”) from Archstone Enterprise LP (“Enterprise”) (which subsequently changed its name to Jupiter Enterprise LP) and its affiliates, of all of the assets of Enterprise (including interests in various entities affiliated with Enterprise), constituting a portfolio of apartment properties and other assets (the “Archstone Portfolio”).

The Company acquired assets representing approximately 60% of the Archstone Portfolio which consisted principally of high-quality apartment properties in major markets in the United States. The acquisition allowed the Company to accelerate the completion of its strategic shift into coastal apartment markets. Pursuant to the Archstone transaction, the Company acquired directly or indirectly, 71 wholly owned, stabilized properties consisting of 20,160 apartment units, one partially owned and consolidated stabilized property consisting of 432 apartment units, one partially owned and unconsolidated stabilized property consisting of 336 apartment units, three consolidated master-leased properties consisting of 853 apartment units, four projects in various stages of construction (two consolidated and two unconsolidated) for 964 apartment units and fourteen land sites for approximately $9.0 billion. During the six months ended June 30, 2013, the Company recorded revenues and net operating income ("NOI") of $204.5 million and $140.0 million, respectively, from the acquired assets. During the quarter ended June 30, 2013, the Company recorded revenues and NOI of $151.9 million and $103.9 million, respectively, from the acquired assets.

The consideration paid by the Company in connection with the Archstone Acquisition consisted of cash of approximately $4.0 billion (inclusive of $2.0 billion of Archstone secured mortgage principal paid off in conjunction with the closing), 34,468,085 Common Shares (which shares had a total value of $1.9 billion based on the February 27, 2013 closing price of EQR common shares of $55.99 per share) issued to the seller and the assumption of approximately $3.1 billion of mortgage debt (inclusive of a net mark-to-market premium of $127.9 million) and approximately 60% of all of the other assets and liabilities related to the Archstone Portfolio. The cash consideration was funded with proceeds from the November 2012 public equity offering, the asset sales discussed below, the Company's new $750.0 million senior unsecured delayed draw term loan facility and the Company's revolving credit facility.

The Company owns the building and improvements and leases the land underlying the improvements under long-term ground leases that expire beginning in 2042 and running through 2103 for nine of the operating properties acquired and discussed above. These properties are consolidated and reflected as real estate assets while the ground leases are accounted for as operating leases. The Company also leases the three master-leased properties discussed above to third party operators and earns monthly net rental income.

The Company is accounting for the acquisition under the acquisition method in accordance with Accounting Standards Codification ("ASC") 805, Business Combinations (“ASC 805”), and the initial accounting for this business combination is substantially complete but subject to further adjustment as certain information becomes available (see further discussion below). The following table summarizes the acquisition date fair values of the assets acquired and liabilities assumed, which the Company determined using Level 1, Level 2 and Level 3 inputs (amounts in thousands):

26

Land	$	2,239,000
Depreciable property:
Buildings and improvements	5,836,010
Furniture, fixtures and equipment	61,470
In-Place lease intangibles	304,830
Projects under development	36,583
Land held for development	239,418
Investments in unconsolidated entities	185,723
Other assets	196,310
Other liabilities	(112,369		)
Net assets acquired	$	8,986,975

The allocation of fair values of the assets acquired and liabilities assumed has changed from the allocation reported in “Note 4 – Real Estate” in the Notes to Consolidated Financial Statements included in Part I of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2013 filed with the SEC on May 9, 2013. The changes to our valuation assumptions were based on more accurate information concerning the subject assets and liabilities. None of these changes had a material impact on our Consolidated Financial Statements. This allocation is subject to further adjustment due primarily to information not readily available at the acquisition date, final purchase price settlement with our partner in accordance with the terms of the purchase agreement, reclassification adjustments for presentation and adjustments to our valuation assumptions. The Company's assessment of the fair values and the allocation of the purchase price to the identified tangible and intangible assets is its current best estimate of fair value.

The fair values of investment in real estate were determined using internally developed models that were based on market assumptions and comparable sales data as well as external valuations performed by unrelated third parties. The market assumptions used as inputs to the Company’s fair value model include construction costs, leasing assumptions, growth rates, discount rates, terminal capitalization rates and development yields. The Company uses data on its existing portfolio of properties and its recent acquisition and development properties, as well as similar market data from third party sources, when available, in determining these inputs (Level 2 and 3). The fair value of Noncontrolling Interests was calculated similar to the investment in real estate described above. The fair value of mortgage debt was calculated using indicative rates, leverage and coverage provided by lenders of similar loans (Level 2). The Common Shares issued to Lehman Brothers Holdings Inc. were valued using the quoted market price of Common Shares (Level 1).

The following table summarizes the acquisition date fair values of the above and below market ground and retail lease intangibles, which we determined using Level 2 and Level 3 inputs (amounts in thousands):

Description	Balance Sheet Location	Fair Value
Ground lease intangibles – below market	Other Assets	$	178,251
Retail lease intangibles – above market	Other Assets	2,310
Ground lease intangibles – above market	Other Liabilities	2,400
Retail lease intangibles – below market	Other Liabilities	8,040

As of June 30, 2013, the Company has incurred Archstone-related expenses of approximately $93.5 million, of which approximately $13.5 million of this total was financing-related and approximately $80.0 million was merger costs. During the six months ended June 30, 2013, the Company expensed $19.6 million of direct merger costs primarily related to investment banking and legal/accounting fees, which were included in merger expenses in the accompanying consolidated statements of operations, and $53.0 million of indirect merger costs related to severance obligations and retention bonuses through our 60% interest in an unconsolidated joint venture with AVB, which were included in (loss) from investments in unconsolidated entities due to merger expenses in the accompanying consolidated statements of operations. The Company also expensed $2.5 million of financing-related costs, which were included in interest expense in the accompanying consolidated statements of operations.

27

Unaudited Pro Forma Financial Information

Equity Residential

The following table illustrates the effect on net income, earnings per share – basic and earnings per share – diluted as if the Company had consummated the Archstone Acquisition as of January 1, 2012:

	Six Months Ended June 30,					Quarter Ended June 30,
	2013		2012			2013		2012
	(Amounts in thousands, except per share amounts)
Total revenues	$	1,256,088	$	1,158,374		$	635,078	$	589,929
Income (loss) from continuing operations (1)	60,541		(275,698		)	96,585		(126,424		)
Discontinued operations, net	1,608,374		277,844			389,329		107,841
Net income (loss)	1,668,915		(2,146		)	485,914		(18,583		)
Net income (loss) available to Common Shares	1,601,368		(2,989		)	467,237		(20,191		)
Earnings (loss) per share - basic:
Net income (loss) available to Common Shares	$	4.45	$	(0.01	)	$	1.30	$	(0.06	)
Weighted average Common Shares outstanding (2)	359,509		355,817			359,653		356,511
Earnings (loss) per share - diluted (1):
Net income (loss) available to Common Shares	$	4.44	$	(0.01	)	$	1.29	$	(0.06	)
Weighted average Common Shares outstanding (2)	375,722		355,817			375,910		356,511

(1) Potential common shares issuable from the assumed conversion of OP Units and the exercise/vesting of long-term compensation shares/units are automatically anti-dilutive and therefore excluded from the diluted earnings per share calculation as the Company had a pro forma loss from continuing operations for the six months and quarters ended June 30, 2012.

(2) Includes a weighted average adjustment for Common Shares issued to the public in December 2012 and to an affiliate of Lehman Brothers Holdings Inc. in February 2013 as partial consideration for the Archstone Acquisition.

ERP Operating Limited Partnership

The following table illustrates the effect on net income, earnings per Unit – basic and earnings per Unit – diluted as if the Operating Partnership had consummated the Archstone Acquisition as of January 1, 2012:

	Six Months Ended June 30,					Quarter Ended June 30,
	2013		2012			2013		2012
	(Amounts in thousands, except per Unit amounts)
Total revenues	$	1,256,088	$	1,158,374		$	635,078	$	589,929
Income (loss) from continuing operations (1)	60,541		(275,698		)	96,585		(126,424		)
Discontinued operations, net	1,608,374		277,844			389,329		107,841
Net income (loss)	1,668,915		(2,146		)	485,914		(18,583		)
Net income (loss) available to Units	1,668,439		(3,127		)	485,693		(21,149		)
Earnings (loss) per Unit - basic:
Net income (loss) available to Units	$	4.45	$	(0.01	)	$	1.30	$	(0.06	)
Weighted average Units outstanding (2)	373,245		369,451			373,403		370,573
Earnings (loss) per Unit - diluted (1):
Net income (loss) available to Units	$	4.44	$	(0.01	)	$	1.29	$	(0.06	)
Weighted average Units outstanding (2)	375,722		369,451			375,910		370,573

28

(1) Potential Units issuable from the assumed exercise/vesting of the Company's long-term compensation shares/units are automatically anti-dilutive and therefore excluded from the diluted earnings per Unit calculation as the Operating Partnership had a pro forma loss from continuing operations for the six months and quarters ended June 30, 2012.

(2) Includes a weighted average adjustment for Common Shares issued to the public in December 2012 and to an affiliate of Lehman Brothers Holdings Inc. in February 2013 as partial consideration for the Archstone Acquisition. Concurrent with these transactions, ERPOP issued the same number of OP Units to EQR.

For the six months ended June 30, 2013 and 2012, acquisition costs of $19.6 million and $1.8 million, respectively, and severance/retention and other costs of $50.9 million and none, respectively, related to the Archstone Acquisition are not expected to have a continuing impact on the Company's financial results and therefore have been excluded from these pro forma results. The pro forma results also do not include the impact of any synergies or lower borrowing costs that the Company has or may achieve as a result of the acquisition or any strategies that management has or may consider in order to more efficiently manage the Company's operations, nor do they give pro forma effect to any other acquisitions, dispositions or capital markets transactions (excluding the equity offering in December 2012 which proceeds were used for the Archstone Acquisition) that the Company completed during the periods presented. These pro forma results are not necessarily indicative of the operating results that would have been obtained had the Archstone Acquisition occurred at the beginning of the periods presented, nor are they necessarily indicative of future operating results.

Other

In addition to the Archstone acquisition described above, during the six months ended June 30, 2013, the Company acquired the entire equity interest in the following from unaffiliated parties (purchase price in thousands):

	Properties	Apartment Units	Purchase Price
Rental Properties – Consolidated	1	322	$	91,500
Land Parcel (one)	—	—	16,500
Total	1	322	$	108,000

During the six months ended June 30, 2013, the Company disposed of the following to unaffiliated parties (sales price in thousands):

	Properties	Apartment Units	Sales Price
Rental Properties – Consolidated	82	24,197	$	3,705,082
Land Parcels (five)	—	—	59,750
Other (1)	—	—	30,734
Total	82	24,197	$	3,795,566

(1) Represents a 97,000 square foot commercial building adjacent to our Harbor Steps apartment property in downtown Seattle that was acquired in 2011.

The Company recognized a net gain on sales of discontinued operations of approximately $1.6 billion and a net gain on sales of land parcels of approximately $14.6 million on the above sales.

5. Commitments to Acquire/Dispose of Real Estate

The Company has entered into separate agreements to acquire the following (purchase price in thousands):

	Properties	Apartment Units	Purchase Price
Land Parcels (two)	—	—	$	39,300
Total	—	—	$	39,300

In addition to the properties and land parcel that were subsequently disposed of as discussed in Note 14, the Company has entered into separate agreements to dispose of the following (sales price in thousands):

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	Properties	Apartment Units	Sales Price
Rental Properties	2	688	$	68,182
Land Parcel (one)	—	—	26,350
Total	2	688	$	94,532

The closings of these pending transactions are subject to certain conditions and restrictions, therefore, there can be no assurance that these transactions will be consummated or that the final terms will not differ in material respects from those summarized in the preceding paragraphs.

6. Investments in Partially Owned Entities

The Company has co-invested in various properties with unrelated third parties which are either consolidated or accounted for under the equity method of accounting (unconsolidated). The following tables and information summarize the Company’s investments in partially owned entities as of June 30, 2013 (amounts in thousands except for project and apartment unit amounts):

	Consolidated								Unconsolidated
	Development Projects								Development Projects
	Held for and/or Under Development		Operating			Total			Held for and/or Under Development		Operating			Total
Total projects (1)	—		19			19			—		1			1
Total apartment units (1)	—		3,752			3,752			—		336			336
Balance sheet information at 6/30/13 (at 100%):
ASSETS
Investment in real estate	$	250,816	$	671,667		$	922,483		$	304,921	$	55,025		$	359,946
Accumulated depreciation	—		(158,035		)	(158,035		)	—		(2,158		)	(2,158		)
Investment in real estate, net	250,816		513,632			764,448			304,921		52,867			357,788
Cash and cash equivalents	2,656		14,936			17,592			1,581		1,604			3,185
Investments in unconsolidated entities	—		55,858			55,858			—		—			—
Deposits – restricted	43,623		197			43,820			—		—			—
Deferred financing costs, net	—		2,606			2,606			62		5			67
Other assets	5,837		26,661			32,498			415		1,548			1,963
Total assets	$	302,932	$	613,890		$	916,822		$	306,979	$	56,024		$	363,003
LIABILITIES AND EQUITY/CAPITAL
Mortgage notes payable (2)	$	—	$	358,632		$	358,632		$	145,767	$	30,550		$	176,317
Accounts payable & accrued expenses	4,329		1,592			5,921			8,423		(45		)	8,378
Accrued interest payable	—		1,218			1,218			552		—			552
Other liabilities	1,003		1,363			2,366			230		1,817			2,047
Security deposits	—		1,809			1,809			79		—			79
Total liabilities	5,332		364,614			369,946			155,051		32,322			187,373
Noncontrolling Interests - Partially Owned Properties/Partners' equity	93,348		14,145			107,493			115,425		20,450			135,875
Company equity/General and Limited Partners' Capital	204,252		235,131			439,383			36,503		3,252			39,755
Total equity/capital	297,600		249,276			546,876			151,928		23,702			175,630
Total liabilities and equity/capital	$	302,932	$	613,890		$	916,822		$	306,979	$	56,024		$	363,003

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	Consolidated									Unconsolidated
	Development Projects									Development Projects
	Held for and/or Under Development									Held for and/or Under Development			Operating
				Operating			Total									Total
Operating information for the six months ended 6/30/13 (at 100%):
Operating revenue	$	—		$	38,352		$	38,352		$	1,203		$	1,610		$	2,813
Operating expenses	179			12,293			12,472			1,091			671			1,762
Net operating (loss) income	(179		)	26,059			25,880			112			939			1,051
Depreciation	—			17,056			17,056			—			2,158			2,158
General and administrative/other	503			31			534			11			—			11
Operating (loss) income	(682		)	8,972			8,290			101			(1,219		)	(1,118		)
Interest and other income	1			3			4			—			2			2
Other expenses	(181		)	(3		)	(184		)	—			—			—
Interest:
Expense incurred, net	—			(6,712		)	(6,712		)	(208		)	(373		)	(581		)
Amortization of deferred financing costs	—			(131		)	(131		)	—			—			—
(Loss) income before income and other taxes, (loss) from investments in unconsolidated entities, net (loss) gain on sales of land parcels and discontinued operations	(862		)	2,129			1,267			(107		)	(1,590		)	(1,697		)
Income and other tax (expense) benefit	(11		)	(56		)	(67		)	—			—			—
(Loss) from investments in unconsolidated entities	—			(342		)	(342		)	—			—			—
Net (loss) on sales of land parcels	(17		)	—			(17		)	—			—			—
Net gain on sales of discontinued operations	—			26,686			26,686			—			—			—
Net (loss) income	$	(890	)	$	28,417		$	27,527		$	(107	)	$	(1,590	)	$	(1,697	)

(1) Project and apartment unit counts exclude all uncompleted development projects until those projects are substantially completed.

(2) All debt is non-recourse to the Company with the exception of 50% of the current $2.7 million outstanding debt balance on one unconsolidated development project.

Note: The above tables exclude the Company's interests in unconsolidated joint ventures entered into with AVB in connection with the Archstone transaction. These ventures own certain non-core Archstone assets that are held for sale and succeeded to certain residual Archstone liabilities, such as liability for various employment-related matters as well as responsibility for tax protection arrangements and third-party preferred interests in former Archstone subsidiaries. The preferred interests have an aggregate liquidation value of $88.3 million at June 30, 2013. The ventures are owned 60% by the Company and 40% by AVB.

The Company is the controlling partner in various consolidated partnership properties and development properties having a noncontrolling interest book value of $107.5 million at June 30, 2013. The Company has identified one development partnership, consisting of a land parcel with a book value of $5.0 million, as a VIE. The Company does not have any unconsolidated VIEs.

On February 27, 2013, in conjunction with the Archstone Acquisition, the Company acquired interests in several joint ventures. Details of these interests follow by project:

Park Aire (formerly known as Enclave at Wellington) – This venture is currently developing certain land parcels into a 268 unit apartment building located in Wellington, Florida. The Company has a 95% equity interest with an initial basis of $26.2 million. Total project costs are expected to be approximately $50.0 million. The Company is the managing member, is responsible for constructing the project and its partner does not have substantive kick-out or participating rights. As a result, the entity is required to be consolidated on the Company's balance sheet.

East Palmetto Park – This venture was formed to ultimately develop certain land parcels into a 377 unit apartment building located in Boca Raton, Florida. The Company has a 90% equity interest with an initial basis of $20.2 million. The Company is the managing member, is responsible for constructing the project and its partner does not have substantive kick-out or participating rights. As a result, the entity is required to be consolidated on the Company's balance sheet.

Wisconsin Place – This venture was formed to develop and operate a mixed-use site located in Chevy Chase, Maryland consisting of residential, retail, office and accessory uses, including underground parking facilities. The Company has a 75% equity

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interest with an initial basis of $198.5 million in the 432 unit residential component. The Company is the managing member, was responsible for constructing the residential project and its partner does not have substantive kick-out or participating rights. As a result, the entity that owns the residential component of this mixed-use site is required to be consolidated on the Company's balance sheet. Such entity also retains an unconsolidated interest in an entity that owns the land underlying the project and owns and operates the parking facility. The initial fair value of this investment is $56.5 million. The Company does not have any ownership interest in the retail and office components.

San Norterra – This venture is currently developing certain land parcels into a 388 unit apartment building located in Phoenix, Arizona. The Company has an 85% equity interest with an initial basis of $16.9 million. Total project costs are approximately $56.3 million and construction is being partially funded with a construction loan that is guaranteed by the partner and non-recourse to the Company. The loanhas a maximum debt commitment of $34.8 million and a current unconsolidated outstanding balance of $28.4 million; the loan bears interest at LIBOR plus 2.00% and matures January 6, 2015. The partner is the managing member and is developing the project. The Company does not have substantive kick-out or participating rights. As a result, the entity is unconsolidated and recorded using the equity method of accounting.

Waterton Tenside – This venture was formed to develop and operate a 336 unit apartment property located in Atlanta, Georgia. The Company has a 20% equity interest with an initial basis of $5.1 million. The partner is the managing member and developed the project. The project is encumbered by a non-recourse mortgage loan that has a current outstanding balance of $30.6 million, bears interest at 3.66% and matures December 1, 2018. The Company does not have substantive kick-out or participating rights. As a result, the entity is unconsolidated and recorded using the equity method of accounting.

Mission Gorge – This venture was formed to ultimately develop a land parcel into a 444 unit apartment building located in San Diego, California. The Company currently has a 23.08% equity interest with an initial basis of $4.1 million. While the Company is the managing member of the joint venture and will be responsible for constructing the project, the joint venture partner has significant participating rights and has active involvement in and oversight of the ongoing project. As a result, this entity is unconsolidated and recorded using the equity method of accounting.

Parkside at Emeryville – This venture is currently developing certain land parcels into a 180 unit apartment building located in Emeryville, California. The Company has a 5% equity interest with an initial obligation of approximately $2.1 million. Total project costs are expected to be approximately $75.0 million and construction is being partially funded with a construction loan. The loan has a maximum debt commitment of $39.5 million and a current unconsolidated outstanding balance of $2.7 million; the loan bears interest at LIBOR plus 2.25% and matures August 14, 2015. The Company has given a repayment guaranty on the construction loan of 50% of the outstanding balance, up to a maximum of $19.7 million, and has given certain construction cost overrun guarantees. The partner is the managing member and is developing the project. The Company does not have substantive kick-out or participating rights. As a result, the entity is unconsolidated and recorded using the equity method of accounting.

On February 27, 2013, in connection with the Archstone Acquisition, subsidiaries of the Company and AVB entered into three limited liability company agreements (collectively, the “Residual JV”). The Residual JV owns certain non-core Archstone assets that are held for sale, such as interests in a German portfolio of apartment buildings, and succeeded to certain residual Archstone liabilities, such as liability for various employment-related matters. The Residual JV is owned 60% by the Company and 40% by AVB and the Company's initial investment was $105.2 million. The venture is managed by a Management Committee consisting of two members from each of the Company and AVB. Both partners have equal participation in the Management Committee and all significant participating rights are shared by both partners. As a result, the venture is unconsolidated and recorded using the equity method of accounting.

On February 27, 2013, in connection with the Archstone Acquisition, a subsidiary of the Company and AVB entered into a limited liability company agreement (the “Legacy JV”), through which they assumed obligations of Archstone in the form of preferred interests, some of which are governed by tax protection arrangements. During the six months ended June 30, 2013, the Company purchased with AVB $65.0 million (of which the Company's 60% share was $39.0 million) of the preferred interests assumed by Legacy JV. At June 30, 2013, the remaining preferred interests have an aggregate liquidation value of $88.3 million, our share of which is included in other liabilities in the accompanying consolidated balance sheets. Obligations of the venture are borne 60% by the Company and 40% by AVB. The venture is managed by a Management Committee consisting of two members from each of the Company and AVB. Both partners have equal participation in the Management Committee and all significant participating rights are shared by both partners. As a result, the venture is unconsolidated and recorded using the equity method of accounting.

In December 2011, the Company and Toll Brothers (NYSE: TOL) jointly acquired a vacant land parcel at 400 Park Avenue South in New York City. The Company's and Toll Brothers' allocated portions of the purchase price were approximately $76.1 million and $57.9 million, respectively. The Company is the managing member and Toll Brothers does not have substantive kick-

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out or participating rights. Until the core and shell of the building is complete, the building and land will be owned jointly and are required to be consolidated on the Company's balance sheet. Thereafter, the Company will solely own and control the rental portion of the building (floors 2-22) and Toll Brothers will solely own and control the for sale portion of the building (floors 23-40). Once the core and shell are complete, the Toll Brothers' portion of the property will be deconsolidated from the Company's balance sheet. The acquisition was financed through contributions by the Company and Toll Brothers of approximately $102.5 million and $75.7 million, respectively, which included the land purchase noted above, restricted deposits and taxes and fees. As of June 30, 2013, the Company's and Toll Brothers' consolidated contributions to the joint venture were approximately $230.7 million, of which Toll Brothers' noncontrolling interest balance totaled $90.8 million.

The Company admitted an 80% institutional partner to two separate entities/transactions (Nexus Sawgrass in December 2010 and Domain in August 2011), each owning a developable land parcel, in exchange for $40.1 million in cash and retained a 20% equity interest in both of these entities. These land parcels are now unconsolidated. Total project costs are approximately $232.8 million and construction is being predominantly funded with two separate long-term, non-recourse secured loans from the partner. Nexus Sawgrass has a maximum debt commitment of $48.7 million and a current unconsolidated outstanding balance of $42.6 million; the loan bears interest at 5.60% and matures January 1, 2021. Domain has a maximum debt commitment of $98.6 million and a current unconsolidated outstanding balance of $72.1 million; the loan bears interest at 5.75% and matures January 1, 2022.While the Company is the managing member of both of the joint ventures, is responsible for constructing both of the projects and has given certain construction cost overrun guarantees, the joint venture partner has significant participating rights and has active involvement in and oversight of the ongoing projects. The Company currently has no further funding obligations related to these projects.

7. Deposits – Restricted

The following table presents the Company’s restricted deposits as of June 30, 2013 and December 31, 2012 (amounts in thousands):

	June 30, 2013		December 31, 2012
Tax–deferred (1031) exchange proceeds	$	82,029	$	152,182
Earnest money on pending acquisitions	350		5,613
Restricted deposits on real estate investments	53,756		44,209
Resident security and utility deposits	59,773		44,199
Other	1,359		4,239
Totals	$	197,267	$	250,442

8.    Debt

EQR does not have any indebtedness as all debt is incurred by the Operating Partnership. EQR guarantees the Operating Partnership’s $750.0 million senior unsecured delayed draw term loan facility 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 June 30, 2013, the Company had outstanding mortgage debt of approximately $6.2 billion.

During the six months ended June 30, 2013, the Company:

▪ Repaid $704.2 million of mortgage loans;

▪ Assumed $2.2 billion of mortgage debt held in two Fannie Mae loan pools, consisting of $1.2 billion collateralized by 16 properties with an interest rate of 6.256% and a maturity date of November 1, 2017 and $1.0 billion collateralized by 15 properties with an interest rate of 5.883% and a maturity date of November 1, 2014;

▪ Assumed $346.6 million of tax-exempt bonds on four properties with interest rates ranging from SIFMA plus 0.860% to SIFMA plus 1.402% and maturity dates through November 15, 2036;

▪ Assumed $339.0 million of other mortgage debt on three properties with fixed interest rates ranging from 0.100% to 5.240% and maturity dates through May 1, 2061;

▪ Assumed $34.1 million of other mortgage debt on one property with a variable rate of LIBOR plus 1.75% and a maturity date of September 1, 2014; and

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▪ Recorded $127.9 million of net mark-to-market premiums on the mortgage debt described in the bullets above.

The Company recorded approximately $71.4 million, $1.6 million and $3.3 million of prepayment penalties, write-offs of unamortized deferred financing costs and write-offs of unamortized discounts, respectively, during the six months ended June 30, 2013 as additional interest expense related to debt extinguishment of mortgages.

As of June 30, 2013, the Company had $700.5 million of secured debt subject to third party credit enhancement.

As of June 30, 2013, scheduled maturities for the Company’s outstanding mortgage indebtedness were at various dates through May 1, 2061. At June 30, 2013, the interest rate range on the Company’s mortgage debt was 0.05% to 7.25%. During the six months ended June 30, 2013, the weighted average interest rate on the Company’s mortgage debt was 4.37%.

Notes

As of June 30, 2013, the Company had outstanding unsecured notes of approximately $5.5 billion.

During the six months ended June 30, 2013, the Company:

▪ Repaid $400.0 million of 5.200% unsecured notes at maturity;

▪ Issued $500.0 million of ten-year 3.00% fixed rate public notes, receiving net proceeds of $495.6 million before underwriting fees, hedge termination costs and other expenses, at an all-in effective interest rate of 3.998%; and

▪ Entered into a senior unsecured $750.0 million delayed draw term loan facility which was fully drawn on February 27, 2013 in connection with the Archstone acquisition. The maturity date of January 11, 2015 is subject to a one-year extension option exercisable by the Company. The interest rate on advances under the term loan facility will generally be LIBOR plus a spread (currently 1.20%), which is dependent on the credit rating of the Company's long-term debt.

In November 2012, the Company obtained a commitment for a senior unsecured bridge loan facility in an aggregate principal amount not to exceed $2.5 billion to finance the acquisition of Archstone and to pay fees and expenses relating to this transaction. On January 11, 2013, the Company terminated this $2.5 billion bridge loan facility in connection with the execution of the term loan facility discussed above and the new revolving credit facility discussed below. The Company wrote off approximately $2.5 million of unamortized deferred financing costs during the six months ended June 30, 2013 as additional interest expense.

As of June 30, 2013, scheduled maturities for the Company’s outstanding notes were at various dates through 2026. At June 30, 2013, the interest rate range on the Company’s notes was 1.36% to 7.57%. During the six months ended June 30, 2013, the weighted average interest rate on the Company’s notes was 5.15%.

Lines of Credit

On January 11, 2013, the Company replaced its existing $1.75 billion facility with a $2.5 billion unsecured revolving credit facility maturing April 1, 2018. 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. The interest rate on advances under the new credit facility will generally be LIBOR plus a spread (currently 1.05%) and the Company pays an annual facility fee (currently 15 basis points). Both the spread and the facility fee are dependent on the credit rating of the Company's long-term debt. The existing $1.75 billion facility was scheduled to mature in July 2014.

As of June 30, 2013, the amount available on the credit facility was $2.47 billion (net of $33.3 million which was restricted/dedicated to support letters of credit). During the six months ended June 30, 2013, the weighted average interest rate was 1.27%.

9. Derivative and Other Fair Value Instruments

The valuation of financial instruments requires the Company to make estimates and judgments that affect the fair value of the instruments. The Company, where possible, bases the fair values of its financial instruments, including its derivative instruments, on listed market prices and third party quotes. Where these are not available, the Company bases its estimates on current instruments with similar terms and maturities or on other factors relevant to the financial instruments.

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The carrying values of the Company’s mortgage notes payable and unsecured notes were approximately $6.2 billion and $5.5 billion, respectively, at June 30, 2013. The fair values of the Company’s mortgage notes payable and unsecured notes were approximately $6.4 billion (Level 2) and $5.8 billion (Level 2), respectively, at June 30, 2013. The carrying values of the Company's mortgage notes payable and unsecured notes were approximately $3.9 billion and $4.6 billion, respectively, at December 31, 2012. The fair values of the Company’s mortgage notes payable and unsecured notes were approximately $4.3 billion (Level 2) and $5.2 billion (Level 2), respectively, at December 31, 2012. The fair values of the Company’s financial instruments (other than mortgage notes payable, unsecured notes, derivative instruments and investment securities), including cash and cash equivalents and other financial instruments, approximate their carrying or contract values.

In the normal course of business, the Company is exposed to the effect of interest rate changes. The Company seeks to manage these risks by following established risk management policies and procedures including the use of derivatives to hedge interest rate risk on debt instruments. The Company may also use derivatives to manage its exposure to foreign exchange rates or manage commodity prices in the daily operations of the business.

The following table summarizes the Company’s consolidated derivative instruments at June 30, 2013 (dollar amounts are in thousands):

	Forward Starting Swaps (1)
Current Notional Balance	$	250,000
Lowest Possible Notional	$	250,000
Highest Possible Notional	$	250,000
Lowest Interest Rate	2.125		%
Highest Interest Rate	2.674		%
Earliest Maturity Date	2024
Latest Maturity Date	2024

(1) Forward Starting Swaps – Designed to partially fix the interest rate in advance of a planned future debt issuance. These swaps have mandatory counterparty terminations in 2015, and are targeted to 2014 issuances.

In April 2013, the Company's remaining fair value hedges matured.

A three-level valuation hierarchy exists for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows:

• Level 1 – Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

• Level 2 – Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

• Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The Company’s derivative positions are valued using models developed by the respective counterparty as well as models developed internally by the Company that use as their basis readily observable market parameters (such as forward yield curves and credit default swap data). Employee holdings other than Common Shares within the supplemental executive retirement plan (the “SERP”) are valued using quoted market prices for identical assets and are included in other assets and other liabilities on the consolidated balance sheet. The Company’s investment securities are valued using quoted market prices or readily available market interest rate data. Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners are valued using the quoted market price of Common Shares. The fair values disclosed for mortgage notes payable and unsecured notes were calculated using indicative rates provided by lenders of similar loans in the case of mortgage notes payable and the private unsecured notes and quoted market prices for each underlying issuance in the case of the public unsecured notes.

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The following tables provide a summary of the fair value measurements for each major category of assets and liabilities measured at fair value on a recurring basis and the location within the accompanying Consolidated Balance Sheets at June 30, 2013 and December 31, 2012, respectively (amounts in thousands):

				Fair Value Measurements at Reporting Date Using
Description	Balance Sheet Location	6/30/2013		Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1)		Significant  Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level  3)
Assets
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Forward Starting Swaps	Other Assets	$	12,276	$	—	$	12,276	$	—
Supplemental Executive Retirement Plan	Other Assets	73,839		73,839		—		—
Available-for-Sale Investment Securities	Other Assets	3,142		3,142		—		—
Total		$	89,257	$	76,981	$	12,276	$	—
Liabilities
Supplemental Executive Retirement Plan	Other Liabilities	$	73,839	$	73,839	$	—	$	—
Total		$	73,839	$	73,839	$	—	$	—
Redeemable Noncontrolling Interests –
Operating Partnership/Redeemable
Limited Partners	Mezzanine	$	407,890	$	—	$	407,890	$	—

				Fair Value Measurements at Reporting Date Using
Description	Balance Sheet Location	12/31/2012		Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1)		Significant  Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level  3)
Assets
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Fair Value Hedges	Other Assets	$	1,524	$	—	$	1,524	$	—
Supplemental Executive Retirement Plan	Other Assets	70,655		70,655		—		—
Available-for-Sale Investment Securities	Other Assets	2,214		2,214		—		—
Total		$	74,393	$	72,869	$	1,524	$	—
Liabilities
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Forward Starting Swaps	Other Liabilities	$	44,050	$	—	$	44,050	$	—
Supplemental Executive Retirement Plan	Other Liabilities	70,655		70,655		—		—
Total		$	114,705	$	70,655	$	44,050	$	—
Redeemable Noncontrolling Interests –
Operating Partnership/Redeemable
Limited Partners	Mezzanine	$	398,372	$	—	$	398,372	$	—

The following tables provide a summary of the effect of fair value hedges on the Company’s accompanying Consolidated Statements of Operations for the six months ended June 30, 2013 and 2012, respectively (amounts in thousands):

36

June 30, 2013 Type of Fair Value Hedge	Location of Gain/(Loss) Recognized in Income on Derivative	Amount of Gain/(Loss) Recognized in Income on Derivative			Hedged Item	Income Statement Location of Hedged Item Gain/(Loss)	Amount of Gain/(Loss) Recognized in Income on Hedged Item
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Interest Rate Swaps	Interest expense	$	(1,524	)	Fixed rate debt	Interest expense	$	1,524
Total		$	(1,524	)			$	1,524

June 30, 2012 Type of Fair Value Hedge	Location of Gain/(Loss) Recognized in Income on Derivative	Amount of Gain/(Loss) Recognized in Income on Derivative			Hedged Item	Income Statement Location of Hedged Item Gain/(Loss)	Amount of Gain/(Loss) Recognized in Income on Hedged Item
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Interest Rate Swaps	Interest expense	$	(4,663	)	Fixed rate debt	Interest expense	$	4,663
Total		$	(4,663	)			$	4,663

The following tables provide a summary of the effect of cash flow hedges on the Company’s accompanying Consolidated Statements of Operations for the six months ended June 30, 2013 and 2012, respectively (amounts in thousands):

	Effective Portion						Ineffective Portion
June 30, 2013 Type of Cash Flow Hedge	Amount of Gain/(Loss) Recognized in OCI on Derivative		Location of Gain/ (Loss) Reclassified from Accumulated OCI into Income	Amount of Gain/ (Loss) Reclassified from Accumulated OCI into Income			Location of Gain/(Loss) Recognized in Income  on Derivative	Amount of Gain/ (Loss) Reclassified from Accumulated OCI into Income
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Forward Starting Swaps/Treasury Locks	$	12,337	Interest expense	$	(12,098	)	N/A	$	—
Total	$	12,337		$	(12,098	)		$	—

	Effective Portion							Ineffective Portion
June 30, 2012 Type of Cash Flow Hedge	Amount of Gain/(Loss) Recognized in OCI on Derivative			Location of Gain/ (Loss) Reclassified from Accumulated OCI into Income	Amount of Gain/ (Loss) Reclassified from Accumulated OCI into Income			Location of Gain/(Loss) Recognized in Income  on Derivative	Amount of Gain/ (Loss) Reclassified from Accumulated OCI into Income
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Forward Starting Swaps/Treasury Locks	$	(8,642	)	Interest expense	$	(7,203	)	N/A	$	—
Total	$	(8,642	)		$	(7,203	)		$	—

As of June 30, 2013 and December 31, 2012, there were approximately $170.3 million and $194.7 million in deferred losses, net, included in accumulated other comprehensive (loss), respectively, related to derivative instruments. Based on the estimated fair values of the net derivative instruments at June 30, 2013, the Company may recognize an estimated $21.6 million of accumulated other comprehensive (loss) as additional interest expense during the twelve months ending June 30, 2014.

In April 2013, the Company paid approximately $44.7 million to settle three forward starting swaps in conjunction with the issuance of $500.0 million of ten-year fixed rate public notes. The accrued interest of $0.7 million was recorded as interest expense. The remaining amount of $44.0 million will be deferred as a component of accumulated other comprehensive (loss) and recognized as an increase to interest expense over the approximate term of the notes.

The following tables set forth the maturity, amortized cost, gross unrealized gains and losses, book/fair value and interest and other income of the various investment securities held as of June 30, 2013 and December 31, 2012, respectively (amounts in thousands):

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		Other Assets
June 30, 2013 Security	Maturity	Amortized Cost		Unrealized Gains		Unrealized Losses		Book/ Fair Value		Interest and Other Income
Available-for-Sale Investment Securities	N/A	$	675	$	2,467	$	—	$	3,142	$	—
Total		$	675	$	2,467	$	—	$	3,142	$	—

		Other Assets
December 31, 2012 Security	Maturity	Amortized Cost		Unrealized Gains		Unrealized Losses		Book/ Fair Value		Interest and Other Income
Available-for-Sale Investment Securities	N/A	$	675	$	1,539	$	—	$	2,214	$	—
Total		$	675	$	1,539	$	—	$	2,214	$	—

10. Earning Per Share and Earnings Per Unit

Equity Residential

The following tables set forth the computation of net income per share – basic and net income per share – diluted for the Company (amounts in thousands except per share amounts):

	Six Months Ended June 30,						Quarter Ended June 30,
	2013			2012			2013			2012
Numerator for net income per share – basic and diluted (1):
(Loss) income from continuing operations	$	(209,793	)	$	(18,177	)	$	(51,455	)	$	474
Allocation to Noncontrolling Interests – Operating Partnership, net	8,513			1,139			1,963			154
Net loss (income) attributable to Noncontrolling Interests – Partially Owned Properties	790			(769		)	815			(319		)
Preferred distributions	(2,072		)	(6,933		)	(1,036		)	(3,467		)
(Loss) from continuing operations available to Common Shares, net of Noncontrolling Interests	(202,562		)	(24,740		)	(49,713		)	(3,158		)
Discontinued operations, net of Noncontrolling Interests	1,542,935			266,370			373,436			102,955
Numerator for net income per share – basic and diluted (1)	$	1,340,373		$	241,630		$	323,723		$	99,797
Denominator for net income per share – basic and diluted (1):
Denominator for net income per share – basic and diluted (1)	348,654			299,499			359,653			300,193
Net income per share – basic	$	3.84		$	0.81		$	0.90		$	0.33
Net income per share – diluted	$	3.84		$	0.81		$	0.90		$	0.33
Net income per share – basic:
(Loss) from continuing operations available to Common Shares, net of Noncontrolling Interests	$	(0.581	)	$	(0.082	)	$	(0.138	)	$	(0.011	)
Discontinued operations, net of Noncontrolling Interests	4.425			0.889			1.038			0.343
Net income per share – basic	$	3.844		$	0.807		$	0.900		$	0.332
Net income per share – diluted (1):
(Loss) from continuing operations available to Common Shares	$	(0.581	)	$	(0.082	)	$	(0.138	)	$	(0.011	)
Discontinued operations, net	4.425			0.889			1.038			0.343
Net income per share – diluted	$	3.844		$	0.807		$	0.900		$	0.332

(1) Potential common shares issuable from the assumed conversion of OP Units and the exercise/vesting of long-term compensation shares/units are automatically anti-dilutive and therefore excluded from the diluted earnings per share calculation as the Company had a loss from continuing operations for the six months and quarters ended June 30, 2013 and 2012.

ERP Operating Limited Partnership

The following tables set forth the computation of net income per Unit – basic and net income per Unit – diluted for the Operating Partnership (amounts in thousands except per Unit amounts):

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	Six Months Ended June 30,						Quarter Ended June 30,
	2013			2012			2013			2012
Numerator for net income per Unit – basic and diluted (1):
(Loss) income from continuing operations	$	(209,793	)	$	(18,177	)	$	(51,455	)	$	474
Net loss (income) attributable to Noncontrolling Interests – Partially Owned Properties	790			(769		)	815			(319		)
Allocation to Preference Units	(2,072		)	(6,933		)	(1,036		)	(3,467		)
(Loss) from continuing operations available to Units	(211,075		)	(25,879		)	(51,676		)	(3,312		)
Discontinued operations, net	1,607,559			278,659			388,187			107,841
Numerator for net income per Unit – basic and diluted (1)	$	1,396,484		$	252,780		$	336,511		$	104,529
Denominator for net income per Unit – basic and diluted (1):
Denominator for net income per Unit – basic and diluted (1)	362,390			313,133			373,403			314,255
Net income per Unit – basic	$	3.84		$	0.81		$	0.90		$	0.33
Net income per Unit – diluted	$	3.84		$	0.81		$	0.90		$	0.33
Net income per Unit – basic:
(Loss) from continuing operations available to Units	$	(0.581	)	$	(0.082	)	$	(0.138	)	$	(0.011	)
Discontinued operations, net	4.425			0.889			1.038			0.343
Net income per Unit – basic	$	3.844		$	0.807		$	0.900		$	0.332
Net income per Unit – diluted (1):
(Loss) from continuing operations available to Units	$	(0.581	)	$	(0.082	)	$	(0.138	)	$	(0.011	)
Discontinued operations, net	4.425			0.889			1.038			0.343
Net income per Unit – diluted	$	3.844		$	0.807		$	0.900		$	0.332

(1) Potential Units issuable from the assumed exercise/vesting of the Company's long-term compensation shares/units are automatically anti-dilutive and therefore excluded from the diluted earnings per Unit calculation as the Operating Partnership had a loss from continuing operations for the six months and quarters ended June 30, 2013 and 2012.

11. Discontinued Operations

The Company has presented separately as discontinued operations in all periods the results of operations for all consolidated assets disposed of and all properties held for sale, if any.

The components of discontinued operations are outlined below and include the results of operations for the respective periods that the Company owned such assets during the six months and quarters ended June 30, 2013 and 2012 (amounts in thousands).

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	Six Months Ended June 30,						Quarter Ended June 30,
	2013			2012			2013			2012
REVENUES
Rental income	$	73,144		$	198,955		$	8,313		$	98,628
Total revenues	73,144			198,955			8,313			98,628
EXPENSES (1)
Property and maintenance	23,062			47,382			6,707			22,977
Real estate taxes and insurance	7,304			15,420			468			10,029
Property management	1			141			—			71
Depreciation	22,160			58,833			2,465			27,560
General and administrative	71			43			64			39
Total expenses	52,598			121,819			9,704			60,676
Discontinued operating income (loss)	20,546			77,136			(1,391		)	37,952
Interest and other income	91			47			38			19
Other expenses	(3		)	(147		)	(1		)	(30		)
Interest (2):
Expense incurred, net	(1,258		)	(2,362		)	(6		)	(1,279		)
Amortization of deferred financing costs	(228		)	(92		)	—			(46		)
Income and other tax (expense) benefit	(463		)	24			(405		)	128
Discontinued operations	18,685			74,606			(1,765		)	36,744
Net gain on sales of discontinued operations	1,588,874			204,053			389,952			71,097
Discontinued operations, net	$	1,607,559		$	278,659		$	388,187		$	107,841

(1) Includes expenses paid in the current period for properties sold or held for sale in prior periods related to the Company’s period of ownership.

(2) Includes only interest expense specific to secured mortgage notes payable for properties sold and/or held for sale.

For the properties sold during the six months ended June 30, 2013, the investment in real estate, net of accumulated depreciation, and the mortgage notes payable balances at December 31, 2012 were $1.7 billion and $34.4 million, respectively.

12. Commitments and Contingencies

The Company, as an owner of real estate, is subject to various Federal, state and local environmental laws. Compliance by the Company with existing laws has not had a material adverse effect on the Company. However, the Company cannot predict the impact of new or changed laws or regulations on its current properties or on properties that it may acquire in the future.

The Company is party to a housing discrimination lawsuit brought by a non-profit civil rights organization in April 2006 in the U.S. District Court for the District of Maryland. The suit alleges that the Company designed and built approximately 300 of its properties in violation of the accessibility requirements of the Fair Housing Act and Americans With Disabilities Act. The suit seeks actual and punitive damages, injunctive relief (including modification of non-compliant properties), costs and attorneys’ fees. The Company believes it has a number of viable defenses, including that a majority of the named properties were completed before the operative dates of the statutes in question and/or were not designed or built by the Company. Accordingly, the Company is defending the suit vigorously. Due to the pendency of the Company’s defenses and the uncertainty of many other critical factual and legal issues, it is not possible to determine or predict the outcome of the suit or a possible loss or a range of loss, and no amounts have been accrued at June 30, 2013. While no assurances can be given, the Company does not believe that the suit, if adversely determined, would have a material adverse effect on the Company.

The Company does not believe there is any other litigation pending or threatened against it that, individually or in the aggregate, may reasonably be expected to have a material adverse effect on the Company.

As of June 30, 2013, the Company has 11 consolidated projects (including 400 Park Avenue South in New York City which the Company is jointly developing with Toll Brothers that is discussed below and Park Aire in which the Company acquired a 95% interest in connection with the Archstone transaction that is discussed in Note 6) totaling 2,488 apartment units in various

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stages of development with commitments to fund of approximately $432.8 million and estimated completion dates ranging through June 30, 2015, as well as other completed development projects that are in various stages of lease up or are stabilized. Some of the projects are being developed solely by the Company, while others are being co-developed with various third party development partners. The development venture agreements with these partners are primarily deal-specific, with differing terms regarding profit-sharing, equity contributions, returns on investment, buy-sell agreements and other customary provisions. The Company is the "general" or "managing" partner of the development venture.

As of June 30, 2013, the Company has four unconsolidated projects totaling 1,513 apartment units under development with estimated completion dates ranging through September 30, 2014. These projects are all being co-developed with various third party development partners. The development venture agreements with these partners are primarily deal-specific, with differing terms regarding profit-sharing, equity contributions, returns on investment, buy-sell agreements and other customary provisions. The Company currently has no further funding obligations for Domain, Nexus Sawgrass and San Norterra. While the Company is the managing member of the Domain and Nexus Sawgrass joint ventures, is responsible for constructing both projects and has given certain construction cost overrun guarantees, the joint venture partner has significant participating rights and has active involvement in and oversight of the ongoing projects. The Domain and Nexus Sawgrass buy-sell arrangements contain provisions that provide the right, but not the obligation, for the Company to acquire the partner’s interests or sell its interests at any time following the occurrence of certain pre-defined events (including at stabilization) described in the development venture agreements. The respective partner for San Norterra and Parkside at Emeryville is the “general” or “managing” partner of the development venture and the Company does not have substantive kick-out or participating rights. The Company has given a repayment guaranty on the construction loan for Parkside at Emeryville of 50% of the outstanding balance, up to a maximum of $19.7 million, and has given certain construction cost overrun guarantees.

In December 2011, the Company and Toll Brothers (NYSE: TOL) jointly acquired a vacant land parcel at 400 Park Avenue South in New York City. The Company's and Toll Brothers' allocated portions of the purchase price were approximately $76.1 million and $57.9 million, respectively. The Company is the managing member and Toll Brothers does not have substantive kick-out or participating rights. Until the core and shell of the building is complete, the building and land will be owned jointly and are required to be consolidated on the Company's balance sheet. Thereafter, the Company will solely own and control the rental portion of the building (floors 2-22) and Toll Brothers will solely own and control the for sale portion of the building (floors 23-40). Once the core and shell are complete, the Toll Brothers' portion of the property will be deconsolidated from the Company's balance sheet. The acquisition was financed through contributions by the Company and Toll Brothers of approximately $102.5 million and $75.7 million, respectively, which included the land purchase noted above, restricted deposits and taxes and fees. As of June 30, 2013, the Company's and Toll Brothers' consolidated contributions to the joint venture were approximately $230.7 million, of which Toll Brothers' noncontrolling interest balance totaled $90.8 million.

13. Reportable Segments

Operating segments are defined as components of an enterprise that engage in business activities from which they may earn revenues and incur expenses and about which discrete financial information is available that is evaluated regularly by the chief operating decision maker. The chief operating decision maker decides how resources are allocated and assesses performance on a recurring basis at least quarterly.

The Company’s primary business is the acquisition, development and management of multifamily residential properties, which includes the generation of rental and other related income through the leasing of apartment units to residents. The chief operating decision maker evaluates the Company's operating performance geographically by market and both on a same store and non-same store basis. The Company’s operating segments (geographic markets) have been aggregated into four reportable segments based upon the geographic region in which they are located.

The Company’s fee and asset management and development (including its partially owned properties) activities are other business activities that do not constitute an operating segment and as such, have been aggregated in the "Other" category in the tables presented below.

All revenues are from external customers and there is no customer who contributed 10% or more of the Company’s total revenues during the six months and quarters ended June 30, 2013 and 2012, respectively.

The primary financial measure for the Company’s rental real estate segment is net operating income (“NOI”), which represents rental income less: 1) property and maintenance expense; 2) real estate taxes and insurance expense; and 3) property management expense (all as reflected in the accompanying consolidated statements of operations). The Company believes that NOI is helpful to investors as a supplemental measure of its operating performance because it is a direct measure of the actual operating results of the Company’s apartment communities. Current year NOI is compared to prior year NOI and current year

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budgeted NOI as a measure of financial performance. The following tables present NOI for each segment from our rental real estate specific to continuing operations for the six months and quarters ended June 30, 2013 and 2012, respectively, as well as total assets and capital expenditures at June 30, 2013 (amounts in thousands):

	Six Months Ended June 30, 2013
	Northeast		Northwest		Southeast		Southwest		Other (3)			Total
Rental income:
Same store (1)	$	367,912	$	204,680	$	120,456	$	213,854	$	—		$	906,902
Non-same store/other (2) (3)	148,738		57,614		1,017		30,141		7,506			245,016
Total rental income	516,650		262,294		121,473		243,995		7,506			1,151,918
Operating expenses:
Same store (1)	132,525		69,442		45,190		70,167		—			317,324
Non-same store/other (2) (3)	48,299		19,942		406		12,956		11,410			93,013
Total operating expenses	180,824		89,384		45,596		83,123		11,410			410,337
NOI:
Same store (1)	235,387		135,238		75,266		143,687		—			589,578
Non-same store/other (2) (3)	100,439		37,672		611		17,185		(3,904		)	152,003
Total NOI	$	335,826	$	172,910	$	75,877	$	160,872	$	(3,904	)	$	741,581
Total assets	$	11,418,096	$	4,610,358	$	1,576,965	$	3,785,624	$	2,091,340		$	23,482,383
Capital expenditures	$	21,826	$	14,465	$	8,276	$	8,921	$	3,765		$	57,253

(1) Same store primarily includes all properties acquired or completed and stabilized prior to January 1, 2012, less properties subsequently sold, which represented 84,965 apartment units.

(2) Non-same store primarily includes properties acquired after January 1, 2012, plus any properties in lease-up and not stabilized as of January 1, 2012.

(3) Other includes development and other corporate operations.

	Six Months Ended June 30, 2012
	Northeast		Northwest		Southeast		Southwest		Other (3)			Total
Rental income:
Same store (1)	$	353,749	$	189,969	$	114,924	$	205,429	$	—		$	864,071
Non-same store/other (2) (3)	5,580		3,912		—		818		(43		)	10,267
Total rental income	359,329		193,881		114,924		206,247		(43		)	874,338
Operating expenses:
Same store (1)	127,586		67,360		44,249		67,791		—			306,986
Non-same store/other (2) (3)	2,806		1,388		—		299		10,884			15,377
Total operating expenses	130,392		68,748		44,249		68,090		10,884			322,363
NOI:
Same store (1)	226,163		122,609		70,675		137,638		—			557,085
Non-same store/other (2) (3)	2,774		2,524		—		519		(10,927		)	(5,110		)
Total NOI	$	228,937	$	125,133	$	70,675	$	138,157	$	(10,927	)	$	551,975

(1) Same store primarily includes all properties acquired or completed and stabilized prior to January 1, 2012, less properties subsequently sold, which represented 84,965 apartment units.

(2) Non-same store primarily includes properties acquired after January 1, 2012, plus any properties in lease-up and not stabilized as of January 1, 2012.

(3) Other includes development and other corporate operations.

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	Quarter Ended June 30, 2013
	Northeast		Northwest		Southeast		Southwest		Other (3)		Total
Rental income:
Same store (1)	$	185,729	$	106,008	$	60,776	$	108,682	$	—	$	461,195
Non-same store/other (2) (3)	105,007		38,541		760		21,296		5,606		171,210
Total rental income	290,736		144,549		61,536		129,978		5,606		632,405
Operating expenses:
Same store (1)	64,923		35,481		22,732		35,333		—		158,469
Non-same store/other (2) (3)	34,235		12,872		302		9,285		3,234		59,928
Total operating expenses	99,158		48,353		23,034		44,618		3,234		218,397
NOI:
Same store (1)	120,806		70,527		38,044		73,349		—		302,726
Non-same store/other (2) (3)	70,772		25,669		458		12,011		2,372		111,282
Total NOI	$	191,578	$	96,196	$	38,502	$	85,360	$	2,372	$	414,008

(1) Same store primarily includes all properties acquired or completed and stabilized prior to April 1, 2012, less properties subsequently sold, which represented 85,509 apartment units.

(2) Non-same store primarily includes properties acquired after April 1, 2012, plus any properties in lease-up and not stabilized as of April 1, 2012.

(3) Other includes development and other corporate operations.

	Quarter Ended June 30, 2012
	Northeast		Northwest		Southeast		Southwest		Other (3)			Total
Rental income:
Same store (1)	$	179,400	$	98,281	$	57,953	$	104,110	$	—		$	439,744
Non-same store/other (2) (3)	5,279		1,127		—		50		(61		)	6,395
Total rental income	184,679		99,408		57,953		104,160		(61		)	446,139
Operating expenses:
Same store (1)	62,557		34,254		22,352		33,846		—			153,009
Non-same store/other (2) (3)	1,903		350		—		2		4,518			6,773
Total operating expenses	64,460		34,604		22,352		33,848		4,518			159,782
NOI:
Same store (1)	116,843		64,027		35,601		70,264		—			286,735
Non-same store/other (2) (3)	3,376		777		—		48		(4,579		)	(378		)
Total NOI	$	120,219	$	64,804	$	35,601	$	70,312	$	(4,579	)	$	286,357

(1) Same store primarily includes all properties acquired or completed and stabilized prior to April 1, 2012, less properties subsequently sold, which represented 85,509 apartment units.

(2) Non-same store primarily includes properties acquired after April 1, 2012, plus any properties in lease-up and not stabilized as of April 1, 2012.

(3) Other includes development and other corporate operations.

Note: Markets/Metro Areas included in the above geographic segments are as follows:

(a) Northeast – New England (excluding Boston), Boston, New York and Washington DC.

(b) Northwest – Denver, San Francisco, Seattle and Tacoma.

(c) Southeast – Atlanta, Orlando and South Florida.

(d) Southwest – Inland Empire, Los Angeles, Orange County, Phoenix and San Diego.

The following table presents a reconciliation of NOI from our rental real estate specific to continuing operations for the six months and quarters ended June 30, 2013 and 2012, respectively (amounts in thousands):

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	Six Months Ended June 30,						Quarter Ended June 30,
	2013			2012			2013			2012
Rental income	$	1,151,918		$	874,338		$	632,405		$	446,139
Property and maintenance expense	(220,417		)	(173,819		)	(117,819		)	(85,423		)
Real estate taxes and insurance expense	(145,400		)	(104,268		)	(78,547		)	(53,422		)
Property management expense	(44,520		)	(44,276		)	(22,031		)	(20,937		)
Total operating expenses	(410,337		)	(322,363		)	(218,397		)	(159,782		)
Net operating income	$	741,581		$	551,975		$	414,008		$	286,357

14. Subsequent Events/Other

Subsequent Events

Subsequent to June 30, 2013, the Company:

• Sold six properties consisting of 2,033 apartment units and one land parcel for $247.3 million;

• Entered into $150.0 million of forward starting swaps to hedge changes in interest rates related to future secured or unsecured debt issuances; and

• Filed a new universal shelf registration statement to replace its existing universal shelf registration statement, which expires later this year. The Board of Trustees also approved an increase to the amount of shares which may be offered under the ATM share offering program to 13.0 million Common Shares and an increase and modification to the Company's share repurchase program to allow for the potential repurchase of up to 13.0 million Common Shares.

Other

During the six months ended June 30, 2013 and 2012, the Company incurred charges of $0.1 million and $5.5 million, respectively, related to property acquisition costs, such as survey, title and legal fees, on the acquisition of operating properties (excluding the Archstone transaction) and $3.4 million and $3.6 million, respectively, related to the write-off of various pursuit and out-of-pocket costs for terminated acquisition, disposition and development transactions. These costs, totaling $3.5 million and $9.1 million, respectively, are included in other expenses in the accompanying consolidated statements of operations. See Note 4 for details on the property acquisition costs related to the Archstone transaction.

During the six months ended June 30, 2012, the Company settled a dispute with the owners of a land parcel for $4.2 million, which is included in other expenses in the accompanying consolidated statements of operations.

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

For further information including definitions for capitalized terms not defined herein, refer to the consolidated financial statements and footnotes thereto included in the Company’s and the Operating Partnership's Annual Report on Form 10-K for the year ended December 31, 2012.

Forward-Looking Statements

Forward-looking statements in this report are intended to be made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations, estimates, projections and assumptions made by management. While the Company’s management believes the assumptions underlying its forward-looking statements are reasonable, such information is inherently subject to uncertainties and may involve certain risks, which could cause actual results, performance or achievements of the Company to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements. Many of these uncertainties and risks are difficult to predict and beyond management’s control. Forward-looking statements are not guarantees of future performance, results or events. The forward-looking statements contained herein are made as of the date hereof and the Company undertakes no obligation to update or supplement these forward-looking statements. Factors that might cause such differences include, but are not limited to the following:

▪ We intend to actively acquire and/or develop multifamily properties for rental operations as market conditions dictate. We may also acquire multifamily properties that are unoccupied or in the early stages of lease up. We may be unable to lease up these apartment properties on schedule, resulting in decreases in expected rental revenues and/or lower yields due to lower occupancy and rates as well as higher than expected concessions. We may underestimate the costs necessary to bring an acquired property up to standards established for its intended market position or to complete a development property. Additionally, we expect that other real estate investors with capital will compete with us for attractive investment opportunities or may also develop properties in markets where we focus our development and acquisition efforts. This competition (or lack thereof) may increase (or depress) prices for multifamily properties. We may not be in a position or have the opportunity in the future to make suitable property acquisitions on favorable terms. We have acquired in the past and intend to continue to pursue the acquisition of properties and portfolios of properties, including large portfolios, that could increase our size and result in alterations to our capital structure. The total number of apartment units under development, costs of development and estimated completion dates are subject to uncertainties arising from changing economic conditions (such as the cost of labor and construction materials), competition and local government regulation;

▪ Debt financing and other capital required by the Company may not be available or may only be available on adverse terms;

▪ Labor and materials required for maintenance, repair, capital expenditure or development may be more expensive than anticipated;

▪ Occupancy levels and market rents may be adversely affected by national and local economic and market conditions including, without limitation, new construction and excess inventory of multifamily and single family housing, increasing portions of single family housing stock being converted to rental use, rental housing subsidized by the government, other government programs that favor single family rental housing or owner occupied housing over multifamily rental housing, slow or negative employment growth and household formation, the availability of low-interest mortgages or the availability of mortgages requiring little or no down payment for single family home buyers, changes in social preferences and the potential for geopolitical instability, all of which are beyond the Company's control; and

▪ Additional factors as discussed in Part I of the Company’s and the Operating Partnership's Annual Report on Form 10-K, particularly those under “Item 1A. Risk Factors”.

Forward-looking statements and related uncertainties are also included in the Notes to Consolidated Financial Statements in this report.

Overview

Equity Residential (“EQR”), a Maryland real estate investment trust (“REIT”) formed in March 1993, is an S&P 500 company focused on the acquisition, development and management of high quality apartment properties in top United States growth markets. ERP Operating Limited Partnership (“ERPOP”), an Illinois limited partnership, was formed in May 1993 to conduct the multifamily residential property business of Equity Residential. EQR has elected to be taxed as a REIT. References to the “Company,” “we,” “us” or “our” mean collectively EQR, ERPOP and those entities/subsidiaries owned or controlled by

45

EQR and/or ERPOP. References to the “Operating Partnership” mean collectively ERPOP and those entities/subsidiaries owned or controlled by ERPOP.

EQR is the general partner of, and as of June 30, 2013 owned an approximate 96.2% ownership interest in, ERPOP. All of the Company’s 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. EQR issues equity from time to time but 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 Company’s 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.

The Company’s corporate headquarters are located in Chicago, Illinois and the Company also operates property management offices in each of its markets. As of June 30, 2013, the Company had approximately 3,700 employees who provided real estate operations, leasing, legal, financial, accounting, acquisition, disposition, development and other support functions.

Business Objectives and Operating and Investing Strategies

The Company invests in high quality apartment communities located in strategically targeted markets with the goal of maximizing our risk adjusted total return (operating income plus capital appreciation) on invested capital.

We seek to maximize the income and capital appreciation of our properties by investing in markets that are characterized by conditions favorable to multifamily property appreciation. We are focused primarily on the six core coastal, high barrier to entry markets of Boston, New York, Washington DC, Southern California (including Los Angeles, Orange County and San Diego), San Francisco and Seattle. These markets generally feature one or more of the following characteristics that allow us to increase rents:

▪ High barriers to entry where, because of land scarcity or government regulation, it is difficult or costly to build new apartment properties, creating limits on new supply;

▪ High home ownership costs;

▪ Strong economic growth leading to job growth and household formation, which in turn leads to high demand for our apartments;

▪ Urban core locations with an attractive quality of life and higher wage job categories leading to high resident demand and retention; and

▪ Favorable demographics contributing to a larger pool of target residents with a high propensity to rent apartments.

Our operating focus is on balancing occupancy and rental rates to maximize our revenue while exercising tight cost control to generate the highest possible return to our shareholders. Revenue is maximized by attracting qualified prospects to our properties, cost-effectively converting these prospects into new residents and keeping our residents satisfied so they will renew their leases upon expiration. While we believe that it is our high-quality, well-located assets that bring our customers to us, it is the customer service and superior value provided by our on-site personnel that keeps them renting with us and recommending us to their friends.

We use technology to engage our customers in the way that they want to be engaged. Many of our residents utilize our web-based resident portal which allows them to sign their leases, review their accounts and make payments, provide feedback and make service requests on-line.

Acquisitions and developments may be financed from various sources of capital, which may include retained cash flow, issuance of additional equity and debt, sales of properties and joint venture agreements. In addition, the Company may acquire properties in transactions that include the issuance of limited partnership interests in the Operating Partnership (“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. The Company may acquire land parcels to hold and/or sell based on market opportunities. The Company may also seek to acquire properties by purchasing defaulted or distressed debt that encumbers desirable properties in the hope of obtaining title to property through foreclosure or deed-in-lieu of foreclosure proceedings. The Company has also, in the past, converted some of its properties and sold them as condominiums but is not currently active in this line of business.

Over the past several years, the Company has done an extensive repositioning of its portfolio from low barrier to entry/non-core markets to high barrier to entry/core markets. Since 2005, the Company has sold over 157,000 apartment units primarily in its non-core markets for an aggregate sales price of approximately $14.8 billion, acquired over 66,000 apartment units primarily in its core markets for approximately $19.1 billion and began approximately $3.4 billion of development projects primarily in its

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core markets. We are currently seeking to acquire and develop assets primarily in the following six core coastal metropolitan areas: Boston, New York, Washington DC, Southern California, San Francisco and Seattle. We also have investments (in the aggregate about 11.2% of our NOI at June 30, 2013) in the two core markets of South Florida and Denver but do not currently intend to acquire or develop new assets in these markets. Further, we are in the process of exiting Atlanta, Phoenix, Orlando and Tacoma, WA and will use sales proceeds from theses markets to complete tax deferred exchanges, reduce debt assumed in conjunction with the Archstone transaction and for other corporate purposes.

As part of its strategy, the Company purchases completed and fully occupied apartment properties, partially completed or partially occupied properties or land on which apartment properties can be constructed. We intend to hold a diversified portfolio of assets across our target markets. As of June 30, 2013, no single market/metropolitan area accounted for more than 19.4% of our NOI, though no guarantee can be made that NOI concentration may not increase in the future.

We endeavor to attract and retain the best employees by providing them with the education, resources and opportunities to succeed. We provide many classroom and on-line training courses to assist our employees in interacting with prospects and residents as well as extensively train our customer service specialists in maintaining the property and its improvements, equipment and appliances. We actively promote from within and many senior corporate and property leaders have risen from entry level or junior positions. We monitor our employees' engagement by surveying them annually and have consistently received high engagement scores.

We have a commitment to sustainability and consider the environmental impacts of our business activities. We have a dedicated in-house team that initiates and applies sustainable practices in all aspects of our business, including investment activities, development, property operations and property management activities. With its high density, multifamily housing is, by its nature, an environmentally friendly property type. Our recent acquisition and development activities have been primarily concentrated in pedestrian-friendly urban locations near public transportation. When developing and renovating our properties, we strive to reduce energy and water usage by investing in energy saving technology while positively impacting the experience of our residents and the value of our assets. We continue to implement a combination of irrigation, lighting, HVAC and renewable energy improvements at our properties that will reduce energy and water consumption.

Current Environment

On February 27, 2013, the Company, AvalonBay Communities, Inc. (“AVB”) and certain of their respective subsidiaries completed their previously-announced acquisition (the “Archstone Acquisition”) from Archstone Enterprise LP (“Enterprise”) (which subsequently changed its name to Jupiter Enterprise LP) and its affiliates, of all of the assets and liabilities of Enterprise (including interests in various entities affiliated with Enterprise), constituting a portfolio of apartment properties and other assets (the “Archstone Portfolio”). As a result of the Archstone Acquisition, the Company owns assets representing approximately 60% of the Archstone Portfolio. The consideration paid by the Company in connection with the Archstone Acquisition consisted of cash in the amount of approximately $4.0 billion (inclusive of $2.0 billion of Archstone secured mortgage principal paid off in conjunction with the closing), 34,468,085 Common Shares (which shares had a total value of $1.9 billion based on the acquisition date closing price of EQR's Common Shares of $55.99 per share) and the assumption of $3.1 billion of mortgage debt (inclusive of a net mark-to-market premium of $127.9 million) and approximately 60% of all of the other assets and liabilities related to the Archstone Portfolio.

During the six months ended June 30, 2013, the Company acquired 73 consolidated properties consisting of 20,914 apartment units, one unconsolidated property consisting of 336 apartment units, three consolidated master-leased properties consisting of 853 apartment units, four projects in various stages of development (two consolidated and two unconsolidated) and 15 land parcels for $9.1 billion. The majority of these properties and land parcels were acquired in conjunction with the Archstone transaction and the Company has substantially completed the integration of these properties and their operations. We believe our access to capital, our ability to execute large, complex transactions and our ability to efficiently stabilize large scale lease up properties provide us with a competitive advantage, which was demonstrated in the Archstone transaction.

The Company started construction on two projects representing 332 apartment units totaling approximately $132.2 million of development costs during the six months ended June 30, 2013. The Company currently has the potential to begin construction on up to $800.0 million of new developments in 2013 in addition to the $132.2 million already started.

The Company continues to sell non-core assets and reduce its exposure to non-core markets as we believe these assets will have lower long-term returns and we can sell them for prices that we believe are favorable. The Archstone transaction provided an opportunity to accelerate this strategy and do so efficiently through the use of Section 1031 tax deferred exchanges. The Company sold 82 consolidated properties consisting of 24,197 apartment units, five land parcels and one commercial building for $3.8 billion during the six months ended June 30, 2013. These dispositions combined with reinvestment of the cash proceeds in assets with lower cap rates (see definition below) were dilutive to our per share results. The Company defines dilution from

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transactions as the lost NOI from sales proceeds that were not reinvested in other apartment properties or were reinvested in properties with a lower cap rate. The Company anticipates consolidated dispositions of approximately $4.1 billion during the year ending December 31, 2013, most of which occurred in the first half of 2013. The Company funded a portion of the cash purchase price of the Archstone transaction with capital raised through these significant dispositions of assets and the Company expects to use future disposition proceeds to pay down debt and for other corporate purposes. While this accelerated disposition program is dilutive to our per share results, it also significantly mitigated the execution risk on the Archstone transaction.

As a result of the Archstone transaction and the property sales to help finance the transaction, the Company’s portfolio has changed significantly from the portfolio summary included in the Company's annual report on Form 10-K. The following table sets forth certain information by market relating to the Company's properties at June 30, 2013 as compared to December 31, 2012:

	Portfolio Summary as of December 31, 2012						Portfolio Summary as of June 30, 2013
			% of		Average				% of		Average
		Apartment	Stabilized		Rental			Apartment	Stabilized		Rental
Markets/Metro Areas	Properties	Units	NOI (1)		Rate (2)		Properties	Units	NOI (1)		Rate (2)
Core:
Washington DC	43	14,425	15.9	%	$	1,992	56	18,275	19.4	%	$	2,260
New York	30	8,047	13.9	%	3,433		38	10,330	16.9	%	3,687
San Francisco	40	9,094	8.6	%	1,902		50	12,765	11.7	%	2,115
Los Angeles	48	9,815	9.9	%	1,879		57	11,960	11.2	%	2,053
Boston	26	5,832	8.2	%	2,560		34	7,816	10.2	%	2,774
South Florida	36	12,253	9.0	%	1,463		33	10,833	7.0	%	1,525
Seattle	38	7,563	6.4	%	1,627		40	7,896	5.9	%	1,705
San Diego	14	4,963	5.0	%	1,851		15	4,915	4.4	%	1,892
Denver	24	8,144	5.5	%	1,226		19	6,935	4.2	%	1,292
Orange County, CA	11	3,490	3.3	%	1,660		11	3,490	2.8	%	1,689
Subtotal – Core	310	83,626	85.7	%	1,941		353	95,215	93.7	%	2,172
Non-Core:
Inland Empire, CA	10	3,081	2.4	%	1,491		10	3,081	2.1	%	1,515
Orlando	21	6,413	3.5	%	1,086		10	3,383	1.7	%	1,132
New England (excluding Boston)	14	2,611	1.3	%	1,174		11	1,965	0.8	%	1,226
Phoenix	25	7,400	3.4	%	946		6	2,040	0.7	%	900
Atlanta	12	3,616	2.0	%	1,157		4	1,343	0.6	%	1,268
Tacoma, WA	3	1,467	0.6	%	951		2	1,236	0.4	%	1,030
Jacksonville	6	2,117	1.1	%	1,005		—	—	—		—
Subtotal – Non-Core	91	26,705	14.3	%	1,099		43	13,048	6.3	%	1,206
Total	401	110,331	100.0	%	1,737		396	108,263	100.0	%	2,055
Military Housing	2	5,039	—		—		2	5,125	—		—
Grand Total	403	115,370	100.0	%	$	1,737	398	113,388	100.0	%	$	2,055

Note: Projects under development are not included in the Portfolio Summary until construction has been completed.

(1) % of Stabilized NOI includes budgeted 2013 NOI for stabilized properties, budgeted year one (March 2013 to February 2014) NOI for the Archstone properties and projected annual NOI at stabilization (defined as having achieved 90% occupancy for three consecutive months) for properties that are in lease-up.

(2) Average rental rate is defined as total rental revenues divided by the weighted average occupied apartment units for the last month of the period presented.

We currently have access to multiple sources of capital including the equity markets as well as both the secured and unsecured debt markets. In April 2013, the Company completed a $500.0 million unsecured ten year note offering with a coupon

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of 3.00% and an all-in effective interest rate of approximately 4.0%. In February 2013, the Company issued 34,468,085 Common Shares with a value of $1.9 billion based on the February 27, 2013 closing price of EQR Common Shares of $55.99 per share to an affiliate of Lehman Brothers Holdings Inc. as partial consideration for the acquisition of the Archstone Portfolio. In December 2012, the Company raised $1.2 billion in equity in a public offering of 21,850,000 Common Shares priced at $54.75 per share. We also raised $192.3 million under our ATM program in 2012. On January 11, 2013, the Company replaced its existing $1.75 billion credit facility with a $2.5 billion unsecured revolving credit facility maturing April 1, 2018. The Company believes that the new facility contains a diversified and strong bank group which increases its balance sheet flexibility going forward. On January 11, 2013, the Company also entered into a senior unsecured $750.0 million delayed draw term loan facility which was fully drawn on February 27, 2013 in connection with the Archstone acquisition.

We believe that cash and cash equivalents, securities readily convertible to cash, current availability on our revolving credit facility and disposition proceeds for 2013 will provide sufficient liquidity to meet our funding obligations relating to asset acquisitions, debt maturities and existing development projects through 2013. We expect that our remaining longer-term funding requirements will be met through some combination of new borrowings, equity issuances, property dispositions, joint ventures and cash generated from operations.

There is significant uncertainty surrounding the futures of Fannie Mae and Freddie Mac (the “Government Sponsored Enterprises” or “GSEs”). Through their lender originator networks, the GSEs are significant lenders both to the Company and to buyers of the Company's properties. The GSEs have a mandate to support multifamily housing through their financing activities. Any changes to their mandates, further reductions in their size or the scale of their activities or loss of key personnel could have a significant impact on the Company and may, among other things, lead to lower values for our assets and higher interest rates on our borrowings. Recently, the regulator of the GSEs required the GSEs to decrease their 2013 multifamily lending activities by 10% compared to 2012 levels. We expect the majority of the reduction in GSE lending activity to occur in the second half of 2013, which may pressure loan rates further and lead to less debt capital availability. The GSEs have also increased their credit spreads, which coupled with increases in long-term treasury rates, has caused a substantial increase in borrowing costs. By selling the assets required to pay for Archstone in the first half of 2013, the Company substantially mitigated the risk that changes in GSE activity would impact its Archstone-related disposition program. Reductions in GSE activity or increases in GSE loan pricing may also provide a competitive advantage to us by making the cost of financing multifamily properties more expensive for other multifamily owners while the Company continues to have access to cheaper capital in the public and private debt and equity markets. Over time, we expect that other lenders, including the commercial mortgage-backed securities market and life insurance companies, will become larger sources of debt capital to the multifamily market because multifamily properties are attractive to lenders due to their relatively stable cash flows.

We expect continued growth in 2013 same store revenue (anticipated increase ranging from 4.4% to 4.6%) and 2013 NOI (anticipated increase ranging from 5.0% to 5.25%) and are optimistic that the strength in fundamentals realized in the past several years and so far in 2013 will be sustained for the foreseeable future. We believe the key drivers behind the anticipated increase in revenue are base rent pricing for new residents, renewal pricing for existing residents, resident turnover and physical occupancy. During the peak leasing season, we achieved base rent increases averaging 3% - 4% while renewal rates remained strong, increasing approximately 5.5%. Occupancy for the second quarter improved as a result of healthy demand across all markets and reduced resident turnover. Move outs to buy homes increased modestly in the second quarter over the prior year period with this increase concentrated in Washington D.C., Seattle and Boston.

Our largest market, Washington D.C., continues to show signs of stress as new supply and the impact of sequestration and furloughs have dampened the metro area economy. However, there continues to be healthy demand for apartments in Washington D.C. even in the face of declining government payrolls and procurement. As the supply peaks in 2014, we would expect our Washington D.C. results to be weaker than they are today. Despite slow growth in the overall economy and the issues noted in Washington D.C., our business continues to perform well because of the combined forces of demographics, household formations and the continued moderation in overall home ownership levels, all of which should ensure a continued strong demand for rental housing.

The Company anticipates that 2013 same store expenses will increase 3.0% to 3.5% primarily due to increases in real estate taxes, which are expected to increase in excess of 7.0% in 2013. This is primarily due to rate and value increases in certain states and municipalities, reflecting those states' and municipalities' continued economic challenges and the dramatic improvement in apartment values and fundamentals. The other key driver of this increase is the burn off of 421a tax abatements in New York City. Expense growth in the core property level expenses (excluding real estate taxes and utilities) continues to be modest as the Company leverages technology to lower costs, which should partially offset the increase in real estate taxes and utilities.

We believe that the Company is well-positioned as of June 30, 2013 because our properties are geographically diverse, were approximately 94.9% occupied (95.9% on a same store basis) and the long-term demographic picture is positive. Certain

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market areas, especially the NOMA area of Washington D.C., downtown Seattle and the San Jose sub-market area of San Francisco, will see substantial near term multifamily supply yet total new supply levels for our core markets remain within historical ranges. We believe over the longer term that our core markets will absorb future supply without material marketwide disruption because of the high occupancy levels we currently experience and increasing household formations. We have seen evidence of this in Seattle and San Jose as supply has been easily absorbed and rental rates continue to grow. We believe our strong balance sheet and ample liquidity will allow us to fund our debt maturities and development costs in the near term, and should also allow us to take advantage of investment opportunities in the future.

The current environment information presented above is based on current expectations and is forward-looking.

Results of Operations

In conjunction with our business objectives and operating strategy, the Company continued to invest in apartment properties located in strategically targeted markets during the six months ended June 30, 2013 as follows:

▪ Acquired $8.5 billion of apartment properties consisting of 73 consolidated properties and 20,914 apartment units (inclusive of eight long-term ground leases) at a weighted average cap rate (see definition below) of 4.9% and 14 consolidated land parcels for $255.9 million, all of which we deem to be in our strategic targeted markets;

▪ Acquired three consolidated master-leased properties consisting of 853 apartment units (inclusive of one long-term ground lease) for $250.8 million at a weighted average cap rate of 5.6%;

▪ Acquired two consolidated uncompleted developments for $36.6 million;

▪ Acquired one unconsolidated apartment property consisting of 336 apartment units for $5.1 million at a weighted average cap rate of 5.8% and one unconsolidated land parcel for $4.1 million;

▪ Acquired two unconsolidated uncompleted developments for $14.9 million;

▪ Sold $3.7 billion of consolidated apartment properties consisting of 82 properties and 24,197 apartment units at a weighted average cap rate of 6.0% generating an unlevered internal rate of return (IRR), inclusive of management costs, of 9.7% (excluding the sale of two Archstone assets), the majority of which were in exit or less desirable markets; and

▪ Sold five consolidated land parcels and one consolidated commercial building for $90.5 million.

The Company’s primary financial measure for evaluating each of its apartment communities is net operating income (“NOI”). NOI represents rental income less property and maintenance expense, real estate tax and insurance expense and property management expense. The Company believes that NOI is helpful to investors as a supplemental measure of its operating performance because it is a direct measure of the actual operating results of the Company’s apartment communities. The cap rate is generally the first year NOI yield (net of replacements) on the Company’s investment.

Properties that the Company owned and were stabilized (see definition below) for all of both of the six months ended June 30, 2013 and 2012 (the “Six-Month 2013 Same Store Properties”), which represented 84,965 apartment units, and properties that the Company owned and were stabilized for all of both of the quarters ended June 30, 2013 and 2012 (the "Second Quarter 2013 Same Store Properties"), which represented 85,509 apartment units, impacted the Company's results of operations. Both the Six-Month 2013 Same Store Properties and the Second Quarter 2013 Same Store Properties are discussed in the following paragraphs.

The following tables provide a rollforward of the apartment units included in Same Store Properties and a reconciliation of apartment units included in Same Store Properties to those included in Total Properties for the six months and quarter ended June 30, 2013:

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	Six Months Ended				Quarter Ended
	June 30, 2013				June 30, 2013
	Properties		Apartment Units		Properties		Apartment Units
Same Store Properties at Beginning of Period	359		98,577		325		90,350
2011 acquisitions	21		6,198		—		—
2011 acquisitions not stabilized	(1	)	(95	)	—		—
2012 acquisitions	—		—		3		544
2013 dispositions	(82	)	(24,197	)	(19	)	(5,745	)
2013 dispositions not yet included in same store (1)	4		1,632		1		360
Lease-up properties stabilized	6		2,829		—		—
Other	—		21		—		—
Same Store Properties at June 30, 2013	307		84,965		310		85,509

	Six Months Ended				Quarter Ended
	June 30, 2013				June 30, 2013
	Properties		Apartment Units		Properties		Apartment Units
Same Store	307		84,965		310		85,509
Non-Same Store:
2013 acquisitions	77		22,103		77		22,103
2012 acquisitions	9		1,896		6		1,352
2013 dispositions not yet included in same store (1)	(2	)	(1,272	)	(2	)	(1,272	)
Lease-up properties not yet stabilized (2)	4		562		4		562
Other	1		9		1		9
Total Non-Same Store	89		23,298		86		22,754
Military Housing (not consolidated)	2		5,125		2		5,125
Total Properties and Apartment Units	398		113,388		398		113,388

Note: Properties are considered "stabilized" when they have achieved 90% occupancy for three consecutive months. Properties are included in Same Store when they are stabilized for all of the current and comparable periods presented.

(1) Includes two properties containing 1,272 apartment units acquired on February 27, 2013 in conjunction with the acquisition of Archstone that were subsequently sold in 2013 and two properties containing 360 apartment units in lease-up properties that were sold in 2013.

(2) Includes properties in various stages of lease-up and properties where lease-up has been completed but the properties were not stabilized for the comparable periods presented.

The Company’s acquisition, disposition and completed development activities also impacted overall results of operations for the six months and quarters ended June 30, 2013 and 2012. The impacts of these activities are discussed in greater detail in the following paragraphs.

Comparison of the six months ended June 30, 2013 to the six months ended June 30, 2012

For the six months ended June 30, 2013, the Company reported diluted earnings per share of $3.84 compared to $0.81 per share in the same period of 2012. The difference is due primarily to higher gains from property sales in 2013 vs. 2012 and higher total property net operating income driven by the positive impact of the Company’s same store and stabilized Archstone properties, partially offset by $72.6 million of merger-related expenses incurred in connection with the acquisition of the Archstone Portfolio, $71.4 million in prepayment penalties incurred in connection with early debt extinguishment of existing mortgage notes payable to manage the Company's post Archstone 2017 maturities profile, higher depreciation as a direct result of the Archstone transaction and the issuance of Common Shares to the public in December 2012 and to an affiliate of Lehman Brothers Holdings Inc. in February 2013 as partial consideration for the acquisition of Archstone.

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For the six months ended June 30, 2013, loss from continuing operations increased approximately $191.6 million when compared to the six months ended June 30, 2012. The decrease in continuing operations is discussed below.

Revenues from the Six-Month 2013 Same Store Properties increased $42.8 million primarily as a result of an increase in average rental rates charged to residents and slightly higher occupancy. Expenses from the Six-Month 2013 Same Store Properties increased $10.3 million primarily due to increases in real estate taxes, utilities and repairs and maintenance costs, partially offset by lower property management costs. The following tables provide comparative same store results and statistics for the Six-Month 2013 Same Store Properties:

June YTD 2013 vs. June YTD 2012
Same Store Results/Statistics for 84,965 Same Store Apartment Units
$ in thousands (except for Average Rental Rate)
	Results									Statistics
Description	Revenues			Expenses			NOI			Average Rental Rate (1)			Occupancy		Turnover
YTD 2013	$	906,902		$	317,324		$	589,578		$	1,869		95.3	%	27.2	%
YTD 2012	$	864,071		$	306,986		$	557,085		$	1,787		95.0	%	27.2	%
Change	$	42,831		$	10,338		$	32,493		$	82		0.3	%	0.0	%
Change	5.0		%	3.4		%	5.8		%	4.6		%
(1) Average rental rate is defined as total rental revenues divided by the weighted average occupied apartment units for the period.

The following table provides comparative same store operating expenses for the Six-Month 2013 Same Store Properties:

June YTD 2013 vs. June YTD 2012
Same Store Operating Expenses for 84,965 Same Store Apartment Units
$ in thousands
	Actual YTD 2013		Actual YTD 2012		$ Change			% Change		% of Actual YTD 2013 Operating Expenses
Real estate taxes	$	102,540	$	95,786	$	6,754		7.1	%	32.3	%
On-site payroll (1)	68,110		67,705		405			0.6	%	21.5	%
Utilities (2)	48,523		46,354		2,169			4.7	%	15.3	%
Repairs and maintenance (3)	42,778		40,663		2,115			5.2	%	13.5	%
Property management costs (4)	30,835		32,403		(1,568		)	(4.8	%)	9.7	%
Insurance	10,167		9,559		608			6.4	%	3.2	%
Leasing and advertising	4,997		4,697		300			6.4	%	1.6	%
Other on-site operating expenses (5)	9,374		9,819		(445		)	(4.5	%)	2.9	%
Same store operating expenses	$	317,324	$	306,986	$	10,338		3.4	%	100.0	%

(1) On-site payroll – Includes payroll and related expenses for on-site personnel including property managers, leasing consultants and maintenance staff.

(2) Utilities – Represents gross expenses prior to any recoveries under the Resident Utility Billing System (“RUBS”). Recoveries are reflected in rental income.

(3) Repairs and maintenance – Includes general maintenance costs, apartment unit turnover costs including interior painting, routine landscaping, security, exterminating, fire protection, snow removal, elevator, roof and parking lot repairs and other miscellaneous building repair costs.

(4) Property management costs – Includes payroll and related expenses for departments, or portions of departments, that directly support on-site management. These include such departments as regional and corporate property management, property accounting, human

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resources, training, marketing and revenue management, procurement, real estate tax, property legal services and information technology.

(5) Other on-site operating expenses – Includes ground lease costs and administrative costs such as office supplies, telephone and data charges and association and business licensing fees.

The following table presents a reconciliation of operating income per the consolidated statements of operations to NOI for the Six-Month 2013 Same Store Properties:

	Six Months Ended June 30,
	2013			2012
	(Amounts in thousands)
Operating income	$	182,281		$	237,412
Adjustments:
Non-same store operating results	(152,003		)	5,110
Fee and asset management revenue	(4,833		)	(4,276		)
Fee and asset management expense	3,223			2,487
Depreciation	528,328			289,273
General and administrative	32,582			27,079
Same store NOI	$	589,578		$	557,085

For properties that the Company acquired prior to January 1, 2012 and expects to continue to own through December 31, 2013 (which is computed based on the portfolio of approximately 80,000 apartment units that the Company expects to have in its annual same store set after the completion of its planned 2013 dispositions), the Company anticipates the following same store results for the full year ending December 31, 2013:

2013 Same Store Assumptions
Physical occupancy	95.3%
Revenue change	4.4% to 4.6%
Expense change	3.0% to 3.5%
NOI change	5.0% to 5.25%

The Company anticipates consolidated rental acquisitions of $100.0 million (exclusive of the Archstone Acquisition) and consolidated rental dispositions of $4.1 billion and expects that acquisitions will have a 1.10% lower cap rate than dispositions for the full year ending December 31, 2013.

These 2013 assumptions are based on current expectations and are forward-looking.

Non-same store operating results increased approximately $157.1 million and consist primarily of properties acquired in calendar years 2012 and 2013, as well as operations from the Company’s completed development properties. Although the operations of both the non-same store assets and the same store assets have been positively impacted during the six months ended June 30, 2013, the non-same store assets have contributed a greater percentage of total NOI to the Company’s overall operating results primarily due to 2012 and 2013 acquisitions, increasing occupancy for properties in lease-up and a longer ownership period in 2013 than 2012. This increase primarily resulted from:

▪ Development and other miscellaneous properties in lease-up of $2.4 million;

▪ Operating properties acquired in 2013 as part of the Archstone transaction of $137.3 million;

▪ Other properties acquired in 2012 and 2013 of $18.2 million;

▪ Newly stabilized development and other miscellaneous properties of $3.7 million; and

▪ Partially offset by an allocation of property management costs not included in same store results and operating activities from other miscellaneous operations.

See also Note 13 in the Notes to Consolidated Financial Statements for additional discussion regarding the Company’s segment disclosures.

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Fee and asset management revenues, net of fee and asset management expenses, decreased approximately $0.2 million or 10.0% as a result of higher expenses, partially offset by fees earned on management of the Company's unconsolidated development joint ventures and revenue earned on management of the Company's military housing ventures at Fort Lewis and McChord Air Force base.

Property management expenses from continuing operations include off-site expenses associated with the self-management of the Company’s properties as well as management fees paid to any third party management companies. These expenses increased approximately $0.2 million or 0.6%. This increase is primarily attributable to an increase in payroll-related costs and an increase in computer operations due to the modernization of employee technology, partially offset by the timing of education/conference expenses.

Depreciation expense from continuing operations, which includes depreciation on non-real estate assets, increased approximately $239.1 million or 82.6% primarily as a result of additional depreciation expense on properties acquired in 2012 and 2013 (including the Archstone properties), development properties placed in service and capital expenditures for all properties owned. In-place residential lease intangibles are generally amortized over a six month period and can significantly elevate depreciation expense following an acquisition, especially during 2013 as a direct result of the Archstone Acquisition.

General and administrative expenses from continuing operations, which include corporate operating expenses, increased approximately $5.5 million or 20.3% primarily due to an increase in payroll-related costs, which is largely a result of higher and accelerated long-term compensation expense for retirement eligible employees. The Company anticipates that general and administrative expenses will approximate $57.0 million to $58.0 million for the year ending December 31, 2013. The above assumption is based on current expectations and is forward-looking.

Interest and other income from continuing operations increased $0.1 million or 18.0% due to various items, including higher distributions from certain investments. The Company anticipates that interest and other income will approximate $0.8 million to $1.0 million for the year ending December 31, 2013. The above assumption is based on current expectations and is forward-looking.

Other expenses from continuing operations decreased approximately $11.1 million or 75.7% primarily due to the settlement of a dispute with the owners of a land parcel during the six months ended June 30, 2012 that did not reoccur in 2013 and lower property acquisition costs as the Company focused on its pursuit of the Archstone Acquisition.

Merger expenses from continuing operations, which includes direct costs incurred from the Archstone Acquisition such as investment banking and legal/accounting costs, increased approximately $17.7 million as a result of the closing of the Archstone Acquisition during the six months ended June 30, 2013.

Interest expense from continuing operations, including amortization of deferred financing costs, increased approximately $89.5 million or 37.4% primarily as a result of $71.4 million of prepayment penalties incurred on early debt extinguishments as well as write-offs of unamortized deferred financing costs and premiums/discounts of existing mortgage notes payable to manage the Company's post Archstone 2017 maturities profile, interest expense on two loan pools assumed in conjunction with the Archstone Acquisition and $500.0 million of unsecured notes that closed in April 2013, partially offset by higher capitalized interest in 2013 and the repayment of $253.9 million of 6.625% unsecured notes in March 2012, $221.1 million of 5.500% unsecured notes in October 2012, a $543.0 million mortgage pool in March 2013 and $400.0 million of 5.200% unsecured notes in April 2013. During the six months ended June 30, 2013, the Company capitalized interest costs of approximately $20.0 million as compared to $10.1 million for the six months ended June 30, 2012. This capitalization of interest primarily relates to consolidated projects under development. The effective interest cost on all indebtedness for the six months ended June 30, 2013 was 5.03% (excluding prepayment penalties) as compared to 5.29% for the six months ended June 30, 2012. The Company anticipates that interest expense from continuing operations will approximate $482.2 million to $490.7 million (excluding debt extinguishment costs) for the year ending December 31, 2013. The above assumption is based on current expectations and is forward-looking.

Income and other tax expense from continuing operations increased approximately $0.5 million primarily due to increases in taxes related to land parcel sales owned by the Company's TRS. The Company anticipates that income and other tax expense will approximate $2.9 million to $3.1 million for the year ending December 31, 2013. The above assumption is based on current expectations and is forward-looking.

Loss from investments in unconsolidated entities due to operations increased as a result of the unconsolidated joint ventures acquired as part of the Archstone transaction.

Loss from investments in unconsolidated entities due to merger expenses, which includes indirect costs incurred from the Archstone acquisition through the Company's joint ventures with AVB such as severance and retention bonuses, increased

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primarily as a result of severance obligations and retention bonuses in connection with the acquisition of Archstone through our 60% interest in an unconsolidated joint venture.

Net gain on sales of land parcels increased approximately $14.6 million due to the gain on sale of five land parcels during the six months ended June 30, 2013 as compared to no land sales during the six months ended June 30, 2012.

Discontinued operations, net increased approximately $1.3 billion between the periods under comparison. This increase is primarily due to higher gains on sales from dispositions during the six months ended June 30, 2013 compared to the same period in 2012, partially offset by properties sold in 2013 that reflect operations for a partial period in 2013 in contrast to a full period in 2012. See Note 11 in the Notes to Consolidated Financial Statements for further discussion.

Comparison of the quarter ended June 30, 2013 to the quarter ended June 30, 2012

For the quarter ended June 30, 2013, the Company reported diluted earnings per share of $0.90 compared to $0.33 per share in the same period of 2012. The difference is due primarily to higher gains from property sales in the second quarter of 2013 vs. the second quarter of 2012 and higher total property net operating income driven by the positive impact of the Company’s same store and stabilized Archstone properties, partially offset by $7.5 million of merger-related expenses incurred in connection with the Archstone Acquisition, interest expense on two loan pools assumed in conjunction with the Archstone Acquisition and $500.0 million of unsecured notes that closed in April 2013, higher depreciation as a direct result of the Archstone Acquisition and the issuance of Common Shares to the public in December 2012 and to an affiliate of Lehman Brothers Holdings Inc. in February 2013 as partial consideration for the Archstone Acquisition.

For the quarter ended June 30, 2013, loss from continuing operations increased approximately $51.9 million when compared to the quarter ended June 30, 2012. The decrease in continuing operations is discussed below.

Revenues from the Second Quarter 2013 Same Store Properties increased $21.5 million primarily as a result of an increase in average rental rates charged to residents, slightly higher occupancy and a decrease in turnover. Expenses from the Second Quarter 2013 Same Store Properties increased $5.5 million primarily due to increases in real estate taxes and utilities. The following tables provide comparative same store results and statistics for the Second Quarter 2013 Same Store Properties:

Second Quarter 2013 vs. Second Quarter 2012
Same Store Results/Statistics for 85,509 Same Store Apartment Units
$ in thousands (except for Average Rental Rate)
	Results									Statistics
Description	Revenues			Expenses			NOI			Average Rental Rate (1)			Occupancy		Turnover
Q2 2013	$	461,195		$	158,469		$	302,726		$	1,884		95.5	%	14.9	%
Q2 2012	$	439,744		$	153,009		$	286,735		$	1,803		95.2	%	15.1	%
Change	$	21,451		$	5,460		$	15,991		$	81		0.3	%	(0.2	%)
Change	4.9		%	3.6		%	5.6		%	4.5		%
(1) Average rental rate is defined as total rental revenues divided by the weighted average occupied apartment units for the period.

The following table provides comparative same store operating expenses for the Second Quarter 2013 Same Store Properties:

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Second Quarter 2013 vs. Second Quarter 2012
Same Store Operating Expenses for 85,509 Same Store Apartment Units
$ in thousands
	Actual Q2 2013		Actual Q2 2012		$ Change			% Change		% of Actual Q2 2013 Operating Expenses
Real estate taxes	$	51,875	$	48,219	$	3,656		7.6	%	32.7	%
On-site payroll (1)	34,134		33,537		597			1.8	%	21.5	%
Utilities (2)	23,199		22,182		1,017			4.6	%	14.6	%
Repairs and maintenance (3)	22,002		21,173		829			3.9	%	13.9	%
Property management costs (4)	15,681		16,490		(809		)	(4.9	%)	9.9	%
Insurance	4,820		4,811		9			0.2	%	3.1	%
Leasing and advertising	2,614		2,426		188			7.7	%	1.7	%
Other on-site operating expenses (5)	4,144		4,171		(27		)	(0.6	%)	2.6	%
Same store operating expenses	$	158,469	$	153,009	$	5,460		3.6	%	100.0	%

(1) On-site payroll – Includes payroll and related expenses for on-site personnel including property managers, leasing consultants and maintenance staff.

(2) Utilities – Represents gross expenses prior to any recoveries under the Resident Utility Billing System (“RUBS”). Recoveries are reflected in rental income.

(3) Repairs and maintenance – Includes general maintenance costs, apartment unit turnover costs including interior painting, routine landscaping, security, exterminating, fire protection, snow removal, elevator, roof and parking lot repairs and other miscellaneous building repair costs.

(4) Property management costs – Includes payroll and related expenses for departments, or portions of departments, that directly support on-site management. These include such departments as regional and corporate property management, property accounting, human resources, training, marketing and revenue management, procurement, real estate tax, property legal services and information technology.

(5) Other on-site operating expenses – Includes ground lease costs and administrative costs such as office supplies, telephone and data charges and association and business licensing fees.

The following table presents a reconciliation of operating income per the consolidated statements of operations to NOI for the Second Quarter 2013 Same Store Properties:

	Quarter Ended June 30,
	2013			2012
	(Amounts in thousands)
Operating income	$	71,033		$	128,560
Adjustments:
Non-same store operating results	(111,282		)	378
Fee and asset management revenue	(2,673		)	(2,212		)
Fee and asset management expense	1,577			1,180
Depreciation	327,985			145,438
General and administrative	16,086			13,391
Same store NOI	$	302,726		$	286,735

Non-same store operating results increased approximately $111.7 million and consist primarily of properties acquired in calendar years 2012 and 2013, as well as operations from the Company’s completed development properties. Although the operations of both the non-same store assets and the same store assets have been positively impacted during the quarter ended June 30, 2013, the non-same store assets have contributed a greater percentage of total NOI to the Company’s overall operating results primarily due to 2012 and 2013 acquisitions, increasing occupancy for properties in lease-up and a longer ownership period in 2013 than 2012. This increase primarily resulted from:

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▪ Development and other miscellaneous properties in lease-up of $1.6 million;

▪ Operating properties acquired in 2013 as part of the Archstone transaction of $103.1 million;

▪ Other properties acquired in 2012 and 2013 of $7.3 million;

▪ Newly stabilized development and other miscellaneous properties of $1.5 million; and

▪ Partially offset by an allocation of property management costs not included in same store results and operating activities from other miscellaneous operations.

See also Note 13 in the Notes to Consolidated Financial Statements for additional discussion regarding the Company’s segment disclosures.

Fee and asset management revenues, net of fee and asset management expenses, increased approximately $0.1 million or 6.2% primarily due to fees earned on management of the Company’s unconsolidated development joint ventures and revenue earned on management of the Company's military housing ventures at Fort Lewis and McChord Air Force base, partially offset by higher expenses.

Property management expenses from continuing operations include off-site expenses associated with the self-management of the Company’s properties as well as management fees paid to any third party management companies. These expenses increased approximately $1.1 million or 5.2%. This increase is primarily attributable to an increase in payroll-related costs, partially offset by the timing of education/conference expenses.

Depreciation expense from continuing operations, which includes depreciation on non-real estate assets, increased approximately $182.5 million primarily as a result of additional depreciation expense on properties acquired in 2012 and 2013 (including the Archstone properties), development properties placed in service and capital expenditures for all properties owned. In-place residential lease intangibles are generally amortized over a six month period and can significantly elevate depreciation expense following an acquisition, especially during 2013 as a direct result of the Archstone Acquisition.

General and administrative expenses from continuing operations, which include corporate operating expenses, increased approximately $2.7 million or 20.1% primarily due to an increase in payroll-related costs, which is largely a result of higher and accelerated long-term compensation expense for retirement eligible employees.

Interest and other income from continuing operations was consistent between the periods under comparison.

Other expenses from continuing operations decreased approximately $7.8 million or 88.9% primarily due to a decrease in the expensing of overhead (pursuit cost write-offs) and lower property acquisition costs as the Company focused on its pursuit of the Archstone Acquisition.

Merger expenses from continuing operations, which includes direct costs incurred from the Archstone acquisition such as investment banking and legal/accounting costs, decreased approximately $0.2 million or 31.8% as a result of the completion and closing of the Archstone acquisition prior to the current period.

Interest expense from continuing operations, including amortization of deferred financing costs, increased approximately $8.7 million or 7.3% primarily as a result of interest expense on two loan pools assumed in conjunction with the Archstone Acquisition and $500.0 million of unsecured notes that closed in April 2013, partially offset by higher capitalized interest in 2013 and the repayment of $221.1 million of 5.500% unsecured notes in October 2012, a $543.0 million mortgage pool in March 2013 and $400.0 million of 5.200% unsecured notes in April 2013. During the quarter ended June 30, 2013, the Company capitalized interest costs of approximately $11.6 million as compared to $5.1 million for the quarter ended June 30, 2012. This capitalization of interest primarily relates to consolidated projects under development. The effective interest cost on all indebtedness for the quarter ended June 30, 2013 was 4.65% as compared to 5.33% for the quarter ended June 30, 2012.

Income and other tax expense from continuing operations increased approximately $0.2 million primarily due to increases in all other taxes.

Loss from investments in unconsolidated entities due to operations increased as a result of the unconsolidated joint ventures acquired as part of the Archstone transaction.

Loss from investments in unconsolidated entities due to merger expenses, which includes indirect costs incurred from the Archstone Acquisition through the Company's joint ventures with AVB such as severance and retention bonuses, increased primarily as a result of severance obligations and retention bonuses in connection with the Archstone Acquisition through our 60% interest in an unconsolidated joint venture.

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Net gain on sales of land parcels increased approximately $14.6 million due to the gain on sale of five land parcels during the quarter ended June 30, 2013 as compared to no land sales during the quarter ended June 30, 2012.

Discontinued operations, net increased approximately $280.3 million between the periods under comparison. This increase is primarily due to higher gains on sales from dispositions during the quarter ended June 30, 2013 compared to the same period in 2012, partially offset by properties sold in 2013 that reflect operations for a partial period in 2013 in contrast to a full period in 2012. See Note 11 in the Notes to Consolidated Financial Statements for further discussion.

Liquidity and Capital Resources

EQR issues public equity from time to time and guarantees certain debt of ERPOP. EQR does not have any indebtedness as all debt is incurred by the Operating Partnership.

As of January 1, 2013, the Company had approximately $612.6 million of cash and cash equivalents, its restricted 1031 exchange proceeds totaled $152.2 million and it had $1.72 billion available under its revolving credit facility (net of $30.2 million which was restricted/dedicated to support letters of credit). After taking into effect the various transactions discussed in the following paragraphs and the net cash provided by operating activities, the Company’s cash and cash equivalents balance at June 30, 2013 was approximately $152.6 million, its restricted 1031 exchange proceeds totaled $82.0 million and the amount available on its revolving credit facility was $2.47 billion (net of $33.3 million which was restricted/dedicated to support letters of credit).

During the six months ended June 30, 2013, the Company generated proceeds from various transactions, which included the following:

▪ Disposed of 82 consolidated properties, one commercial building and five land parcels, receiving net proceeds of approximately $3.8 billion;

▪ Obtained $750.0 million of proceeds from its senior unsecured delayed draw term loan facility that was drawn upon in connection with the Archstone Acquisition;

▪ Issued $500.0 million of ten-year 3.00% fixed rate public notes, receiving net proceeds of $495.6 million before underwriting fees and other expenses, at an all-in effective interest rate of 3.998%; and

▪ Issued approximately 0.5 million Common Shares and received net proceeds of $16.2 million, which were contributed to the capital of the Operating Partnership in exchange for additional OP Units (on a one-for-one Common Share per OP Unit basis).

During the six months ended June 30, 2013, the above proceeds were primarily utilized to:

▪ Acquire the Archstone Portfolio for approximately $4.0 billion in cash (see Note 4 for details of the transaction);

▪ Acquire one additional rental property and one additional land parcel for approximately $108.3 million;

▪ Invest $154.6 million primarily in development projects; and

▪ Repay $704.2 million of mortgage loans and $400.0 million of unsecured notes.

On February 27, 2013, the Company issued 34,468,085 Common Shares to an affiliate of Lehman Brothers Holdings Inc. as partial consideration for the portion of the Archstone Portfolio acquired by the Company. The shares had a total value of $1.9 billion based on the February 27, 2013 closing price of EQR Common Shares of $55.99 per share. Concurrent with this transaction, ERPOP issued 34,468,085 OP Units to EQR. On March 7, 2013, EQR filed a shelf registration statement relating to the resale of these shares by the selling shareholders.

On November 28, 2012, as a partial source of funding for the Archstone Acquisition, EQR priced the issuance of 21,850,000 Common Shares at a price of $54.75 per share for total consideration of approximately $1.2 billion, after deducting underwriting commissions of $35.9 million. Concurrent with this transaction, ERPOP issued 21,850,000 OP Units to EQR.

In September 2009, EQR announced the establishment of an At-The-Market (“ATM”) share offering program which would allow EQR to sell up to 17.0 million Common Shares from time to time over the next three years (later increased by 5.7 million Common Shares and extended to February 2014) into the existing trading market at current market prices as well as through negotiated transactions. Per the terms of ERPOP’s partnership agreement, EQR contributes the net proceeds from all equity offerings to the capital of ERPOP in exchange for additional OP Units (on a one-for-one Common Share per OP Unit basis). EQR may, but shall have no obligation to, sell Common Shares through the ATM share offering program in amounts and at times to be determined by EQR. Actual sales will depend on a variety of factors to be determined by EQR from time to time, including (among others) market conditions, the trading price of EQR’s Common Shares and determinations of the appropriate sources of funding for EQR. EQR has not issued any shares under this program since September 14, 2012.  Through August 2, 2013, EQR has cumulatively

58

issued approximately 16.7 million Common Shares at an average price of $48.53 per share for total consideration of approximately $809.9 million. On July 30, 2013, the Company filed a new universal shelf registration statement to ultimately replace its existing universal shelf registration statement, which expires later this year. The Board of Trustees also approved an increase to the amount of shares which be may offered under the ATM program to 13.0 million Common Shares and extended the program maturity to July 2016. See Note 14 for further discussion.

EQR has a share repurchase program authorized by the Board of Trustees under which it had authorization to repurchase up to $464.6 million of its shares as of June 30, 2013. No shares were repurchased during the six months ended June 30, 2013 or at any time for open market repurchases since 2008. The Board of Trustees also approved an increase and modification to the Company's share repurchase program to allow for the potential repurchase of up to 13.0 million shares. See Note 14 for further discussion.

Depending on its analysis of prevailing market conditions, liquidity requirements, contractual restrictions and other factors, the Company may from time to time seek to repurchase and retire its outstanding debt in open market or privately negotiated transactions.

The Company’s total debt summary and debt maturity schedules as of June 30, 2013 are as follows:

Debt Summary as of June 30, 2013
(Amounts in thousands)
	Amounts (1)		% of Total		Weighted Average Rates (1)		Weighted Average Maturities (years)
Secured	$	6,247,612	53.3	%	4.37	%	7.0
Unsecured	5,475,954		46.7	%	4.94	%	5.0
Total	$	11,723,566	100.0	%	4.65	%	6.1
Fixed Rate Debt:
Secured – Conventional	$	5,565,166	47.5	%	4.79	%	5.5
Unsecured – Public/Private	4,725,954		40.3	%	5.64	%	5.6
Fixed Rate Debt	10,291,120		87.8	%	5.19	%	5.5
Floating Rate Debt:
Secured – Conventional	57,261		0.5	%	2.34	%	1.3
Secured – Tax Exempt	625,185		5.3	%	0.60	%	19.6
Unsecured – Public/Private	750,000		6.4	%	1.81	%	1.5
Unsecured – Revolving Credit Facility	—		—		1.27	%	4.8
Floating Rate Debt	1,432,446		12.2	%	1.30	%	9.6
Total	$	11,723,566	100.0	%	4.65	%	6.1

(1) Net of the effect of any derivative instruments. Weighted average rates are for the six months ended June 30, 2013.

Note: The Company capitalized interest of approximately $20.0 million and $10.1 million during the six months ended June 30, 2013 and 2012, respectively. The Company capitalized interest of approximately $11.6 million and $5.1 million during the quarters ended June 30, 2013 and 2012, respectively.

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Debt Maturity Schedule as of June 30, 2013
(Amounts in thousands)
Year	Fixed Rate (1)			Floating Rate (1)				Total		% of Total		Weighted Average Rates on Fixed Rate Debt (1)		Weighted Average Rates on Total Debt (1)
2013	$	5,614		$	259			$	5,873	0.1	%	5.47	%	5.38	%
2014	1,517,354			49,017				1,566,371		13.4	%	5.67	%	5.57	%
2015	419,785			750,000			(2)	1,169,785		10.0	%	6.29	%	3.14	%
2016	1,192,559			—				1,192,559		10.2	%	5.34	%	5.34	%
2017	2,171,013		(3)	456				2,171,469		18.5	%	6.20	%	6.20	%
2018	83,599			724				84,323		0.7	%	5.63	%	5.63	%
2019	805,844			20,766				826,610		7.1	%	5.48	%	5.35	%
2020	1,677,783			809				1,678,592		14.3	%	5.49	%	5.49	%
2021	1,194,390			856				1,195,246		10.2	%	4.64	%	4.64	%
2022	228,045			905				228,950		1.9	%	3.17	%	3.18	%
2023+	806,868			675,944				1,482,812		12.6	%	4.23	%	2.51	%
Premium/(Discount)	188,266			(67,290		)		120,976		1.0	%	N/A		N/A
Total	$	10,291,120		$	1,432,446			$	11,723,566	100.0	%	5.43	%	4.86	%

(1) Net of the effect of any derivative instruments. Weighted average rates are as of June 30, 2013.

(2) Includes the Company's senior unsecured $750.0 million delayed draw term loan facility that matures on January 11, 2015 and is subject to a one-year extension option exercisable by the Company.

(3) Includes $1.27 billion in Archstone mortgage notes payable of which all or a portion of can be modified and extended to mature in 2023 under certain circumstances. The Company and the lender are in the process of modifying and extending this debt.

The following table provides a summary of the Company’s unsecured debt as of June 30, 2013:

Unsecured Debt Summary as of June 30, 2013
(Amounts in thousands)
	Coupon Rate	Due Date		Face Amount		Unamortized Premium/ (Discount)			Net Balance
Fixed Rate Notes:
	5.250%	09/15/14		$	500,000	$	(74	)	$	499,926
	6.584%	04/13/15		300,000		(193		)	299,807
	5.125%	03/15/16		500,000		(144		)	499,856
	5.375%	08/01/16		400,000		(572		)	399,428
	5.750%	06/15/17		650,000		(2,034		)	647,966
	7.125%	10/15/17		150,000		(278		)	149,722
	4.750%	07/15/20		600,000		(3,205		)	596,795
	4.625%	12/15/21		1,000,000		(3,207		)	996,793
	3.000%	04/15/23		500,000		(4,339		)	495,661
	7.570%	08/15/26		140,000		—			140,000
				4,740,000		(14,046		)	4,725,954
Floating Rate Notes:
Delayed Draw Term Loan Facility	LIBOR+1.20%	01/11/15	(1)(2)	750,000		—			750,000
				750,000		—			750,000
Revolving Credit Facility:	LIBOR+1.05%	04/01/18	(1)(3)	—		—			—
Total Unsecured Debt				$	5,490,000	$	(14,046	)	$	5,475,954

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(1) Facilities are private. All other unsecured debt is public.

(2) On January 11, 2013, the Company entered into a senior unsecured $750.0 million delayed draw term loan facility which was fully drawn on February 27, 2013 in connection with the Archstone Acquisition. The maturity date of January 11, 2015 is subject to a one-year extension option exercisable by the Company. The interest rate on advances under the term loan facility will generally be LIBOR plus a spread (currently 1.20%), which is dependent on the credit rating of the Company's long-term debt.

(3) On January 11, 2013, the Company replaced its existing $1.75 billion facility with a $2.5 billion unsecured revolving credit facility maturing April 1, 2018. The interest rate on advances under the new credit facility will generally be LIBOR plus a spread (currently 1.05%) and an annual facility fee (currently 15 basis points). Both the spread and the facility fee are dependent on the credit rating of the Company's long-term debt. As of June 30, 2013, there was approximately $2.47 billion available on the Company's unsecured revolving credit facility.

An unlimited amount of equity and debt securities remains available for issuance by EQR and ERPOP under a universal shelf registration statement that automatically became effective upon filing with the SEC on July 30, 2013 and expires on July 30, 2016. The Board of Trustees also approved an increase to the amount of shares which be may offered under the ATM program to 13.0 million Common Shares and extended the program maturity to July 2016. Per the terms of ERPOP’s partnership agreement, EQR contributes the net proceeds of all equity offerings to the capital of ERPOP in exchange for additional OP Units (on a one-for-one Common Share per OP Unit basis) or preference units (on a one-for-one preferred share per preference unit basis).

The Company’s “Consolidated Debt-to-Total Market Capitalization Ratio” as of June 30, 2013 is presented in the following table. The Company calculates the equity component of its market capitalization as the sum of (i) the total outstanding Common Shares and assumed conversion of all Units at the equivalent market value of the closing price of the Company’s Common Shares on the New York Stock Exchange and (ii) the liquidation value of all perpetual preferred shares outstanding.

Equity Residential
Capital Structure as of June 30, 2013
(Amounts in thousands except for share/unit and per share amounts)
Secured Debt					$	6,247,612	53.3	%
Unsecured Debt					5,475,954		46.7	%
Total Debt					11,723,566		100.0	%	35.0	%
Common Shares (includes Restricted Shares)	360,312,049		96.2	%
Units (includes OP Units and LTIP Units)	14,214,427		3.8	%
Total Shares and Units	374,526,476		100.0	%
Common Share Price at June 30, 2013	$	58.06
					21,745,007		99.8	%
Perpetual Preferred Equity (see below)					50,000		0.2	%
Total Equity					21,795,007		100.0	%	65.0	%
Total Market Capitalization					$	33,518,573			100.0	%

Equity Residential
Perpetual Preferred Equity as of June 30, 2013
(Amounts in thousands except for share and per share amounts)
Series	Redemption Date	Outstanding Shares	Liquidation Value		Annual Dividend Per Share		Annual Dividend Amount
Preferred Shares:
8.29% Series K	12/10/26	1,000,000	$	50,000	$	4.145	$	4,145
Total Perpetual Preferred Equity		1,000,000	$	50,000			$	4,145

The Operating Partnership’s “Consolidated Debt-to-Total Market Capitalization Ratio” as of June 30, 2013 is presented in the following table. The Operating Partnership calculates the equity component of its market capitalization as the sum of (i) the total outstanding Units at the equivalent market value of the closing price of the Company’s Common Shares on the New York Stock Exchange and (ii) the liquidation value of all perpetual preference units outstanding.

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ERP Operating Limited Partnership
Capital Structure as of June 30, 2013
(Amounts in thousands except for unit and per unit amounts)
Secured Debt			$	6,247,612	53.3	%
Unsecured Debt			5,475,954		46.7	%
Total Debt			11,723,566		100.0	%	35.0	%
Total outstanding Units	374,526,476
Common Share Price at June 30, 2013	$	58.06
			21,745,007		99.8	%
Perpetual Preference Units (see below)			50,000		0.2	%
Total Equity			21,795,007		100.0	%	65.0	%
Total Market Capitalization			$	33,518,573			100.0	%

ERP Operating Limited Partnership
Perpetual Preference Units as of June 30, 2013
(Amounts in thousands except for unit and per unit amounts)
Series	Redemption Date	Outstanding Units	Liquidation Value		Annual Dividend Per Unit		Annual Dividend Amount
Preference Units:
8.29% Series K	12/10/26	1,000,000	$	50,000	$	4.145	$	4,145
Total Perpetual Preference Units		1,000,000	$	50,000			$	4,145

The Company generally expects to meet its short-term liquidity requirements, including capital expenditures related to maintaining its existing properties and scheduled unsecured note and mortgage note repayments, through its working capital, net cash provided by operating activities and borrowings under the Company’s revolving credit facility. Under normal operating conditions, the Company considers its cash provided by operating activities to be adequate to meet operating requirements and payments of distributions.

The Company has a flexible dividend policy which it believes will generate payouts closely aligned with the actual annual operating results of the Company’s core business and provide transparency to investors. The Company intends to pay an annual cash dividend equal to approximately 65% of Normalized FFO for the year. Subject to Board of Trustees approval, the Company anticipates the expected dividend payout will range from $1.82 to $1.85 per share/Unit ($0.40 per share/Unit for each of the first three quarters with the balance for the fourth quarter) for the year ending December 31, 2013 to bring the total payment for the year to approximately 65% of Normalized FFO for the year. The above assumption is based on current expectations and is forward-looking. While our dividend policy makes it less likely we will over distribute, it will also lead to a dividend reduction more quickly than a fixed dividend policy should operating results deteriorate. However, whether due to changes in the dividend policy or otherwise, there may be times when the Company experiences shortfalls in its coverage of distributions, which may cause the Company to consider reducing its distributions and/or using the proceeds from property dispositions or additional financing transactions to make up the difference. Should these shortfalls occur for lengthy periods of time or be material in nature, the Company’s financial condition may be adversely affected and it may not be able to maintain its current distribution levels. The Company believes that its expected combined 2012 and 2013 operating cash flow will be sufficient to cover capital expenditures and distributions.

The Company also expects to meet its long-term liquidity requirements, such as scheduled unsecured note and mortgage debt maturities, property acquisitions, financing of construction and development activities and capital improvements through the issuance of secured and unsecured debt and equity securities, including additional OP Units, proceeds received from the disposition of certain properties and joint ventures and cash generated from operations after all distributions. In addition, the Company has significant unencumbered properties available to secure additional mortgage borrowings in the event that the public capital markets are unavailable or the cost of alternative sources of capital is too high. The fair value of and cash flow from these unencumbered properties are in excess of the requirements the Company must maintain in order to comply with covenants under its unsecured notes and line of credit. Of the $27.0 billion in investment in real estate on the Company’s balance sheet at June 30, 2013, $16.8

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billion or 62.2% was unencumbered. However, there can be no assurances that these sources of capital will be available to the Company in the future on acceptable terms or otherwise.

ERPOP’s credit ratings from Standard & Poor’s (“S&P”), Moody’s and Fitch for its outstanding senior debt are BBB+, Baa1 and BBB+, respectively. EQR’s equity ratings from S&P, Moody’s and Fitch for its outstanding preferred equity are BBB+, Baa2 and BBB-, respectively.

The Archstone transaction, related financing activities and property sales have altered our unsecured public debt covenants. See the following table for a comparison of these covenants at June 30, 2013 and December 31, 2012:

	June 30, 2013	December 31, 2012
Total Debt to Adjusted Total Assets (not to exceed 60%)	42.9%	38.6%
Secured Debt to Adjusted Total Assets (not to exceed 40%)	22.9%	17.6%
Consolidated Income Available for Debt Service to
Maximum Annual Service Charges
(must be at least 1.5 to 1)	2.68	3.00
Total Unsecured Assets to Unsecured Debt
(must be at least 150%)	315.4%	346.3%

On January 11, 2013, the Company replaced its existing $1.75 billion facility with a $2.5 billion unsecured revolving credit facility maturing April 1, 2018. 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. The interest rate on advances under the facility will generally be LIBOR plus a spread (currently 1.05%) and the Company pays an annual facility fee (currently 15 basis points). Both the spread and the facility fee are dependent on the credit rating of the Company’s long-term debt. As of August 2, 2013, there was available borrowings of $2.47 billion (net of $33.3 million which was restricted/dedicated to support letters of credit) on the revolving credit facility. This facility may, among other potential uses, be used to fund property acquisitions, costs for certain properties under development and short-term liquidity requirements.

On January 11, 2013, the Company also entered into a new senior unsecured $750.0 million delayed draw term loan facility which was fully drawn on February 27, 2013 in connection with the Archstone Acquisition. The maturity date of January 11, 2015 is subject to a one-year extension option exercisable by the Company. The interest rate on advances under the new term loan facility will generally be LIBOR plus a spread (currently 1.20%), which is dependent on the credit rating of the Company's long-term debt.

See Note 14 in the Notes to Consolidated Financial Statements for discussion of the events which occurred subsequent to June 30, 2013.

Capitalization of Fixed Assets and Improvements to Real Estate

Our policy with respect to capital expenditures is generally to capitalize expenditures that improve the value of the property or extend the useful life of the component asset of the property. We track improvements to real estate in two major categories and several subcategories:

▪ Replacements (inside the apartment unit). These include:

▪ flooring such as carpets, hardwood, vinyl or tile;

▪ appliances;

▪ mechanical equipment such as individual furnace/air units, hot water heaters, etc;

▪ furniture and fixtures such as kitchen/bath cabinets, light fixtures, ceiling fans, sinks, tubs, toilets, mirrors, countertops, etc; and

▪ blinds.

All replacements are depreciated over a five to ten-year estimated useful life. We expense as incurred all make-ready maintenance and turnover costs such as cleaning, interior painting of individual apartment units and the repair of any replacement item noted above.

▪ Building improvements (outside the apartment unit). These include:

▪ roof replacement and major repairs;

▪ paving or major resurfacing of parking lots, curbs and sidewalks;

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▪ amenities and common areas such as pools, exterior sports and playground equipment, lobbies, clubhouses, laundry rooms, alarm and security systems and offices;

▪ major building mechanical equipment systems;

▪ interior and exterior structural repair and exterior painting and siding;

▪ major landscaping and grounds improvement; and

▪ vehicles and office and maintenance equipment.

All building improvements are depreciated over a five to fifteen-year estimated useful life. We capitalize building improvements and upgrades only if the item: (i) exceeds $2,500 (selected projects must exceed $10,000); (ii) extends the useful life of the asset; and (iii) improves the value of the asset.

For the six months ended June 30, 2013, our actual improvements to real estate totaled approximately $57.3 million. This includes the following (amounts in thousands except for apartment unit and per apartment unit amounts):

Capital Expenditures to Real Estate
For the Six Months Ended June 30, 2013
	Total Apartment Units (1)	Replacements (2)		Avg. Per Apartment Unit		Building Improvements		Avg. Per Apartment Unit		Total		Avg. Per Apartment Unit
Same Store Properties (3)	84,965	$	23,154	$	273	$	22,522	$	265	$	45,676	$	538
Non-Same Store Properties (4)	22,962	4,000		244		3,845		234		7,845		478
Other (5)	—	1,989				1,743				3,732
Total	107,927	$	29,143			$	28,110			$	57,253

(1) Total Apartment Units – Excludes 336 unconsolidated apartment units and 5,125 military housing apartment units for which repairs and maintenance expenses and capital expenditures to real estate are self-funded and do not consolidate into the Company’s results.

(2) Replacements – Includes new expenditures inside the apartment units such as appliances, mechanical equipment, fixtures and flooring, including carpeting. Replacements for same store properties also include $9.5 million spent during the six months ended June 30, 2013 on apartment unit renovations/rehabs (primarily kitchens and baths) on 1,256 apartment units (equating to about $7,600 per apartment unit rehabbed) designed to reposition these assets for higher rental levels in their respective markets.

(3) Same Store Properties – Primarily includes all properties acquired or completed and stabilized prior to January 1, 2012, less properties subsequently sold.

(4) Non-Same Store Properties – Primarily includes all properties acquired during 2012 and 2013, plus any properties in lease-up and not stabilized as of January 1, 2012. Per apartment unit amounts are based on a weighted average of 16,416 apartment units. Includes approximately four months of activity for the Archstone properties.

(5) Other – Primarily includes expenditures for properties sold during the period.

For 2013, the Company estimates that it will spend approximately $1,500 per apartment unit of capital expenditures for the approximately 80,000 apartment units that the Company expects to have in its annual same store set, inclusive of apartment unit renovation/rehab costs, or $1,150 per apartment unit excluding apartment unit renovation/rehab costs. In 2013, the Company expects to spend approximately $40.8 million rehabbing 5,000 apartment units (equating to about $8,150 per apartment unit rehabbed). The above assumptions are based on current expectations and are forward-looking.

During the six months ended June 30, 2013, the Company’s total non-real estate capital additions, such as computer software, computer equipment, and furniture and fixtures and leasehold improvements to the Company’s property management offices and its corporate offices, were approximately $2.8 million. The Company expects to fund approximately $1.4 million in total additions to non-real estate property for the remainder of 2013. The above assumption is based on current expectations and is forward-looking.

Improvements to real estate and additions to non-real estate property are generally funded from net cash provided by operating activities and from investment cash flow.

Derivative Instruments

In the normal course of business, the Company is exposed to the effect of interest rate changes. The Company seeks to manage these risks by following established risk management policies and procedures including the use of derivatives to hedge interest rate risk on debt instruments. The Company may also use derivatives to manage its exposure to foreign exchange rates or manage commodity prices in the daily operations of the business.

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The Company has a policy of only entering into contracts with major financial institutions based upon their credit ratings and other factors. When viewed in conjunction with the underlying and offsetting exposure that the derivatives are designed to hedge, the Company has not sustained a material loss from these instruments nor does it anticipate any material adverse effect on its net income or financial position in the future from the use of derivatives it currently has in place.

See Note 9 in the Notes to Consolidated Financial Statements for additional discussion of derivative instruments at June 30, 2013.

Other

Total distributions paid in July 2013 amounted to $150.8 million (excluding distributions on Partially Owned Properties), which included certain distributions declared during the second quarter ended June 30, 2013.

Off-Balance Sheet Arrangements and Contractual Obligations

On February 27, 2013, in conjunction with the Archstone Acquisition, the Company acquired unconsolidated interests in several joint ventures. The Company does not believe that these investments have a materially different impact upon its liquidity, cash flows, capital resources, credit or market risk than its other consolidated operating and/or development activities. Details of these interests follow by project:

San Norterra – This venture is currently developing certain land parcels into a 388 unit apartment building located in Phoenix, Arizona. The Company has an 85% equity interest with an initial basis of $16.9 million. Total project costs are approximately $56.3 million and construction is being partially funded with a construction loan that is guaranteed by the partner and non-recourse to the Company. The loanhas a maximum debt commitment of $34.8 million and a current unconsolidated outstanding balance of $28.4 million; the loan bears interest at LIBOR plus 2.00% and matures January 6, 2015. The partner is the managing member and is developing the project. The Company does not have substantive kick-out or participating rights. As a result, the entity is unconsolidated and recorded using the equity method of accounting.

Waterton Tenside – This venture was formed to develop and operate a 336 unit apartment property located in Atlanta, Georgia. The Company has a 20% equity interest with an initial basis of $5.1 million. The partner is the managing member and developed the project. The project is encumbered by a non-recourse mortgage loan that has a current outstanding balance of $30.6 million, bears interest at 3.66% and matures December 1, 2018. The Company does not have substantive kick-out or participating rights. As a result, the entity is unconsolidated and recorded using the equity method of accounting.

Mission Gorge – This venture was formed to ultimately develop a land parcel into a 444 unit apartment building located in San Diego, California. The Company currently has a 23.08% equity interest with an initial basis of $4.1 million. While the Company is the managing member of the joint venture and will be responsible for constructing the project, the joint venture partner has significant participating rights and has active involvement in and oversight of the ongoing project. As a result, this entity is unconsolidated and recorded using the equity method of accounting.

Parkside at Emeryville – This venture is currently developing certain land parcels into a 180 unit apartment building located in Emeryville, California. The Company has a 5% equity interest with an initial obligation of approximately $2.1 million. Total project costs are expected to be approximately $75.0 million and construction is being partially funded with a construction loan. The loan has a maximum debt commitment of $39.5 million and a current unconsolidated outstanding balance of $2.7 million; the loan bears interest at LIBOR plus 2.25% and matures August 14, 2015. The Company has given a repayment guaranty on the construction loan of 50% of the outstanding balance, up to a maximum of $19.7 million, and has given certain construction cost overrun guarantees. The partner is the managing member and is developing the project. The Company does not have substantive kick-out or participating rights. As a result, the entity is unconsolidated and recorded using the equity method of accounting.

On February 27, 2013, in connection with the Archstone Acquisition, subsidiaries of the Company and AVB entered into three limited liability company agreements (collectively, the “Residual JV”). The Residual JV owns certain non-core Archstone assets that are held for sale, such as interests in a German portfolio of apartment buildings, and succeeded to certain residual Archstone liabilities, such as liability for various employment-related matters. The Residual JV is owned 60% by the Company and 40% by AVB and the Company's initial investment was $105.2 million. The venture is managed by a Management Committee consisting of two members from each of the Company and AVB. Both partners have equal participation in the Management Committee and all significant participating rights are shared by both partners. As a result, the venture is unconsolidated and recorded using the equity method of accounting.

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On February 27, 2013, in connection with the Archstone Acquisition, a subsidiary of the Company and AVB entered into a limited liability company agreement (the “Legacy JV”), through which they assumed obligations of Archstone in the form of preferred interests, some of which are governed by tax protection arrangements. During the six months ended June 30, 2013, the Company purchased with AVB $65.0 million (of which the Company's 60% share was $39.0 million) of the preferred interests assumed by Legacy JV. At June 30, 2013, the remaining preferred interests have an aggregate liquidation value of $88.3 million. Obligations of the venture are borne 60% by the Company and 40% by AVB. The venture is managed by a Management Committee consisting of two members from each of the Company and AVB. Both partners have equal participation in the Management Committee and all significant participating rights are shared by both partners. As a result, the venture is unconsolidated and recorded using the equity method of accounting.

The Company admitted an 80% institutional partner to two separate entities/transactions (Nexus Sawgrass in December 2010 and Domain in August 2011), each owning a developable land parcel, in exchange for $40.1 million in cash and retained a 20% equity interest in both of these entities. These land parcels are now unconsolidated. Total project costs are approximately $232.8 million and construction is being predominantly funded with two separate long-term, non-recourse secured loans from the partner. Nexus Sawgrass has a maximum debt commitment of $48.7 million and a current unconsolidated outstanding balance of $42.6 million; the loan bears interest at 5.60% and matures January 1, 2021. Domain has a maximum debt commitment of $98.6 million and a current unconsolidated outstanding balance of $72.1 million; the loan bears interest at 5.75% and matures January 1, 2022. While the Company is the managing member of both of the joint ventures, is responsible for constructing both of the projects and has given certain construction cost overrun guarantees, the joint venture partner has significant participating rights and has active involvement in and oversight of the ongoing projects. The Company currently has no further funding obligations related to these projects. The Company's strategy with respect to these ventures was to reduce its financial risk related to the development of the properties. However, management does not believe that these investments have a materially different impact upon the Company's liquidity, cash flows, capital resources, credit or market risk than its other consolidated development activities.

As of June 30, 2013, the Company has 11 consolidated projects (including 400 Park Avenue South in New York City which the Company is jointly developing with Toll Brothers and Park Aire in which the Company acquired a 95% interest in connection with the Archstone transaction – see Note 12 in the Notes to Consolidated Financial Statements for further discussion) totaling 2,488 apartment units and four unconsolidated projects totaling 1,513 apartment units in various stages of development with estimated completion dates ranging through June 30, 2015, as well as other completed development projects that are in various stages of lease up or are stabilized. The development agreements currently in place are discussed in detail in Note 12 of the Company’s Consolidated Financial Statements.

See also Notes 2 and 6 in the Notes to Consolidated Financial Statements for additional discussion regarding the Company’s investments in partially owned entities.

As a result of the Archstone transaction, the Company’s contractual obligations for the next five years and thereafter have changed materially from the amounts and disclosures included in the Company's annual report on Form 10-K and are summarized below as of June 30, 2013:

Payments Due by Year (in thousands)
	Remaining
Contractual Obligations	2013		2014		2015		2016		2017		2018		Thereafter		Total
Debt:
Principal (a)	$	5,873	$	1,566,371	$	1,169,785	$	1,192,559	$	2,171,469	$	84,323	$	5,533,186	$	11,723,566
Interest (b)	275,619		529,572		443,794		394,238		335,205		255,455		602,342		2,836,225
Operating Leases:
Minimum Rent Payments (c)	6,878		14,088		14,666		14,734		14,507		7,172		854,608		926,653
Other Long-Term Liabilities:
Deferred Compensation (d)	475		1,378		1,705		1,705		1,705		1,705		5,553		14,226
Total	$	288,845	$	2,111,409	$	1,629,950	$	1,603,236	$	2,522,886	$	348,655	$	6,995,689	$	15,500,670

(a) Amounts include aggregate principal payments only.

(b) Amounts include interest expected to be incurred on the Company’s secured and unsecured debt based on obligations outstanding at June 30, 2013 and inclusive of capitalized interest. For floating rate debt, the current rate in effect for the most recent payment through June 30, 2013 is assumed to be in effect through the respective maturity date of each instrument.

(c) Minimum basic rent due for various office space the Company leases and fixed base rent due on ground leases for 14 properties/parcels.

(d) Estimated payments to the Company's Chairman, Vice Chairman and one former CEO based on actual and planned retirement dates.

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Critical Accounting Policies and Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to use judgment in the application of accounting policies, including making estimates and assumptions. If our judgment or interpretation of the facts and circumstances relating to various transactions had been different or different assumptions were made, it is possible that different accounting policies would have been applied, resulting in different financial results or different presentation of our financial statements.

The Company has identified five significant accounting policies as critical accounting policies. These critical accounting policies are those that have the most impact on the reporting of our financial condition and those requiring significant judgments and estimates. With respect to these critical accounting policies, management believes that the application of judgments and estimates is consistently applied and produces financial information that fairly presents the results of operations for all periods presented. The five critical accounting policies are:

Acquisition of Investment Properties

The Company allocates the purchase price of properties to net tangible and identified intangible assets acquired based on their fair values. In making estimates of fair values for purposes of allocating purchase price, the Company utilizes a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property, our own analysis of recently acquired and existing comparable properties in our portfolio and other market data. The Company also considers information obtained about each property as a result of its pre-acquisition due diligence, marketing and leasing activities in estimating the fair value of the tangible and intangible assets acquired.

Impairment of Long-Lived Assets

The Company periodically evaluates its long-lived assets, including its investments in real estate, for indicators of impairment. The judgments regarding the existence of impairment indicators are based on factors such as operational performance, market conditions and legal and environmental concerns, as well as the Company’s ability to hold and its intent with regard to each asset. Future events could occur which would cause the Company to conclude that impairment indicators exist and an impairment loss is warranted.

Depreciation of Investment in Real Estate

The Company depreciates the building component of its investment in real estate over a 30-year estimated useful life, building improvements over a 5-year to 15-year estimated useful life and both the furniture, fixtures and equipment and replacements components over a 5-year to 10-year estimated useful life, all of which are judgmental determinations.

Cost Capitalization

See the Capitalization of Fixed Assets and Improvements to Real Estate section for a discussion of the Company’s policy with respect to capitalization vs. expensing of fixed asset/repair and maintenance costs. In addition, the Company capitalizes an allocation of the payroll and associated costs of employees directly responsible for and who spend their time on the supervision of major capital and/or renovation projects. These costs are reflected on the balance sheet as an increase to depreciable property.

For all development projects, the Company uses its professional judgment in determining whether such costs meet the criteria for capitalization or must be expensed as incurred. The Company capitalizes interest, real estate taxes and insurance and payroll and associated costs for those individuals directly responsible for and who spend their time on development activities, with capitalization ceasing no later than 90 days following issuance of the certificate of occupancy. These costs are reflected on the balance sheet as construction-in-progress for each specific property. The Company expenses as incurred all payroll costs of on-site employees working directly at our properties, except as noted above on our development properties prior to certificate of occupancy issuance and on specific major renovations at selected properties when additional incremental employees are hired.

During the six months ended June 30, 2013 and 2012, the Company capitalized $8.4 million and $7.3 million, respectively, of payroll and associated costs of employees directly responsible for and who spend their time on the supervision of development activities as well as major capital and/or renovation projects.

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Fair Value of Financial Instruments, Including Derivative Instruments

The valuation of financial instruments requires the Company to make estimates and judgments that affect the fair value of the instruments. The Company, where possible, bases the fair values of its financial instruments, including its derivative instruments, on listed market prices and third party quotes. Where these are not available, the Company bases its estimates on current instruments with similar terms and maturities or on other factors relevant to the financial instruments.

Funds From Operations and Normalized Funds From Operations

For the six months ended June 30, 2013, Funds From Operations ("FFO") available to Common Shares and Units / Units and Normalized FFO available to Common Shares and Units / Units decreased $39.1 million, or 10.0%, and increased $86.6 million, or 21.3%, respectively, as compared to the six months ended June 30, 2012.

For the quarter ended June 30, 2013, FFO available to Common Shares and Units / Units and Normalized FFO available to Common Shares and Units / Units increased $70.1 million, or 34.3%, and $52.3 million, or 24.3%, respectively, as compared to the quarter ended June 30, 2012.

The following is the Company’s and the Operating Partnership’s reconciliation of net income to FFO available to Common Shares and Units / Units and Normalized FFO available to Common Shares and Units / Units for the six months and quarters ended June 30, 2013 and 2012:

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Funds From Operations and Normalized Funds From Operations
(Amounts in thousands)
	Six Months Ended June 30,						Quarter Ended June 30,
	2013			2012			2013			2012
Net income	$	1,397,766		$	260,482		$	336,732		$	108,315
Net loss (income) attributable to Noncontrolling Interests – Partially    Owned Properties	790			(769		)	815			(319		)
Preferred/preference distributions	(2,072		)	(6,933		)	(1,036		)	(3,467		)
Net income available to Common Shares and Units / Units	1,396,484			252,780			336,511			104,529
Adjustments:
Depreciation	528,328			289,273			327,985			145,438
Depreciation – Non-real estate additions	(2,473		)	(2,781		)	(1,257		)	(1,427		)
Depreciation – Partially Owned and Unconsolidated Properties	(2,508		)	(1,597		)	(1,493		)	(797		)
Discontinued operations:
Depreciation	22,160			58,833			2,465			27,560
Net (gain) on sales of discontinued operations	(1,588,874		)	(204,053		)	(389,952		)	(71,097		)
Net incremental gain on sales of condominium units	7			49			7			—
Gain on sale of Equity Corporate Housing (ECH)	601			350			351			350
FFO available to Common Shares and Units / Units (1) (3) (4)	353,725			392,854			274,617			204,556
Adjustments:
Asset impairment and valuation allowances	—			—			—			—
Property acquisition costs and write-off of pursuit costs	76,116			10,894			8,448			8,268
Debt extinguishment (gains) losses, including prepayment penalties
preferred share/preference unit redemptions and non-cash convertible
debt discounts	78,820			1,377			(823		)	1,418
(Gains) losses on sales of non-operating assets, net of income and other    tax expense (benefit)	(15,224		)	(491		)	(14,974		)	(487		)
Other miscellaneous non-comparable items	—			2,223			—			1,249
Normalized FFO available to Common Shares and Units / Units (2) (3) (4)	$	493,437		$	406,857		$	267,268		$	215,004
FFO (1) (3)	$	355,797		$	399,787		$	275,653		$	208,023
Preferred/preference distributions	(2,072		)	(6,933		)	(1,036		)	(3,467		)
FFO available to Common Shares and Units / Units (1) (3) (4)	$	353,725		$	392,854		$	274,617		$	204,556
Normalized FFO (2) (3)	$	495,509		$	413,790		$	268,304		$	218,471
Preferred/preference distributions	(2,072		)	(6,933		)	(1,036		)	(3,467		)
Normalized FFO available to Common Shares and Units / Units (2) (3) (4)	$	493,437		$	406,857		$	267,268		$	215,004

(1) The National Association of Real Estate Investment Trusts (“NAREIT”) defines funds from operations (“FFO”) (April 2002 White Paper) as net income (computed in accordance with accounting principles generally accepted in the United States (“GAAP”)), excluding gains (or losses) from sales and impairment write-downs of depreciable operating properties, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures will be calculated to reflect funds from operations on the same basis. The April 2002 White Paper states that gain or loss on sales of property is excluded from FFO for previously depreciated operating properties only. Once the Company commences the conversion of apartment units to condominiums, it simultaneously discontinues depreciation of such property.

(2) Normalized funds from operations (“Normalized FFO”) begins with FFO and excludes:

▪ the impact of any expenses relating to non-operating asset impairment and valuation allowances;

▪ property acquisition and other transaction costs related to mergers and acquisitions and pursuit cost write-offs;

▪ gains and losses from early debt extinguishment, including prepayment penalties, preferred share/preference unit redemptions and the cost related to the implied option value of non-cash convertible debt discounts;

▪ gains and losses on the sales of non-operating assets, including gains and losses from land parcel and condominium sales, net of the effect of income tax benefits or expenses; and

▪ other miscellaneous non-comparable items.

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(3) The Company believes that FFO and FFO available to Common Shares and Units / Units are helpful to investors as supplemental measures of the operating performance of a real estate company, because they are recognized measures of performance by the real estate industry and by excluding gains or losses related to dispositions of depreciable property and excluding real estate depreciation (which can vary among owners of identical assets in similar condition based on historical cost accounting and useful life estimates), FFO and FFO available to Common Shares and Units / Units can help compare the operating performance of a company’s real estate between periods or as compared to different companies. The company also believes that Normalized FFO and Normalized FFO available to Common Shares and Units / Units are helpful to investors as supplemental measures of the operating performance of a real estate company because they allow investors to compare the company’s operating performance to its performance in prior reporting periods and to the operating performance of other real estate companies without the effect of items that by their nature are not comparable from period to period and tend to obscure the Company’s actual operating results. FFO, FFO available to Common Shares and Units / Units, Normalized FFO and Normalized FFO available to Common Shares and Units / Units do not represent net income, net income available to Common Shares / Units or net cash flows from operating activities in accordance with GAAP. Therefore, FFO, FFO available to Common Shares and Units / Units, Normalized FFO and Normalized FFO available to Common Shares and Units / Units should not be exclusively considered as alternatives to net income, net income available to Common Shares / Units or net cash flows from operating activities as determined by GAAP or as a measure of liquidity. The Company’s calculation of FFO, FFO available to Common Shares and Units / Units, Normalized FFO and Normalized FFO available to Common Shares and Units / Units may differ from other real estate companies due to, among other items, variations in cost capitalization policies for capital expenditures and, accordingly, may not be comparable to such other real estate companies.

(4) FFO available to Common Shares and Units / Units and Normalized FFO available to Common Shares and Units / Units are calculated on a basis consistent with net income available to Common Shares / Units and reflects adjustments to net income for preferred distributions and premiums on redemption of preferred shares/preference units in accordance with accounting principles generally accepted in the United States. The equity positions of various individuals and entities that contributed their properties to the Operating Partnership in exchange for OP Units are collectively referred to as the “Noncontrolling Interests – Operating Partnership”. Subject to certain restrictions, the Noncontrolling Interests – Operating Partnership may exchange their OP Units for Common Shares on a one-for-one basis.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

As a result of the Archstone transaction, certain of the Company’s and the Operating Partnership's market risks have changed materially from the amounts and information reported in Part II, Item 7A. Quantitative and Qualitative Disclosures About Market Risk, to the Company’s and the Operating Partnership's Annual Report on Form 10-K for the year ended December 31, 2012 and have been updated in the following paragraphs.

Market risks relating to the Company’s financial instruments result primarily from changes in short-term LIBOR interest rates and changes in the Securities Industry and Financial Markets Association ("SIFMA") index for tax-exempt debt. The Company also has foreign exchange exposure related to interests in German residential real estate that were acquired as part of the Archstone transaction.

The Company’s exposure to market risk for changes in interest rates relates primarily to the unsecured revolving and term loan facilities as well as floating rate tax-exempt debt. The Company typically incurs fixed rate debt obligations to finance acquisitions while it typically incurs floating rate debt obligations to finance working capital needs and as a temporary measure in advance of securing long-term fixed rate financing. The Company continuously evaluates its level of floating rate debt with respect to total debt and other factors, including its assessment of the current and future economic environment. To the extent the Company carries substantial cash balances, this will tend to partially counterbalance any increase or decrease in interest rates.

The Company also utilizes certain derivative financial instruments to manage market risk. Interest rate protection agreements are used to convert floating rate debt to a fixed rate basis or vice versa as well as to partially lock in rates on future debt issuances. The Company may utilize derivative financial instruments to manage foreign exchange rate risk related to interests in German residential real estate that were acquired as part of the Archstone transaction. Derivatives are used for hedging purposes rather than speculation. The Company does not enter into financial instruments for trading purposes. See also Note 9 to the Notes to Consolidated Financial Statements for additional discussion of derivative instruments.

The fair values of the Company’s financial instruments (including such items in the financial statement captions as cash and cash equivalents, other assets, accounts payable and accrued expenses and other liabilities) approximate their carrying or contract values based on their nature, terms and interest rates that approximate current market rates. The fair value of the Company’s mortgage notes payable and unsecured notes were approximately $6.4 billion and $5.8 billion, respectively, at June 30, 2013.

At June 30, 2013, the Company had total outstanding floating rate debt of approximately $1.4 billion, or 12.2% of total debt, net of the effects of any derivative instruments. If market rates of interest on all of the floating rate debt permanently increased by 13 basis points (a 10% increase from the Company’s existing weighted average interest rates), the increase in interest expense on the floating rate debt would decrease future earnings and cash flows by approximately $1.9 million. If market rates of interest on all of the floating rate debt permanently decreased by 13 basis points (a 10% decrease from the Company’s existing weighted average interest rates), the decrease in interest expense on the floating rate debt would increase future earnings and cash flows by approximately $1.9 million.

70

At June 30, 2013, the Company had total outstanding fixed rate debt of approximately $10.3 billion, or 87.8% of total debt, net of the effects of any derivative instruments. If market rates of interest permanently increased by 52 basis points (a 10% increase from the Company’s existing weighted average interest rates), the estimated fair value of the Company’s fixed rate debt would be approximately $9.4 billion. If market rates of interest permanently decreased by 52 basis points (a 10% decrease from the Company’s existing weighted average interest rates), the estimated fair value of the Company’s fixed rate debt would be approximately $11.4 billion.

These amounts were determined by considering the impact of hypothetical interest rates on the Company’s financial instruments. The foregoing assumptions apply to the entire amount of the Company’s debt instruments and do not differentiate among maturities. These analyses do not consider the effects of the changes in overall economic activity that could exist in such an environment. Further, in the event of changes of such magnitude, management would likely take actions to further mitigate its exposure to the changes. However, due to the uncertainty of the specific actions that would be taken and their possible effects, this analysis assumes no changes in the Company’s financial structure or results.

The Company cannot predict the effect of adverse changes in interest rates on its debt instruments and, therefore, its exposure to market risk, nor can there be any assurance that long-term debt will be available at advantageous pricing. Consequently, future results may differ materially from the estimated adverse changes discussed above.

Item 4. Controls and Procedures

Equity Residential

(a) Evaluation of Disclosure Controls and Procedures:

Effective as of June 30, 2013, the Company carried out an evaluation, under the supervision and with the participation of the Company’s management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of the Company’s disclosure controls and procedures pursuant to Exchange Act Rules 13a-15 and 15d-15. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures are effective to ensure that information required to be disclosed by the Company in its Exchange Act filings is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms.

(b) Changes in Internal Control over Financial Reporting:

There were no changes to the internal control over financial reporting of the Company identified in connection with the Company’s evaluation referred to in Item 4(a) above that occurred during the second quarter of 2013 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

ERP Operating Limited Partnership

(a) Evaluation of Disclosure Controls and Procedures:

Effective as of June 30, 2013, the Operating Partnership carried out an evaluation, under the supervision and with the participation of the Operating Partnership’s management, including the Chief Executive Officer and Chief Financial Officer of EQR, of the effectiveness of the Operating Partnership’s disclosure controls and procedures pursuant to Exchange Act Rules 13a-15 and 15d-15. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures are effective to ensure that information required to be disclosed by the Operating Partnership in its Exchange Act filings is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms.

(b) Changes in Internal Control over Financial Reporting:

There were no changes to the internal control over financial reporting of the Operating Partnership identified in connection with the Operating Partnership’s evaluation referred to in Item 4(a) above that occurred during the second quarter of 2013 that have materially affected, or are reasonably likely to materially affect, the Operating Partnership’s internal control over financial reporting.

71

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

The Company and the Operating Partnership do not believe that there have been any material developments in the legal proceedings that were discussed in Part I, Item 3 of the Company’s and the Operating Partnership's Annual Report on Form 10-K for the year ended December 31, 2012.

Item 1A. Risk Factors

There have been no material changes to the risk factors that were discussed in Part I, Item 1A of the Company’s and the Operating Partnership's Annual Report on Form 10-K for the year ended December 31, 2012.

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

(a) Unregistered Common Shares Issued in the Quarter Ended June 30, 2013 - Equity Residential

During the quarter ended June 30, 2013, EQR issued 36,262 Common Shares in exchange for 36,262 OP Units held by various limited partners of the Operating Partnership. OP Units are generally exchangeable into Common Shares on a one-for-one basis or, at the option of the Operating Partnership, the cash equivalent thereof, at any time one year after the date of issuance. These shares were either registered under the Securities Act of 1933, as amended (the “Securities Act”), or issued in reliance on an exemption from registration under Section 4(2) of the Securities Act and the rules and regulations promulgated thereunder, as these were transactions by an issuer not involving a public offering. In light of the manner of the sale and information obtained by EQR from the limited partners in connection with these transactions, EQR believes it may rely on these exemptions.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

Item 6. Exhibits – See the Exhibit Index

72

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, each registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		EQUITY RESIDENTIAL
Date:	August 8, 2013	By:	/s/ Mark J. Parrell
			Mark J. Parrell
			Executive Vice President and Chief Financial Officer
			(Principal Financial Officer)
Date:	August 8, 2013	By:	/s/ Ian S. Kaufman
			Ian S. Kaufman
			Senior Vice President and Chief Accounting Officer
			(Principal Accounting Officer)
		ERP OPERATING LIMITED PARTNERSHIP BY: EQUITY RESIDENTIAL ITS GENERAL PARTNER
Date:	August 8, 2013	By:	/s/ Mark J. Parrell
			Mark J. Parrell
			Executive Vice President and Chief Financial Officer
			(Principal Financial Officer)
Date:	August 8, 2013	By:	/s/ Ian S. Kaufman
			Ian S. Kaufman
			Senior Vice President and Chief Accounting Officer
			(Principal Accounting Officer)

EXHIBIT INDEX

The exhibits listed below are filed as part of this report. References to exhibits or other filings under the caption “Location” indicate that the exhibit or other filing has been filed, that the indexed exhibit and the exhibit referred to are the same and that the exhibit referred to is incorporated by reference. The Commission file numbers for our Exchange Act filings referenced below are 1-12252 (Equity Residential) and 0-24920 (ERP Operating Limited Partnership).

Exhibit	Description	Location
10.1	Second Amended and Restated Sales Agency Financing Agreement, dated July 31, 2013, among the Company, the Operating Partnership and Merrill Lynch, Pierce, Fenner & Smith Incorporated.	Included as Exhibit 1.1 to Equity Residential's and ERP Operating Limited Partnership's Form 8-K dated and filed on July 31, 2013.
10.2	Amended and Restated Sales Agency Financing Agreement, dated July 31, 2013, among the Company, the Operating Partnership and BNY Mellon Capital Markets, LLC.	Included as Exhibit 1.2 to Equity Residential's and ERP Operating Limited Partnership's Form 8-K dated and filed on July 31, 2013.
10.3	Second Amended and Restated Sales Agency Financing Agreement, dated July 31, 2013, among the Company, the Operating Partnership and J.P. Morgan Securities LLC.	Included as Exhibit 1.3 to Equity Residential's and ERP Operating Limited Partnership's Form 8-K dated and filed on July 31, 2013.
10.4	Second Amended and Restated Sales Agency Financing Agreement, dated July 31, 2013, among the Company, the Operating Partnership and Morgan Stanley & Co. LLC.	Included as Exhibit 1.4 to Equity Residential's and ERP Operating Limited Partnership's Form 8-K dated and filed on July 31, 2013.
10.5	Sales Agency Financing Agreement, dated July 31, 2013, among the Company, the Operating Partnership and Scotia Capital (USA) Inc.	Included as Exhibit 1.5 to Equity Residential's and ERP Operating Limited Partnership's Form 8-K dated and filed on July 31, 2013.
31.1	Equity Residential – Certification of David J. Neithercut, Chief Executive Officer.	Attached herein.
31.2	Equity Residential – Certification of Mark J. Parrell, Chief Financial Officer.	Attached herein.
31.3	ERP Operating Limited Partnership – Certification of David J. Neithercut, Chief Executive Officer of Registrant’s General Partner.	Attached herein.
31.4	ERP Operating Limited Partnership – Certification of Mark J. Parrell, Chief Financial Officer of Registrant’s General Partner.	Attached herein.
32.1	Equity Residential – Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of David J. Neithercut, Chief Executive Officer of the Company.	Attached herein.
32.2	Equity Residential – Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of Mark J. Parrell, Chief Financial Officer of the Company.	Attached herein.
32.3	ERP Operating Limited Partnership – Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of David J. Neithercut, Chief Executive Officer of Registrant’s General Partner.	Attached herein.
32.4	ERP Operating Limited Partnership – Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of Mark J. Parrell, Chief Financial Officer of Registrant’s General Partner.	Attached herein.

Exhibit	Description	Location
101	XBRL (Extensible Business Reporting Language). The following materials from Equity Residential’s and ERP Operating Limited Partnership’s Quarterly Report on Form 10-Q for the period ended June 30, 2013, formatted in XBRL: (i) consolidated balance sheets, (ii) consolidated statements of operations, (iii) consolidated statements of cash flows, (iv) consolidated statement of changes in equity (Equity Residential), (v) consolidated statement of changes in capital (ERP Operating Limited Partnership) and (vi) notes to consolidated financial statements.	Attached herein.

EX-31.1

Exhibit 31.1

Equity Residential

CERTIFICATIONS

I, David J. Neithercut, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Equity Residential;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 8, 2013

/s/ David J. Neithercut

David J. Neithercut

Chief Executive Officer

EX-31.2

Exhibit 31.2

Equity Residential

CERTIFICATIONS

I, Mark J. Parrell, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Equity Residential;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 8, 2013

/s/ Mark J. Parrell

     Mark J. Parrell

     Chief Financial Officer

EX-31.3

Exhibit 31.3

ERP Operating Limited Partnership

CERTIFICATIONS

I, David J. Neithercut, certify that:

1. I have reviewed this quarterly report on Form 10-Q of ERP Operating Limited Partnership;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 8, 2013

/s/ David J. Neithercut

     David J. Neithercut

     Chief Executive Officer of

     Registrant's General Partner

EX-31.4

Exhibit 31.4

ERP Operating Limited Partnership

CERTIFICATIONS

I, Mark J. Parrell, certify that:

1. I have reviewed this quarterly report on Form 10-Q of ERP Operating Limited Partnership;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 8, 2013

/s/ Mark J. Parrell

     Mark J. Parrell

     Chief Financial Officer of

     Registrant's General Partner

EX-32.1

Exhibit 32.1

Equity Residential

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

          In connection with the Quarterly Report of Equity Residential (the “Company”) on Form 10-Q for the period ending June 30, 2013 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, David J. Neithercut, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ David J. Neithercut

David J. Neithercut

Chief Executive Officer

August 8, 2013

EX-32.2

Exhibit 32.2

Equity Residential

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

          In connection with the Quarterly Report of Equity Residential (the “Company”) on Form 10-Q for the period ending June 30, 2013 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Mark J. Parrell, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Mark J. Parrell

Mark J. Parrell

Chief Financial Officer

August 8, 2013

EX-32.3

Exhibit 32.3

ERP Operating Limited Partnership

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of ERP Operating Limited Partnership (the "Operating Partnership”) on Form 10-Q for the period ending June 30, 2013 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, David J. Neithercut, Chief Executive Officer of Equity Residential, general partner of the Operating Partnership, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Operating Partnership.

/s/ David J. Neithercut

David J. Neithercut

Chief Executive Officer

of Registrant’s General Partner

August 8, 2013

EX-32.4

Exhibit 32.4

ERP Operating Limited Partnership

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of ERP Operating Limited Partnership (the "Operating Partnership”) on Form 10-Q for the period ending June 30, 2013 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Mark J. Parrell, Chief Financial Officer of Equity Residential, general partner of the Operating Partnership, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Operating Partnership.

/s/ Mark J. Parrell

Mark J. Parrell

Chief Financial Officer

of Registrant’s General Partner

August 8, 2013

XML

Commitments to Acquire/Dispose of Real Estate

6 Months Ended

Jun. 30, 2013

Commitments to Acquire Dispose of Real Estate [Abstract]

Commitments To Acquire Dispose Of Real Estate Text Block

5. Commitments to Acquire/Dispose of Real Estate

The Company has entered into separate agreements to acquire the following (purchase price in thousands):

	Properties	Apartment Units	Purchase Price
Land Parcels (two)	—	—	$	39,300
Total	—	—	$	39,300

In addition to the properties and land parcel that were subsequently disposed of as discussed in Note 14, the Company has entered into separate agreements to dispose of the following (sales price in thousands):

	Properties	Apartment Units	Sales Price
Rental Properties	2	688	$	68,182
Land Parcel (one)	—	—	26,350
Total	2	688	$	94,532

The closings of these pending transactions are subject to certain conditions and restrictions, therefore, there can be no assurance that these transactions will be consummated or that the final terms will not differ in material respects from those summarized in the preceding paragraphs.

XML

Derivative and Other Fair Value Instruments (Details) (Forward Starting Swaps [Member], USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2013
Forward Starting Swaps [Member]
Derivative [Line Items]
Current Notional Balance	$ 250,000
Lowest Possible Notional	250,000
Highest Possible Notional	$ 250,000
Lowest Interest Rate	2.125%
Highest Interest Rate	2.674%
Earliest Maturity Date	2024
Latest Maturity Date	2024

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CONSOLIDATED BALANCE SHEETS OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) (USD $)	Jun. 30, 2013	Dec. 31, 2012
Investment in real estate
Land	$ 6,264,787,000	$ 4,554,912,000
Depreciable property	19,568,973,000	15,711,944,000
Projects under development	585,749,000	387,750,000
Land held for development	569,398,000	353,823,000
Real Estate Investment Property, at Cost	26,988,907,000	21,008,429,000
Real Estate Investment Property, Accumulated Depreciation	(4,547,327,000)	(4,912,221,000)
Investment in real estate, net	22,441,580,000	16,096,208,000
Cash and cash equivalents	152,564,000	612,590,000
Investments in unconsolidated entities	188,582,000	17,877,000
Deposits - restricted	197,267,000	250,442,000
Escrow deposits - mortgage	41,357,000	9,129,000
Deferred financing costs, net	71,013,000	44,382,000
Other assets	390,020,000	170,372,000
Total assets	23,482,383,000	17,201,000,000
Liabilities:
Mortgage notes payable	6,247,612,000	3,898,369,000
Notes, net	5,475,954,000	4,630,875,000
Lines of credit	0	0
Accounts payable and accrued expenses	84,603,000	38,372,000
Accrued interest payable	86,083,000	76,223,000
Other liabilities	318,622,000	304,518,000
Security deposits	71,857,000	66,988,000
Distributions payable	150,846,000	260,176,000
Total liabilities	12,435,577,000	9,275,521,000
Commitments and contingencies
Partners’ Capital:
Accumulated other comprehensive (loss)	(166,844,000)	(193,148,000)
Noncontrolling Interests - Partially Owned Properties	107,493,000	77,688,000
Total liabilities and equity	23,482,383,000	17,201,000,000
OPERATING PARTNERSHIP
Investment in real estate
Land	6,264,787,000	4,554,912,000
Depreciable property	19,568,973,000	15,711,944,000
Projects under development	585,749,000	387,750,000
Land held for development	569,398,000	353,823,000
Real Estate Investment Property, at Cost	26,988,907,000	21,008,429,000
Real Estate Investment Property, Accumulated Depreciation	(4,547,327,000)	(4,912,221,000)
Investment in real estate, net	22,441,580,000	16,096,208,000
Cash and cash equivalents	152,564,000	612,590,000
Investments in unconsolidated entities	188,582,000	17,877,000
Deposits - restricted	197,267,000	250,442,000
Escrow deposits - mortgage	41,357,000	9,129,000
Deferred financing costs, net	71,013,000	44,382,000
Other assets	390,020,000	170,372,000
Total assets	23,482,383,000	17,201,000,000
Liabilities:
Mortgage notes payable	6,247,612,000	3,898,369,000
Notes, net	5,475,954,000	4,630,875,000
Lines of credit	0	0
Accounts payable and accrued expenses	84,603,000	38,372,000
Accrued interest payable	86,083,000	76,223,000
Other liabilities	318,622,000	304,518,000
Security deposits	71,857,000	66,988,000
Distributions payable	150,846,000	260,176,000
Total liabilities	12,435,577,000	9,275,521,000
Commitments and contingencies
Redeemable Limited Partners	407,890,000	398,372,000
Partners’ Capital:
Preference Units	50,000,000	50,000,000
General Partner	10,439,228,000	7,432,961,000
Limited Partners	209,039,000	159,606,000
Accumulated other comprehensive (loss)	(166,844,000)	(193,148,000)
Total partners’ capital	10,531,423,000	7,449,419,000
Noncontrolling Interests - Partially Owned Properties	107,493,000	77,688,000
Total capital	10,638,916,000	7,527,107,000
Total liabilities and equity	$ 23,482,383,000	$ 17,201,000,000

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CONSOLIDATED STATEMENTS OF CASH FLOWS OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) (USD $)	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 1,397,766,000	$ 260,482,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	550,488,000	348,106,000
Amortization of deferred financing costs	11,529,000	7,037,000
Amortization of Intangible Assets	1,216,000	0
Amortization of discounts and premiums on debt	(23,031,000)	(3,538,000)
Amortization of deferred settlements on derivative instruments	11,830,000	6,935,000
Write-off of pursuit costs	3,365,000	3,565,000
Income Loss from Investments in Unconsolidated Entities Adjustment	54,540,000	0
Distributions from unconsolidated entities - return on capital	588,000	240,000
Gain Loss On Sale Of Land Parcels	(14,616,000)	0
Net (gain) on sales of discontinued operations	(1,588,874,000)	(204,053,000)
Unrealized (gain) loss on derivative instruments	24,000	(1,000)
Compensation paid with Company Common Shares	22,089,000	16,878,000
Changes in assets and liabilities:
(Increase) decrease in deposits - restricted	(12,220,000)	(1,330,000)
Increase (decrease) in mortgage deposits	789,000	(992,000)
(Increase) in other assets	(4,695,000)	(23,017,000)
Increase in accounts payable and accrued expenses	25,956,000	35,794,000
(Decrease) in accrued interest payable	(1,396,000)	(5,426,000)
Increase (decrease) in other liabilities	(11,449,000)	141,090,000
Increase in security deposits	(6,080,000)	2,979,000
Net cash provided by operating activities	417,819,000	584,749,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments to Acquire Businesses, Net of Cash Acquired	(4,000,875,000)	0
Investment in real estate - acquisitions	(108,308,000)	(520,775,000)
Investment in real estate - development/other	(154,576,000)	(78,210,000)
Improvements to real estate	(57,253,000)	(68,319,000)
Additions to non-real estate property	(2,801,000)	(4,700,000)
Interest capitalized for real estate and unconsolidated entities under development	(20,006,000)	(10,055,000)
Proceeds from disposition of real estate, net	3,764,000,000	333,015,000
Investments in unconsolidated entities	(53,687,000)	(5,420,000)
(Increase) in deposits on real estate acquisitions and investments, net	65,869,000	(40,539,000)
Decrease in mortgage deposits	5,089,000	2,285,000
Acquisition of Noncontrolling Interests – Partially Owned Properties	0	(87,000)
Net cash (used for) provided by investing activities	(562,548,000)	(392,805,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Loan and bond acquisition costs	(18,006,000)	(4,283,000)
Mortgage Deposits	(2,208,000)	260,000
Mortgage notes payable:
Proceeds from Issuance of Long-term Debt	683,000	0
Restricted cash	0	214,000
Scheduled principal repayments	(6,336,000)	(7,575,000)
Notes, net:
Proceeds from Notes Payable	1,245,550,000	0
Lump sum payoffs	(400,000,000)	(253,858,000)
Line of Credit Facility:
Proceeds	8,413,000,000	105,000,000
Repayments	(8,413,000,000)	(70,000,000)
Payments for (Proceeds from) Hedge, Financing Activities	(44,013,000)	0
Proceeds from exercise of options	13,885,000	31,281,000
Payment of offering costs	(744,000)	(1,907,000)
Proceeds from (Payments for) Other Financing Activities	(33,000)	(33,000)
Contributions - Noncontrolling Interests - Partially Owned Properties	6,769,000	2,935,000
Contributions - Noncontrolling Interests - Operating Partnership	5,000	5,000
Distributions:
Noncontrolling Interests – Partially Owned Properties	(4,404,000)	(2,225,000)
Net cash (used for) financing activities	(315,297,000)	(531,280,000)
Net (decrease) increase in cash and cash equivalents	(460,026,000)	(339,336,000)
Cash and cash equivalents, beginning of period	612,590,000	383,921,000
Cash and cash equivalents, end of period	152,564,000	44,585,000
SUPPLEMENTAL INFORMATION:
Cash paid for interest, net of amounts capitalized	319,992,000	236,600,000
Net cash paid for income and other taxes	1,028,000	454,000
Real estate acquisitions/dispositions/other:
Mortgage loans assumed	0	106,600,000
Valuation Of O P Units Issued	0	66,606,000
AmortizationOfDeferredFinancingCosts [Abstract]
Amortization Of Deferred Financing Costs Investment In Real Estate Net	(1,000)	0
Amortization Of Deferred Financing Costs Deferred Financing Costs Net	11,530,000	7,037,000
Amortization of discounts and premiums on debt:
Mortgage notes payable	(24,083,000)	(4,664,000)
Notes, net	1,052,000	1,126,000
Amortization of deferred settlements on derivative instruments:
Other liabilities	(268,000)	(268,000)
Losses reclassified into earnings from other comprehensive income	12,098,000	7,203,000
Loss From Investments In Unconsolidated Entities [Abstract]
Income Loss From Equity Method Investments Merger	49,507,000	0
Other Liabilities Loss From Investments in unconsolidated entities	5,033,000	0
Unrealized (gain) loss on derivative instruments:
Other assets	(10,753,000)	4,663,000
Mortgage notes payable	0	(2,589,000)
Notes, net	(1,523,000)	(2,074,000)
Other liabilities	(37,000)	8,641,000
Unrealized holding (losses) arising during the period	12,337,000	(8,642,000)
Acquisition of Archstone, net of cash acquired [Abstract]
Acquisition of Archstone Investment in Real Estate Net	(8,713,217,000)	0
Acquisition of Archstone Investments in Unconsolidated Entities	(214,677,000)	0
Acquisition of Archstone Deposits Restricted	(474,000)	0
Acquisition of Archstone Escrow Deposits Mortgage	(35,898,000)	0
Acquisition of Archstone Deferred Financing Costs	(25,780,000)	0
Acquisition of Archstone Other Assets	(203,008,000)	0
Acquisition of Archstone Mortgage Notes Payable	3,076,876,000	0
Acquisition of Archstone Accounts Payable And Accrued Liabilities	17,576,000	0
Acqusition of Archstone Interest Payable	11,256,000	0
Acquisition of Archstone Other Liabilities	117,391,000	0
Acquisition of Archstone Security Deposits	10,949,000	0
Acquisition of Archstone Common Shares Issued	1,929,868,000	0
Acquisition of Archstone Noncontrolling Interests Partially Owned Properties	28,263,000	0
Interest capitalized for real estate and unconsolidated entities under development:
Investment in real estate, net	(19,195,000)	(9,676,000)
Investment in unconsolidated entities	(811,000)	(379,000)
Investments in unconsolidated entities	(4,371,000)	(5,420,000)
Investments in unconsolidated entities other liabilities	(49,316,000)	0
Other:
Receivable For Common Shares OP Units Issued	0	28,457,000
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax	(941,000)	0
OPERATING PARTNERSHIP
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	1,397,766,000	260,482,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	550,488,000	348,106,000
Amortization of deferred financing costs	11,529,000	7,037,000
Amortization of Intangible Assets	1,216,000	0
Amortization of discounts and premiums on debt	(23,031,000)	(3,538,000)
Amortization of deferred settlements on derivative instruments	11,830,000	6,935,000
Write-off of pursuit costs	3,365,000	3,565,000
Income Loss from Investments in Unconsolidated Entities Adjustment	54,540,000	0
Distributions from unconsolidated entities - return on capital	588,000	240,000
Gain Loss On Sale Of Land Parcels	(14,616,000)	0
Net (gain) on sales of discontinued operations	(1,588,874,000)	(204,053,000)
Unrealized (gain) loss on derivative instruments	24,000	(1,000)
Compensation paid with Company Common Shares	22,089,000	16,878,000
Changes in assets and liabilities:
(Increase) decrease in deposits - restricted	(12,220,000)	(1,330,000)
Increase (decrease) in mortgage deposits	789,000	(992,000)
(Increase) in other assets	(4,695,000)	(23,017,000)
Increase in accounts payable and accrued expenses	25,956,000	35,794,000
(Decrease) in accrued interest payable	(1,396,000)	(5,426,000)
Increase (decrease) in other liabilities	(11,449,000)	141,090,000
Increase in security deposits	(6,080,000)	2,979,000
Net cash provided by operating activities	417,819,000	584,749,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments to Acquire Businesses, Net of Cash Acquired	(4,000,875,000)	0
Investment in real estate - acquisitions	(108,308,000)	(520,775,000)
Investment in real estate - development/other	(154,576,000)	(78,210,000)
Improvements to real estate	(57,253,000)	(68,319,000)
Additions to non-real estate property	(2,801,000)	(4,700,000)
Interest capitalized for real estate and unconsolidated entities under development	(20,006,000)	(10,055,000)
Proceeds from disposition of real estate, net	3,764,000,000	333,015,000
Investments in unconsolidated entities	(53,687,000)	(5,420,000)
(Increase) in deposits on real estate acquisitions and investments, net	65,869,000	(40,539,000)
Decrease in mortgage deposits	5,089,000	2,285,000
Acquisition of Noncontrolling Interests – Partially Owned Properties	0	(87,000)
Net cash (used for) provided by investing activities	(562,548,000)	(392,805,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Loan and bond acquisition costs	(18,006,000)	(4,283,000)
Mortgage Deposits	(2,208,000)	260,000
Mortgage notes payable:
Proceeds from Issuance of Long-term Debt	683,000	0
Restricted cash	0	214,000
Lump sum payoffs	(697,897,000)	(198,763,000)
Scheduled principal repayments	(6,336,000)	(7,575,000)
Notes, net:
Proceeds from Notes Payable	1,245,550,000	0
Lump sum payoffs	(400,000,000)	(253,858,000)
Line of Credit Facility:
Proceeds	8,413,000,000	105,000,000
Repayments	(8,413,000,000)	(70,000,000)
Payments for (Proceeds from) Hedge, Financing Activities	(44,013,000)	0
Proceeds from sale of OP Units	0	152,058,000
Proceeds from EQR's Employee Share Purchase Plan (ESPP)	2,363,000	4,523,000
Proceeds from exercise of options	13,885,000	31,281,000
Payment of offering costs	(744,000)	(1,907,000)
Proceeds from (Payments for) Other Financing Activities	(33,000)	(33,000)
Contributions - Noncontrolling Interests - Partially Owned Properties	6,769,000	2,935,000
Contributions - Noncontrolling Interests - Operating Partnership	5,000	5,000
Distributions:
OP Units - General Partner	(393,347,000)	(269,755,000)
Preference Units	(1,036,000)	(6,933,000)
OP Units - Limited Partners	(16,528,000)	(12,224,000)
Noncontrolling Interests – Partially Owned Properties	(4,404,000)	(2,225,000)
Net cash (used for) financing activities	(315,297,000)	(531,280,000)
Net (decrease) increase in cash and cash equivalents	(460,026,000)	(339,336,000)
Cash and cash equivalents, beginning of period	612,590,000	383,921,000
Cash and cash equivalents, end of period	152,564,000	44,585,000
SUPPLEMENTAL INFORMATION:
Cash paid for interest, net of amounts capitalized	319,992,000	236,600,000
Net cash paid for income and other taxes	1,028,000	454,000
Real estate acquisitions/dispositions/other:
Mortgage loans assumed	0	106,600,000
Valuation Of O P Units Issued	0	66,606,000
AmortizationOfDeferredFinancingCosts [Abstract]
Amortization Of Deferred Financing Costs Investment In Real Estate Net	(1,000)	0
Amortization Of Deferred Financing Costs Deferred Financing Costs Net	11,530,000	7,037,000
Amortization of discounts and premiums on debt:
Mortgage notes payable	(24,083,000)	(4,664,000)
Notes, net	1,052,000	1,126,000
Amortization of deferred settlements on derivative instruments:
Other liabilities	(268,000)	(268,000)
Losses reclassified into earnings from other comprehensive income	12,098,000	7,203,000
Loss From Investments In Unconsolidated Entities [Abstract]
Income Loss From Equity Method Investments Merger	49,507,000	0
Other Liabilities Loss From Investments in unconsolidated entities	5,033,000	0
Unrealized (gain) loss on derivative instruments:
Other assets	(10,753,000)	4,663,000
Mortgage notes payable	0	(2,589,000)
Notes, net	(1,523,000)	(2,074,000)
Other liabilities	(37,000)	8,641,000
Unrealized holding (losses) arising during the period	12,337,000	(8,642,000)
Acquisition of Archstone, net of cash acquired [Abstract]
Acquisition of Archstone Investment in Real Estate Net	(8,713,217,000)	0
Acquisition of Archstone Investments in Unconsolidated Entities	(214,677,000)	0
Acquisition of Archstone Deposits Restricted	(474,000)	0
Acquisition of Archstone Escrow Deposits Mortgage	(35,898,000)	0
Acquisition of Archstone Deferred Financing Costs	(25,780,000)	0
Acquisition of Archstone Other Assets	(203,008,000)	0
Acquisition of Archstone Mortgage Notes Payable	3,076,876,000	0
Acquisition of Archstone Accounts Payable And Accrued Liabilities	17,576,000	0
Acqusition of Archstone Interest Payable	11,256,000	0
Acquisition of Archstone Other Liabilities	117,391,000	0
Acquisition of Archstone Security Deposits	10,949,000	0
Acquisition of Archstone Common Shares Issued	1,929,868,000	0
Acquisition of Archstone Noncontrolling Interests Partially Owned Properties	28,263,000	0
Interest capitalized for real estate and unconsolidated entities under development:
Investment in real estate, net	(19,195,000)	(9,676,000)
Investment in unconsolidated entities	(811,000)	(379,000)
Investments in unconsolidated entities	(4,371,000)	(5,420,000)
Investments in unconsolidated entities other liabilities	(49,316,000)	0
Other:
Receivable For Common Shares OP Units Issued	0	28,457,000
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax	$ (941,000)	$ 0

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2013

Commitments and Contingencies [Abstract]

Commitments and Contingencies

12. Commitments and Contingencies

The Company, as an owner of real estate, is subject to various Federal, state and local environmental laws. Compliance by the Company with existing laws has not had a material adverse effect on the Company. However, the Company cannot predict the impact of new or changed laws or regulations on its current properties or on properties that it may acquire in the future.

The Company is party to a housing discrimination lawsuit brought by a non-profit civil rights organization in April 2006 in the U.S. District Court for the District of Maryland. The suit alleges that the Company designed and built approximately 300 of its properties in violation of the accessibility requirements of the Fair Housing Act and Americans With Disabilities Act. The suit seeks actual and punitive damages, injunctive relief (including modification of non-compliant properties), costs and attorneys’ fees. The Company believes it has a number of viable defenses, including that a majority of the named properties were completed before the operative dates of the statutes in question and/or were not designed or built by the Company. Accordingly, the Company is defending the suit vigorously. Due to the pendency of the Company’s defenses and the uncertainty of many other critical factual and legal issues, it is not possible to determine or predict the outcome of the suit or a possible loss or a range of loss, and no amounts have been accrued at June 30, 2013. While no assurances can be given, the Company does not believe that the suit, if adversely determined, would have a material adverse effect on the Company.

The Company does not believe there is any other litigation pending or threatened against it that, individually or in the aggregate, may reasonably be expected to have a material adverse effect on the Company.

As of June 30, 2013, the Company has 11 consolidated projects (including 400 Park Avenue South in New York City which the Company is jointly developing with Toll Brothers that is discussed below and Park Aire in which the Company acquired a 95% interest in connection with the Archstone transaction that is discussed in Note 6) totaling 2,488 apartment units in various stages of development with commitments to fund of approximately $432.8 million and estimated completion dates ranging through June 30, 2015, as well as other completed development projects that are in various stages of lease up or are stabilized. Some of the projects are being developed solely by the Company, while others are being co-developed with various third party development partners. The development venture agreements with these partners are primarily deal-specific, with differing terms regarding profit-sharing, equity contributions, returns on investment, buy-sell agreements and other customary provisions. The Company is the "general" or "managing" partner of the development venture.

As of June 30, 2013, the Company has four unconsolidated projects totaling 1,513 apartment units under development with estimated completion dates ranging through September 30, 2014. These projects are all being co-developed with various third party development partners. The development venture agreements with these partners are primarily deal-specific, with differing terms regarding profit-sharing, equity contributions, returns on investment, buy-sell agreements and other customary provisions. The Company currently has no further funding obligations for Domain, Nexus Sawgrass and San Norterra. While the Company is the managing member of the Domain and Nexus Sawgrass joint ventures, is responsible for constructing both projects and has given certain construction cost overrun guarantees, the joint venture partner has significant participating rights and has active involvement in and oversight of the ongoing projects. The Domain and Nexus Sawgrass buy-sell arrangements contain provisions that provide the right, but not the obligation, for the Company to acquire the partner’s interests or sell its interests at any time following the occurrence of certain pre-defined events (including at stabilization) described in the development venture agreements. The respective partner for San Norterra and Parkside at Emeryville is the “general” or “managing” partner of the development venture and the Company does not have substantive kick-out or participating rights. The Company has given a repayment guaranty on the construction loan for Parkside at Emeryville of 50% of the outstanding balance, up to a maximum of $19.7 million, and has given certain construction cost overrun guarantees.

In December 2011, the Company and Toll Brothers (NYSE: TOL) jointly acquired a vacant land parcel at 400 Park Avenue South in New York City. The Company's and Toll Brothers' allocated portions of the purchase price were approximately $76.1 million and $57.9 million, respectively. The Company is the managing member and Toll Brothers does not have substantive kick-out or participating rights. Until the core and shell of the building is complete, the building and land will be owned jointly and are required to be consolidated on the Company's balance sheet. Thereafter, the Company will solely own and control the rental portion of the building (floors 2-22) and Toll Brothers will solely own and control the for sale portion of the building (floors 23-40). Once the core and shell are complete, the Toll Brothers' portion of the property will be deconsolidated from the Company's balance sheet. The acquisition was financed through contributions by the Company and Toll Brothers of approximately $102.5 million and $75.7 million, respectively, which included the land purchase noted above, restricted deposits and taxes and fees. As of June 30, 2013, the Company's and Toll Brothers' consolidated contributions to the joint venture were approximately $230.7 million, of which Toll Brothers' noncontrolling interest balance totaled $90.8 million.

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Derivative and Other Fair Value Instruments (Details 4) (USD $) In Thousands, unless otherwise specified	6 Months Ended	12 Months Ended
	Jun. 30, 2013	Dec. 31, 2012
Available for Sale
Other assets, amortized cost	$ 675	$ 675
Other assets, Unrealized Gains	2,467	1,539
Other assets, Unrealized Losses	0	0
Other assets, Book/Fair value	3,142	2,214
Interest and Other income	0	0
Other Available-for-Sale Securities [Member]
Available for Sale
Other assets, amortized cost	675	675
Other assets, Unrealized Gains	2,467	1,539
Other assets, Unrealized Losses	0	0
Other assets, Book/Fair value	3,142	2,214
Interest and Other income	$ 0	$ 0

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Investments in Partially Owned Entities

6 Months Ended

Jun. 30, 2013

Investments in Partially Owned Entities [Abstract]

Investments in Partially Owned Entities

6. Investments in Partially Owned Entities

The Company has co-invested in various properties with unrelated third parties which are either consolidated or accounted for under the equity method of accounting (unconsolidated). The following tables and information summarize the Company’s investments in partially owned entities as of June 30, 2013 (amounts in thousands except for project and apartment unit amounts):

	Consolidated								Unconsolidated
	Development Projects								Development Projects
	Held for and/or Under Development		Operating			Total			Held for and/or Under Development		Operating			Total
Total projects (1)	—		19			19			—		1			1
Total apartment units (1)	—		3,752			3,752			—		336			336
Balance sheet information at 6/30/13 (at 100%):
ASSETS
Investment in real estate	$	250,816	$	671,667		$	922,483		$	304,921	$	55,025		$	359,946
Accumulated depreciation	—		(158,035		)	(158,035		)	—		(2,158		)	(2,158		)
Investment in real estate, net	250,816		513,632			764,448			304,921		52,867			357,788
Cash and cash equivalents	2,656		14,936			17,592			1,581		1,604			3,185
Investments in unconsolidated entities	—		55,858			55,858			—		—			—
Deposits – restricted	43,623		197			43,820			—		—			—
Deferred financing costs, net	—		2,606			2,606			62		5			67
Other assets	5,837		26,661			32,498			415		1,548			1,963
Total assets	$	302,932	$	613,890		$	916,822		$	306,979	$	56,024		$	363,003
LIABILITIES AND EQUITY/CAPITAL
Mortgage notes payable (2)	$	—	$	358,632		$	358,632		$	145,767	$	30,550		$	176,317
Accounts payable & accrued expenses	4,329		1,592			5,921			8,423		(45		)	8,378
Accrued interest payable	—		1,218			1,218			552		—			552
Other liabilities	1,003		1,363			2,366			230		1,817			2,047
Security deposits	—		1,809			1,809			79		—			79
Total liabilities	5,332		364,614			369,946			155,051		32,322			187,373
Noncontrolling Interests - Partially Owned Properties/Partners' equity	93,348		14,145			107,493			115,425		20,450			135,875
Company equity/General and Limited Partners' Capital	204,252		235,131			439,383			36,503		3,252			39,755
Total equity/capital	297,600		249,276			546,876			151,928		23,702			175,630
Total liabilities and equity/capital	$	302,932	$	613,890		$	916,822		$	306,979	$	56,024		$	363,003

	Consolidated									Unconsolidated
	Development Projects									Development Projects
	Held for and/or Under Development									Held for and/or Under Development			Operating
				Operating			Total									Total
Operating information for the six months ended 6/30/13 (at 100%):
Operating revenue	$	—		$	38,352		$	38,352		$	1,203		$	1,610		$	2,813
Operating expenses	179			12,293			12,472			1,091			671			1,762
Net operating (loss) income	(179		)	26,059			25,880			112			939			1,051
Depreciation	—			17,056			17,056			—			2,158			2,158
General and administrative/other	503			31			534			11			—			11
Operating (loss) income	(682		)	8,972			8,290			101			(1,219		)	(1,118		)
Interest and other income	1			3			4			—			2			2
Other expenses	(181		)	(3		)	(184		)	—			—			—
Interest:
Expense incurred, net	—			(6,712		)	(6,712		)	(208		)	(373		)	(581		)
Amortization of deferred financing costs	—			(131		)	(131		)	—			—			—
(Loss) income before income and other taxes, (loss) from investments in unconsolidated entities, net (loss) gain on sales of land parcels and discontinued operations	(862		)	2,129			1,267			(107		)	(1,590		)	(1,697		)
Income and other tax (expense) benefit	(11		)	(56		)	(67		)	—			—			—
(Loss) from investments in unconsolidated entities	—			(342		)	(342		)	—			—			—
Net (loss) on sales of land parcels	(17		)	—			(17		)	—			—			—
Net gain on sales of discontinued operations	—			26,686			26,686			—			—			—
Net (loss) income	$	(890	)	$	28,417		$	27,527		$	(107	)	$	(1,590	)	$	(1,697	)

(1) Project and apartment unit counts exclude all uncompleted development projects until those projects are substantially completed.

(2) All debt is non-recourse to the Company with the exception of 50% of the current $2.7 million outstanding debt balance on one unconsolidated development project.

Note: The above tables exclude the Company's interests in unconsolidated joint ventures entered into with AVB in connection with the Archstone transaction. These ventures own certain non-core Archstone assets that are held for sale and succeeded to certain residual Archstone liabilities, such as liability for various employment-related matters as well as responsibility for tax protection arrangements and third-party preferred interests in former Archstone subsidiaries. The preferred interests have an aggregate liquidation value of $88.3 million at June 30, 2013. The ventures are owned 60% by the Company and 40% by AVB.

The Company is the controlling partner in various consolidated partnership properties and development properties having a noncontrolling interest book value of $107.5 million at June 30, 2013. The Company has identified one development partnership, consisting of a land parcel with a book value of $5.0 million, as a VIE. The Company does not have any unconsolidated VIEs.

On February 27, 2013, in conjunction with the Archstone Acquisition, the Company acquired interests in several joint ventures. Details of these interests follow by project:

Park Aire (formerly known as Enclave at Wellington) – This venture is currently developing certain land parcels into a 268 unit apartment building located in Wellington, Florida. The Company has a 95% equity interest with an initial basis of $26.2 million. Total project costs are expected to be approximately $50.0 million. The Company is the managing member, is responsible for constructing the project and its partner does not have substantive kick-out or participating rights. As a result, the entity is required to be consolidated on the Company's balance sheet.

East Palmetto Park – This venture was formed to ultimately develop certain land parcels into a 377 unit apartment building located in Boca Raton, Florida. The Company has a 90% equity interest with an initial basis of $20.2 million. The Company is the managing member, is responsible for constructing the project and its partner does not have substantive kick-out or participating rights. As a result, the entity is required to be consolidated on the Company's balance sheet.

Wisconsin Place – This venture was formed to develop and operate a mixed-use site located in Chevy Chase, Maryland consisting of residential, retail, office and accessory uses, including underground parking facilities. The Company has a 75% equity interest with an initial basis of $198.5 million in the 432 unit residential component. The Company is the managing member, was responsible for constructing the residential project and its partner does not have substantive kick-out or participating rights. As a result, the entity that owns the residential component of this mixed-use site is required to be consolidated on the Company's balance sheet. Such entity also retains an unconsolidated interest in an entity that owns the land underlying the project and owns and operates the parking facility. The initial fair value of this investment is $56.5 million. The Company does not have any ownership interest in the retail and office components.

San Norterra – This venture is currently developing certain land parcels into a 388 unit apartment building located in Phoenix, Arizona. The Company has an 85% equity interest with an initial basis of $16.9 million. Total project costs are approximately $56.3 million and construction is being partially funded with a construction loan that is guaranteed by the partner and non-recourse to the Company. The loanhas a maximum debt commitment of $34.8 million and a current unconsolidated outstanding balance of $28.4 million; the loan bears interest at LIBOR plus 2.00% and matures January 6, 2015. The partner is the managing member and is developing the project. The Company does not have substantive kick-out or participating rights. As a result, the entity is unconsolidated and recorded using the equity method of accounting.

Waterton Tenside – This venture was formed to develop and operate a 336 unit apartment property located in Atlanta, Georgia. The Company has a 20% equity interest with an initial basis of $5.1 million. The partner is the managing member and developed the project. The project is encumbered by a non-recourse mortgage loan that has a current outstanding balance of $30.6 million, bears interest at 3.66% and matures December 1, 2018. The Company does not have substantive kick-out or participating rights. As a result, the entity is unconsolidated and recorded using the equity method of accounting.

Mission Gorge – This venture was formed to ultimately develop a land parcel into a 444 unit apartment building located in San Diego, California. The Company currently has a 23.08% equity interest with an initial basis of $4.1 million. While the Company is the managing member of the joint venture and will be responsible for constructing the project, the joint venture partner has significant participating rights and has active involvement in and oversight of the ongoing project. As a result, this entity is unconsolidated and recorded using the equity method of accounting.

Parkside at Emeryville – This venture is currently developing certain land parcels into a 180 unit apartment building located in Emeryville, California. The Company has a 5% equity interest with an initial obligation of approximately $2.1 million. Total project costs are expected to be approximately $75.0 million and construction is being partially funded with a construction loan. The loan has a maximum debt commitment of $39.5 million and a current unconsolidated outstanding balance of $2.7 million; the loan bears interest at LIBOR plus 2.25% and matures August 14, 2015. The Company has given a repayment guaranty on the construction loan of 50% of the outstanding balance, up to a maximum of $19.7 million, and has given certain construction cost overrun guarantees. The partner is the managing member and is developing the project. The Company does not have substantive kick-out or participating rights. As a result, the entity is unconsolidated and recorded using the equity method of accounting.

On February 27, 2013, in connection with the Archstone Acquisition, subsidiaries of the Company and AVB entered into three limited liability company agreements (collectively, the “Residual JV”). The Residual JV owns certain non-core Archstone assets that are held for sale, such as interests in a German portfolio of apartment buildings, and succeeded to certain residual Archstone liabilities, such as liability for various employment-related matters. The Residual JV is owned 60% by the Company and 40% by AVB and the Company's initial investment was $105.2 million. The venture is managed by a Management Committee consisting of two members from each of the Company and AVB. Both partners have equal participation in the Management Committee and all significant participating rights are shared by both partners. As a result, the venture is unconsolidated and recorded using the equity method of accounting.

On February 27, 2013, in connection with the Archstone Acquisition, a subsidiary of the Company and AVB entered into a limited liability company agreement (the “Legacy JV”), through which they assumed obligations of Archstone in the form of preferred interests, some of which are governed by tax protection arrangements. During the six months ended June 30, 2013, the Company purchased with AVB $65.0 million (of which the Company's 60% share was $39.0 million) of the preferred interests assumed by Legacy JV. At June 30, 2013, the remaining preferred interests have an aggregate liquidation value of $88.3 million, our share of which is included in other liabilities in the accompanying consolidated balance sheets. Obligations of the venture are borne 60% by the Company and 40% by AVB. The venture is managed by a Management Committee consisting of two members from each of the Company and AVB. Both partners have equal participation in the Management Committee and all significant participating rights are shared by both partners. As a result, the venture is unconsolidated and recorded using the equity method of accounting.

In December 2011, the Company and Toll Brothers (NYSE: TOL) jointly acquired a vacant land parcel at 400 Park Avenue South in New York City. The Company's and Toll Brothers' allocated portions of the purchase price were approximately $76.1 million and $57.9 million, respectively. The Company is the managing member and Toll Brothers does not have substantive kick-out or participating rights. Until the core and shell of the building is complete, the building and land will be owned jointly and are required to be consolidated on the Company's balance sheet. Thereafter, the Company will solely own and control the rental portion of the building (floors 2-22) and Toll Brothers will solely own and control the for sale portion of the building (floors 23-40). Once the core and shell are complete, the Toll Brothers' portion of the property will be deconsolidated from the Company's balance sheet. The acquisition was financed through contributions by the Company and Toll Brothers of approximately $102.5 million and $75.7 million, respectively, which included the land purchase noted above, restricted deposits and taxes and fees. As of June 30, 2013, the Company's and Toll Brothers' consolidated contributions to the joint venture were approximately $230.7 million, of which Toll Brothers' noncontrolling interest balance totaled $90.8 million.

The Company admitted an 80% institutional partner to two separate entities/transactions (Nexus Sawgrass in December 2010 and Domain in August 2011), each owning a developable land parcel, in exchange for $40.1 million in cash and retained a 20% equity interest in both of these entities. These land parcels are now unconsolidated. Total project costs are approximately $232.8 million and construction is being predominantly funded with two separate long-term, non-recourse secured loans from the partner. Nexus Sawgrass has a maximum debt commitment of $48.7 million and a current unconsolidated outstanding balance of $42.6 million; the loan bears interest at 5.60% and matures January 1, 2021. Domain has a maximum debt commitment of $98.6 million and a current unconsolidated outstanding balance of $72.1 million; the loan bears interest at 5.75% and matures January 1, 2022.While the Company is the managing member of both of the joint ventures, is responsible for constructing both of the projects and has given certain construction cost overrun guarantees, the joint venture partner has significant participating rights and has active involvement in and oversight of the ongoing projects. The Company currently has no further funding obligations related to these projects.

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Investments in Partially Owned Entities (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012	Dec. 31, 2012	Dec. 31, 2011
Partially Owned Property Balance Sheet Schedule
Partially Owned Consolidated Properties	19		19
Partially Owned Unconsolidated Properties	1		1
Partially Owned Consolidated Units	3,752		3,752
Partially Owned Unconsolidated Units	336		336
ASSETS
Real Estate Investment Property, at Cost	$ 26,988,907,000		$ 26,988,907,000		$ 21,008,429,000
Real Estate Investment Property, Accumulated Depreciation	(4,547,327,000)		(4,547,327,000)		(4,912,221,000)
Investment in real estate, net	22,441,580,000		22,441,580,000		16,096,208,000
Cash and Cash Equivalents, at Carrying Value	152,564,000	44,585,000	152,564,000	44,585,000	612,590,000	383,921,000
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	188,582,000		188,582,000		17,877,000
Restricted Cash and Cash Equivalents	197,267,000		197,267,000		250,442,000
Deferred Finance Costs, Net	71,013,000		71,013,000		44,382,000
Other Assets	390,020,000		390,020,000		170,372,000
Total assets	23,482,383,000		23,482,383,000		17,201,000,000
LIABILITIES AND EQUITY
Secured Debt	6,247,612,000		6,247,612,000		3,898,369,000
Accounts Payable And Accrued Liabilities Current And Noncurrent Other Than Interest And Dividend Payable	84,603,000		84,603,000		38,372,000
Interest Payable	86,083,000		86,083,000		76,223,000
Other Liabilities	318,622,000		318,622,000		304,518,000
Security Deposit Liability	71,857,000		71,857,000		66,988,000
Total liabilities	12,435,577,000		12,435,577,000		9,275,521,000
Noncontrolling Interests Partially Owned Properties	107,493,000		107,493,000		77,688,000
Total liabilities and equity	23,482,383,000		23,482,383,000		17,201,000,000
Partially Owned Property Income Statement Schedule
Operating revenue	635,078,000	448,351,000	1,156,751,000	878,614,000
Depreciation	327,985,000	145,438,000	528,328,000	289,273,000
General and Administrative Expense	16,086,000	13,391,000	32,582,000	27,079,000
Operating Income (Loss)	71,033,000	128,560,000	182,281,000	237,412,000
Interest and Other Income	249,000	258,000	504,000	427,000
Interest:
Interest Expense, Debt	122,950,000	114,627,000	317,417,000	232,254,000
Amortization of Financing Costs	4,353,000	4,017,000	11,301,000	6,945,000
(Loss) income before income and other taxes, (loss) from investments in unconsolidated entities, net gain on sales of land parcels and discontinued operations	(57,469,000)	687,000	(169,036,000)	(17,797,000)
Income and other tax (expense) benefit	(428,000)	(213,000)	(833,000)	(380,000)
(Loss) from investments in unconsolidated entities due to operations	(1,175,000)	0	(1,530,000)	0
Net gain on sales of land parcels	14,616,000	0	14,616,000	0
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax	389,952,000	71,097,000	1,588,874,000	204,053,000
Net income	336,732,000	108,315,000	1,397,766,000	260,482,000
Investments In Partially Owned Entities (Textuals) [Abstract]
Joint Venture Partner Ownership Percentage	80.00%		80.00%
Equity Method Investment, Ownership Percentage	20.00%		20.00%
Variable Interest Entity, Consolidated, Carrying Amount, Assets	5,000,000		5,000,000
Project Cost	232,800,000		232,800,000
Debt Instrument, Maturity Date			Sep. 01, 2014
Preferred Interests			65,000,000
Business Acquisition, Cost of Acquired Entity, Purchase Price	108,000,000		108,000,000
Investment in Joint Venture	230,725,964		230,725,964
Number of Joint Ventures	2		2
Partners Payments To Acquire Equity Method Investments			40,100,000
Number of joint venture loans	2		2
Consolidated Development Projects Held for and or Under Development [Member]
Partially Owned Property Balance Sheet Schedule
Partially Owned Consolidated Properties	0		0
Partially Owned Consolidated Units	0		0
ASSETS
Real Estate Investment Property, at Cost	250,816,000		250,816,000
Real Estate Investment Property, Accumulated Depreciation	0		0
Investment in real estate, net	250,816,000		250,816,000
Cash and Cash Equivalents, at Carrying Value	2,656,000		2,656,000
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	0		0
Restricted Cash and Cash Equivalents	43,623,000		43,623,000
Deferred Finance Costs, Net	0		0
Other Assets	5,837,000		5,837,000
Total assets	302,932,000		302,932,000
LIABILITIES AND EQUITY
Secured Debt	0		0
Accounts Payable And Accrued Liabilities Current And Noncurrent Other Than Interest And Dividend Payable	4,329,000		4,329,000
Interest Payable	0		0
Other Liabilities	1,003,000		1,003,000
Security Deposit Liability	0		0
Total liabilities	5,332,000		5,332,000
Noncontrolling Interests Partially Owned Properties	93,348,000		93,348,000
Parent Equity Interest	204,252,000		204,252,000
Total Equity Interest	297,600,000		297,600,000
Total liabilities and equity	302,932,000		302,932,000
Partially Owned Property Income Statement Schedule
Operating revenue			0
Operating Expenses			179,000
Gross Profit			(179,000)
Depreciation			0
General and Administrative Expense			503,000
Operating Income (Loss)			(682,000)
Interest and Other Income			1,000
Other Nonoperating Income (Expense)			(181,000)
Interest:
Interest Expense, Debt			0
Amortization of Financing Costs			0
(Loss) income before income and other taxes, (loss) from investments in unconsolidated entities, net gain on sales of land parcels and discontinued operations			(862,000)
Income and other tax (expense) benefit			(11,000)
(Loss) from investments in unconsolidated entities due to operations			0
Net gain on sales of land parcels			(17,000)
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax			0
Net income			(890,000)
Consolidated Operating [Domain]
Partially Owned Property Balance Sheet Schedule
Partially Owned Consolidated Properties	19		19
Partially Owned Consolidated Units	3,752		3,752
ASSETS
Real Estate Investment Property, at Cost	671,667,000		671,667,000
Real Estate Investment Property, Accumulated Depreciation	(158,035,000)		(158,035,000)
Investment in real estate, net	513,632,000		513,632,000
Cash and Cash Equivalents, at Carrying Value	14,936,000		14,936,000
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	55,858,000		55,858,000
Restricted Cash and Cash Equivalents	197,000		197,000
Deferred Finance Costs, Net	2,606,000		2,606,000
Other Assets	26,661,000		26,661,000
Total assets	613,890,000		613,890,000
LIABILITIES AND EQUITY
Secured Debt	358,632,000		358,632,000
Accounts Payable And Accrued Liabilities Current And Noncurrent Other Than Interest And Dividend Payable	1,592,000		1,592,000
Interest Payable	1,218,000		1,218,000
Other Liabilities	1,363,000		1,363,000
Security Deposit Liability	1,809,000		1,809,000
Total liabilities	364,614,000		364,614,000
Noncontrolling Interests Partially Owned Properties	14,145,000		14,145,000
Parent Equity Interest	235,131,000		235,131,000
Total Equity Interest	249,276,000		249,276,000
Total liabilities and equity	613,890,000		613,890,000
Partially Owned Property Income Statement Schedule
Operating revenue			38,352,000
Operating Expenses			12,293,000
Gross Profit			26,059,000
Depreciation			17,056,000
General and Administrative Expense			31,000
Operating Income (Loss)			8,972,000
Interest and Other Income			3,000
Other Nonoperating Income (Expense)			(3,000)
Interest:
Interest Expense, Debt			(6,712,000)
Amortization of Financing Costs			(131,000)
(Loss) income before income and other taxes, (loss) from investments in unconsolidated entities, net gain on sales of land parcels and discontinued operations			2,129,000
Income and other tax (expense) benefit			(56,000)
(Loss) from investments in unconsolidated entities due to operations			(342,000)
Net gain on sales of land parcels			0
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax			26,686,000
Net income			28,417,000
Consolidated Total [Domain]
Partially Owned Property Balance Sheet Schedule
Partially Owned Consolidated Properties	19		19
Partially Owned Consolidated Units	3,752		3,752
ASSETS
Real Estate Investment Property, at Cost	922,483,000		922,483,000
Real Estate Investment Property, Accumulated Depreciation	(158,035,000)		(158,035,000)
Investment in real estate, net	764,448,000		764,448,000
Cash and Cash Equivalents, at Carrying Value	17,592,000		17,592,000
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	55,858,000		55,858,000
Restricted Cash and Cash Equivalents	43,820,000		43,820,000
Deferred Finance Costs, Net	2,606,000		2,606,000
Other Assets	32,498,000		32,498,000
Total assets	916,822,000		916,822,000
LIABILITIES AND EQUITY
Secured Debt	358,632,000		358,632,000
Accounts Payable And Accrued Liabilities Current And Noncurrent Other Than Interest And Dividend Payable	5,921,000		5,921,000
Interest Payable	1,218,000		1,218,000
Other Liabilities	2,366,000		2,366,000
Security Deposit Liability	1,809,000		1,809,000
Total liabilities	369,946,000		369,946,000
Noncontrolling Interests Partially Owned Properties	107,493,000		107,493,000
Parent Equity Interest	439,383,000		439,383,000
Total Equity Interest	546,876,000		546,876,000
Total liabilities and equity	916,822,000		916,822,000
Partially Owned Property Income Statement Schedule
Operating revenue			38,352,000
Operating Expenses			12,472,000
Gross Profit			25,880,000
Depreciation			17,056,000
General and Administrative Expense			534,000
Operating Income (Loss)			8,290,000
Interest and Other Income			4,000
Other Nonoperating Income (Expense)			(184,000)
Interest:
Interest Expense, Debt			(6,712,000)
Amortization of Financing Costs			(131,000)
(Loss) income before income and other taxes, (loss) from investments in unconsolidated entities, net gain on sales of land parcels and discontinued operations			1,267,000
Income and other tax (expense) benefit			(67,000)
(Loss) from investments in unconsolidated entities due to operations			(342,000)
Net gain on sales of land parcels			(17,000)
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax			26,686,000
Net income			27,527,000
Unconsolidated Development Projects Held for and or Under Development [Domain]
Partially Owned Property Balance Sheet Schedule
Partially Owned Unconsolidated Properties	0		0
Partially Owned Unconsolidated Units	0		0
ASSETS
Real Estate Investment Property, at Cost	304,921,000		304,921,000
Real Estate Investment Property, Accumulated Depreciation	0		0
Investment in real estate, net	304,921,000		304,921,000
Cash and Cash Equivalents, at Carrying Value	1,581,000		1,581,000
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	0		0
Restricted Cash and Cash Equivalents	0		0
Deferred Finance Costs, Net	62,000		62,000
Other Assets	415,000		415,000
Total assets	306,979,000		306,979,000
LIABILITIES AND EQUITY
Secured Debt	145,767,000		145,767,000
Accounts Payable And Accrued Liabilities Current And Noncurrent Other Than Interest And Dividend Payable	8,423,000		8,423,000
Interest Payable	552,000		552,000
Other Liabilities	230,000		230,000
Security Deposit Liability	79,000		79,000
Total liabilities	155,051,000		155,051,000
Noncontrolling Interests Partially Owned Properties	115,425,000		115,425,000
Parent Equity Interest	36,503,000		36,503,000
Total Equity Interest	151,928,000		151,928,000
Total liabilities and equity	306,979,000		306,979,000
Partially Owned Property Income Statement Schedule
Operating revenue			1,203,000
Operating Expenses			1,091,000
Gross Profit			112,000
Depreciation			0
General and Administrative Expense			11,000
Operating Income (Loss)			101,000
Interest and Other Income			0
Other Nonoperating Income (Expense)			0
Interest:
Interest Expense, Debt			(208,000)
Amortization of Financing Costs			0
(Loss) income before income and other taxes, (loss) from investments in unconsolidated entities, net gain on sales of land parcels and discontinued operations			(107,000)
Income and other tax (expense) benefit			0
(Loss) from investments in unconsolidated entities due to operations			0
Net gain on sales of land parcels			0
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax			0
Net income			(107,000)
Unconsolidated Operating [Domain]
Partially Owned Property Balance Sheet Schedule
Partially Owned Unconsolidated Properties	1		1
Partially Owned Unconsolidated Units	336		336
ASSETS
Real Estate Investment Property, at Cost	55,025,000		55,025,000
Real Estate Investment Property, Accumulated Depreciation	(2,158,000)		(2,158,000)
Investment in real estate, net	52,867,000		52,867,000
Cash and Cash Equivalents, at Carrying Value	1,604,000		1,604,000
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	0		0
Restricted Cash and Cash Equivalents	0		0
Deferred Finance Costs, Net	5,000		5,000
Other Assets	1,548,000		1,548,000
Total assets	56,024,000		56,024,000
LIABILITIES AND EQUITY
Secured Debt	30,550,000		30,550,000
Accounts Payable And Accrued Liabilities Current And Noncurrent Other Than Interest And Dividend Payable	(45,000)		(45,000)
Interest Payable	0		0
Other Liabilities	1,817,000		1,817,000
Security Deposit Liability	0		0
Total liabilities	32,322,000		32,322,000
Noncontrolling Interests Partially Owned Properties	20,450,000		20,450,000
Parent Equity Interest	3,252,000		3,252,000
Total Equity Interest	23,702,000		23,702,000
Total liabilities and equity	56,024,000		56,024,000
Partially Owned Property Income Statement Schedule
Operating revenue			1,610,000
Operating Expenses			671,000
Gross Profit			939,000
Depreciation			2,158,000
General and Administrative Expense			0
Operating Income (Loss)			(1,219,000)
Interest and Other Income			2,000
Other Nonoperating Income (Expense)			0
Interest:
Interest Expense, Debt			(373,000)
Amortization of Financing Costs			0
(Loss) income before income and other taxes, (loss) from investments in unconsolidated entities, net gain on sales of land parcels and discontinued operations			(1,590,000)
Income and other tax (expense) benefit			0
(Loss) from investments in unconsolidated entities due to operations			0
Net gain on sales of land parcels			0
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax			0
Net income			(1,590,000)
Unconsolidated Total [Domain]
Partially Owned Property Balance Sheet Schedule
Partially Owned Unconsolidated Properties	1		1
Partially Owned Unconsolidated Units	336		336
ASSETS
Real Estate Investment Property, at Cost	359,946,000		359,946,000
Real Estate Investment Property, Accumulated Depreciation	(2,158,000)		(2,158,000)
Investment in real estate, net	357,788,000		357,788,000
Cash and Cash Equivalents, at Carrying Value	3,185,000		3,185,000
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	0		0
Restricted Cash and Cash Equivalents	0		0
Deferred Finance Costs, Net	67,000		67,000
Other Assets	1,963,000		1,963,000
Total assets	363,003,000		363,003,000
LIABILITIES AND EQUITY
Secured Debt	176,317,000		176,317,000
Accounts Payable And Accrued Liabilities Current And Noncurrent Other Than Interest And Dividend Payable	8,378,000		8,378,000
Interest Payable	552,000		552,000
Other Liabilities	2,047,000		2,047,000
Security Deposit Liability	79,000		79,000
Total liabilities	187,373,000		187,373,000
Noncontrolling Interests Partially Owned Properties	135,875,000		135,875,000
Parent Equity Interest	39,755,000		39,755,000
Total Equity Interest	175,630,000		175,630,000
Total liabilities and equity	363,003,000		363,003,000
Partially Owned Property Income Statement Schedule
Operating revenue			2,813,000
Operating Expenses			1,762,000
Gross Profit			1,051,000
Depreciation			2,158,000
General and Administrative Expense			11,000
Operating Income (Loss)			(1,118,000)
Interest and Other Income			2,000
Other Nonoperating Income (Expense)			0
Interest:
Interest Expense, Debt			(581,000)
Amortization of Financing Costs			0
(Loss) income before income and other taxes, (loss) from investments in unconsolidated entities, net gain on sales of land parcels and discontinued operations			(1,697,000)
Income and other tax (expense) benefit			0
(Loss) from investments in unconsolidated entities due to operations			0
Net gain on sales of land parcels			0
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax			0
Net income			(1,697,000)
Residual JV [Domain]
ASSETS
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	105,200,000		105,200,000
Joint Venture Partner [Member]
LIABILITIES AND EQUITY
Noncontrolling Interests Partially Owned Properties	90,775,479		90,775,479
Investments In Partially Owned Entities (Textuals) [Abstract]
Land purchase price	57,900,000		57,900,000
Business Acquisition, Cost of Acquired Entity, Purchase Price	75,700,000		75,700,000
Company's Portion [Member]
Investments In Partially Owned Entities (Textuals) [Abstract]
Land purchase price	76,100,000		76,100,000
Business Acquisition, Cost of Acquired Entity, Purchase Price	102,500,000		102,500,000
Nexus Sawgrass [Member]
LIABILITIES AND EQUITY
Secured Debt	42,600,000		42,600,000
Investments In Partially Owned Entities (Textuals) [Abstract]
Maximum Debt Commitment	48,700,000		48,700,000
Debt Instrument, Interest Rate, Stated Percentage	5.60%		5.60%
Debt Instrument, Maturity Date			Jan. 01, 2021
Domain [Member]
LIABILITIES AND EQUITY
Secured Debt	72,100,000		72,100,000
Investments In Partially Owned Entities (Textuals) [Abstract]
Maximum Debt Commitment	98,600,000		98,600,000
Debt Instrument, Interest Rate, Stated Percentage	5.75%		5.75%
Debt Instrument, Maturity Date			Jan. 01, 2022
Archstone Transaction [Member]
Investments In Partially Owned Entities (Textuals) [Abstract]
Liquidation Value Preferred Interests	88,300,000		88,300,000
Business Acquisition, Percentage of Voting Interests Acquired	60.00%		60.00%
Joint Venture Partner Ownership Percentage	40.00%		40.00%
Company's Portion [Member]
Investments In Partially Owned Entities (Textuals) [Abstract]
Preferred Interests			39,000,000
Enclave at Wellington [Domain]
Investments In Partially Owned Entities (Textuals) [Abstract]
Business Acquisition, Percentage of Voting Interests Acquired	95.00%		95.00%
Partially Owned Consolidated Properties	268		268
Initial Basis of Land, Consolidated	26,200,000		26,200,000
Project Cost	50,000,000		50,000,000
East Palmetto Park [Domain]
Investments In Partially Owned Entities (Textuals) [Abstract]
Business Acquisition, Percentage of Voting Interests Acquired	90.00%		90.00%
Partially Owned Consolidated Properties	377		377
Initial Basis of Land, Consolidated	20,200,000		20,200,000
Wisconsin Place [Domain]
Partially Owned Property Balance Sheet Schedule
Partially Owned Consolidated Units	432		432
ASSETS
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	56,500,000		56,500,000
Investments In Partially Owned Entities (Textuals) [Abstract]
Business Acquisition, Percentage of Voting Interests Acquired	75.00%		75.00%
Initial Basis of Land, Consolidated	198,500,000		198,500,000
San Norterra [Domain]
Variable Interest Entity [Line Items]
Debt Instrument, Description of Variable Rate Basis			LIBOR plus 2.00%
LIABILITIES AND EQUITY
Secured Debt	28,400,000		28,400,000
Investments In Partially Owned Entities (Textuals) [Abstract]
Equity Method Investment, Ownership Percentage	85.00%		85.00%
Project Cost	56,300,000		56,300,000
Partially Owned Unconsolidated Units To Be Developed	388		388
Initial Basis of Land, Unconsolidated	16,900,000		16,900,000
Maximum Debt Commitment	34,800,000		34,800,000
Debt Instrument, Maturity Date			Jan. 06, 2015
Waterton Tenside [Domain]
Partially Owned Property Balance Sheet Schedule
Partially Owned Unconsolidated Units	336		336
LIABILITIES AND EQUITY
Secured Debt	30,600,000		30,600,000
Investments In Partially Owned Entities (Textuals) [Abstract]
Equity Method Investment, Ownership Percentage	20.00%		20.00%
Initial Basis of Land, Unconsolidated	5,100,000		5,100,000
Debt Instrument, Interest Rate, Stated Percentage	3.66%		3.66%
Debt Instrument, Maturity Date			Dec. 01, 2018
Mission Gorge [Domain]
Investments In Partially Owned Entities (Textuals) [Abstract]
Equity Method Investment, Ownership Percentage	23.08%		23.08%
Partially Owned Unconsolidated Units To Be Developed	444		444
Initial Basis of Land, Unconsolidated	4,100,000		4,100,000
Parkside at Emeryville [Domain]
Variable Interest Entity [Line Items]
Debt Instrument, Description of Variable Rate Basis			LIBOR plus 2.25%
LIABILITIES AND EQUITY
Secured Debt	2,700,000		2,700,000
Investments In Partially Owned Entities (Textuals) [Abstract]
Equity Method Investment, Ownership Percentage	5.00%		5.00%
Project Cost	75,000,000		75,000,000
Partially Owned Unconsolidated Units To Be Developed	180		180
Initial Basis of Land, Unconsolidated	2,100,000		2,100,000
Maximum Debt Commitment	39,500,000		39,500,000
Debt Instrument, Maturity Date			Aug. 14, 2015
Unconsolidated Project Under Development Commitment Fund	$ 19,700,000		$ 19,700,000

XML

Derivative and Other Fair Value Instruments (Details Textuals) (USD $)	6 Months Ended	12 Months Ended
	Jun. 30, 2013	Dec. 31, 2012
Derivative [Line Items]
Mortgage notes payable	$ 6,247,612,000	$ 3,898,369,000
Notes, net	5,475,954,000	4,630,875,000
Fair value of mortgage notes payable	6,400,000,000	4,300,000,000
Fair value of unsecured notes payable including line of credit	5,800,000,000	5,200,000,000
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss)	(170,252,519)	(194,700,000)
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net	21,600,000
Payments for (Proceeds from) Hedge, Investing Activities	44,700,000
Proceeds from Issuance of Unsecured Debt	500,000,000
Interest Expense	700,000
Deferred accumulated other comprehensive (loss)	$ 44,000,000

XML

Business (Details)	Jun. 30, 2013
Noncontrolling Interest, Ownership Percentage by Parent	96.20%
Number of Real Estate Properties	398
Number of Units in Real Estate Property	113,388
Number of States in which Entity Operates	12
Property/Unit schedule
Wholly Owned Properties	373
Master Leased Properties Acquired	3
Partially Owned Consolidated Properties	19
Partially Owned Unconsolidated Properties	1
Military Housing Properties	2
Wholly Owned Units	103,322
Master Leased Units	853
Partially Owned Consolidated Units	3,752
Partially Owned Unconsolidated Units	336
Military Housing Units	5,125
Archstone Transaction [Member]
Property/Unit schedule
Master Leased Properties Acquired	3

XML

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2013

Summary of Significant Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) and certain reclassifications considered necessary for a fair presentation have been included. Certain reclassifications have been made to the prior period financial statements in order to conform to the current year presentation. Operating results for the six months ended June 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013.

In preparation of the Company’s financial statements in conformity with accounting principles generally accepted in the United States, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

The balance sheets at December 31, 2012 have been derived from the audited financial statements at that date but do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.

For further information, including definitions of capitalized terms not defined herein, refer to the consolidated financial statements and footnotes thereto included in the Company’s and the Operating Partnership's annual report on Form 10-K for the year ended December 31, 2012.

Real Estate Assets And Depreciation Of Investment In Real Estate [Policy Text Block]

Real Estate Assets and Depreciation of Investment in Real Estate

Effective for business combinations on or after January 1, 2009, an acquiring entity is required to recognize all assets acquired and liabilities assumed in a transaction at the acquisition-date fair value with limited exceptions. In addition, an acquiring entity is required to expense acquisition-related costs as incurred, value noncontrolling interests at fair value at the acquisition date and expense restructuring costs associated with an acquired business.

The Company allocates the purchase price of properties to net tangible and identified intangible assets acquired based on their fair values. In making estimates of fair values for purposes of allocating purchase price, the Company utilizes a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property, our own analysis of recently acquired and existing comparable properties in our portfolio and other market data. The Company also considers information obtained about each property as a result of its pre-acquisition due diligence, marketing and leasing activities in estimating the fair value of the tangible and intangible assets acquired. The Company allocates the purchase price of acquired real estate to various components as follows:

• Land – Based on actual purchase price adjusted to fair value (as necessary) if acquired separately or market research/comparables if acquired with an operating property.

• Furniture, Fixtures and Equipment – Ranges between $3,000 and $13,000 per apartment unit acquired as an estimate of the fair value of the appliances and fixtures inside an apartment unit. The per-apartment unit amount applied depends on the type of apartment building acquired. Depreciation is calculated on the straight-line method over an estimated useful life of five to ten years.

• Lease Intangibles – The Company considers the value of acquired in-place leases and above/below market leases and the amortization period is the average remaining term of each respective acquired lease. In-place residential leases' average term at acquisition approximates six months. See Note 4 for more information on above and below market leases.

• Other Intangible Assets – The Company considers whether it has acquired other intangible assets, including any customer relationship intangibles and the amortization period is the estimated useful life of the acquired intangible asset.

• Building – Based on the fair value determined on an “as-if vacant” basis. Depreciation is calculated on the straight-line method over an estimated useful life of thirty years.

• Site Improvements – Based on replacement cost. Depreciation is calculated on the straight-line method over an estimated useful life of eight years.

• Long-Term Debt – The Company calculates the fair value by discounting the remaining contractual cash flows on each instrument at the current market rate for those borrowings.

Income and Other Taxes

Income and Other Taxes

Due to the structure of EQR as a REIT and the nature of the operations of its operating properties, no provision for federal income taxes has been made at the EQR level. In addition, ERPOP generally is not liable for federal income taxes as the partners recognize their proportionate share of income or loss in their tax returns; therefore no provision for federal income taxes has been made at the ERPOP level. Historically, the Company has generally only incurred certain state and local income, excise and franchise taxes. The Company has elected Taxable REIT Subsidiary (“TRS”) status for certain of its corporate subsidiaries and as a result, these entities will incur both federal and state income taxes on any taxable income of such entities after consideration of any net operating losses.

Deferred tax assets and liabilities applicable to the TRS are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. These assets and liabilities are measured using enacted tax rates for which the temporary differences are expected to be recovered or settled. The effects of changes in tax rates on deferred tax assets and liabilities are recognized in earnings in the period enacted. The Company’s deferred tax assets are generally the result of tax affected amortization of goodwill, differing depreciable lives on capitalized assets and the timing of expense recognition for certain accrued liabilities. As of June 30, 2013, the Company has recorded a deferred tax asset, which is fully offset by a valuation allowance due to the uncertainty in forecasting future TRS taxable income.

Other

Other

The Company is the controlling partner in various consolidated partnerships owning 19 properties and 3,752 apartment units and various completed and uncompleted development properties having a noncontrolling interest book value of $107.5 million at June 30, 2013. The Company is required to make certain disclosures regarding noncontrolling interests in consolidated limited-life subsidiaries. Of the consolidated entities described above, the Company is the controlling partner in limited-life partnerships owning six properties having a noncontrolling interest deficit balance of $8.2 million. These six partnership agreements contain provisions that require the partnerships to be liquidated through the sale of their assets upon reaching a date specified in each respective partnership agreement. The Company, as controlling partner, has an obligation to cause the property owning partnerships to distribute the proceeds of liquidation to the Noncontrolling Interests in these Partially Owned Properties only to the extent that the net proceeds received by the partnerships from the sale of their assets warrant a distribution based on the partnership agreements. As of June 30, 2013, the Company estimates the value of Noncontrolling Interest distributions for these six properties would have been approximately $37.8 million (“Settlement Value”) had the partnerships been liquidated. This Settlement Value is based on estimated third party consideration realized by the partnerships upon disposition of the six Partially Owned Properties and is net of all other assets and liabilities, including yield maintenance on the mortgages encumbering the properties, that would have been due on June 30, 2013 had those mortgages been prepaid. Due to, among other things, the inherent uncertainty in the sale of real estate assets, the amount of any potential distribution to the Noncontrolling Interests in the Company's Partially Owned Properties is subject to change. To the extent that the partnerships' underlying assets are worth less than the underlying liabilities, the Company has no obligation to remit any consideration to the Noncontrolling Interests in these Partially Owned Properties.

Effective January 1, 2012, companies are required to separately disclose the amounts and reasons for any transfers of assets and liabilities into and out of Level 1 and Level 2 of the fair value hierarchy. For fair value measurements using significant unobservable inputs (Level 3), companies are required to disclose quantitative information about the significant unobservable inputs used for all Level 3 measurements and a description of the Company's valuation processes in determining fair value. In addition, companies are required to provide a qualitative discussion about the sensitivity of recurring Level 3 measurements to changes in the unobservable inputs disclosed, including the interrelationship between inputs. Companies are also required to disclose information about when the current use of a non-financial asset measured at fair value differs from its highest and best use and the hierarchy classification for items whose fair value is not recorded on the balance sheet but is disclosed in the notes. This does not have a material effect on the Company's consolidated results of operations or financial position. See Notes 4 and 9 for further discussion.

Effective January 1, 2013, companies are required to report, in one place, information about reclassifications out of accumulated other comprehensive income ("AOCI"). Companies will also be required to report changes in AOCI balances. For significant items reclassified out of AOCI to net income in their entirety in the same reporting period, reporting is required about the effect of the reclassifications on the respective line items in the statement where net income is presented. For items that are not reclassified to net income in their entirety in the same reporting period, a cross reference to other disclosures currently required under US GAAP is required in the notes. This does not have a material effect on the Company's consolidated results of operations or financial position. See Note 9 for further discussion.

XML

Subsequent Events/Other

6 Months Ended

Jun. 30, 2013

Subsequent Events Other [Abstract]

Subsequent Events/Other

14. Subsequent Events/Other

Subsequent Events

Subsequent to June 30, 2013, the Company:

• Sold six properties consisting of 2,033 apartment units and one land parcel for $247.3 million;

• Entered into $150.0 million of forward starting swaps to hedge changes in interest rates related to future secured or unsecured debt issuances; and

• Filed a new universal shelf registration statement to replace its existing universal shelf registration statement, which expires later this year. The Board of Trustees also approved an increase to the amount of shares which may be offered under the ATM share offering program to 13.0 million Common Shares and an increase and modification to the Company's share repurchase program to allow for the potential repurchase of up to 13.0 million Common Shares.

Other

During the six months ended June 30, 2013 and 2012, the Company incurred charges of $0.1 million and $5.5 million, respectively, related to property acquisition costs, such as survey, title and legal fees, on the acquisition of operating properties (excluding the Archstone transaction) and $3.4 million and $3.6 million, respectively, related to the write-off of various pursuit and out-of-pocket costs for terminated acquisition, disposition and development transactions. These costs, totaling $3.5 million and $9.1 million, respectively, are included in other expenses in the accompanying consolidated statements of operations. See Note 4 for details on the property acquisition costs related to the Archstone transaction.

During the six months ended June 30, 2012, the Company settled a dispute with the owners of a land parcel for $4.2 million, which is included in other expenses in the accompanying consolidated statements of operations.

XML

Real Estate (Details 2) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Properties acquired			1
Property Units Acquired			322
Business Acquisition, Cost of Acquired Entity, Purchase Price	$ 108,000,000		$ 108,000,000
Disposed Properties			82
Disposed Units			24,197
Proceeds From Sale Of Property			3,795,566,000
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax	389,952,000	71,097,000	1,588,874,000	204,053,000
Net gain on sales of land parcels	14,616,000	0	14,616,000	0
Consolidated Rental Properties [Member]
Properties acquired			1
Property Units Acquired			322
Business Acquisition, Cost of Acquired Entity, Purchase Price	91,500,000		91,500,000
Disposed Properties			82
Disposed Units			24,197
Proceeds From Sale Of Property			3,705,082,000
Land [Member]
Property Units Acquired			0
Business Acquisition, Cost of Acquired Entity, Purchase Price	16,500,000		16,500,000
Proceeds From Sale Of Property			59,750,000
Land parcels acquired			1
Disposed Land Parcels			5
Commercial Real Estate [Member]
Proceeds From Sale Of Property			$ 30,734,000
Commercial Properties Disposed			1

XML

Derivative and Other Fair Value Instruments (Tables)

6 Months Ended

Jun. 30, 2013

Fair Value Disclosures [Abstract]

Derivative Instrument Table

The following table summarizes the Company’s consolidated derivative instruments at June 30, 2013 (dollar amounts are in thousands):

	Forward Starting Swaps (1)
Current Notional Balance	$	250,000
Lowest Possible Notional	$	250,000
Highest Possible Notional	$	250,000
Lowest Interest Rate	2.125		%
Highest Interest Rate	2.674		%
Earliest Maturity Date	2024
Latest Maturity Date	2024

Schedule of Location and Amount of Financial Instruments on Balanace Sheet

The following tables provide a summary of the fair value measurements for each major category of assets and liabilities measured at fair value on a recurring basis and the location within the accompanying Consolidated Balance Sheets at June 30, 2013 and December 31, 2012, respectively (amounts in thousands):

				Fair Value Measurements at Reporting Date Using
Description	Balance Sheet Location	6/30/2013		Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1)		Significant  Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level  3)
Assets
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Forward Starting Swaps	Other Assets	$	12,276	$	—	$	12,276	$	—
Supplemental Executive Retirement Plan	Other Assets	73,839		73,839		—		—
Available-for-Sale Investment Securities	Other Assets	3,142		3,142		—		—
Total		$	89,257	$	76,981	$	12,276	$	—
Liabilities
Supplemental Executive Retirement Plan	Other Liabilities	$	73,839	$	73,839	$	—	$	—
Total		$	73,839	$	73,839	$	—	$	—
Redeemable Noncontrolling Interests –
Operating Partnership/Redeemable
Limited Partners	Mezzanine	$	407,890	$	—	$	407,890	$	—

				Fair Value Measurements at Reporting Date Using
Description	Balance Sheet Location	12/31/2012		Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1)		Significant  Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level  3)
Assets
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Fair Value Hedges	Other Assets	$	1,524	$	—	$	1,524	$	—
Supplemental Executive Retirement Plan	Other Assets	70,655		70,655		—		—
Available-for-Sale Investment Securities	Other Assets	2,214		2,214		—		—
Total		$	74,393	$	72,869	$	1,524	$	—
Liabilities
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Forward Starting Swaps	Other Liabilities	$	44,050	$	—	$	44,050	$	—
Supplemental Executive Retirement Plan	Other Liabilities	70,655		70,655		—		—
Total		$	114,705	$	70,655	$	44,050	$	—
Redeemable Noncontrolling Interests –
Operating Partnership/Redeemable
Limited Partners	Mezzanine	$	398,372	$	—	$	398,372	$	—

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block]

The following tables provide a summary of the effect of fair value hedges on the Company’s accompanying Consolidated Statements of Operations for the six months ended June 30, 2013 and 2012, respectively (amounts in thousands):

June 30, 2013 Type of Fair Value Hedge	Location of Gain/(Loss) Recognized in Income on Derivative	Amount of Gain/(Loss) Recognized in Income on Derivative			Hedged Item	Income Statement Location of Hedged Item Gain/(Loss)	Amount of Gain/(Loss) Recognized in Income on Hedged Item
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Interest Rate Swaps	Interest expense	$	(1,524	)	Fixed rate debt	Interest expense	$	1,524
Total		$	(1,524	)			$	1,524

June 30, 2012 Type of Fair Value Hedge	Location of Gain/(Loss) Recognized in Income on Derivative	Amount of Gain/(Loss) Recognized in Income on Derivative			Hedged Item	Income Statement Location of Hedged Item Gain/(Loss)	Amount of Gain/(Loss) Recognized in Income on Hedged Item
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Interest Rate Swaps	Interest expense	$	(4,663	)	Fixed rate debt	Interest expense	$	4,663
Total		$	(4,663	)			$	4,663

Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block]

The following tables provide a summary of the effect of cash flow hedges on the Company’s accompanying Consolidated Statements of Operations for the six months ended June 30, 2013 and 2012, respectively (amounts in thousands):

	Effective Portion						Ineffective Portion
June 30, 2013 Type of Cash Flow Hedge	Amount of Gain/(Loss) Recognized in OCI on Derivative		Location of Gain/ (Loss) Reclassified from Accumulated OCI into Income	Amount of Gain/ (Loss) Reclassified from Accumulated OCI into Income			Location of Gain/(Loss) Recognized in Income  on Derivative	Amount of Gain/ (Loss) Reclassified from Accumulated OCI into Income
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Forward Starting Swaps/Treasury Locks	$	12,337	Interest expense	$	(12,098	)	N/A	$	—
Total	$	12,337		$	(12,098	)		$	—

	Effective Portion							Ineffective Portion
June 30, 2012 Type of Cash Flow Hedge	Amount of Gain/(Loss) Recognized in OCI on Derivative			Location of Gain/ (Loss) Reclassified from Accumulated OCI into Income	Amount of Gain/ (Loss) Reclassified from Accumulated OCI into Income			Location of Gain/(Loss) Recognized in Income  on Derivative	Amount of Gain/ (Loss) Reclassified from Accumulated OCI into Income
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Forward Starting Swaps/Treasury Locks	$	(8,642	)	Interest expense	$	(7,203	)	N/A	$	—
Total	$	(8,642	)		$	(7,203	)		$	—

Available-for-sale Securities [Table Text Block]

The following tables set forth the maturity, amortized cost, gross unrealized gains and losses, book/fair value and interest and other income of the various investment securities held as of June 30, 2013 and December 31, 2012, respectively (amounts in thousands):

		Other Assets
June 30, 2013 Security	Maturity	Amortized Cost		Unrealized Gains		Unrealized Losses		Book/ Fair Value		Interest and Other Income
Available-for-Sale Investment Securities	N/A	$	675	$	2,467	$	—	$	3,142	$	—
Total		$	675	$	2,467	$	—	$	3,142	$	—

		Other Assets
December 31, 2012 Security	Maturity	Amortized Cost		Unrealized Gains		Unrealized Losses		Book/ Fair Value		Interest and Other Income
Available-for-Sale Investment Securities	N/A	$	675	$	1,539	$	—	$	2,214	$	—
Total		$	675	$	1,539	$	—	$	2,214	$	—

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Equity, Capital and Other Interests EQR Common Shares (Details)	6 Months Ended		6 Months Ended			12 Months Ended	6 Months Ended
	Jun. 30, 2013	Dec. 31, 2012	Jun. 30, 2013 Archstone Transaction [Member]	Jun. 30, 2013 Limited Partner [Member]	Dec. 31, 2012 Limited Partner [Member]	Dec. 31, 2012 Public Offering [Member]	Jun. 30, 2013 Limited Partner [Member]	Dec. 31, 2012 Limited Partner [Member]
Common Shares outstanding at January 1,	360,312,049	325,054,654
Common Shares Issued:
Conversion of OP Units	36,262
Issuance of Common Shares	34,468,085		34,468,085			21,850,000
Exercise of share options	468,203
Employee Share Purchase Plan (ESPP)	50,148
Restricted Share Grants Net	234,697
Units
Total Units Outstanding				14,214,427	13,968,758		14,214,427	13,968,758
Issuance Of LTIPs				281,931			281,931
Shares Issued During Period Shares Conversion Of Units To Common Shares				(36,262)			(36,262)
Common Shares And Units Outstanding	374,526,476
Units Ownership Interest in Operating Partnership	3.80%

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Deposits - Restricted (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Restricted Cash and Cash Equivalents Items [Line Items]
Tax Deferred Exchange Proceeds	$ 82,029	$ 152,182
Earnest Money On Acquisitions	350	5,613
Restricted deposits on real estate investments	53,756	44,209
Resident security and utility deposits	59,773	44,199
Other Restricted Cash	1,359	4,239
Restricted Cash and Cash Equivalents	$ 197,267	$ 250,442

XML

Commitments to Acquire/Dispose of Real Estate (Tables)

6 Months Ended

Jun. 30, 2013

Commitments to Acquire Dispose of Real Estate [Abstract]

Real Estate to be Acquired Table Text Block

The Company has entered into separate agreements to acquire the following (purchase price in thousands):

	Properties	Apartment Units	Purchase Price
Land Parcels (two)	—	—	$	39,300
Total	—	—	$	39,300

Disposed Properties Table Text Block

In addition to the properties and land parcel that were subsequently disposed of as discussed in Note 14, the Company has entered into separate agreements to dispose of the following (sales price in thousands):

	Properties	Apartment Units	Sales Price
Rental Properties	2	688	$	68,182
Land Parcel (one)	—	—	26,350
Total	2	688	$	94,532

XML

Equity, Capital and Other Interests ERP Units (Details)	6 Months Ended
	Jun. 30, 2013	Dec. 31, 2012
Capital Unit [Line Items]
Common Shares And Units Outstanding	374,526,476
Issuance of OP Units	34,468,085
Exercise of EQR share options	468,203
EQR's Employee Share Purchase Plan (ESPP)	50,148
Restricted Share Grants Net	234,697
Units Ownership Interest in Operating Partnership	3.80%
General And Limited Partner [Member]
Capital Unit [Line Items]
Common Shares And Units Outstanding	374,526,476	339,023,412
Issuance of OP Units	34,468,085
Exercise of EQR share options	468,203
EQR's Employee Share Purchase Plan (ESPP)	50,148
Restricted Share Grants Net	234,697
Issuance Of LTIPs	281,931
Limited Partner [Member]
Capital Unit [Line Items]
Issuance Of LTIPs	281,931
Shares Issued During Period Shares Conversion Of Units To Common Shares	(36,262)
Total Units Outstanding	14,214,427	13,968,758
Limited Partner [Member]
Capital Unit [Line Items]
Issuance Of LTIPs	281,931
Shares Issued During Period Shares Conversion Of Units To Common Shares	(36,262)
Total Units Outstanding	14,214,427	13,968,758

XML

Reportable Segments

6 Months Ended

Jun. 30, 2013

Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]

Segment Reporting Disclosure [Text Block]

13. Reportable Segments

Operating segments are defined as components of an enterprise that engage in business activities from which they may earn revenues and incur expenses and about which discrete financial information is available that is evaluated regularly by the chief operating decision maker. The chief operating decision maker decides how resources are allocated and assesses performance on a recurring basis at least quarterly.

The Company’s primary business is the acquisition, development and management of multifamily residential properties, which includes the generation of rental and other related income through the leasing of apartment units to residents. The chief operating decision maker evaluates the Company's operating performance geographically by market and both on a same store and non-same store basis. The Company’s operating segments (geographic markets) have been aggregated into four reportable segments based upon the geographic region in which they are located.

The Company’s fee and asset management and development (including its partially owned properties) activities are other business activities that do not constitute an operating segment and as such, have been aggregated in the "Other" category in the tables presented below.

All revenues are from external customers and there is no customer who contributed 10% or more of the Company’s total revenues during the six months and quarters ended June 30, 2013 and 2012, respectively.

The primary financial measure for the Company’s rental real estate segment is net operating income (“NOI”), which represents rental income less: 1) property and maintenance expense; 2) real estate taxes and insurance expense; and 3) property management expense (all as reflected in the accompanying consolidated statements of operations). The Company believes that NOI is helpful to investors as a supplemental measure of its operating performance because it is a direct measure of the actual operating results of the Company’s apartment communities. Current year NOI is compared to prior year NOI and current year budgeted NOI as a measure of financial performance. The following tables present NOI for each segment from our rental real estate specific to continuing operations for the six months and quarters ended June 30, 2013 and 2012, respectively, as well as total assets and capital expenditures at June 30, 2013 (amounts in thousands):

	Six Months Ended June 30, 2013
	Northeast		Northwest		Southeast		Southwest		Other (3)			Total
Rental income:
Same store (1)	$	367,912	$	204,680	$	120,456	$	213,854	$	—		$	906,902
Non-same store/other (2) (3)	148,738		57,614		1,017		30,141		7,506			245,016
Total rental income	516,650		262,294		121,473		243,995		7,506			1,151,918
Operating expenses:
Same store (1)	132,525		69,442		45,190		70,167		—			317,324
Non-same store/other (2) (3)	48,299		19,942		406		12,956		11,410			93,013
Total operating expenses	180,824		89,384		45,596		83,123		11,410			410,337
NOI:
Same store (1)	235,387		135,238		75,266		143,687		—			589,578
Non-same store/other (2) (3)	100,439		37,672		611		17,185		(3,904		)	152,003
Total NOI	$	335,826	$	172,910	$	75,877	$	160,872	$	(3,904	)	$	741,581
Total assets	$	11,418,096	$	4,610,358	$	1,576,965	$	3,785,624	$	2,091,340		$	23,482,383
Capital expenditures	$	21,826	$	14,465	$	8,276	$	8,921	$	3,765		$	57,253

(1) Same store primarily includes all properties acquired or completed and stabilized prior to January 1, 2012, less properties subsequently sold, which represented 84,965 apartment units.

(2) Non-same store primarily includes properties acquired after January 1, 2012, plus any properties in lease-up and not stabilized as of January 1, 2012.

(3) Other includes development and other corporate operations.

	Six Months Ended June 30, 2012
	Northeast		Northwest		Southeast		Southwest		Other (3)			Total
Rental income:
Same store (1)	$	353,749	$	189,969	$	114,924	$	205,429	$	—		$	864,071
Non-same store/other (2) (3)	5,580		3,912		—		818		(43		)	10,267
Total rental income	359,329		193,881		114,924		206,247		(43		)	874,338
Operating expenses:
Same store (1)	127,586		67,360		44,249		67,791		—			306,986
Non-same store/other (2) (3)	2,806		1,388		—		299		10,884			15,377
Total operating expenses	130,392		68,748		44,249		68,090		10,884			322,363
NOI:
Same store (1)	226,163		122,609		70,675		137,638		—			557,085
Non-same store/other (2) (3)	2,774		2,524		—		519		(10,927		)	(5,110		)
Total NOI	$	228,937	$	125,133	$	70,675	$	138,157	$	(10,927	)	$	551,975

(1) Same store primarily includes all properties acquired or completed and stabilized prior to January 1, 2012, less properties subsequently sold, which represented 84,965 apartment units.

(2) Non-same store primarily includes properties acquired after January 1, 2012, plus any properties in lease-up and not stabilized as of January 1, 2012.

(3) Other includes development and other corporate operations.

	Quarter Ended June 30, 2013
	Northeast		Northwest		Southeast		Southwest		Other (3)		Total
Rental income:
Same store (1)	$	185,729	$	106,008	$	60,776	$	108,682	$	—	$	461,195
Non-same store/other (2) (3)	105,007		38,541		760		21,296		5,606		171,210
Total rental income	290,736		144,549		61,536		129,978		5,606		632,405
Operating expenses:
Same store (1)	64,923		35,481		22,732		35,333		—		158,469
Non-same store/other (2) (3)	34,235		12,872		302		9,285		3,234		59,928
Total operating expenses	99,158		48,353		23,034		44,618		3,234		218,397
NOI:
Same store (1)	120,806		70,527		38,044		73,349		—		302,726
Non-same store/other (2) (3)	70,772		25,669		458		12,011		2,372		111,282
Total NOI	$	191,578	$	96,196	$	38,502	$	85,360	$	2,372	$	414,008

(1) Same store primarily includes all properties acquired or completed and stabilized prior to April 1, 2012, less properties subsequently sold, which represented 85,509 apartment units.

(2) Non-same store primarily includes properties acquired after April 1, 2012, plus any properties in lease-up and not stabilized as of April 1, 2012.

(3) Other includes development and other corporate operations.

	Quarter Ended June 30, 2012
	Northeast		Northwest		Southeast		Southwest		Other (3)			Total
Rental income:
Same store (1)	$	179,400	$	98,281	$	57,953	$	104,110	$	—		$	439,744
Non-same store/other (2) (3)	5,279		1,127		—		50		(61		)	6,395
Total rental income	184,679		99,408		57,953		104,160		(61		)	446,139
Operating expenses:
Same store (1)	62,557		34,254		22,352		33,846		—			153,009
Non-same store/other (2) (3)	1,903		350		—		2		4,518			6,773
Total operating expenses	64,460		34,604		22,352		33,848		4,518			159,782
NOI:
Same store (1)	116,843		64,027		35,601		70,264		—			286,735
Non-same store/other (2) (3)	3,376		777		—		48		(4,579		)	(378		)
Total NOI	$	120,219	$	64,804	$	35,601	$	70,312	$	(4,579	)	$	286,357

(1) Same store primarily includes all properties acquired or completed and stabilized prior to April 1, 2012, less properties subsequently sold, which represented 85,509 apartment units.

(2) Non-same store primarily includes properties acquired after April 1, 2012, plus any properties in lease-up and not stabilized as of April 1, 2012.

(3) Other includes development and other corporate operations.

Note: Markets/Metro Areas included in the above geographic segments are as follows:

(a) Northeast – New England (excluding Boston), Boston, New York and Washington DC.

(b) Northwest – Denver, San Francisco, Seattle and Tacoma.

(c) Southeast – Atlanta, Orlando and South Florida.

(d) Southwest – Inland Empire, Los Angeles, Orange County, Phoenix and San Diego.

The following table presents a reconciliation of NOI from our rental real estate specific to continuing operations for the six months and quarters ended June 30, 2013 and 2012, respectively (amounts in thousands):

	Six Months Ended June 30,						Quarter Ended June 30,
	2013			2012			2013			2012
Rental income	$	1,151,918		$	874,338		$	632,405		$	446,139
Property and maintenance expense	(220,417		)	(173,819		)	(117,819		)	(85,423		)
Real estate taxes and insurance expense	(145,400		)	(104,268		)	(78,547		)	(53,422		)
Property management expense	(44,520		)	(44,276		)	(22,031		)	(20,937		)
Total operating expenses	(410,337		)	(322,363		)	(218,397		)	(159,782		)
Net operating income	$	741,581		$	551,975		$	414,008		$	286,357

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CONSOLIDATED STATEMENTS OF OPERATIONS OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) (USD $) Share data in Thousands, except Per Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
REVENUES
Rental income	$ 632,405,000	$ 446,139,000	$ 1,151,918,000	$ 874,338,000
Fee and asset management	2,673,000	2,212,000	4,833,000	4,276,000
Total revenues	635,078,000	448,351,000	1,156,751,000	878,614,000
EXPENSES
Property and maintenance	117,819,000	85,423,000	220,417,000	173,819,000
Real estate taxes and insurance	78,547,000	53,422,000	145,400,000	104,268,000
Property management	22,031,000	20,937,000	44,520,000	44,276,000
Fee and asset management	1,577,000	1,180,000	3,223,000	2,487,000
Depreciation	327,985,000	145,438,000	528,328,000	289,273,000
General and administrative	16,086,000	13,391,000	32,582,000	27,079,000
Total expenses	564,045,000	319,791,000	974,470,000	641,202,000
Operating Income (Loss)	71,033,000	128,560,000	182,281,000	237,412,000
Interest and other income	249,000	258,000	504,000	427,000
Other expenses	(981,000)	(8,802,000)	(3,544,000)	(14,603,000)
Merger Expenses	(467,000)	(685,000)	(19,559,000)	(1,834,000)
Interest:
Expense incurred, net	(122,950,000)	(114,627,000)	(317,417,000)	(232,254,000)
Amortization of deferred financing costs	(4,353,000)	(4,017,000)	(11,301,000)	(6,945,000)
(Loss) income before income and other taxes, (loss) from investments in unconsolidated entities, net gain on sales of land parcels and discontinued operations	(57,469,000)	687,000	(169,036,000)	(17,797,000)
Income and other tax (expense) benefit	(428,000)	(213,000)	(833,000)	(380,000)
(Loss) from investments in unconsolidated entities due to operations	(1,175,000)	0	(1,530,000)	0
(Loss) from investments in unconsolidated entities due to merger expenses	(6,999,000)	0	(53,010,000)	0
Net gain on sales of land parcels	14,616,000	0	14,616,000	0
(Loss) income from continuing operations	(51,455,000)	474,000	(209,793,000)	(18,177,000)
Discontinued operations, net	388,187,000	107,841,000	1,607,559,000	278,659,000
Net income	336,732,000	108,315,000	1,397,766,000	260,482,000
Net (income) attributable to Noncontrolling Interests - Partially Owned Properties	815,000	(319,000)	790,000	(769,000)
Net income attributable to controlling interests	324,759,000	103,264,000	1,342,445,000	248,563,000
Earnings per Unit - basic:
(Loss) from continuing operations available to Common Shares	$ (0.138)	$ (0.011)	$ (0.581)	$ (0.082)
Net income available to Units	$ 0.900	$ 0.332	$ 3.844	$ 0.807
Earnings per Unit - diluted:
Income (Loss) from Continuing Operations, Per Diluted Share	$ (0.138)	$ (0.011)	$ (0.581)	$ (0.082)
Net income available to Units	$ 0.900	$ 0.332	$ 3.844	$ 0.807
OPERATING PARTNERSHIP
REVENUES
Rental income	632,405,000	446,139,000	1,151,918,000	874,338,000
Fee and asset management	2,673,000	2,212,000	4,833,000	4,276,000
Total revenues	635,078,000	448,351,000	1,156,751,000	878,614,000
EXPENSES
Property and maintenance	117,819,000	85,423,000	220,417,000	173,819,000
Real estate taxes and insurance	78,547,000	53,422,000	145,400,000	104,268,000
Property management	22,031,000	20,937,000	44,520,000	44,276,000
Fee and asset management	1,577,000	1,180,000	3,223,000	2,487,000
Depreciation	327,985,000	145,438,000	528,328,000	289,273,000
General and administrative	16,086,000	13,391,000	32,582,000	27,079,000
Total expenses	564,045,000	319,791,000	974,470,000	641,202,000
Operating Income (Loss)	71,033,000	128,560,000	182,281,000	237,412,000
Interest and other income	249,000	258,000	504,000	427,000
Other expenses	(981,000)	(8,802,000)	(3,544,000)	(14,603,000)
Merger Expenses	(467,000)	(685,000)	(19,559,000)	(1,834,000)
Interest:
Expense incurred, net	(122,950,000)	(114,627,000)	(317,417,000)	(232,254,000)
Amortization of deferred financing costs	(4,353,000)	(4,017,000)	(11,301,000)	(6,945,000)
(Loss) income before income and other taxes, (loss) from investments in unconsolidated entities, net gain on sales of land parcels and discontinued operations	(57,469,000)	687,000	(169,036,000)	(17,797,000)
Income and other tax (expense) benefit	(428,000)	(213,000)	(833,000)	(380,000)
(Loss) from investments in unconsolidated entities due to operations	(1,175,000)	0	(1,530,000)	0
(Loss) from investments in unconsolidated entities due to merger expenses	(6,999,000)	0	(53,010,000)	0
Net gain on sales of land parcels	14,616,000	0	14,616,000	0
(Loss) income from continuing operations	(51,455,000)	474,000	(209,793,000)	(18,177,000)
Discontinued operations, net	388,187,000	107,841,000	1,607,559,000	278,659,000
Net income	336,732,000	108,315,000	1,397,766,000	260,482,000
Net (income) attributable to Noncontrolling Interests - Partially Owned Properties	815,000	(319,000)	790,000	(769,000)
Net income attributable to controlling interests	337,547,000	107,996,000	1,398,556,000	259,713,000
ALLOCATION OF NET INCOME:
Preference Units	1,036,000	3,467,000	2,072,000	6,933,000
General Partner	323,723,000	99,797,000	1,340,373,000	241,630,000
Limited Partners	12,788,000	4,732,000	56,111,000	11,150,000
Net income available to Units	$ 336,511,000	$ 104,529,000	$ 1,396,484,000	$ 252,780,000
Earnings per Unit - basic:
(Loss) from continuing operations available to Common Shares	$ (0.14)	$ (0.01)	$ (0.58)	$ (0.08)
Net income available to Units	$ 0.900	$ 0.332	$ 3.844	$ 0.807
Weighted average Units outstanding	373,403	314,255	362,390	313,133
Earnings per Unit - diluted:
Income (Loss) from Continuing Operations, Per Diluted Share	$ (0.14)	$ (0.01)	$ (0.58)	$ 0.08
Net income available to Units	$ 0.900	$ 0.332	$ 3.844	$ 0.807
Weighted average Units outstanding	373,403	314,255	362,390	313,133
Distributions declared per Unit outstanding	$ 0.40	$ 0.3375	$ 0.80	$ 0.6750

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Comprehensive income:
Net income	$ 336,732	$ 108,315	$ 1,397,766	$ 260,482
Other comprehensive (loss) - derivative instruments:
Unrealized holding (losses) arising during the period	9,523	(11,860)	12,337	(8,642)
Losses reclassified into earnings from other comprehensive income	3,826	3,640	12,098	7,203
Other comprehensive income - other instruments:
Unrealized holding gains arising during the period	501	118	928	82
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax	1,814	0	941	0
Other comprehensive income (loss)	15,664	(8,102)	26,304	(1,357)
Comprehensive income	352,396	100,213	1,424,070	259,125
Comprehensive (income) attributable to Noncontrolling Interests	(11,973)	(5,051)	(55,321)	(11,919)
Comprehensive income attributable to controlling interests	340,423	95,162	1,368,749	247,206
OPERATING PARTNERSHIP
Comprehensive income:
Net income	336,732	108,315	1,397,766	260,482
Other comprehensive (loss) - derivative instruments:
Unrealized holding (losses) arising during the period	9,523	(11,860)	12,337	(8,642)
Losses reclassified into earnings from other comprehensive income	3,826	3,640	12,098	7,203
Other comprehensive income - other instruments:
Unrealized holding gains arising during the period	501	118	928	82
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax	1,814	0	941	0
Other comprehensive income (loss)	15,664	(8,102)	26,304	(1,357)
Comprehensive income	352,396	100,213	1,424,070	259,125
Comprehensive (income) attributable to Noncontrolling Interests	815	(319)	790	(769)
Comprehensive income attributable to controlling interests	$ 353,211	$ 99,894	$ 1,424,860	$ 258,356

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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (USD $) In Thousands, unless otherwise specified	Total	PREFERRED SHARES	COMMON SHARES, $0.01 PAR VALUE	PAID IN CAPITAL	RETAINED EARNINGS	ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME	OPERATING PARTNERSHIP	Partially Owned Properties [Member]
Beginning Balance, Parent at Dec. 31, 2012	$ 7,289,813	$ 50,000	$ 3,251	$ 6,542,355	$ 887,355	$ (193,148)
Beginning Balance, Noncontrolling Interest	316,532						209,039	107,493
Common Share Issuance:
Conversion of OP Units held by Noncontrolling Interests into OP Units held by General Partner				979			(979)
Issuance of Common Shares			345	1,929,523
Exercise of share options			5	13,880
Stock Issued During Period, Value, Employee Stock Purchase Plan				2,363
Share-based employee compensation expense:
Restricted shares			2	6,884
Share options				6,688
ESPP discount				449
Offering costs				(744)
Supplemental Executive Retirement Plan (SERP)				(671)
Change in market value	(33,039)			33,039
Adjustment for Noncontrolling Interests ownership in Operating Partnership				(38,718)			38,718
Net income attributable to controlling interests	1,342,445				1,342,445
Common Share distributions					(288,130)
Dividends, Preferred Stock, Cash					(2,072)
Accumulated other comprehensive (loss) income - derivative instruments:
Unrealized holding (losses) arising during the period	12,337					12,337
Losses reclassified into earnings from other comprehensive income	12,098					12,098
Accumulated other comprehensive income (loss) - other instruments:
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax	928					928
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax	941					941
Issuance of LTIP Units to Noncontrolling Interests							5
Equity Compensation associated with Noncontrolling Interests							9,514
Net Income (Loss) Attributable to Noncontrolling Interest							56,111	(790)
Contributions by Noncontrolling Interests								6,769
Archstone Acquisition Noncontrolling Interests Partially Owned Properties								28,263
Distributions to Noncontrolling Interests							(11,379)	(4,437)
Change in carrying value	42,557						(42,557)
Ending Balance, Noncontrolling Interest at Jun. 30, 2013	316,532						209,039	107,493
Ending Balance, Parent at Jun. 30, 2013	$ 10,322,384	$ 50,000	$ 3,603	$ 8,496,027	$ 1,939,598	$ (166,844)

XML

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 1,397,766	$ 260,482
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	550,488	348,106
Amortization of deferred financing costs	11,529	7,037
Amortization of Intangible Assets	1,216	0
Amortization of discounts and premiums on debt	(23,031)	(3,538)
Amortization of deferred settlements on derivative instruments	11,830	6,935
Write-off of pursuit costs	3,365	3,565
Income Loss from Investments in Unconsolidated Entities Adjustment	54,540	0
Distributions from unconsolidated entities - return on capital	588	240
Net (gain) on sales of land parcels	(14,616)	0
Net (gain) on sales of discontinued operations	(1,588,874)	(204,053)
Unrealized (gain) loss on derivative instruments	24	(1)
Compensation paid with Company Common Shares	22,089	16,878
Changes in assets and liabilities:
(Increase) decrease in deposits - restricted	(12,220)	(1,330)
Increase (decrease) in mortgage deposits	789	(992)
(Increase) in other assets	(4,695)	(23,017)
Increase in accounts payable and accrued expenses	25,956	35,794
(Decrease) in accrued interest payable	(1,396)	(5,426)
Increase (decrease) in other liabilities	(11,449)	141,090
Increase in security deposits	(6,080)	2,979
Net cash provided by operating activities	417,819	584,749
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments to Acquire Businesses, Net of Cash Acquired	(4,000,875)	0
Investment in real estate – acquisitions	(108,308)	(520,775)
Investment in real estate - development/other	(154,576)	(78,210)
Improvements to real estate	(57,253)	(68,319)
Additions to non-real estate property	(2,801)	(4,700)
Interest capitalized for real estate and unconsolidated entities under development	(20,006)	(10,055)
Proceeds from disposition of real estate, net	3,764,000	333,015
Investments in unconsolidated entities	(53,687)	(5,420)
(Increase) in deposits on real estate acquisitions and investments, net	65,869	(40,539)
Decrease in mortgage deposits	5,089	2,285
Acquisition of Noncontrolling Interests – Partially Owned Properties	0	87
Net cash (used for) provided by investing activities	(562,548)	(392,805)
CASH FLOWS FROM FINANCING ACTIVITIES:
Loan and bond acquisition costs	(18,006)	(4,283)
Mortgage Deposits	(2,208)	260
Mortgage notes payable:
Proceeds from Issuance of Long-term Debt	683	0
Restricted cash	0	214
Lump sum payoffs	(697,897)	(198,763)
Scheduled principal repayments	(6,336)	(7,575)
Notes, net:
Proceeds from Notes Payable	1,245,550	0
Lump sum payoffs	(400,000)	(253,858)
Line of Credit Facility:
Proceeds	8,413,000	105,000
Repayments	(8,413,000)	(70,000)
Payments for (Proceeds from) Hedge, Financing Activities	(44,013)	0
Proceeds from sale of Common Shares	0	152,058
Proceeds from Employee Stock Purchase Plan	2,363	4,523
Proceeds from exercise of options	13,885	31,281
Payment of offering costs	(744)	(1,907)
Proceeds from (Payments for) Other Financing Activities	(33)	(33)
Contributions - Noncontrolling Interests - Partially Owned Properties	6,769	2,935
Contributions - Noncontrolling Interests - Operating Partnership	5	5
Distributions:
Common Shares	(393,347)	(269,755)
Preferred Shares	(1,036)	(6,933)
Noncontrolling Interests – Operating Partnership	(16,528)	(12,224)
Noncontrolling Interests – Partially Owned Properties	(4,404)	(2,225)
Net cash (used for) financing activities	(315,297)	(531,280)
Net (decrease) increase in cash and cash equivalents	(460,026)	(339,336)
Cash and cash equivalents, beginning of period	612,590	383,921
Cash and cash equivalents, end of period	152,564	44,585
SUPPLEMENTAL INFORMATION:
Cash paid for interest, net of amounts capitalized	319,992	236,600
Net cash paid for income and other taxes	1,028	454
Real estate acquisitions/dispositions/other:
Mortgage loans assumed	0	106,600
Valuation Of O P Units Issued	0	66,606
AmortizationOfDeferredFinancingCosts [Abstract]
Amortization Of Deferred Financing Costs Investment In Real Estate Net	(1)	0
Amortization Of Deferred Financing Costs Deferred Financing Costs Net	11,530	7,037
Amortization of discounts and premiums on debt:
Mortgage notes payable	(24,083)	(4,664)
Notes, net	1,052	1,126
Amortization of deferred settlements on derivative instruments:
Other liabilities	(268)	(268)
Losses reclassified into earnings from other comprehensive income	12,098	7,203
Loss From Investments In Unconsolidated Entities [Abstract]
Income Loss From Equity Method Investments Merger	49,507	0
Other Liabilities Loss From Investments in unconsolidated entities	5,033	0
Unrealized (gain) loss on derivative instruments:
Other assets	(10,753)	4,663
Mortgage notes payable	0	(2,589)
Notes, net	(1,523)	(2,074)
Other liabilities	(37)	8,641
Unrealized holding (losses) arising during the period	12,337	(8,642)
Acquisition of Archstone, net of cash acquired [Abstract]
Acquisition of Archstone Investment in Real Estate Net	(8,713,217)	0
Acquisition of Archstone Investments in Unconsolidated Entities	(214,677)	0
Acquisition of Archstone Deposits Restricted	(474)	0
Acquisition of Archstone Escrow Deposits Mortgage	(35,898)	0
Acquisition of Archstone Deferred Financing Costs	(25,780)	0
Acquisition of Archstone Other Assets	(203,008)	0
Acquisition of Archstone Mortgage Notes Payable	3,076,876	0
Acquisition of Archstone Accounts Payable And Accrued Liabilities	17,576	0
Acqusition of Archstone Interest Payable	11,256	0
Acquisition of Archstone Other Liabilities	117,391	0
Acquisition of Archstone Security Deposits	10,949	0
Acquisition of Archstone Common Shares Issued	1,929,868	0
Acquisition of Archstone Noncontrolling Interests Partially Owned Properties	28,263	0
Interest capitalized for real estate and unconsolidated entities under development:
Investment in real estate, net	(19,195)	(9,676)
Investment in unconsolidated entities	(811)	(379)
Investments in unconsolidated entities	(4,371)	(5,420)
Investments in unconsolidated entities other liabilities	(49,316)	0
Other:
Receivable For Common Shares OP Units Issued	0	28,457
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax	$ (941)	$ 0

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Equity, Capital and Other Interest Redeemable (Details) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2013	Dec. 31, 2012
Redeemable Noncontrolling Interests - Operating Partnership	$ 407,890	$ 398,372
Change in market value	(33,039)
Change in carrying value	42,557
Redemption Value Limited Partners	407,890	398,372
Limited Partners Change In Redemption Value	(33,039)
Limited Partners Change In Carrying Value	$ 42,557

XML

Business (Tables)

6 Months Ended

Jun. 30, 2013

Business [Abstract]

Property/Unit schedule

	Properties	Apartment Units
Wholly Owned Properties	373	103,322
Master-Leased Properties – Consolidated	3	853
Partially Owned Properties – Consolidated	19	3,752
Partially Owned Properties – Unconsolidated	1	336
Military Housing	2	5,125
	398	113,388

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Investments in Partially Owned Entities (Tables)

6 Months Ended

Jun. 30, 2013

Investments in Partially Owned Entities [Abstract]

Partially Owned Property Balance Sheet Schedule [Table Text Block]

	Consolidated								Unconsolidated
	Development Projects								Development Projects
	Held for and/or Under Development		Operating			Total			Held for and/or Under Development		Operating			Total
Total projects (1)	—		19			19			—		1			1
Total apartment units (1)	—		3,752			3,752			—		336			336
Balance sheet information at 6/30/13 (at 100%):
ASSETS
Investment in real estate	$	250,816	$	671,667		$	922,483		$	304,921	$	55,025		$	359,946
Accumulated depreciation	—		(158,035		)	(158,035		)	—		(2,158		)	(2,158		)
Investment in real estate, net	250,816		513,632			764,448			304,921		52,867			357,788
Cash and cash equivalents	2,656		14,936			17,592			1,581		1,604			3,185
Investments in unconsolidated entities	—		55,858			55,858			—		—			—
Deposits – restricted	43,623		197			43,820			—		—			—
Deferred financing costs, net	—		2,606			2,606			62		5			67
Other assets	5,837		26,661			32,498			415		1,548			1,963
Total assets	$	302,932	$	613,890		$	916,822		$	306,979	$	56,024		$	363,003
LIABILITIES AND EQUITY/CAPITAL
Mortgage notes payable (2)	$	—	$	358,632		$	358,632		$	145,767	$	30,550		$	176,317
Accounts payable & accrued expenses	4,329		1,592			5,921			8,423		(45		)	8,378
Accrued interest payable	—		1,218			1,218			552		—			552
Other liabilities	1,003		1,363			2,366			230		1,817			2,047
Security deposits	—		1,809			1,809			79		—			79
Total liabilities	5,332		364,614			369,946			155,051		32,322			187,373
Noncontrolling Interests - Partially Owned Properties/Partners' equity	93,348		14,145			107,493			115,425		20,450			135,875
Company equity/General and Limited Partners' Capital	204,252		235,131			439,383			36,503		3,252			39,755
Total equity/capital	297,600		249,276			546,876			151,928		23,702			175,630
Total liabilities and equity/capital	$	302,932	$	613,890		$	916,822		$	306,979	$	56,024		$	363,003

Partially Owned Property Income Statement Schedule [Table Text Block]

	Consolidated									Unconsolidated
	Development Projects									Development Projects
	Held for and/or Under Development									Held for and/or Under Development			Operating
				Operating			Total									Total
Operating information for the six months ended 6/30/13 (at 100%):
Operating revenue	$	—		$	38,352		$	38,352		$	1,203		$	1,610		$	2,813
Operating expenses	179			12,293			12,472			1,091			671			1,762
Net operating (loss) income	(179		)	26,059			25,880			112			939			1,051
Depreciation	—			17,056			17,056			—			2,158			2,158
General and administrative/other	503			31			534			11			—			11
Operating (loss) income	(682		)	8,972			8,290			101			(1,219		)	(1,118		)
Interest and other income	1			3			4			—			2			2
Other expenses	(181		)	(3		)	(184		)	—			—			—
Interest:
Expense incurred, net	—			(6,712		)	(6,712		)	(208		)	(373		)	(581		)
Amortization of deferred financing costs	—			(131		)	(131		)	—			—			—
(Loss) income before income and other taxes, (loss) from investments in unconsolidated entities, net (loss) gain on sales of land parcels and discontinued operations	(862		)	2,129			1,267			(107		)	(1,590		)	(1,697		)
Income and other tax (expense) benefit	(11		)	(56		)	(67		)	—			—			—
(Loss) from investments in unconsolidated entities	—			(342		)	(342		)	—			—			—
Net (loss) on sales of land parcels	(17		)	—			(17		)	—			—			—
Net gain on sales of discontinued operations	—			26,686			26,686			—			—			—
Net (loss) income	$	(890	)	$	28,417		$	27,527		$	(107	)	$	(1,590	)	$	(1,697	)

(1) Project and apartment unit counts exclude all uncompleted development projects until those projects are substantially completed.

(2) All debt is non-recourse to the Company with the exception of 50% of the current $2.7 million outstanding debt balance on one unconsolidated development project.

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Reportable Segments (Tables)

6 Months Ended

Jun. 30, 2013

Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]

Reportable Segments Schedule

The following tables present NOI for each segment from our rental real estate specific to continuing operations for the six months and quarters ended June 30, 2013 and 2012, respectively, as well as total assets and capital expenditures at June 30, 2013 (amounts in thousands):

	Six Months Ended June 30, 2013
	Northeast		Northwest		Southeast		Southwest		Other (3)			Total
Rental income:
Same store (1)	$	367,912	$	204,680	$	120,456	$	213,854	$	—		$	906,902
Non-same store/other (2) (3)	148,738		57,614		1,017		30,141		7,506			245,016
Total rental income	516,650		262,294		121,473		243,995		7,506			1,151,918
Operating expenses:
Same store (1)	132,525		69,442		45,190		70,167		—			317,324
Non-same store/other (2) (3)	48,299		19,942		406		12,956		11,410			93,013
Total operating expenses	180,824		89,384		45,596		83,123		11,410			410,337
NOI:
Same store (1)	235,387		135,238		75,266		143,687		—			589,578
Non-same store/other (2) (3)	100,439		37,672		611		17,185		(3,904		)	152,003
Total NOI	$	335,826	$	172,910	$	75,877	$	160,872	$	(3,904	)	$	741,581
Total assets	$	11,418,096	$	4,610,358	$	1,576,965	$	3,785,624	$	2,091,340		$	23,482,383
Capital expenditures	$	21,826	$	14,465	$	8,276	$	8,921	$	3,765		$	57,253

(1) Same store primarily includes all properties acquired or completed and stabilized prior to January 1, 2012, less properties subsequently sold, which represented 84,965 apartment units.

(2) Non-same store primarily includes properties acquired after January 1, 2012, plus any properties in lease-up and not stabilized as of January 1, 2012.

(3) Other includes development and other corporate operations.

	Six Months Ended June 30, 2012
	Northeast		Northwest		Southeast		Southwest		Other (3)			Total
Rental income:
Same store (1)	$	353,749	$	189,969	$	114,924	$	205,429	$	—		$	864,071
Non-same store/other (2) (3)	5,580		3,912		—		818		(43		)	10,267
Total rental income	359,329		193,881		114,924		206,247		(43		)	874,338
Operating expenses:
Same store (1)	127,586		67,360		44,249		67,791		—			306,986
Non-same store/other (2) (3)	2,806		1,388		—		299		10,884			15,377
Total operating expenses	130,392		68,748		44,249		68,090		10,884			322,363
NOI:
Same store (1)	226,163		122,609		70,675		137,638		—			557,085
Non-same store/other (2) (3)	2,774		2,524		—		519		(10,927		)	(5,110		)
Total NOI	$	228,937	$	125,133	$	70,675	$	138,157	$	(10,927	)	$	551,975

(1) Same store primarily includes all properties acquired or completed and stabilized prior to January 1, 2012, less properties subsequently sold, which represented 84,965 apartment units.

(2) Non-same store primarily includes properties acquired after January 1, 2012, plus any properties in lease-up and not stabilized as of January 1, 2012.

(3) Other includes development and other corporate operations.

	Quarter Ended June 30, 2013
	Northeast		Northwest		Southeast		Southwest		Other (3)		Total
Rental income:
Same store (1)	$	185,729	$	106,008	$	60,776	$	108,682	$	—	$	461,195
Non-same store/other (2) (3)	105,007		38,541		760		21,296		5,606		171,210
Total rental income	290,736		144,549		61,536		129,978		5,606		632,405
Operating expenses:
Same store (1)	64,923		35,481		22,732		35,333		—		158,469
Non-same store/other (2) (3)	34,235		12,872		302		9,285		3,234		59,928
Total operating expenses	99,158		48,353		23,034		44,618		3,234		218,397
NOI:
Same store (1)	120,806		70,527		38,044		73,349		—		302,726
Non-same store/other (2) (3)	70,772		25,669		458		12,011		2,372		111,282
Total NOI	$	191,578	$	96,196	$	38,502	$	85,360	$	2,372	$	414,008

(1) Same store primarily includes all properties acquired or completed and stabilized prior to April 1, 2012, less properties subsequently sold, which represented 85,509 apartment units.

(2) Non-same store primarily includes properties acquired after April 1, 2012, plus any properties in lease-up and not stabilized as of April 1, 2012.

(3) Other includes development and other corporate operations.

	Quarter Ended June 30, 2012
	Northeast		Northwest		Southeast		Southwest		Other (3)			Total
Rental income:
Same store (1)	$	179,400	$	98,281	$	57,953	$	104,110	$	—		$	439,744
Non-same store/other (2) (3)	5,279		1,127		—		50		(61		)	6,395
Total rental income	184,679		99,408		57,953		104,160		(61		)	446,139
Operating expenses:
Same store (1)	62,557		34,254		22,352		33,846		—			153,009
Non-same store/other (2) (3)	1,903		350		—		2		4,518			6,773
Total operating expenses	64,460		34,604		22,352		33,848		4,518			159,782
NOI:
Same store (1)	116,843		64,027		35,601		70,264		—			286,735
Non-same store/other (2) (3)	3,376		777		—		48		(4,579		)	(378		)
Total NOI	$	120,219	$	64,804	$	35,601	$	70,312	$	(4,579	)	$	286,357

(1) Same store primarily includes all properties acquired or completed and stabilized prior to April 1, 2012, less properties subsequently sold, which represented 85,509 apartment units.

(2) Non-same store primarily includes properties acquired after April 1, 2012, plus any properties in lease-up and not stabilized as of April 1, 2012.

(3) Other includes development and other corporate operations.

	Six Months Ended June 30, 2013
	Northeast		Northwest		Southeast		Southwest		Other (3)			Total
Rental income:
Same store (1)	$	367,912	$	204,680	$	120,456	$	213,854	$	—		$	906,902
Non-same store/other (2) (3)	148,738		57,614		1,017		30,141		7,506			245,016
Total rental income	516,650		262,294		121,473		243,995		7,506			1,151,918
Operating expenses:
Same store (1)	132,525		69,442		45,190		70,167		—			317,324
Non-same store/other (2) (3)	48,299		19,942		406		12,956		11,410			93,013
Total operating expenses	180,824		89,384		45,596		83,123		11,410			410,337
NOI:
Same store (1)	235,387		135,238		75,266		143,687		—			589,578
Non-same store/other (2) (3)	100,439		37,672		611		17,185		(3,904		)	152,003
Total NOI	$	335,826	$	172,910	$	75,877	$	160,872	$	(3,904	)	$	741,581
Total assets	$	11,418,096	$	4,610,358	$	1,576,965	$	3,785,624	$	2,091,340		$	23,482,383
Capital expenditures	$	21,826	$	14,465	$	8,276	$	8,921	$	3,765		$	57,253

(1) Same store primarily includes all properties acquired or completed and stabilized prior to January 1, 2012, less properties subsequently sold, which represented 84,965 apartment units.

(2) Non-same store primarily includes properties acquired after January 1, 2012, plus any properties in lease-up and not stabilized as of January 1, 2012.

(3) Other includes development and other corporate operations.

	Six Months Ended June 30, 2012
	Northeast		Northwest		Southeast		Southwest		Other (3)			Total
Rental income:
Same store (1)	$	353,749	$	189,969	$	114,924	$	205,429	$	—		$	864,071
Non-same store/other (2) (3)	5,580		3,912		—		818		(43		)	10,267
Total rental income	359,329		193,881		114,924		206,247		(43		)	874,338
Operating expenses:
Same store (1)	127,586		67,360		44,249		67,791		—			306,986
Non-same store/other (2) (3)	2,806		1,388		—		299		10,884			15,377
Total operating expenses	130,392		68,748		44,249		68,090		10,884			322,363
NOI:
Same store (1)	226,163		122,609		70,675		137,638		—			557,085
Non-same store/other (2) (3)	2,774		2,524		—		519		(10,927		)	(5,110		)
Total NOI	$	228,937	$	125,133	$	70,675	$	138,157	$	(10,927	)	$	551,975

(1) Same store primarily includes all properties acquired or completed and stabilized prior to January 1, 2012, less properties subsequently sold, which represented 84,965 apartment units.

(2) Non-same store primarily includes properties acquired after January 1, 2012, plus any properties in lease-up and not stabilized as of January 1, 2012.

(3) Other includes development and other corporate operations.

Reconciliation of NOI

The following table presents a reconciliation of NOI from our rental real estate specific to continuing operations for the six months and quarters ended June 30, 2013 and 2012, respectively (amounts in thousands):

	Six Months Ended June 30,						Quarter Ended June 30,
	2013			2012			2013			2012
Rental income	$	1,151,918		$	874,338		$	632,405		$	446,139
Property and maintenance expense	(220,417		)	(173,819		)	(117,819		)	(85,423		)
Real estate taxes and insurance expense	(145,400		)	(104,268		)	(78,547		)	(53,422		)
Property management expense	(44,520		)	(44,276		)	(22,031		)	(20,937		)
Total operating expenses	(410,337		)	(322,363		)	(218,397		)	(159,782		)
Net operating income	$	741,581		$	551,975		$	414,008		$	286,357

XML

Derivative and Other Fair Value Instruments (Details 3) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
Derivative Instruments, Gain (Loss) [Line Items]
Increase (Decrease) in Fair Value of Interest Rate Fair Value Hedging Instruments	$ (1,524)	$ (4,663)
Increase (Decrease) in Fair Value of Hedged Item in Interest Rate Fair Value Hedge	1,524	4,663
Effective Portion - Amount of Gain/ (Loss) Recognized in OCI on Derivative	12,337	(8,642)
Effective Portion - Amount of Gain/ (Loss) Reclassified from Accumulated OCI into Income	(12,098)	(7,203)
Ineffective Portion - Amount of Gain/ (Loss) Reclassifed from Accumulated OCI into Income	0	0
Interest Rate Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Increase (Decrease) in Fair Value of Interest Rate Fair Value Hedging Instruments	(1,524)	(4,663)
Increase (Decrease) in Fair Value of Hedged Item in Interest Rate Fair Value Hedge	1,524	4,663
Derivative, Description of Hedged Item	Fixed rate debt	Fixed rate debt
Forward Starting Swaps/Treasury Locks [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Effective Portion - Amount of Gain/ (Loss) Recognized in OCI on Derivative	12,337	(8,642)
Effective Portion - Amount of Gain/ (Loss) Reclassified from Accumulated OCI into Income	(12,098)	(7,203)
Ineffective Portion - Amount of Gain/ (Loss) Reclassifed from Accumulated OCI into Income	$ 0	$ 0

XML

Debt Mortgage Notes Payable (Details) (USD $)	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Dec. 31, 2012
Debt Instrument [Line Items]
Mortgage notes payable	$ 6,247,612,000		$ 3,898,369,000
Repayments Of Mortgage Notes Payable	6,336,000	7,575,000
Noncash or Part Noncash Acquisition, Debt Assumed	34,100,000
Properties Collateralized	1
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum	0.05%
Interest rate range to maximum	7.25%
Debt Instrument, Maturity Date	Sep. 01, 2014
Mark-to-Market Debt Premiums	127,900,000
Prepayment Penalty Charges	71,443,173
Unamortized Deferred Financing Costs Written Off	1,647,148
Write off of unamortized premium discount	3,250,553
Weighted Average Mortgage Debt Interest Rate	4.37%
London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt Instrument, Description of Variable Rate Basis	LIBOR plus 1.75%
Debt Instrument, Basis Spread on Variable Rate	1.75%
Credit enhanced debt [Member]
Debt Instrument [Line Items]
Mortgage notes payable	700,500,000
Repayment of Debt [Member]
Debt Instrument [Line Items]
Repayments Of Mortgage Notes Payable	704,200,000
Other Debt Obligations [Member]
Debt Instrument [Line Items]
Noncash or Part Noncash Acquisition, Debt Assumed	339,000,000
Properties Collateralized	3
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum	0.10%
Interest rate range to maximum	5.24%
Debt Instrument, Maturity Date	May 01, 2061
Fannie Mae Pool 3 And 4 [Domain]
Debt Instrument [Line Items]
Noncash or Part Noncash Acquisition, Debt Assumed	2,200,000,000
Fannie Mae Pool 3 [Domain]
Debt Instrument [Line Items]
Noncash or Part Noncash Acquisition, Debt Assumed	1,200,000,000
Properties Collateralized	16
Debt Instrument, Interest Rate, Stated Percentage	6.256%
Debt Instrument, Maturity Date	Nov. 01, 2017
Fannie Mae Pool 4 [Domain]
Debt Instrument [Line Items]
Noncash or Part Noncash Acquisition, Debt Assumed	1,000,000,000
Properties Collateralized	15
Debt Instrument, Interest Rate, Stated Percentage	5.883%
Debt Instrument, Maturity Date	Nov. 01, 2014
Nontaxable Municipal Bonds [Member]
Debt Instrument [Line Items]
Noncash or Part Noncash Acquisition, Debt Assumed	$ 346,600,000
Properties Collateralized	4
Debt Instrument, Maturity Date	Nov. 15, 2036
Nontaxable Municipal Bonds [Member] | Minimum [Member] | SIFMA [Member]
Debt Instrument [Line Items]
Debt Instrument, Description of Variable Rate Basis	SIFMA plus 0.860%
Debt Instrument, Basis Spread on Variable Rate	0.86%
Nontaxable Municipal Bonds [Member] | Maximum [Member] | SIFMA [Member]
Debt Instrument [Line Items]
Debt Instrument, Description of Variable Rate Basis	SIFMA plus 1.402%
Debt Instrument, Basis Spread on Variable Rate	1.402%

XML

Real Estate (Details) (USD $)	3 Months Ended		6 Months Ended		42 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Dec. 31, 2012
Land	$ 6,264,787,000		$ 6,264,787,000		$ 6,264,787,000	$ 4,554,912,000
Property, Plant and Equipment, Gross [Abstract]
Investment Building and Building Improvements	17,862,440,000		17,862,440,000		17,862,440,000	14,135,740,000
Fixtures and Equipment, Gross	1,201,868,000		1,201,868,000		1,201,868,000	1,343,765,000
Finite-Lived Intangible Assets, Gross	504,665,000		504,665,000		504,665,000	232,439,000
Projects under development	585,749,000		585,749,000		585,749,000	387,750,000
Land held for development	569,398,000		569,398,000		569,398,000	353,823,000
Real Estate Investment Property, at Cost	26,988,907,000		26,988,907,000		26,988,907,000	21,008,429,000
Real Estate Investment Property, Accumulated Depreciation	(4,547,327,000)		(4,547,327,000)		(4,547,327,000)	(4,912,221,000)
Investment in real estate, net	22,441,580,000		22,441,580,000		22,441,580,000	16,096,208,000
Ground Lease Intangibles Below Market	178,251,000		178,251,000		178,251,000
Retail Lease Intangibles Above Market	2,310,000		2,310,000		2,310,000
Lease Intangible Assets	180,561,000		180,561,000		180,561,000
Lease Intangible Assets, Net	178,720,000		178,720,000		178,720,000
Ground Lease Intangibles Above Market	2,400,000		2,400,000		2,400,000
Retail Lease Intangibles Below Market	7,790,000		7,790,000		7,790,000
Lease Intangible Liabilities	10,190,000		10,190,000		10,190,000
Amortization Of Intangible Liabilities	(610,000)		(610,000)		(610,000)
Lease Intangible Liabilities, net	9,580,000		9,580,000		9,580,000
Ground Lease Amortization	1,000,000		1,400,000
Retail Lease Amortization	100,000		200,000
Weighted Average Ground Lease Amortization Period	49.8		49.8		49.8
Weighted Average Retail Lease Amortization Period	5.3		5.3		5.3
Properties acquired			1
Property Units Acquired			322
Master Leased Properties Acquired	3		3		3
Payments to Acquire Businesses, Net of Cash Acquired			4,000,875,000	0
Mortgage notes payable	6,247,612,000		6,247,612,000		6,247,612,000	3,898,369,000
Issuance of Common Shares			34,468,085
Noncash or Part Noncash Acquisition, Debt Assumed			34,100,000
Mark-to-Market Debt Premiums			127,900,000
Number of Properties Subject to Ground Leases	9		9		9
Business Combination, Acquisition Related Costs			100,000	5,500,000	93,500,000
Payments of Financing Costs			(18,006,000)	(4,283,000)
Merger Expenses	467,000	685,000	19,559,000	1,834,000	80,000,000
(Loss) from investments in unconsolidated entities due to merger expenses	(6,999,000)	0	(53,010,000)	0
Business Acquisition, Pro Forma Revenue	635,078,000	589,929,000	1,256,088,000	1,158,374,000
Business Acquisition, Proforma Income Loss From Continuing Operations	96,585,000	(126,424,000)	60,541,000	(275,698,000)
Business Acquisition, Proforma Income Loss From Discontinued Operations Net Of Tax	389,329,000	107,841,000	1,608,374,000	277,844,000
Business Acquisition, Pro Forma Net Income (Loss)	485,914,000	(18,583,000)	1,668,915,000	(2,146,000)
Business Acquisition, Proforma Net Income Available to Common Shares	467,237,000	(20,191,000)	1,601,368,000	(2,989,000)
Business Acquisition, Pro Forma Earnings Per Share, Basic	$ 1.30	$ (0.06)	$ 4.45	$ (0.01)
Business Acquisition, Pro Forma Earnings Per Share, Diluted	$ 1.29	$ (0.06)	$ 4.44	$ (0.01)
Business Acquisition, Proforma Weighted Average Common Shares Basic	359,653,000	356,511,000	359,509,000	355,817,000
Business Acquisition, Proforma Weighted Average Number Of Shares Diluted	375,910,000	356,511,000	375,722,000	355,817,000
Consolidated Properties [Member]
Property, Plant and Equipment, Gross [Abstract]
Uncompleted Development Properties Acquired	2		2		2
Archstone [Member]
Property, Plant and Equipment, Gross [Abstract]
Amortization of Intangible Assets	(1,841,000)		(1,841,000)		(1,841,000)
Payments to Acquire Businesses, Net of Cash Acquired			4,000,000,000
Mortgage notes payable	2,000,000,000		2,000,000,000		2,000,000,000
Noncash or Part Noncash Acquisition, Debt Assumed			3,100,000,000
Business Acquisition, Purchase Price Allocation, Land	2,239,000,000		2,239,000,000		2,239,000,000
Business Acquisition, Purchase Price Allocation, Amortizable Intangible Assets	304,830,000		304,830,000		304,830,000
Business Combination Purchase Price Allocation Projects Under Development	36,583,000		36,583,000		36,583,000
Business Combination Purchase Price Allocation Land Held for Development	239,418,000		239,418,000		239,418,000
Business Combination Purchase Price Allocation Investments in Unconsolidated Entities	185,723,000		185,723,000		185,723,000
Business Acquisition, Purchase Price Allocation, Other Assets	196,310,000		196,310,000		196,310,000
Business Acquisition, Purchase Price Allocation, Other Liabilities	(112,369,000)		(112,369,000)		(112,369,000)
Payments of Financing Costs			2,500,000		13,500,000
Merger Expenses				1,834,000
Severance Costs			50,900,000
2013 [Member]
Property, Plant and Equipment, Gross [Abstract]
Ground Lease Intangibles Amortization	2,161,000		2,161,000		2,161,000
Retail Lease Intangibles Amortization	(300,000)		(300,000)		(300,000)
Total Above And Below Market Ground Lease Intangibles And Retail Lease Intangibles	1,861,000		1,861,000		1,861,000
2014 [Member]
Property, Plant and Equipment, Gross [Abstract]
Ground Lease Intangibles Amortization	4,321,000		4,321,000		4,321,000
Retail Lease Intangibles Amortization	(1,144,000)		(1,144,000)		(1,144,000)
Total Above And Below Market Ground Lease Intangibles And Retail Lease Intangibles	3,177,000		3,177,000		3,177,000
2015 [Member]
Property, Plant and Equipment, Gross [Abstract]
Ground Lease Intangibles Amortization	4,321,000		4,321,000		4,321,000
Retail Lease Intangibles Amortization	(1,150,000)		(1,150,000)		(1,150,000)
Total Above And Below Market Ground Lease Intangibles And Retail Lease Intangibles	3,171,000		3,171,000		3,171,000
2016 [Member]
Property, Plant and Equipment, Gross [Abstract]
Ground Lease Intangibles Amortization	4,321,000		4,321,000		4,321,000
Retail Lease Intangibles Amortization	(1,042,000)		(1,042,000)		(1,042,000)
Total Above And Below Market Ground Lease Intangibles And Retail Lease Intangibles	3,279,000		3,279,000		3,279,000
2017 [Member]
Property, Plant and Equipment, Gross [Abstract]
Ground Lease Intangibles Amortization	4,321,000		4,321,000		4,321,000
Retail Lease Intangibles Amortization	(674,000)		(674,000)		(674,000)
Total Above And Below Market Ground Lease Intangibles And Retail Lease Intangibles	3,647,000		3,647,000		3,647,000
2018 [Member]
Property, Plant and Equipment, Gross [Abstract]
Ground Lease Intangibles Amortization	4,321,000		4,321,000		4,321,000
Retail Lease Intangibles Amortization	(205,000)		(205,000)		(205,000)
Total Above And Below Market Ground Lease Intangibles And Retail Lease Intangibles	4,116,000		4,116,000		4,116,000
Investment Banking and Legal/Accounting Fees [Member]
Property, Plant and Equipment, Gross [Abstract]
Merger Expenses			19,600,000
Building and Building Improvements [Member]
Property, Plant and Equipment, Gross [Abstract]
Business Acquisition, Purchase Price Allocation, Property, Plant and Equipment	5,836,010,000		5,836,010,000		5,836,010,000
Furniture and Fixtures [Member]
Property, Plant and Equipment, Gross [Abstract]
Business Acquisition, Purchase Price Allocation, Property, Plant and Equipment	61,470,000		61,470,000		61,470,000
Archstone Transaction [Member]
Property, Plant and Equipment, Gross [Abstract]
Ground Lease Intangibles Below Market	178,251,000		178,251,000		178,251,000
Retail Lease Intangibles Above Market	2,310,000		2,310,000		2,310,000
Ground Lease Intangibles Above Market	2,400,000		2,400,000		2,400,000
Retail Lease Intangibles Below Market	8,040,000		8,040,000		8,040,000
Business Acquisition, Percentage of Voting Interests Acquired	60.00%		60.00%		60.00%
Properties acquired			71
Partially Owned Properties Acquired Properties	1		1		1
Partially Owned Units Acquired Units	432		432		432
Partially Owned Unconsolidated Properties Acquired	1		1		1
Partially Owned Unconsolidated Units Acquired	336		336		336
Master Leased Properties Acquired	3		3		3
Master Leased Units Acquired	853		853		853
Uncompleted Development Properties Acquired	4		4		4
Uncompleted Development Units Acquired	964		964		964
Land parcels acquired			14
Business Acquisition, Purchase Price Allocation, Assets Acquired	8,986,975,000		8,986,975,000		8,986,975,000
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual	151,900,000		204,500,000
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual	103,900,000		140,000,000
Unconsolidated Properties [Member]
Property, Plant and Equipment, Gross [Abstract]
Uncompleted Development Properties Acquired	2		2		2
Projects under development [Member]
Property, Plant and Equipment, Gross [Abstract]
Land Under Development	224,561,000		224,561,000		224,561,000	210,632,000
Projects under development	361,188,000		361,188,000		361,188,000	177,118,000
Land held for development [Member]
Property, Plant and Equipment, Gross [Abstract]
Projects under development	63,018,000		63,018,000		63,018,000	58,955,000
Land held for development	506,380,000		506,380,000		506,380,000	294,868,000
Archstone Transaction [Member]
Property, Plant and Equipment, Gross [Abstract]
Property Units Acquired			20,160
OPERATING PARTNERSHIP
Land	6,264,787,000		6,264,787,000		6,264,787,000	4,554,912,000
Property, Plant and Equipment, Gross [Abstract]
Projects under development	585,749,000		585,749,000		585,749,000	387,750,000
Land held for development	569,398,000		569,398,000		569,398,000	353,823,000
Real Estate Investment Property, at Cost	26,988,907,000		26,988,907,000		26,988,907,000	21,008,429,000
Real Estate Investment Property, Accumulated Depreciation	(4,547,327,000)		(4,547,327,000)		(4,547,327,000)	(4,912,221,000)
Investment in real estate, net	22,441,580,000		22,441,580,000		22,441,580,000	16,096,208,000
Payments to Acquire Businesses, Net of Cash Acquired			4,000,875,000	0
Mortgage notes payable	6,247,612,000		6,247,612,000		6,247,612,000	3,898,369,000
Payments of Financing Costs			(18,006,000)	(4,283,000)
Merger Expenses	467,000	685,000	19,559,000	1,834,000
(Loss) from investments in unconsolidated entities due to merger expenses	(6,999,000)	0	(53,010,000)	0
Business Acquisition, Pro Forma Revenue	635,078,000	589,929,000	1,256,088,000	1,158,374,000
Business Acquisition, Proforma Income Loss From Continuing Operations	96,585,000	(126,424,000)	60,541,000	(275,698,000)
Business Acquisition, Proforma Income Loss From Discontinued Operations Net Of Tax	389,329,000	107,841,000	1,608,374,000	277,844,000
Business Acquisition, Pro Forma Net Income (Loss)	485,914,000	(18,583,000)	1,668,915,000	(2,146,000)
Business Acquisition, Proforma Net Income Available to Units	485,693,000	(21,149,000)	1,668,439,000	(3,127,000)
Business Acquisition, Pro Forma Earnings Per Share, Basic	$ 1.30	$ (0.06)	$ 4.45	$ (0.01)
Business Acquisition, Pro Forma Earnings Per Share, Diluted	$ 1.29	$ (0.06)	$ 4.44	$ (0.01)
Business Acquisition, Proforma Weighted Average Limited Partnership And General Partnership Units Outstanding Basic	373,403,000	370,573,000	373,245,000	369,451,000
Business Acquisition, Proforma Weighted Average Number Of Limited Partnership And General Partnership Unit Outstanding Diluted	375,910,000	370,573,000	375,722,000	369,451,000
Archstone Transaction [Member]
Property, Plant and Equipment, Gross [Abstract]
Issuance of Common Shares			34,468,085
Stock Issued During Period, Value, New Issues			1,900,000,000
Average Price Per Common Share Issued			$ 55.99
DelayedDrawTermLoan [Member]
Property, Plant and Equipment, Gross [Abstract]
Term Loan Principal Amount	$ 750,000,000		$ 750,000,000		$ 750,000,000
Land [Member]
Property, Plant and Equipment, Gross [Abstract]
Property Units Acquired			0
Land parcels acquired			1

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CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Jun. 30, 2013	Dec. 31, 2012
Shareholders' equity:
Preferred Shares of beneficial interest, par value	$ 0.01	$ 0.01
Preferred Shares of beneficial interest, shares authorized	100,000,000	100,000,000
Preferred Shares of beneficial interest, shares issued	1,000,000	1,000,000
Preferred Shares of beneficial interest, shares outstanding	1,000,000	1,000,000
Common Shares of beneficial interest, par value	$ 0.01	$ 0.01
Common Shares of beneficial interest, shares authorized	1,000,000,000	1,000,000,000
Common Shares of beneficial interest, shares issued	360,312,049	325,054,654
Common Shares of beneficial interest, shares outstanding	360,312,049	325,054,654

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Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2013

Summary of Significant Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) and certain reclassifications considered necessary for a fair presentation have been included. Certain reclassifications have been made to the prior period financial statements in order to conform to the current year presentation. Operating results for the six months ended June 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013.

In preparation of the Company’s financial statements in conformity with accounting principles generally accepted in the United States, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

The balance sheets at December 31, 2012 have been derived from the audited financial statements at that date but do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.

For further information, including definitions of capitalized terms not defined herein, refer to the consolidated financial statements and footnotes thereto included in the Company’s and the Operating Partnership's annual report on Form 10-K for the year ended December 31, 2012.

Real Estate Assets and Depreciation of Investment in Real Estate

Effective for business combinations on or after January 1, 2009, an acquiring entity is required to recognize all assets acquired and liabilities assumed in a transaction at the acquisition-date fair value with limited exceptions. In addition, an acquiring entity is required to expense acquisition-related costs as incurred, value noncontrolling interests at fair value at the acquisition date and expense restructuring costs associated with an acquired business.

The Company allocates the purchase price of properties to net tangible and identified intangible assets acquired based on their fair values. In making estimates of fair values for purposes of allocating purchase price, the Company utilizes a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property, our own analysis of recently acquired and existing comparable properties in our portfolio and other market data. The Company also considers information obtained about each property as a result of its pre-acquisition due diligence, marketing and leasing activities in estimating the fair value of the tangible and intangible assets acquired. The Company allocates the purchase price of acquired real estate to various components as follows:

• Land – Based on actual purchase price adjusted to fair value (as necessary) if acquired separately or market research/comparables if acquired with an operating property.

• Furniture, Fixtures and Equipment – Ranges between $3,000 and $13,000 per apartment unit acquired as an estimate of the fair value of the appliances and fixtures inside an apartment unit. The per-apartment unit amount applied depends on the type of apartment building acquired. Depreciation is calculated on the straight-line method over an estimated useful life of five to ten years.

• Lease Intangibles – The Company considers the value of acquired in-place leases and above/below market leases and the amortization period is the average remaining term of each respective acquired lease. In-place residential leases' average term at acquisition approximates six months. See Note 4 for more information on above and below market leases.

• Other Intangible Assets – The Company considers whether it has acquired other intangible assets, including any customer relationship intangibles and the amortization period is the estimated useful life of the acquired intangible asset.

• Building – Based on the fair value determined on an “as-if vacant” basis. Depreciation is calculated on the straight-line method over an estimated useful life of thirty years.

• Site Improvements – Based on replacement cost. Depreciation is calculated on the straight-line method over an estimated useful life of eight years.

• Long-Term Debt – The Company calculates the fair value by discounting the remaining contractual cash flows on each instrument at the current market rate for those borrowings.

Income and Other Taxes

Due to the structure of EQR as a REIT and the nature of the operations of its operating properties, no provision for federal income taxes has been made at the EQR level. In addition, ERPOP generally is not liable for federal income taxes as the partners recognize their proportionate share of income or loss in their tax returns; therefore no provision for federal income taxes has been made at the ERPOP level. Historically, the Company has generally only incurred certain state and local income, excise and franchise taxes. The Company has elected Taxable REIT Subsidiary (“TRS”) status for certain of its corporate subsidiaries and as a result, these entities will incur both federal and state income taxes on any taxable income of such entities after consideration of any net operating losses.

Deferred tax assets and liabilities applicable to the TRS are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. These assets and liabilities are measured using enacted tax rates for which the temporary differences are expected to be recovered or settled. The effects of changes in tax rates on deferred tax assets and liabilities are recognized in earnings in the period enacted. The Company’s deferred tax assets are generally the result of tax affected amortization of goodwill, differing depreciable lives on capitalized assets and the timing of expense recognition for certain accrued liabilities. As of June 30, 2013, the Company has recorded a deferred tax asset, which is fully offset by a valuation allowance due to the uncertainty in forecasting future TRS taxable income.

Other

The Company is the controlling partner in various consolidated partnerships owning 19 properties and 3,752 apartment units and various completed and uncompleted development properties having a noncontrolling interest book value of $107.5 million at June 30, 2013. The Company is required to make certain disclosures regarding noncontrolling interests in consolidated limited-life subsidiaries. Of the consolidated entities described above, the Company is the controlling partner in limited-life partnerships owning six properties having a noncontrolling interest deficit balance of $8.2 million. These six partnership agreements contain provisions that require the partnerships to be liquidated through the sale of their assets upon reaching a date specified in each respective partnership agreement. The Company, as controlling partner, has an obligation to cause the property owning partnerships to distribute the proceeds of liquidation to the Noncontrolling Interests in these Partially Owned Properties only to the extent that the net proceeds received by the partnerships from the sale of their assets warrant a distribution based on the partnership agreements. As of June 30, 2013, the Company estimates the value of Noncontrolling Interest distributions for these six properties would have been approximately $37.8 million (“Settlement Value”) had the partnerships been liquidated. This Settlement Value is based on estimated third party consideration realized by the partnerships upon disposition of the six Partially Owned Properties and is net of all other assets and liabilities, including yield maintenance on the mortgages encumbering the properties, that would have been due on June 30, 2013 had those mortgages been prepaid. Due to, among other things, the inherent uncertainty in the sale of real estate assets, the amount of any potential distribution to the Noncontrolling Interests in the Company's Partially Owned Properties is subject to change. To the extent that the partnerships' underlying assets are worth less than the underlying liabilities, the Company has no obligation to remit any consideration to the Noncontrolling Interests in these Partially Owned Properties.

Effective January 1, 2012, companies are required to separately disclose the amounts and reasons for any transfers of assets and liabilities into and out of Level 1 and Level 2 of the fair value hierarchy. For fair value measurements using significant unobservable inputs (Level 3), companies are required to disclose quantitative information about the significant unobservable inputs used for all Level 3 measurements and a description of the Company's valuation processes in determining fair value. In addition, companies are required to provide a qualitative discussion about the sensitivity of recurring Level 3 measurements to changes in the unobservable inputs disclosed, including the interrelationship between inputs. Companies are also required to disclose information about when the current use of a non-financial asset measured at fair value differs from its highest and best use and the hierarchy classification for items whose fair value is not recorded on the balance sheet but is disclosed in the notes. This does not have a material effect on the Company's consolidated results of operations or financial position. See Notes 4 and 9 for further discussion.

Effective January 1, 2013, companies are required to report, in one place, information about reclassifications out of accumulated other comprehensive income ("AOCI"). Companies will also be required to report changes in AOCI balances. For significant items reclassified out of AOCI to net income in their entirety in the same reporting period, reporting is required about the effect of the reclassifications on the respective line items in the statement where net income is presented. For items that are not reclassified to net income in their entirety in the same reporting period, a cross reference to other disclosures currently required under US GAAP is required in the notes. This does not have a material effect on the Company's consolidated results of operations or financial position. See Note 9 for further discussion.

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CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
REVENUES
Rental income	$ 632,405	$ 446,139	$ 1,151,918	$ 874,338
Fee and asset management	2,673	2,212	4,833	4,276
Total revenues	635,078	448,351	1,156,751	878,614
EXPENSES
Property and maintenance	117,819	85,423	220,417	173,819
Real estate taxes and insurance	78,547	53,422	145,400	104,268
Property management	22,031	20,937	44,520	44,276
Fee and asset management	1,577	1,180	3,223	2,487
Depreciation	327,985	145,438	528,328	289,273
General and administrative	16,086	13,391	32,582	27,079
Total expenses	564,045	319,791	974,470	641,202
Operating Income (Loss)	71,033	128,560	182,281	237,412
Interest and other income	249	258	504	427
Other expenses	(981)	(8,802)	(3,544)	(14,603)
Merger Expenses	(467)	(685)	(19,559)	(1,834)
Interest:
Expense incurred, net	(122,950)	(114,627)	(317,417)	(232,254)
Amortization of deferred financing costs	(4,353)	(4,017)	(11,301)	(6,945)
(Loss) income before income and other taxes, (loss) from investments in unconsolidated entities, net gain on sales of land parcels and discontinued operations	(57,469)	687	(169,036)	(17,797)
Income and other tax (expense) benefit	(428)	(213)	(833)	(380)
(Loss) from investments in unconsolidated entities due to operations	(1,175)	0	(1,530)	0
(Loss) from investments in unconsolidated entities due to merger expenses	(6,999)	0	(53,010)	0
Net gain on sales of land parcels	14,616	0	14,616	0
(Loss) income from continuing operations	(51,455)	474	(209,793)	(18,177)
Discontinued operations, net	388,187	107,841	1,607,559	278,659
Net income	336,732	108,315	1,397,766	260,482
Net (income) attributable to Noncontrolling Interests:
Operating Partnership	(12,788)	(4,732)	(56,111)	(11,150)
Net (income) attributable to Noncontrolling Interests - Partially Owned Properties	815	(319)	790	(769)
Net income attributable to controlling interests	324,759	103,264	1,342,445	248,563
Preferred distributions	(1,036)	(3,467)	(2,072)	(6,933)
Net income available to Common Shares	$ 323,723	$ 99,797	$ 1,340,373	$ 241,630
Earnings per share - basic:
(Loss) from continuing operations available to Common Shares	$ (0.138)	$ (0.011)	$ (0.581)	$ (0.082)
Net income available to Common Shares	$ 0.900	$ 0.332	$ 3.844	$ 0.807
Weighted average Common Shares outstanding	359,653	300,193	348,654	299,499
Earnings per share - diluted:
(Loss) from continuing operations available to Common Shares	$ (0.138)	$ (0.011)	$ (0.581)	$ (0.082)
Net income available to Common Shares	$ 0.900	$ 0.332	$ 3.844	$ 0.807
Weighted average Common Shares outstanding	359,653	300,193	348,654	299,499
Distributions declared per Common Share outstanding	$ 0.40	$ 0.3375	$ 0.80	$ 0.6750

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Earnings Per Share (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest	$ (51,455)	$ 474	$ (209,793)	$ (18,177)
Income (Loss) Attributable to Noncontrolling Interest	1,963	154	8,513	1,139
Allocation Of Net Income Loss To Noncontrolling Interests Partially Owned Properties	815	(319)	790	(769)
Dividends, Preferred Stock	(1,036)	(3,467)	(2,072)	(6,933)
Income (Loss) from Continuing Operations Attributable to Parent	(49,713)	(3,158)	(202,562)	(24,740)
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent	373,436	102,955	1,542,935	266,370
Net Income Loss Available To Common Stockholder Basic	323,723	99,797	1,340,373	241,630
Weighted Average Number of Shares Outstanding, Basic	359,653	300,193	348,654	299,499
Earnings Per Share, Basic	$ 0.900	$ 0.332	$ 3.844	$ 0.807
Earnings Per Share, Diluted	$ 0.900	$ 0.332	$ 3.844	$ 0.807
(Loss) from continuing operations available to Common Shares	$ (0.138)	$ (0.011)	$ (0.581)	$ (0.082)
Income (Loss) from Discontinued Operations, Net of Tax, Per Basic Share	$ 1.038	$ 0.343	$ 4.425	$ 0.889
Income (Loss) from Continuing Operations, Per Diluted Share	$ (0.138)	$ (0.011)	$ (0.581)	$ (0.082)
Income (Loss) from Discontinued Operations, Net of Tax, Per Diluted Share	$ 1.038	$ 0.343	$ 4.425	$ 0.889
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	388,187	107,841	1,607,559	278,659
OPERATING PARTNERSHIP
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest	(51,455)	474	(209,793)	(18,177)
Allocation Of Net Income Loss To Noncontrolling Interests Partially Owned Properties	815	(319)	790	(769)
Earnings Per Share, Basic	$ 0.900	$ 0.332	$ 3.844	$ 0.807
Earnings Per Share, Diluted	$ 0.900	$ 0.332	$ 3.844	$ 0.807
(Loss) from continuing operations available to Common Shares	$ (0.14)	$ (0.01)	$ (0.58)	$ (0.08)
Income (Loss) from Continuing Operations, Per Diluted Share	$ (0.14)	$ (0.01)	$ (0.58)	$ 0.08
Dividend preference units	(1,036)	(3,467)	(2,072)	(6,933)
Income Loss From Continuing Operations Available To Units	(51,676)	(3,312)	(211,075)	(25,879)
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest	388,187	107,841	1,607,559	278,659
Net Income loss available to Op unitholders basic diluted numerator	$ 336,511	$ 104,529	$ 1,396,484	$ 252,780
Weighted Average Limited Partnership and General Partnership Units Outstanding, Basic	373,403	314,255	362,390	313,133
Income Losses From Continuing Operations Per Outstanding Limited Partnership And General Partnership Unit Basic	$ (0.138)	$ (0.011)	$ (0.581)	$ (0.082)
Income (Loss) from Discontinued Operations, Net of Tax, Per Outstanding Limited Partnership and General Partnership Unit, Basic	$ 1.038	$ 0.343	$ 4.425	$ 0.889
Income Loss From Continuing Operations Per Outstanding Limited Partnership And General Partnership Units Diluted	$ (0.138)	$ (0.011)	$ (0.581)	$ (0.082)
Income Loss From Discontinued Operations Net Of Tax Per Outstanding Limited Partnership And General Partnership Diluted	$ 1.038	$ 0.343	$ 4.425	$ 0.889

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CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Investment in real estate
Land	$ 6,264,787	$ 4,554,912
Depreciable property	19,568,973	15,711,944
Projects under development	585,749	387,750
Land held for development	569,398	353,823
Real Estate Investment Property, at Cost	26,988,907	21,008,429
Real Estate Investment Property, Accumulated Depreciation	(4,547,327)	(4,912,221)
Investment in real estate, net	22,441,580	16,096,208
Cash and cash equivalents	152,564	612,590
Investments in unconsolidated entities	188,582	17,877
Deposits - restricted	197,267	250,442
Escrow deposits - mortgage	41,357	9,129
Deferred financing costs, net	71,013	44,382
Other assets	390,020	170,372
Total assets	23,482,383	17,201,000
Liabilities:
Mortgage notes payable	6,247,612	3,898,369
Notes, net	5,475,954	4,630,875
Lines of credit	0	0
Accounts payable and accrued expenses	84,603	38,372
Accrued interest payable	86,083	76,223
Other liabilities	318,622	304,518
Security deposits	71,857	66,988
Distributions payable	150,846	260,176
Total liabilities	12,435,577	9,275,521
Commitments and contingencies
Redeemable Noncontrolling Interests - Operating Partnership	407,890	398,372
Shareholders' equity:
Preferred Shares of beneficial interest, $0.01 par value; 100,000,000 shares authorized; 1,000,000 shares issued and outstanding as of June 30, 2013 and December 31, 2012	50,000	50,000
Common Shares of beneficial interest, $0.01 par value; 1,000,000,000 shares authorized; 360,312,049 shares issued and outstanding as of June 30, 2013 and 325,054,654 shares issued and outstanding as of December 31, 2012	3,603	3,251
Paid in capital	8,496,027	6,542,355
Retained earnings	1,939,598	887,355
Accumulated other comprehensive (loss)	(166,844)	(193,148)
Total shareholders' equity	10,322,384	7,289,813
Noncontrolling Interests:
Operating Partnership	209,039	159,606
Noncontrolling Interests - Partially Owned Properties	107,493	77,688
Total Noncontrolling Interests	316,532	237,294
Total equity	10,638,916	7,527,107
Total liabilities and equity	$ 23,482,383	$ 17,201,000

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Debt Notes (Details) (USD $)	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Dec. 31, 2012
Debt Instrument [Line Items]
Notes, net	$ 5,475,954,000		$ 4,630,875,000
Repayments of Notes Payable	400,000,000	253,858,000
Proceeds from Issuance of Unsecured Debt	500,000,000
Proceeds from Debt, Net of Issuance Costs	495,600,000
Debt Instrument, Interest Rate, Effective Percentage Rate Range, Maximum	3.998%
Term Loan Facility Spread	1.20%
Bridge Loan Principal Amount			2,500,000,000
Unamortized Deferred Financing Costs Written Off	1,647,148
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum	0.05%
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum	7.25%
Debt Instrument, Maturity Date Range, End	Dec. 31, 2026
Weighted Average Interest Rate	5.15%
Unsecured Debt [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum	1.36%
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum	7.57%
5.200% Notes [Member]
Debt Instrument [Line Items]
Repayments of Notes Payable	400,000,000
Debt Instrument, Interest Rate, Stated Percentage	5.20%
3.00% Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.00%
DelayedDrawTermLoan [Member]
Debt Instrument [Line Items]
Term Loan Principal Amount	750,000,000
Bridge Loan [Member]
Debt Instrument [Line Items]
Unamortized Deferred Financing Costs Written Off	$ 2,500,000

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Equity, Capital and Other Interests (Tables)

6 Months Ended

Jun. 30, 2013

Common shares and units rollforward

The following tables present the changes in the Company’s issued and outstanding Common Shares and “Units” (which includes OP Units and Long-Term Incentive Plan (“LTIP”) Units) for the six months ended June 30, 2013:

	2013
Common Shares
Common Shares outstanding at January 1,	325,054,654
Common Shares Issued:
Conversion of OP Units	36,262
Issuance of Common Shares	34,468,085
Exercise of share options	468,203
Employee Share Purchase Plan (ESPP)	50,148
Restricted share grants, net	234,697
Common Shares outstanding at June 30,	360,312,049
Units
Units outstanding at January 1,	13,968,758
LTIP Units, net	281,931
Conversion of OP Units to Common Shares	(36,262	)
Units outstanding at June 30,	14,214,427
Total Common Shares and Units outstanding at June 30,	374,526,476
Units Ownership Interest in Operating Partnership	3.8	%

Redeemable Noncontrolling Interest [Table Text Block]

The following table presents the change in the redemption value of the Redeemable Noncontrolling Interests – Operating Partnership for the six months ended June 30, 2013 (amounts in thousands):

	2013
Balance at January 1,	$	398,372
Change in market value	(33,039		)
Change in carrying value	42,557
Balance at June 30,	$	407,890

Schedule Of Preferred Stock [Table Text Block]

The following table presents the Company’s issued and outstanding Preferred Shares as of June 30, 2013 and December 31, 2012:

				Amounts in thousands
	Redemption Date (1)	Annual Dividend per Share (2)		June 30, 2013		December 31, 2012
Preferred Shares of beneficial interest, $0.01 par value; 100,000,000 shares authorized:
8.29% Series K Cumulative Redeemable Preferred; liquidation value $50 per share; 1,000,000 shares issued and outstanding at June 30, 2013 and December 31, 2012	12/10/26		$4.145	$	50,000	$	50,000
				$	50,000	$	50,000

(1) On or after the redemption date, redeemable preferred shares may be redeemed for cash at the option of the Company, in whole or in part, at a redemption price equal to the liquidation price per share, plus accrued and unpaid distributions, if any.

(2) Dividends on Preferred Shares are payable quarterly.

Limited Partner [Member]

Common shares and units rollforward

The following tables present the changes in the Operating Partnership’s issued and outstanding Units and in the limited partners’ Units for the six months ended June 30, 2013:

	2013
General and Limited Partner Units
General and Limited Partner Units outstanding at January 1,	339,023,412
Issued to General Partner:
Issuance of OP Units	34,468,085
Exercise of EQR share options	468,203
EQR’s Employee Share Purchase Plan (ESPP)	50,148
EQR's restricted share grants, net	234,697
Issued to Limited Partners:
LTIP Units, net	281,931
General and Limited Partner Units outstanding at June 30,	374,526,476
Limited Partner Units
Limited Partner Units outstanding at January 1,	13,968,758
Limited Partner LTIP Units, net	281,931
Conversion of Limited Partner OP Units to EQR Common Shares	(36,262	)
Limited Partner Units outstanding at June 30,	14,214,427
Limited Partner Units Ownership Interest in Operating Partnership	3.8	%

Redeemable Noncontrolling Interest [Table Text Block]

The following table presents the change in the redemption value of the Redeemable Limited Partners for the six months ended June 30, 2013 (amounts in thousands):

	2013
Balance at January 1,	$	398,372
Change in market value	(33,039		)
Change in carrying value	42,557
Balance at June 30,	$	407,890

Schedule Of Preferred Stock [Table Text Block]

The following table presents the Operating Partnership’s issued and outstanding “Preference Units” as of June 30, 2013 and December 31, 2012:

				Amounts in thousands
	Redemption Date (1)	Annual Dividend per Unit (2)		June 30, 2013		December 31, 2012
Preference Units:
8.29% Series K Cumulative Redeemable Preference Units;   liquidation value $50 per unit; 1,000,000 units issued and   outstanding at June 30, 2013 and December 31, 2012	12/10/26		$4.145	$	50,000	$	50,000
				$	50,000	$	50,000

(1) On or after the redemption date, redeemable preference units may be redeemed for cash at the option of the Operating Partnership, in whole or in part, at a redemption price equal to the liquidation price per unit, plus accrued and unpaid distributions, if any, in conjunction with the concurrent redemption of the corresponding Company Preferred Shares.

(2) Dividends on Preference Units are payable quarterly.

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Discontinued Operations

6 Months Ended

Jun. 30, 2013

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

11. Discontinued Operations

The Company has presented separately as discontinued operations in all periods the results of operations for all consolidated assets disposed of and all properties held for sale, if any.

The components of discontinued operations are outlined below and include the results of operations for the respective periods that the Company owned such assets during the six months and quarters ended June 30, 2013 and 2012 (amounts in thousands).

	Six Months Ended June 30,						Quarter Ended June 30,
	2013			2012			2013			2012
REVENUES
Rental income	$	73,144		$	198,955		$	8,313		$	98,628
Total revenues	73,144			198,955			8,313			98,628
EXPENSES (1)
Property and maintenance	23,062			47,382			6,707			22,977
Real estate taxes and insurance	7,304			15,420			468			10,029
Property management	1			141			—			71
Depreciation	22,160			58,833			2,465			27,560
General and administrative	71			43			64			39
Total expenses	52,598			121,819			9,704			60,676
Discontinued operating income (loss)	20,546			77,136			(1,391		)	37,952
Interest and other income	91			47			38			19
Other expenses	(3		)	(147		)	(1		)	(30		)
Interest (2):
Expense incurred, net	(1,258		)	(2,362		)	(6		)	(1,279		)
Amortization of deferred financing costs	(228		)	(92		)	—			(46		)
Income and other tax (expense) benefit	(463		)	24			(405		)	128
Discontinued operations	18,685			74,606			(1,765		)	36,744
Net gain on sales of discontinued operations	1,588,874			204,053			389,952			71,097
Discontinued operations, net	$	1,607,559		$	278,659		$	388,187		$	107,841

(1) Includes expenses paid in the current period for properties sold or held for sale in prior periods related to the Company’s period of ownership.

(2) Includes only interest expense specific to secured mortgage notes payable for properties sold and/or held for sale.

For the properties sold during the six months ended June 30, 2013, the investment in real estate, net of accumulated depreciation, and the mortgage notes payable balances at December 31, 2012 were $1.7 billion and $34.4 million, respectively.

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Equity, Capital and Other Interests Text (Details) (USD $)	6 Months Ended			6 Months Ended	12 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Aug. 08, 2013	Jun. 30, 2013 Archstone Transaction [Member]	Dec. 31, 2012 Public Offering [Member]
Stock Repurchased And Retired	0
Issuance of Common Shares	34,468,085			34,468,085	21,850,000
Stock Issued During Period, Value, New Issues				$ 1,900,000,000	$ 1,200,000,000
Average Price Per Common Share Issued				$ 55.99	$ 54.75
Units Issued During Period New Issues				34,468,085	21,850,000
Payments of Stock Issuance Costs	744,000	1,907,000			35,900,000
Common Stock Capital Shares Reserved For Future Issuance Under Share Offering Program	17,000,000		13,000,000
Common Shares Added To Atm Program	5,687,478
Additional Common Shares Authorized	6,000,000		13,000,000
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 464,600,000
Stock Repurchase Program, Number of Shares Authorized to be Repurchased			13,000,000

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Derivative and Other Fair Value Instruments (Details 1) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Derivatives, Fair Value [Line Items]
Derivative asset, fair value	$ 12,276	$ 1,524
Fair Value Of Serp Investments	73,839	70,655
Other Assets, Fair Value Disclosure	3,142	2,214
Assets, Fair Value Disclosure	89,257	74,393
Derivative liability, fair value		44,050
Other Liabilities, Fair Value Disclosure	73,839	70,655
Liabilities, Fair Value Disclosure	73,839	114,705
Redeemable Noncontrolling Interest Operating Partnership Liability Fair Value Disclosure	407,890	398,372
Fair Value, Inputs, Level 1 [Member]
Derivatives, Fair Value [Line Items]
Derivative asset, fair value	0	0
Fair Value Of Serp Investments	73,839	70,655
Other Assets, Fair Value Disclosure	3,142	2,214
Assets, Fair Value Disclosure	76,981	72,869
Derivative liability, fair value		0
Other Liabilities, Fair Value Disclosure	73,839	70,655
Liabilities, Fair Value Disclosure	73,839	70,655
Redeemable Noncontrolling Interest Operating Partnership Liability Fair Value Disclosure	0	0
Fair Value, Inputs, Level 2 [Member]
Derivatives, Fair Value [Line Items]
Derivative asset, fair value	12,276	1,524
Fair Value Of Serp Investments	0	0
Other Assets, Fair Value Disclosure	0	0
Assets, Fair Value Disclosure	12,276	1,524
Derivative liability, fair value		44,050
Other Liabilities, Fair Value Disclosure	0	0
Liabilities, Fair Value Disclosure	0	44,050
Redeemable Noncontrolling Interest Operating Partnership Liability Fair Value Disclosure	407,890	398,372
Fair Value, Inputs, Level 3 [Member]
Derivatives, Fair Value [Line Items]
Derivative asset, fair value	0	0
Fair Value Of Serp Investments	0	0
Other Assets, Fair Value Disclosure	0	0
Assets, Fair Value Disclosure	0	0
Derivative liability, fair value		0
Other Liabilities, Fair Value Disclosure	0	0
Liabilities, Fair Value Disclosure	0	0
Redeemable Noncontrolling Interest Operating Partnership Liability Fair Value Disclosure	$ 0	$ 0

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Summary of Significant Accounting Policies (Details) (USD $)	6 Months Ended
	Jun. 30, 2013	Dec. 31, 2012
Value of furniture and fixtures minimum range	$ 3,000
Value of furniture and fixtures maximum range	13,000
Partially Owned Consolidated Properties	19
Partially Owned Consolidated Units	3,752
Noncontrolling Interests - Partially Owned Properties	107,493,000	77,688,000
Partially Owned Limited Life Partnership Properties	6
Noncontrolling Interest Balance Limited Life Partnerships	(8,220,357)
Noncontrolling Interests Settlement Value	$ 37,805,506
Lease Intangibles, Average Term	6
Furniture and Fixtures [Member]
Property, Plant and Equipment, Estimated Useful Lives	5
Furniture and Fixtures Maximum [Member]
Property, Plant and Equipment, Estimated Useful Lives	10
Building Improvements [Member]
Property, Plant and Equipment, Estimated Useful Lives	8
Building [Member]
Property, Plant and Equipment, Estimated Useful Lives	30

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Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2013

Earnings Per Share [Line Items]

Schedule of Calculation of Numerator and Denominator in Earnings Per Share [Table Text Block]

The following tables set forth the computation of net income per share – basic and net income per share – diluted for the Company (amounts in thousands except per share amounts):

	Six Months Ended June 30,						Quarter Ended June 30,
	2013			2012			2013			2012
Numerator for net income per share – basic and diluted (1):
(Loss) income from continuing operations	$	(209,793	)	$	(18,177	)	$	(51,455	)	$	474
Allocation to Noncontrolling Interests – Operating Partnership, net	8,513			1,139			1,963			154
Net loss (income) attributable to Noncontrolling Interests – Partially Owned Properties	790			(769		)	815			(319		)
Preferred distributions	(2,072		)	(6,933		)	(1,036		)	(3,467		)
(Loss) from continuing operations available to Common Shares, net of Noncontrolling Interests	(202,562		)	(24,740		)	(49,713		)	(3,158		)
Discontinued operations, net of Noncontrolling Interests	1,542,935			266,370			373,436			102,955
Numerator for net income per share – basic and diluted (1)	$	1,340,373		$	241,630		$	323,723		$	99,797
Denominator for net income per share – basic and diluted (1):
Denominator for net income per share – basic and diluted (1)	348,654			299,499			359,653			300,193
Net income per share – basic	$	3.84		$	0.81		$	0.90		$	0.33
Net income per share – diluted	$	3.84		$	0.81		$	0.90		$	0.33
Net income per share – basic:
(Loss) from continuing operations available to Common Shares, net of Noncontrolling Interests	$	(0.581	)	$	(0.082	)	$	(0.138	)	$	(0.011	)
Discontinued operations, net of Noncontrolling Interests	4.425			0.889			1.038			0.343
Net income per share – basic	$	3.844		$	0.807		$	0.900		$	0.332
Net income per share – diluted (1):
(Loss) from continuing operations available to Common Shares	$	(0.581	)	$	(0.082	)	$	(0.138	)	$	(0.011	)
Discontinued operations, net	4.425			0.889			1.038			0.343
Net income per share – diluted	$	3.844		$	0.807		$	0.900		$	0.332

(1) Potential common shares issuable from the assumed conversion of OP Units and the exercise/vesting of long-term compensation shares/units are automatically anti-dilutive and therefore excluded from the diluted earnings per share calculation as the Company had a loss from continuing operations for the six months and quarters ended June 30, 2013 and 2012.

Operating Partnership [Member]

Earnings Per Share [Line Items]

Schedule of Calculation of Numerator and Denominator in Earnings Per Share [Table Text Block]

The following tables set forth the computation of net income per Unit – basic and net income per Unit – diluted for the Operating Partnership (amounts in thousands except per Unit amounts):

	Six Months Ended June 30,						Quarter Ended June 30,
	2013			2012			2013			2012
Numerator for net income per Unit – basic and diluted (1):
(Loss) income from continuing operations	$	(209,793	)	$	(18,177	)	$	(51,455	)	$	474
Net loss (income) attributable to Noncontrolling Interests – Partially Owned Properties	790			(769		)	815			(319		)
Allocation to Preference Units	(2,072		)	(6,933		)	(1,036		)	(3,467		)
(Loss) from continuing operations available to Units	(211,075		)	(25,879		)	(51,676		)	(3,312		)
Discontinued operations, net	1,607,559			278,659			388,187			107,841
Numerator for net income per Unit – basic and diluted (1)	$	1,396,484		$	252,780		$	336,511		$	104,529
Denominator for net income per Unit – basic and diluted (1):
Denominator for net income per Unit – basic and diluted (1)	362,390			313,133			373,403			314,255
Net income per Unit – basic	$	3.84		$	0.81		$	0.90		$	0.33
Net income per Unit – diluted	$	3.84		$	0.81		$	0.90		$	0.33
Net income per Unit – basic:
(Loss) from continuing operations available to Units	$	(0.581	)	$	(0.082	)	$	(0.138	)	$	(0.011	)
Discontinued operations, net	4.425			0.889			1.038			0.343
Net income per Unit – basic	$	3.844		$	0.807		$	0.900		$	0.332
Net income per Unit – diluted (1):
(Loss) from continuing operations available to Units	$	(0.581	)	$	(0.082	)	$	(0.138	)	$	(0.011	)
Discontinued operations, net	4.425			0.889			1.038			0.343
Net income per Unit – diluted	$	3.844		$	0.807		$	0.900		$	0.332

(1) Potential Units issuable from the assumed exercise/vesting of the Company's long-term compensation shares/units are automatically anti-dilutive and therefore excluded from the diluted earnings per Unit calculation as the Operating Partnership had a loss from continuing operations for the six months and quarters ended June 30, 2013 and 2012.

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Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2013

Discontinued Operations and Disposal Groups [Abstract]

Components of discontinued operations

The components of discontinued operations are outlined below and include the results of operations for the respective periods that the Company owned such assets during the six months and quarters ended June 30, 2013 and 2012 (amounts in thousands).

	Six Months Ended June 30,						Quarter Ended June 30,
	2013			2012			2013			2012
REVENUES
Rental income	$	73,144		$	198,955		$	8,313		$	98,628
Total revenues	73,144			198,955			8,313			98,628
EXPENSES (1)
Property and maintenance	23,062			47,382			6,707			22,977
Real estate taxes and insurance	7,304			15,420			468			10,029
Property management	1			141			—			71
Depreciation	22,160			58,833			2,465			27,560
General and administrative	71			43			64			39
Total expenses	52,598			121,819			9,704			60,676
Discontinued operating income (loss)	20,546			77,136			(1,391		)	37,952
Interest and other income	91			47			38			19
Other expenses	(3		)	(147		)	(1		)	(30		)
Interest (2):
Expense incurred, net	(1,258		)	(2,362		)	(6		)	(1,279		)
Amortization of deferred financing costs	(228		)	(92		)	—			(46		)
Income and other tax (expense) benefit	(463		)	24			(405		)	128
Discontinued operations	18,685			74,606			(1,765		)	36,744
Net gain on sales of discontinued operations	1,588,874			204,053			389,952			71,097
Discontinued operations, net	$	1,607,559		$	278,659		$	388,187		$	107,841

(1) Includes expenses paid in the current period for properties sold or held for sale in prior periods related to the Company’s period of ownership.

(2) Includes only interest expense specific to secured mortgage notes payable for properties sold and/or held for sale.

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Business

6 Months Ended

Jun. 30, 2013

Business [Abstract]

Business

1. Business

Equity Residential (“EQR”), a Maryland real estate investment trust (“REIT”) formed in March 1993, is an S&P 500 company focused on the acquisition, development and management of high quality apartment properties in top United States growth markets. ERP Operating Limited Partnership (“ERPOP”), an Illinois limited partnership, was formed in May 1993 to conduct the multifamily residential property business of Equity Residential. EQR has elected to be taxed as a REIT. 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. Unless otherwise indicated, the notes to consolidated financial statements apply to both the Company and the Operating Partnership.

EQR is the general partner of, and as of June 30, 2013 owned an approximate 96.2% ownership interest in, ERPOP. All of the Company’s 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. EQR issues equity from time to time but 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 Company’s 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.

As of June 30, 2013, the Company, directly or indirectly through investments in title holding entities, owned all or a portion of 398 properties located in 12 states and the District of Columbia consisting of 113,388 apartment units. The ownership breakdown includes (table does not include various uncompleted development properties):

	Properties	Apartment Units
Wholly Owned Properties	373	103,322
Master-Leased Properties – Consolidated	3	853
Partially Owned Properties – Consolidated	19	3,752
Partially Owned Properties – Unconsolidated	1	336
Military Housing	2	5,125
	398	113,388

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Subsequent Events/Other (Details) (USD $) Share data in Millions, unless otherwise specified	1 Months Ended	3 Months Ended		6 Months Ended		42 Months Ended
	Aug. 08, 2013	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013
Subsequent Event [Line Items]
Number of Apartment Properties Sold Subsequent	6
Number of Consolidated Apartment Units Sold Subsequent	2,033
Land parcels sold subsequent	1
Subsequent Event Sold Consolidated Property	$ 247,300,000
Notional Amount of Interest Rate Derivatives	150,000,000
Common Stock Capital Shares Reserved For Future Issuance Under Share Offering Program	13.0	17.0		17.0		17.0
Stock Repurchase Program, Number of Shares Authorized to be Repurchased	13.0
Business Combination, Acquisition Related Costs				100,000	5,500,000	93,500,000
Noncash Project Abandonment Costs				3,365,000	3,565,000
Other Nonoperating Expense		981,000	8,802,000	3,544,000	14,603,000
Settlement Expense					4,200,000
Acquisition-related Costs [Member]
Subsequent Event [Line Items]
Other Nonoperating Expense					$ 9,100,000

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Real Estate (Tables)

6 Months Ended

Jun. 30, 2013

Real Estate Properties [Line Items]

Schedule of Real Estate Investments And Accumlated Depreciation [Table Text Block}

	June 30, 2013			December 31, 2012
Land	$	6,264,787		$	4,554,912
Depreciable property:
Buildings and improvements	17,862,440			14,135,740
Furniture, fixtures and equipment	1,201,868			1,343,765
In-Place lease intangibles	504,665			232,439
Projects under development:
Land	224,561			210,632
Construction-in-progress	361,188			177,118
Land held for development:
Land	506,380			294,868
Construction-in-progress	63,018			58,955
Investment in real estate	26,988,907			21,008,429
Accumulated depreciation	(4,547,327		)	(4,912,221		)
Investment in real estate, net	$	22,441,580		$	16,096,208

Schedule of Finite-Lived Intangible Assets [Table Text Block]

Description	Balance Sheet Location	Fair Value
Assets
Ground lease intangibles – below market	Other Assets	$	178,251
Retail lease intangibles – above market	Other Assets	2,310
Lease intangible assets		180,561
Accumulated amortization		(1,841		)
Lease intangible assets, net		$	178,720
Liabilities
Ground lease intangibles – above market	Other Liabilities	$	2,400
Retail lease intangibles – below market	Other Liabilities	7,790
Lease intangible liabilities		10,190
Accumulated amortization		(610		)
Lease intangible liabilities, net		$	9,580

Schedule of Expected Amortization Expense [Table Text Block]

The following table provides a summary of the aggregate amortization expense for above and below market ground lease intangibles and retail lease intangibles for each of the next five years (amounts in thousands):

	Remaining
	2013			2014			2015			2016			2017			2018
Ground lease intangibles	$	2,161		$	4,321		$	4,321		$	4,321		$	4,321		$	4,321
Retail lease intangibles	(300		)	(1,144		)	(1,150		)	(1,042		)	(674		)	(205		)
Total	$	1,861		$	3,177		$	3,171		$	3,279		$	3,647		$	4,116

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

Land	$	2,239,000
Depreciable property:
Buildings and improvements	5,836,010
Furniture, fixtures and equipment	61,470
In-Place lease intangibles	304,830
Projects under development	36,583
Land held for development	239,418
Investments in unconsolidated entities	185,723
Other assets	196,310
Other liabilities	(112,369		)
Net assets acquired	$	8,986,975

Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Text Block]

The following table summarizes the acquisition date fair values of the above and below market ground and retail lease intangibles, which we determined using Level 2 and Level 3 inputs (amounts in thousands):

Description	Balance Sheet Location	Fair Value
Ground lease intangibles – below market	Other Assets	$	178,251
Retail lease intangibles – above market	Other Assets	2,310
Ground lease intangibles – above market	Other Liabilities	2,400
Retail lease intangibles – below market	Other Liabilities	8,040

Business Acquisition, Pro Forma Information [Table Text Block]

	Six Months Ended June 30,					Quarter Ended June 30,
	2013		2012			2013		2012
	(Amounts in thousands, except per share amounts)
Total revenues	$	1,256,088	$	1,158,374		$	635,078	$	589,929
Income (loss) from continuing operations (1)	60,541		(275,698		)	96,585		(126,424		)
Discontinued operations, net	1,608,374		277,844			389,329		107,841
Net income (loss)	1,668,915		(2,146		)	485,914		(18,583		)
Net income (loss) available to Common Shares	1,601,368		(2,989		)	467,237		(20,191		)
Earnings (loss) per share - basic:
Net income (loss) available to Common Shares	$	4.45	$	(0.01	)	$	1.30	$	(0.06	)
Weighted average Common Shares outstanding (2)	359,509		355,817			359,653		356,511
Earnings (loss) per share - diluted (1):
Net income (loss) available to Common Shares	$	4.44	$	(0.01	)	$	1.29	$	(0.06	)
Weighted average Common Shares outstanding (2)	375,722		355,817			375,910		356,511

Acquired Properties Table Text Block

	Properties	Apartment Units	Purchase Price
Rental Properties – Consolidated	1	322	$	91,500
Land Parcel (one)	—	—	16,500
Total	1	322	$	108,000

Disposed Properties Table

	Properties	Apartment Units	Sales Price
Rental Properties – Consolidated	82	24,197	$	3,705,082
Land Parcels (five)	—	—	59,750
Other (1)	—	—	30,734
Total	82	24,197	$	3,795,566

Partnership Interest [Member]

Real Estate Properties [Line Items]

Business Acquisition, Pro Forma Information [Table Text Block]

	Six Months Ended June 30,					Quarter Ended June 30,
	2013		2012			2013		2012
	(Amounts in thousands, except per Unit amounts)
Total revenues	$	1,256,088	$	1,158,374		$	635,078	$	589,929
Income (loss) from continuing operations (1)	60,541		(275,698		)	96,585		(126,424		)
Discontinued operations, net	1,608,374		277,844			389,329		107,841
Net income (loss)	1,668,915		(2,146		)	485,914		(18,583		)
Net income (loss) available to Units	1,668,439		(3,127		)	485,693		(21,149		)
Earnings (loss) per Unit - basic:
Net income (loss) available to Units	$	4.45	$	(0.01	)	$	1.30	$	(0.06	)
Weighted average Units outstanding (2)	373,245		369,451			373,403		370,573
Earnings (loss) per Unit - diluted (1):
Net income (loss) available to Units	$	4.44	$	(0.01	)	$	1.29	$	(0.06	)
Weighted average Units outstanding (2)	375,722		369,451			375,910		370,573

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Equity, Capital and Other Interests Preferred (Details) (USD $) In Thousands, except Share data, unless otherwise specified	6 Months Ended	12 Months Ended
	Jun. 30, 2013	Dec. 31, 2012
Class of Stock [Line Items]
Preferred Stock, Shares Authorized	100,000,000	100,000,000
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred Shares of beneficial interest, $0.01 par value; 100,000,000 shares authorized; 1,000,000 shares issued and outstanding as of June 30, 2013 and December 31, 2012	$ 50,000	$ 50,000
Series K Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock Preference Units Issued	1,000,000	1,000,000
Preferred Stock Preference Units Outstanding	1,000,000	1,000,000
Preferred Stock Preference Units Redemption Price Per Share Unit	$ 50.00	$ 50.00
Preferred Stock Preference Units Dividend Rate Percentage	8.29%	8.29%
Preferred Stocks Preference Units Redemption Date	Dec. 10, 2026
Annual Dividend Per Preferred Share Preference Unit	$ 4.145
Preferred Shares of beneficial interest, $0.01 par value; 100,000,000 shares authorized; 1,000,000 shares issued and outstanding as of June 30, 2013 and December 31, 2012	50,000	50,000
Preference Units	50,000	50,000
Partnership Interest [Member]
Class of Stock [Line Items]
Preference Units	$ 50,000	$ 50,000

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Real Estate

6 Months Ended

Jun. 30, 2013

Real Estate [Abstract]

Real Estate Disclosure [Text Block]

4. Real Estate and Lease Intangibles

The following table summarizes the carrying amounts for the Company’s investment in real estate (at cost) as of June 30, 2013 and December 31, 2012 (amounts in thousands):

	June 30, 2013			December 31, 2012
Land	$	6,264,787		$	4,554,912
Depreciable property:
Buildings and improvements	17,862,440			14,135,740
Furniture, fixtures and equipment	1,201,868			1,343,765
In-Place lease intangibles	504,665			232,439
Projects under development:
Land	224,561			210,632
Construction-in-progress	361,188			177,118
Land held for development:
Land	506,380			294,868
Construction-in-progress	63,018			58,955
Investment in real estate	26,988,907			21,008,429
Accumulated depreciation	(4,547,327		)	(4,912,221		)
Investment in real estate, net	$	22,441,580		$	16,096,208

The following table summarizes the carrying amounts for the Company's above and below market ground and retail lease intangibles as of June 30, 2013 (amounts in thousands):

Description	Balance Sheet Location	Fair Value
Assets
Ground lease intangibles – below market	Other Assets	$	178,251
Retail lease intangibles – above market	Other Assets	2,310
Lease intangible assets		180,561
Accumulated amortization		(1,841		)
Lease intangible assets, net		$	178,720
Liabilities
Ground lease intangibles – above market	Other Liabilities	$	2,400
Retail lease intangibles – below market	Other Liabilities	7,790
Lease intangible liabilities		10,190
Accumulated amortization		(610		)
Lease intangible liabilities, net		$	9,580

During the six months and quarter ended June 30, 2013, the Company amortized approximately $1.4 million and $1.0 million, respectively, of above and below market ground lease intangibles which is included (net increase) in property and maintenance expense in the accompanying consolidated statements of operations and approximately $0.2 million and $0.1 million, respectively, of above and below market retail lease intangibles which is included (net increase) in rental income in the accompanying consolidated statements of operations.

The weighted average amortization period for above and below market ground lease intangibles and retail lease intangibles is 49.8 years and 5.3 years, respectively.

The following table provides a summary of the aggregate amortization expense for above and below market ground lease intangibles and retail lease intangibles for each of the next five years (amounts in thousands):

	Remaining
	2013			2014			2015			2016			2017			2018
Ground lease intangibles	$	2,161		$	4,321		$	4,321		$	4,321		$	4,321		$	4,321
Retail lease intangibles	(300		)	(1,144		)	(1,150		)	(1,042		)	(674		)	(205		)
Total	$	1,861		$	3,177		$	3,171		$	3,279		$	3,647		$	4,116

Archstone Acquisition

On February 27, 2013, the Company, AvalonBay Communities, Inc. (“AVB”) and certain of their respective subsidiaries completed their previously announced acquisition (the “Archstone Acquisition”) from Archstone Enterprise LP (“Enterprise”) (which subsequently changed its name to Jupiter Enterprise LP) and its affiliates, of all of the assets of Enterprise (including interests in various entities affiliated with Enterprise), constituting a portfolio of apartment properties and other assets (the “Archstone Portfolio”).

The Company acquired assets representing approximately 60% of the Archstone Portfolio which consisted principally of high-quality apartment properties in major markets in the United States. The acquisition allowed the Company to accelerate the completion of its strategic shift into coastal apartment markets. Pursuant to the Archstone transaction, the Company acquired directly or indirectly, 71 wholly owned, stabilized properties consisting of 20,160 apartment units, one partially owned and consolidated stabilized property consisting of 432 apartment units, one partially owned and unconsolidated stabilized property consisting of 336 apartment units, three consolidated master-leased properties consisting of 853 apartment units, four projects in various stages of construction (two consolidated and two unconsolidated) for 964 apartment units and fourteen land sites for approximately $9.0 billion. During the six months ended June 30, 2013, the Company recorded revenues and net operating income ("NOI") of $204.5 million and $140.0 million, respectively, from the acquired assets. During the quarter ended June 30, 2013, the Company recorded revenues and NOI of $151.9 million and $103.9 million, respectively, from the acquired assets.

The consideration paid by the Company in connection with the Archstone Acquisition consisted of cash of approximately $4.0 billion (inclusive of $2.0 billion of Archstone secured mortgage principal paid off in conjunction with the closing), 34,468,085 Common Shares (which shares had a total value of $1.9 billion based on the February 27, 2013 closing price of EQR common shares of $55.99 per share) issued to the seller and the assumption of approximately $3.1 billion of mortgage debt (inclusive of a net mark-to-market premium of $127.9 million) and approximately 60% of all of the other assets and liabilities related to the Archstone Portfolio. The cash consideration was funded with proceeds from the November 2012 public equity offering, the asset sales discussed below, the Company's new $750.0 million senior unsecured delayed draw term loan facility and the Company's revolving credit facility.

The Company owns the building and improvements and leases the land underlying the improvements under long-term ground leases that expire beginning in 2042 and running through 2103 for nine of the operating properties acquired and discussed above. These properties are consolidated and reflected as real estate assets while the ground leases are accounted for as operating leases. The Company also leases the three master-leased properties discussed above to third party operators and earns monthly net rental income.

The Company is accounting for the acquisition under the acquisition method in accordance with Accounting Standards Codification ("ASC") 805, Business Combinations (“ASC 805”), and the initial accounting for this business combination is substantially complete but subject to further adjustment as certain information becomes available (see further discussion below). The following table summarizes the acquisition date fair values of the assets acquired and liabilities assumed, which the Company determined using Level 1, Level 2 and Level 3 inputs (amounts in thousands):

Land	$	2,239,000
Depreciable property:
Buildings and improvements	5,836,010
Furniture, fixtures and equipment	61,470
In-Place lease intangibles	304,830
Projects under development	36,583
Land held for development	239,418
Investments in unconsolidated entities	185,723
Other assets	196,310
Other liabilities	(112,369		)
Net assets acquired	$	8,986,975

The allocation of fair values of the assets acquired and liabilities assumed has changed from the allocation reported in “Note 4 – Real Estate” in the Notes to Consolidated Financial Statements included in Part I of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2013 filed with the SEC on May 9, 2013. The changes to our valuation assumptions were based on more accurate information concerning the subject assets and liabilities. None of these changes had a material impact on our Consolidated Financial Statements. This allocation is subject to further adjustment due primarily to information not readily available at the acquisition date, final purchase price settlement with our partner in accordance with the terms of the purchase agreement, reclassification adjustments for presentation and adjustments to our valuation assumptions. The Company's assessment of the fair values and the allocation of the purchase price to the identified tangible and intangible assets is its current best estimate of fair value.

The fair values of investment in real estate were determined using internally developed models that were based on market assumptions and comparable sales data as well as external valuations performed by unrelated third parties. The market assumptions used as inputs to the Company’s fair value model include construction costs, leasing assumptions, growth rates, discount rates, terminal capitalization rates and development yields. The Company uses data on its existing portfolio of properties and its recent acquisition and development properties, as well as similar market data from third party sources, when available, in determining these inputs (Level 2 and 3). The fair value of Noncontrolling Interests was calculated similar to the investment in real estate described above. The fair value of mortgage debt was calculated using indicative rates, leverage and coverage provided by lenders of similar loans (Level 2). The Common Shares issued to Lehman Brothers Holdings Inc. were valued using the quoted market price of Common Shares (Level 1).

The following table summarizes the acquisition date fair values of the above and below market ground and retail lease intangibles, which we determined using Level 2 and Level 3 inputs (amounts in thousands):

Description	Balance Sheet Location	Fair Value
Ground lease intangibles – below market	Other Assets	$	178,251
Retail lease intangibles – above market	Other Assets	2,310
Ground lease intangibles – above market	Other Liabilities	2,400
Retail lease intangibles – below market	Other Liabilities	8,040

As of June 30, 2013, the Company has incurred Archstone-related expenses of approximately $93.5 million, of which approximately $13.5 million of this total was financing-related and approximately $80.0 million was merger costs. During the six months ended June 30, 2013, the Company expensed $19.6 million of direct merger costs primarily related to investment banking and legal/accounting fees, which were included in merger expenses in the accompanying consolidated statements of operations, and $53.0 million of indirect merger costs related to severance obligations and retention bonuses through our 60% interest in an unconsolidated joint venture with AVB, which were included in (loss) from investments in unconsolidated entities due to merger expenses in the accompanying consolidated statements of operations. The Company also expensed $2.5 million of financing-related costs, which were included in interest expense in the accompanying consolidated statements of operations.

Unaudited Pro Forma Financial Information

Equity Residential

The following table illustrates the effect on net income, earnings per share – basic and earnings per share – diluted as if the Company had consummated the Archstone Acquisition as of January 1, 2012:

	Six Months Ended June 30,					Quarter Ended June 30,
	2013		2012			2013		2012
	(Amounts in thousands, except per share amounts)
Total revenues	$	1,256,088	$	1,158,374		$	635,078	$	589,929
Income (loss) from continuing operations (1)	60,541		(275,698		)	96,585		(126,424		)
Discontinued operations, net	1,608,374		277,844			389,329		107,841
Net income (loss)	1,668,915		(2,146		)	485,914		(18,583		)
Net income (loss) available to Common Shares	1,601,368		(2,989		)	467,237		(20,191		)
Earnings (loss) per share - basic:
Net income (loss) available to Common Shares	$	4.45	$	(0.01	)	$	1.30	$	(0.06	)
Weighted average Common Shares outstanding (2)	359,509		355,817			359,653		356,511
Earnings (loss) per share - diluted (1):
Net income (loss) available to Common Shares	$	4.44	$	(0.01	)	$	1.29	$	(0.06	)
Weighted average Common Shares outstanding (2)	375,722		355,817			375,910		356,511

(1) Potential common shares issuable from the assumed conversion of OP Units and the exercise/vesting of long-term compensation shares/units are automatically anti-dilutive and therefore excluded from the diluted earnings per share calculation as the Company had a pro forma loss from continuing operations for the six months and quarters ended June 30, 2012.

(2) Includes a weighted average adjustment for Common Shares issued to the public in December 2012 and to an affiliate of Lehman Brothers Holdings Inc. in February 2013 as partial consideration for the Archstone Acquisition.

ERP Operating Limited Partnership

The following table illustrates the effect on net income, earnings per Unit – basic and earnings per Unit – diluted as if the Operating Partnership had consummated the Archstone Acquisition as of January 1, 2012:

	Six Months Ended June 30,					Quarter Ended June 30,
	2013		2012			2013		2012
	(Amounts in thousands, except per Unit amounts)
Total revenues	$	1,256,088	$	1,158,374		$	635,078	$	589,929
Income (loss) from continuing operations (1)	60,541		(275,698		)	96,585		(126,424		)
Discontinued operations, net	1,608,374		277,844			389,329		107,841
Net income (loss)	1,668,915		(2,146		)	485,914		(18,583		)
Net income (loss) available to Units	1,668,439		(3,127		)	485,693		(21,149		)
Earnings (loss) per Unit - basic:
Net income (loss) available to Units	$	4.45	$	(0.01	)	$	1.30	$	(0.06	)
Weighted average Units outstanding (2)	373,245		369,451			373,403		370,573
Earnings (loss) per Unit - diluted (1):
Net income (loss) available to Units	$	4.44	$	(0.01	)	$	1.29	$	(0.06	)
Weighted average Units outstanding (2)	375,722		369,451			375,910		370,573

(1) Potential Units issuable from the assumed exercise/vesting of the Company's long-term compensation shares/units are automatically anti-dilutive and therefore excluded from the diluted earnings per Unit calculation as the Operating Partnership had a pro forma loss from continuing operations for the six months and quarters ended June 30, 2012.

(2) Includes a weighted average adjustment for Common Shares issued to the public in December 2012 and to an affiliate of Lehman Brothers Holdings Inc. in February 2013 as partial consideration for the Archstone Acquisition. Concurrent with these transactions, ERPOP issued the same number of OP Units to EQR.

For the six months ended June 30, 2013 and 2012, acquisition costs of $19.6 million and $1.8 million, respectively, and severance/retention and other costs of $50.9 million and none, respectively, related to the Archstone Acquisition are not expected to have a continuing impact on the Company's financial results and therefore have been excluded from these pro forma results. The pro forma results also do not include the impact of any synergies or lower borrowing costs that the Company has or may achieve as a result of the acquisition or any strategies that management has or may consider in order to more efficiently manage the Company's operations, nor do they give pro forma effect to any other acquisitions, dispositions or capital markets transactions (excluding the equity offering in December 2012 which proceeds were used for the Archstone Acquisition) that the Company completed during the periods presented. These pro forma results are not necessarily indicative of the operating results that would have been obtained had the Archstone Acquisition occurred at the beginning of the periods presented, nor are they necessarily indicative of future operating results.

Other

In addition to the Archstone acquisition described above, during the six months ended June 30, 2013, the Company acquired the entire equity interest in the following from unaffiliated parties (purchase price in thousands):

	Properties	Apartment Units	Purchase Price
Rental Properties – Consolidated	1	322	$	91,500
Land Parcel (one)	—	—	16,500
Total	1	322	$	108,000

During the six months ended June 30, 2013, the Company disposed of the following to unaffiliated parties (sales price in thousands):

	Properties	Apartment Units	Sales Price
Rental Properties – Consolidated	82	24,197	$	3,705,082
Land Parcels (five)	—	—	59,750
Other (1)	—	—	30,734
Total	82	24,197	$	3,795,566

(1) Represents a 97,000 square foot commercial building adjacent to our Harbor Steps apartment property in downtown Seattle that was acquired in 2011.

The Company recognized a net gain on sales of discontinued operations of approximately $1.6 billion and a net gain on sales of land parcels of approximately $14.6 million on the above sales.

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CONSOLIDATED STATEMENT OF CHANGES IN CAPITAL OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) (USD $) In Thousands, unless otherwise specified	Total	PREFERRED SHARES	General Partner [Member]	Limited Partner [Member]	ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME	Partially Owned Properties [Member]	OPERATING PARTNERSHIP
Balance, beginning of year - Noncontrolling Interest at Dec. 31, 2012						$ 77,688
Balance, beginning of year at Dec. 31, 2012		50,000	7,432,961	159,606	(193,148)
OP Unit Issuance:
Conversion of OP Units held by Limited Partners into OP Units held by General Partner			979	(979)
Issuance of OP Units			1,929,868
Exercise of EQR share options			13,885
Stock Issued During Period, Value, Employee Stock Purchase Plan			2,363
Share-based employee compensation expense:
EQR restricted shares			6,886
EQR share options			6,688
EQR ESPP discount			449
Offering costs			(744)
Net income available to Units - General Partner			1,340,373				1,340,373
OP Units - General Partner distributions			(288,130)
Supplemental Executive Retirement Plan (SERP)			(671)
Change in market value of Redeemable Limited Partners			33,039
Adjustment for Limited Partners ownership in Operating Partnership			(38,718)	38,718
Issuance of LTIP Units to Noncontrolling Interests				5
Equity compensation associated with Units - Limited Partners				9,514
Net income available to Units - Limited Partners				56,111			56,111
Units - Limited Partners distributions				(11,379)
Change in carrying value of Redeemable Limited Partners				(42,557)
Accumulated other comprehensive (loss) income - derivative instruments:
Unrealized holding (losses) arising during the period	12,337				12,337		12,337
Losses reclassified into earnings from other comprehensive income	12,098				12,098		12,098
Accumulated other comprehensive income (loss) - other instruments:
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax	928				928		928
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax	941				941		941
Net Income (Loss) Attributable to Noncontrolling Interest						(790)
Contributions by Noncontrolling Interests						6,769
Archstone Acquisition Noncontrolling Interests Partially Owned Properties						28,263
Distributions to Noncontrolling Interests						(4,437)
Balance, end of period - Noncontrolling Interest at Jun. 30, 2013						107,493
Balance, end of period at Jun. 30, 2013		50,000	10,439,228	209,039	(166,844)
Balance, beginning of year - Noncontrolling Interest at Mar. 31, 2013
Share-based employee compensation expense:
Net income available to Units - General Partner							323,723
Net income available to Units - Limited Partners							12,788
Accumulated other comprehensive (loss) income - derivative instruments:
Unrealized holding (losses) arising during the period	9,523						9,523
Losses reclassified into earnings from other comprehensive income	3,826						3,826
Accumulated other comprehensive income (loss) - other instruments:
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax	501						501
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax	1,814						1,814
Balance, end of period at Jun. 30, 2013		$ 50,000

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Net income	$ 336,732	$ 108,315	$ 1,397,766	$ 260,482
Other comprehensive (loss) - derivative instruments:
Unrealized holding (losses) arising during the period	9,523	(11,860)	12,337	(8,642)
Losses reclassified into earnings from other comprehensive income	3,826	3,640	12,098	7,203
Other comprehensive income - other instruments:
Unrealized holding gains arising during the period	501	118	928	82
Other comprehensive income – foreign currency:
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax	1,814	0	941	0
Other comprehensive income (loss)	15,664	(8,102)	26,304	(1,357)
Comprehensive income	352,396	100,213	1,424,070	259,125
Comprehensive (income) attributable to Noncontrolling Interests	(11,973)	(5,051)	(55,321)	(11,919)
Comprehensive income attributable to controlling interests	$ 340,423	$ 95,162	$ 1,368,749	$ 247,206

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Debt Lines of Credit (Details) (USD $)	6 Months Ended
	Jun. 30, 2013
Line of Credit Facility [Line Items]
Debt Instrument, Maturity Date	Sep. 01, 2014
500.0 million ability to increase	$ 500,000,000
Line Of Credit Facility Commitment Fee	15 Basis Points
A 250 billion LOC [Member] [Domain]
Line of Credit Facility [Line Items]
Unsecured revolving credit facility	2,500,000,000
Debt Instrument, Maturity Date	Apr. 01, 2018
Remaining borrowing capacity	2,470,000,000
Amount restricted/dedicated to support letters of credit	33,251,523
Weighted Average Interest Rate Revolving Credit Facility	1.27%
A 175 billion LOC [Member]
Line of Credit Facility [Line Items]
Unsecured revolving credit facility	$ 1,750,000,000
Debt Instrument, Maturity Date	Jul. 01, 2014
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Line Of Credit Spread	1.05%

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Commitments to Acquire/Dispose of Real Estate (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2013
Commitments to Acquire Real Estate
Properties Acquired-Total	0
Rental Units Acquired - Total	0
Purchase Price - Total	$ 39,300
Commitments to Dispose of Real Estate
Properties Disposed - Total	2
Rental Units Disposed-Total	688
Sales Price For Commitments To Dispose	94,532
Land Parcel [Member]
Commitments to Acquire Real Estate
Purchase Price - Total	39,300
Land Parcels Contracted to be Acquired	2
Rental Properties Disposed of [Member]
Commitments to Dispose of Real Estate
Properties Disposed - Total	2
Rental Units Disposed-Total	688
Sales Price For Commitments To Dispose	68,182
Land Parcel [Member]
Commitments to Dispose of Real Estate
Sales Price For Commitments To Dispose	$ 26,350
Land Parcels Contracted to be Disposed	1

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Deposits - Restricted (Tables)

6 Months Ended

Jun. 30, 2013

Deposits - Restricted [Abstract]

Schedule of Restricted Cash and Cash Equivalents [Table Text Block]

The following table presents the Company’s restricted deposits as of June 30, 2013 and December 31, 2012 (amounts in thousands):

	June 30, 2013		December 31, 2012
Tax–deferred (1031) exchange proceeds	$	82,029	$	152,182
Earnest money on pending acquisitions	350		5,613
Restricted deposits on real estate investments	53,756		44,209
Resident security and utility deposits	59,773		44,199
Other	1,359		4,239
Totals	$	197,267	$	250,442

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Discontinued Operations (Details) (USD $)	3 Months Ended				6 Months Ended
	Jun. 30, 2013		Jun. 30, 2012		Jun. 30, 2013		Jun. 30, 2012		Dec. 31, 2012
REVENUES
Disposal Group Including Discontinued Operation Rental Revenue	$ 8,313,000		$ 98,628,000		$ 73,144,000		$ 198,955,000
Disposal Group, Including Discontinued Operation, Revenue	8,313,000		98,628,000		73,144,000		198,955,000
EXPENSES
Disposal Group Including Discontinued Operation Property And Maintenance	6,707,000	[1]	22,977,000	[1]	23,062,000	[1]	47,382,000	[1]
Disposal Group Including Discontinued Operation Real Estate Taxes And Insurance	468,000	[1]	10,029,000	[1]	7,304,000	[1]	15,420,000	[1]
Disposal Group Including Discontinued Operations Property Management	0		71,000	[1]	1,000	[1]	141,000	[1]
Disposal Group Including Discontinued Operation Depreciation	2,465,000	[1]	27,560,000	[1]	22,160,000	[1]	58,833,000	[1]
Disposal Group Including Discontinued Operation General And Administrative	64,000	[1]	39,000	[1]	71,000	[1]	43,000	[1]
Disposal Group, Including Discontinued Operation, Operating Expense	9,704,000	[1]	60,676,000	[1]	52,598,000	[1]	121,819,000	[1]
Disposal Group, Including Discontinued Operation, Operating Income (Loss)	(1,391,000)		37,952,000		20,546,000		77,136,000
Disposal Group Including Discontinued Operation Interest And Other Income	38,000		19,000		91,000		47,000
Disposal Group Including Discontinued Operation Other Expenses	(1,000)		(30,000)		(3,000)		(147,000)
Interest (2)
Expense Incurred, Net	(6,000)	[2]	(1,279,000)	[2]	(1,258,000)	[2]	(2,362,000)	[2]
Disposal Group Including Discontinued Operation Amortization Of Deferred Financing Costs	0	[2]	(46,000)	[2]	(228,000)	[2]	(92,000)	[2]
Discontinued Operation, Tax Effect of Discontinued Operation	(405,000)		128,000		(463,000)		24,000
Income Loss From Discontinued Operations	(1,765,000)		36,744,000		18,685,000		74,606,000
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax	389,952,000		71,097,000		1,588,874,000		204,053,000
Discontinued operations, net	388,187,000		107,841,000		1,607,559,000		278,659,000
Disposal Group, Including Discontinued Operation, Property, Plant, and Equipment, Net									1,718,111,206
Disposal Group Including Discontinued Operation Mortgage Notes Payable									$ 34,386,391

[1] Includes expenses paid in the current period for properties sold or held for sale in prior periods related to the Company’s period of ownership.

[2] Includes only interest expense specific to secured mortgage notes payable for properties sold and/or held for sale.

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Deposits - Restricted

6 Months Ended

Jun. 30, 2013

Deposits - Restricted [Abstract]

Restricted Cash And Cash Equivalents Disclosure [Text Block]

7. Deposits – Restricted

The following table presents the Company’s restricted deposits as of June 30, 2013 and December 31, 2012 (amounts in thousands):

	June 30, 2013		December 31, 2012
Tax–deferred (1031) exchange proceeds	$	82,029	$	152,182
Earnest money on pending acquisitions	350		5,613
Restricted deposits on real estate investments	53,756		44,209
Resident security and utility deposits	59,773		44,199
Other	1,359		4,239
Totals	$	197,267	$	250,442

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Equity, Capital and Other Interests

6 Months Ended

Jun. 30, 2013

Equity, Capital and other Interests [Abstract]

Equity Capital And Other Interests [Text Block]

3. Equity, Capital and Other Interests

Equity and Redeemable Noncontrolling Interests of Equity Residential

The following tables present the changes in the Company’s issued and outstanding Common Shares and “Units” (which includes OP Units and Long-Term Incentive Plan (“LTIP”) Units) for the six months ended June 30, 2013:

	2013
Common Shares
Common Shares outstanding at January 1,	325,054,654
Common Shares Issued:
Conversion of OP Units	36,262
Issuance of Common Shares	34,468,085
Exercise of share options	468,203
Employee Share Purchase Plan (ESPP)	50,148
Restricted share grants, net	234,697
Common Shares outstanding at June 30,	360,312,049
Units
Units outstanding at January 1,	13,968,758
LTIP Units, net	281,931
Conversion of OP Units to Common Shares	(36,262	)
Units outstanding at June 30,	14,214,427
Total Common Shares and Units outstanding at June 30,	374,526,476
Units Ownership Interest in Operating Partnership	3.8	%

The equity positions of various individuals and entities that contributed their properties to the Operating Partnership in exchange for OP Units, as well as the equity positions of the holders of LTIP Units, are collectively referred to as the “Noncontrolling Interests – Operating Partnership”. Subject to certain exceptions (including the “book-up” requirements of LTIP Units), the Noncontrolling Interests – Operating Partnership may exchange their Units with EQR for Common Shares on a one-for-one basis. The carrying value of the Noncontrolling Interests – Operating Partnership (including redeemable interests) is allocated based on the number of Noncontrolling Interests – Operating Partnership Units in total in proportion to the number of Noncontrolling Interests – Operating Partnership Units in total plus the number of Common Shares. Net income is allocated to the Noncontrolling Interests – Operating Partnership based on the weighted average ownership percentage during the period.

The Operating Partnership has the right but not the obligation to make a cash payment instead of issuing Common Shares to any and all holders of Noncontrolling Interests – Operating Partnership Units requesting an exchange of their OP Units with EQR. Once the Operating Partnership elects not to redeem the Noncontrolling Interests – Operating Partnership Units for cash, EQR is obligated to deliver Common Shares to the exchanging holder of the Noncontrolling Interests – Operating Partnership Units.

The Noncontrolling Interests – Operating Partnership Units are classified as either mezzanine equity or permanent equity. If EQR is required, either by contract or securities law, to deliver registered Common Shares, such Noncontrolling Interests – Operating Partnership are differentiated and referred to as “Redeemable Noncontrolling Interests – Operating Partnership”. Instruments that require settlement in registered shares can not be classified in permanent equity as it is not always completely within an issuer’s control to deliver registered shares. Therefore, settlement in cash is assumed and that responsibility for settlement in cash is deemed to fall to the Operating Partnership as the primary source of cash for EQR, resulting in presentation in the mezzanine section of the balance sheet. The Redeemable Noncontrolling Interests – Operating Partnership are adjusted to the greater of carrying value or fair market value based on the Common Share price of EQR at the end of each respective reporting period. EQR has the ability to deliver unregistered Common Shares for the remaining portion of the Noncontrolling Interests – Operating Partnership Units that are classified in permanent equity at June 30, 2013 and December 31, 2012.

The carrying value of the Redeemable Noncontrolling Interests – Operating Partnership is allocated based on the number of Redeemable Noncontrolling Interests – Operating Partnership Units in proportion to the number of Noncontrolling Interests – Operating Partnership Units in total. Such percentage of the total carrying value of Units which is ascribed to the Redeemable Noncontrolling Interests – Operating Partnership is then adjusted to the greater of carrying value or fair market value as described above. As of June 30, 2013, the Redeemable Noncontrolling Interests – Operating Partnership have a redemption value of approximately $407.9 million, which represents the value of Common Shares that would be issued in exchange with the Redeemable Noncontrolling Interests – Operating Partnership Units.

The following table presents the change in the redemption value of the Redeemable Noncontrolling Interests – Operating Partnership for the six months ended June 30, 2013 (amounts in thousands):

	2013
Balance at January 1,	$	398,372
Change in market value	(33,039		)
Change in carrying value	42,557
Balance at June 30,	$	407,890

Net proceeds from EQR Common Share and Preferred Share (see definition below) offerings are contributed by EQR to ERPOP. In return for those contributions, EQR receives a number of OP Units in ERPOP equal to the number of Common Shares it has issued in the equity offering (or in the case of a preferred equity offering, a number of preference units in ERPOP equal in number and having the same terms as the Preferred Shares issued in the equity offering). As a result, the net offering proceeds from Common Shares and Preferred Shares are allocated between shareholders’ equity and Noncontrolling Interests – Operating Partnership to account for the change in their respective percentage ownership of the underlying equity of ERPOP.

The Company’s declaration of trust authorizes it to issue up to 100,000,000 preferred shares of beneficial interest, $0.01 par value per share (the “Preferred Shares”), with specific rights, preferences and other attributes as the Board of Trustees may determine, which may include preferences, powers and rights that are senior to the rights of holders of the Company’s Common Shares.

The following table presents the Company’s issued and outstanding Preferred Shares as of June 30, 2013 and December 31, 2012:

				Amounts in thousands
	Redemption Date (1)	Annual Dividend per Share (2)		June 30, 2013		December 31, 2012
Preferred Shares of beneficial interest, $0.01 par value; 100,000,000 shares authorized:
8.29% Series K Cumulative Redeemable Preferred; liquidation value $50 per share; 1,000,000 shares issued and outstanding at June 30, 2013 and December 31, 2012	12/10/26		$4.145	$	50,000	$	50,000
				$	50,000	$	50,000

(1) On or after the redemption date, redeemable preferred shares may be redeemed for cash at the option of the Company, in whole or in part, at a redemption price equal to the liquidation price per share, plus accrued and unpaid distributions, if any.

(2) Dividends on Preferred Shares are payable quarterly.

Capital and Redeemable Limited Partners of ERP Operating Limited Partnership

The following tables present the changes in the Operating Partnership’s issued and outstanding Units and in the limited partners’ Units for the six months ended June 30, 2013:

	2013
General and Limited Partner Units
General and Limited Partner Units outstanding at January 1,	339,023,412
Issued to General Partner:
Issuance of OP Units	34,468,085
Exercise of EQR share options	468,203
EQR’s Employee Share Purchase Plan (ESPP)	50,148
EQR's restricted share grants, net	234,697
Issued to Limited Partners:
LTIP Units, net	281,931
General and Limited Partner Units outstanding at June 30,	374,526,476
Limited Partner Units
Limited Partner Units outstanding at January 1,	13,968,758
Limited Partner LTIP Units, net	281,931
Conversion of Limited Partner OP Units to EQR Common Shares	(36,262	)
Limited Partner Units outstanding at June 30,	14,214,427
Limited Partner Units Ownership Interest in Operating Partnership	3.8	%

The Limited Partners of the Operating Partnership as of June 30, 2013 include various individuals and entities that contributed their properties to the Operating Partnership in exchange for OP Units, as well as the equity positions of the holders of LTIP Units. Subject to certain exceptions (including the “book-up” requirements of LTIP Units), Limited Partners may exchange their Units with EQR for Common Shares on a one-for-one basis. The carrying value of the Limited Partner Units (including redeemable interests) is allocated based on the number of Limited Partner Units in total in proportion to the number of Limited Partner Units in total plus the number of General Partner Units. Net income is allocated to the Limited Partner Units based on the weighted average ownership percentage during the period.

The Operating Partnership has the right but not the obligation to make a cash payment instead of issuing Common Shares to any and all holders of Limited Partner Units requesting an exchange of their OP Units with EQR. Once the Operating Partnership elects not to redeem the Limited Partner Units for cash, EQR is obligated to deliver Common Shares to the exchanging limited partner.

The Limited Partner Units are classified as either mezzanine equity or permanent equity. If EQR is required, either by contract or securities law, to deliver registered Common Shares, such Limited Partner Units are differentiated and referred to as “Redeemable Limited Partner Units”. Instruments that require settlement in registered shares can not be classified in permanent equity as it is not always completely within an issuer's control to deliver registered shares. Therefore, settlement in cash is assumed and that responsibility for settlement in cash is deemed to fall to the Operating Partnership as the primary source of cash for EQR, resulting in presentation in the mezzanine section of the balance sheet. The Redeemable Limited Partner Units are adjusted to the greater of carrying value or fair market value based on the Common Share price of EQR at the end of each respective reporting period. EQR has the ability to deliver unregistered Common Shares for the remaining portion of the Limited Partner Units that are classified in permanent equity at June 30, 2013 and December 31, 2012.

The carrying value of the Redeemable Limited Partner Units is allocated based on the number of Redeemable Limited Partner Units in proportion to the number of Limited Partner Units in total. Such percentage of the total carrying value of Limited Partner Units which is ascribed to the Redeemable Limited Partner Units is then adjusted to the greater of carrying value or fair market value as described above. As of June 30, 2013, the Redeemable Limited Partner Units have a redemption value of approximately $407.9 million, which represents the value of Common Shares that would be issued in exchange with the Redeemable Limited Partner Units.

The following table presents the change in the redemption value of the Redeemable Limited Partners for the six months ended June 30, 2013 (amounts in thousands):

	2013
Balance at January 1,	$	398,372
Change in market value	(33,039		)
Change in carrying value	42,557
Balance at June 30,	$	407,890

EQR contributes all net proceeds from its various equity offerings (including proceeds from exercise of options for Common Shares) to ERPOP. In return for those contributions, EQR receives a number of OP Units in ERPOP equal to the number of Common Shares it has issued in the equity offering (or in the case of a preferred equity offering, a number of preference units in ERPOP equal in number and having the same terms as the preferred shares issued in the equity offering).

The following table presents the Operating Partnership’s issued and outstanding “Preference Units” as of June 30, 2013 and December 31, 2012:

				Amounts in thousands
	Redemption Date (1)	Annual Dividend per Unit (2)		June 30, 2013		December 31, 2012
Preference Units:
8.29% Series K Cumulative Redeemable Preference Units;   liquidation value $50 per unit; 1,000,000 units issued and   outstanding at June 30, 2013 and December 31, 2012	12/10/26		$4.145	$	50,000	$	50,000
				$	50,000	$	50,000

(1) On or after the redemption date, redeemable preference units may be redeemed for cash at the option of the Operating Partnership, in whole or in part, at a redemption price equal to the liquidation price per unit, plus accrued and unpaid distributions, if any, in conjunction with the concurrent redemption of the corresponding Company Preferred Shares.

(2) Dividends on Preference Units are payable quarterly.

Other

On February 27, 2013, the Company issued 34,468,085 Common Shares to an affiliate of Lehman Brothers Holdings Inc. as partial consideration for the portion of the Archstone Portfolio acquired by the Company (as discussed in Note 4 below). The shares had a total value of $1.9 billion based on the February 27, 2013 closing price of EQR Common Shares of $55.99 per share. Concurrent with this transaction, ERPOP issued 34,468,085 OP Units to EQR. On March 7, 2013, EQR filed a shelf registration statement relating to the resale of these shares by the selling shareholders.

On November 28, 2012, as a partial source of funding for the Archstone Acquisition (see definition below), EQR priced the issuance of 21,850,000 Common Shares at a price of $54.75 per share for total consideration of approximately $1.2 billion, after deducting underwriting commissions of $35.9 million. Concurrent with this transaction, ERPOP issued 21,850,000 OP Units to EQR.

In September 2009, the Company announced the establishment of an At-The-Market (“ATM”) share offering program which would allow EQR to sell up to 17.0 million Common Shares from time to time over the next three years (later increased by 5.7 million Common Shares and extended to February 2014) into the existing trading market at current market prices as well as through negotiated transactions. Per the terms of ERPOP's partnership agreement, EQR contributes the net proceeds from all equity offerings to the capital of ERPOP in exchange for additional OP Units (on a one-for-one Common Share per OP Unit basis). EQR has not issued any shares under this program since September 14, 2012. EQR had 6.0 million Common Shares remaining available for issuance under the ATM program as of June 30, 2013. On July 30, 2013, the Company filed a new universal shelf registration statement to replace its existing universal shelf registration statement, which expires later this year. The Board of Trustees also approved an increase to the amount of shares which may be offered under the ATM program to 13.0 million Common Shares and extended the program maturity to July 2016. See Note 14 for further discussion.

EQR has a share repurchase program authorized by the Board of Trustees under which it had authorization to repurchase up to $464.6 million of its shares as of June 30, 2013. No shares were repurchased during the six months ended June 30, 2013. The Board of Trustees also approved an increase and modification to the Company's share repurchase program to allow for the potential repurchase of up to 13.0 million Common Shares. See Note 14 for further discussion.

See Note 6 for a discussion of the Noncontrolling Interests assumed in conjunction with the acquisition of Archstone.

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Earnings Per Share

6 Months Ended

Jun. 30, 2013

Earnings Per Share [Abstract]

Earnings Per Share And Earnings Per Unit [Text Block]

10. Earning Per Share and Earnings Per Unit

Equity Residential

The following tables set forth the computation of net income per share – basic and net income per share – diluted for the Company (amounts in thousands except per share amounts):

	Six Months Ended June 30,						Quarter Ended June 30,
	2013			2012			2013			2012
Numerator for net income per share – basic and diluted (1):
(Loss) income from continuing operations	$	(209,793	)	$	(18,177	)	$	(51,455	)	$	474
Allocation to Noncontrolling Interests – Operating Partnership, net	8,513			1,139			1,963			154
Net loss (income) attributable to Noncontrolling Interests – Partially Owned Properties	790			(769		)	815			(319		)
Preferred distributions	(2,072		)	(6,933		)	(1,036		)	(3,467		)
(Loss) from continuing operations available to Common Shares, net of Noncontrolling Interests	(202,562		)	(24,740		)	(49,713		)	(3,158		)
Discontinued operations, net of Noncontrolling Interests	1,542,935			266,370			373,436			102,955
Numerator for net income per share – basic and diluted (1)	$	1,340,373		$	241,630		$	323,723		$	99,797
Denominator for net income per share – basic and diluted (1):
Denominator for net income per share – basic and diluted (1)	348,654			299,499			359,653			300,193
Net income per share – basic	$	3.84		$	0.81		$	0.90		$	0.33
Net income per share – diluted	$	3.84		$	0.81		$	0.90		$	0.33
Net income per share – basic:
(Loss) from continuing operations available to Common Shares, net of Noncontrolling Interests	$	(0.581	)	$	(0.082	)	$	(0.138	)	$	(0.011	)
Discontinued operations, net of Noncontrolling Interests	4.425			0.889			1.038			0.343
Net income per share – basic	$	3.844		$	0.807		$	0.900		$	0.332
Net income per share – diluted (1):
(Loss) from continuing operations available to Common Shares	$	(0.581	)	$	(0.082	)	$	(0.138	)	$	(0.011	)
Discontinued operations, net	4.425			0.889			1.038			0.343
Net income per share – diluted	$	3.844		$	0.807		$	0.900		$	0.332

(1) Potential common shares issuable from the assumed conversion of OP Units and the exercise/vesting of long-term compensation shares/units are automatically anti-dilutive and therefore excluded from the diluted earnings per share calculation as the Company had a loss from continuing operations for the six months and quarters ended June 30, 2013 and 2012.

ERP Operating Limited Partnership

The following tables set forth the computation of net income per Unit – basic and net income per Unit – diluted for the Operating Partnership (amounts in thousands except per Unit amounts):

	Six Months Ended June 30,						Quarter Ended June 30,
	2013			2012			2013			2012
Numerator for net income per Unit – basic and diluted (1):
(Loss) income from continuing operations	$	(209,793	)	$	(18,177	)	$	(51,455	)	$	474
Net loss (income) attributable to Noncontrolling Interests – Partially Owned Properties	790			(769		)	815			(319		)
Allocation to Preference Units	(2,072		)	(6,933		)	(1,036		)	(3,467		)
(Loss) from continuing operations available to Units	(211,075		)	(25,879		)	(51,676		)	(3,312		)
Discontinued operations, net	1,607,559			278,659			388,187			107,841
Numerator for net income per Unit – basic and diluted (1)	$	1,396,484		$	252,780		$	336,511		$	104,529
Denominator for net income per Unit – basic and diluted (1):
Denominator for net income per Unit – basic and diluted (1)	362,390			313,133			373,403			314,255
Net income per Unit – basic	$	3.84		$	0.81		$	0.90		$	0.33
Net income per Unit – diluted	$	3.84		$	0.81		$	0.90		$	0.33
Net income per Unit – basic:
(Loss) from continuing operations available to Units	$	(0.581	)	$	(0.082	)	$	(0.138	)	$	(0.011	)
Discontinued operations, net	4.425			0.889			1.038			0.343
Net income per Unit – basic	$	3.844		$	0.807		$	0.900		$	0.332
Net income per Unit – diluted (1):
(Loss) from continuing operations available to Units	$	(0.581	)	$	(0.082	)	$	(0.138	)	$	(0.011	)
Discontinued operations, net	4.425			0.889			1.038			0.343
Net income per Unit – diluted	$	3.844		$	0.807		$	0.900		$	0.332

(1) Potential Units issuable from the assumed exercise/vesting of the Company's long-term compensation shares/units are automatically anti-dilutive and therefore excluded from the diluted earnings per Unit calculation as the Operating Partnership had a loss from continuing operations for the six months and quarters ended June 30, 2013 and 2012.

XML

Debt

6 Months Ended

Jun. 30, 2013

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

8.    Debt

EQR does not have any indebtedness as all debt is incurred by the Operating Partnership. EQR guarantees the Operating Partnership’s $750.0 million senior unsecured delayed draw term loan facility 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 June 30, 2013, the Company had outstanding mortgage debt of approximately $6.2 billion.

During the six months ended June 30, 2013, the Company:

▪ Repaid $704.2 million of mortgage loans;

▪ Assumed $2.2 billion of mortgage debt held in two Fannie Mae loan pools, consisting of $1.2 billion collateralized by 16 properties with an interest rate of 6.256% and a maturity date of November 1, 2017 and $1.0 billion collateralized by 15 properties with an interest rate of 5.883% and a maturity date of November 1, 2014;

▪ Assumed $346.6 million of tax-exempt bonds on four properties with interest rates ranging from SIFMA plus 0.860% to SIFMA plus 1.402% and maturity dates through November 15, 2036;

▪ Assumed $339.0 million of other mortgage debt on three properties with fixed interest rates ranging from 0.100% to 5.240% and maturity dates through May 1, 2061;

▪ Assumed $34.1 million of other mortgage debt on one property with a variable rate of LIBOR plus 1.75% and a maturity date of September 1, 2014; and

▪ Recorded $127.9 million of net mark-to-market premiums on the mortgage debt described in the bullets above.

The Company recorded approximately $71.4 million, $1.6 million and $3.3 million of prepayment penalties, write-offs of unamortized deferred financing costs and write-offs of unamortized discounts, respectively, during the six months ended June 30, 2013 as additional interest expense related to debt extinguishment of mortgages.

As of June 30, 2013, the Company had $700.5 million of secured debt subject to third party credit enhancement.

As of June 30, 2013, scheduled maturities for the Company’s outstanding mortgage indebtedness were at various dates through May 1, 2061. At June 30, 2013, the interest rate range on the Company’s mortgage debt was 0.05% to 7.25%. During the six months ended June 30, 2013, the weighted average interest rate on the Company’s mortgage debt was 4.37%.

Notes

As of June 30, 2013, the Company had outstanding unsecured notes of approximately $5.5 billion.

During the six months ended June 30, 2013, the Company:

▪ Repaid $400.0 million of 5.200% unsecured notes at maturity;

▪ Issued $500.0 million of ten-year 3.00% fixed rate public notes, receiving net proceeds of $495.6 million before underwriting fees, hedge termination costs and other expenses, at an all-in effective interest rate of 3.998%; and

▪ Entered into a senior unsecured $750.0 million delayed draw term loan facility which was fully drawn on February 27, 2013 in connection with the Archstone acquisition. The maturity date of January 11, 2015 is subject to a one-year extension option exercisable by the Company. The interest rate on advances under the term loan facility will generally be LIBOR plus a spread (currently 1.20%), which is dependent on the credit rating of the Company's long-term debt.

In November 2012, the Company obtained a commitment for a senior unsecured bridge loan facility in an aggregate principal amount not to exceed $2.5 billion to finance the acquisition of Archstone and to pay fees and expenses relating to this transaction. On January 11, 2013, the Company terminated this $2.5 billion bridge loan facility in connection with the execution of the term loan facility discussed above and the new revolving credit facility discussed below. The Company wrote off approximately $2.5 million of unamortized deferred financing costs during the six months ended June 30, 2013 as additional interest expense.

As of June 30, 2013, scheduled maturities for the Company’s outstanding notes were at various dates through 2026. At June 30, 2013, the interest rate range on the Company’s notes was 1.36% to 7.57%. During the six months ended June 30, 2013, the weighted average interest rate on the Company’s notes was 5.15%.

Lines of Credit

On January 11, 2013, the Company replaced its existing $1.75 billion facility with a $2.5 billion unsecured revolving credit facility maturing April 1, 2018. 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. The interest rate on advances under the new credit facility will generally be LIBOR plus a spread (currently 1.05%) and the Company pays an annual facility fee (currently 15 basis points). Both the spread and the facility fee are dependent on the credit rating of the Company's long-term debt. The existing $1.75 billion facility was scheduled to mature in July 2014.

As of June 30, 2013, the amount available on the credit facility was $2.47 billion (net of $33.3 million which was restricted/dedicated to support letters of credit). During the six months ended June 30, 2013, the weighted average interest rate was 1.27%.

XML

Document and Entity Information	6 Months Ended
	Jun. 30, 2013	Aug. 02, 2013
Entity Registrant Name	EQUITY RESIDENTIAL
Entity Central Index Key	0000906107
Document Type	10-Q
Document Period End Date	Jun. 30, 2013
Amendment Flag	false
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		360,334,578
OPERATING PARTNERSHIP
Entity Registrant Name	ERP OPERATING LIMITED PARTNERSHIP
Entity Central Index Key	0000931182
Document Type	10-Q
Document Period End Date	Jun. 30, 2013
Amendment Flag	false
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer

XML

Derivative and Other Fair Value Instruments

6 Months Ended

Jun. 30, 2013

Fair Value Disclosures [Abstract]

Derivatives and Fair Value [Text Block]

9. Derivative and Other Fair Value Instruments

The valuation of financial instruments requires the Company to make estimates and judgments that affect the fair value of the instruments. The Company, where possible, bases the fair values of its financial instruments, including its derivative instruments, on listed market prices and third party quotes. Where these are not available, the Company bases its estimates on current instruments with similar terms and maturities or on other factors relevant to the financial instruments.

The carrying values of the Company’s mortgage notes payable and unsecured notes were approximately $6.2 billion and $5.5 billion, respectively, at June 30, 2013. The fair values of the Company’s mortgage notes payable and unsecured notes were approximately $6.4 billion (Level 2) and $5.8 billion (Level 2), respectively, at June 30, 2013. The carrying values of the Company's mortgage notes payable and unsecured notes were approximately $3.9 billion and $4.6 billion, respectively, at December 31, 2012. The fair values of the Company’s mortgage notes payable and unsecured notes were approximately $4.3 billion (Level 2) and $5.2 billion (Level 2), respectively, at December 31, 2012. The fair values of the Company’s financial instruments (other than mortgage notes payable, unsecured notes, derivative instruments and investment securities), including cash and cash equivalents and other financial instruments, approximate their carrying or contract values.

In the normal course of business, the Company is exposed to the effect of interest rate changes. The Company seeks to manage these risks by following established risk management policies and procedures including the use of derivatives to hedge interest rate risk on debt instruments. The Company may also use derivatives to manage its exposure to foreign exchange rates or manage commodity prices in the daily operations of the business.

The following table summarizes the Company’s consolidated derivative instruments at June 30, 2013 (dollar amounts are in thousands):

	Forward Starting Swaps (1)
Current Notional Balance	$	250,000
Lowest Possible Notional	$	250,000
Highest Possible Notional	$	250,000
Lowest Interest Rate	2.125		%
Highest Interest Rate	2.674		%
Earliest Maturity Date	2024
Latest Maturity Date	2024

(1) Forward Starting Swaps – Designed to partially fix the interest rate in advance of a planned future debt issuance. These swaps have mandatory counterparty terminations in 2015, and are targeted to 2014 issuances.

In April 2013, the Company's remaining fair value hedges matured.

A three-level valuation hierarchy exists for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows:

• Level 1 – Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

• Level 2 – Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

• Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The Company’s derivative positions are valued using models developed by the respective counterparty as well as models developed internally by the Company that use as their basis readily observable market parameters (such as forward yield curves and credit default swap data). Employee holdings other than Common Shares within the supplemental executive retirement plan (the “SERP”) are valued using quoted market prices for identical assets and are included in other assets and other liabilities on the consolidated balance sheet. The Company’s investment securities are valued using quoted market prices or readily available market interest rate data. Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners are valued using the quoted market price of Common Shares. The fair values disclosed for mortgage notes payable and unsecured notes were calculated using indicative rates provided by lenders of similar loans in the case of mortgage notes payable and the private unsecured notes and quoted market prices for each underlying issuance in the case of the public unsecured notes.

The following tables provide a summary of the fair value measurements for each major category of assets and liabilities measured at fair value on a recurring basis and the location within the accompanying Consolidated Balance Sheets at June 30, 2013 and December 31, 2012, respectively (amounts in thousands):

				Fair Value Measurements at Reporting Date Using
Description	Balance Sheet Location	6/30/2013		Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1)		Significant  Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level  3)
Assets
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Forward Starting Swaps	Other Assets	$	12,276	$	—	$	12,276	$	—
Supplemental Executive Retirement Plan	Other Assets	73,839		73,839		—		—
Available-for-Sale Investment Securities	Other Assets	3,142		3,142		—		—
Total		$	89,257	$	76,981	$	12,276	$	—
Liabilities
Supplemental Executive Retirement Plan	Other Liabilities	$	73,839	$	73,839	$	—	$	—
Total		$	73,839	$	73,839	$	—	$	—
Redeemable Noncontrolling Interests –
Operating Partnership/Redeemable
Limited Partners	Mezzanine	$	407,890	$	—	$	407,890	$	—

				Fair Value Measurements at Reporting Date Using
Description	Balance Sheet Location	12/31/2012		Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1)		Significant  Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level  3)
Assets
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Fair Value Hedges	Other Assets	$	1,524	$	—	$	1,524	$	—
Supplemental Executive Retirement Plan	Other Assets	70,655		70,655		—		—
Available-for-Sale Investment Securities	Other Assets	2,214		2,214		—		—
Total		$	74,393	$	72,869	$	1,524	$	—
Liabilities
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Forward Starting Swaps	Other Liabilities	$	44,050	$	—	$	44,050	$	—
Supplemental Executive Retirement Plan	Other Liabilities	70,655		70,655		—		—
Total		$	114,705	$	70,655	$	44,050	$	—
Redeemable Noncontrolling Interests –
Operating Partnership/Redeemable
Limited Partners	Mezzanine	$	398,372	$	—	$	398,372	$	—

The following tables provide a summary of the effect of fair value hedges on the Company’s accompanying Consolidated Statements of Operations for the six months ended June 30, 2013 and 2012, respectively (amounts in thousands):

June 30, 2013 Type of Fair Value Hedge	Location of Gain/(Loss) Recognized in Income on Derivative	Amount of Gain/(Loss) Recognized in Income on Derivative			Hedged Item	Income Statement Location of Hedged Item Gain/(Loss)	Amount of Gain/(Loss) Recognized in Income on Hedged Item
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Interest Rate Swaps	Interest expense	$	(1,524	)	Fixed rate debt	Interest expense	$	1,524
Total		$	(1,524	)			$	1,524

June 30, 2012 Type of Fair Value Hedge	Location of Gain/(Loss) Recognized in Income on Derivative	Amount of Gain/(Loss) Recognized in Income on Derivative			Hedged Item	Income Statement Location of Hedged Item Gain/(Loss)	Amount of Gain/(Loss) Recognized in Income on Hedged Item
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Interest Rate Swaps	Interest expense	$	(4,663	)	Fixed rate debt	Interest expense	$	4,663
Total		$	(4,663	)			$	4,663

The following tables provide a summary of the effect of cash flow hedges on the Company’s accompanying Consolidated Statements of Operations for the six months ended June 30, 2013 and 2012, respectively (amounts in thousands):

	Effective Portion						Ineffective Portion
June 30, 2013 Type of Cash Flow Hedge	Amount of Gain/(Loss) Recognized in OCI on Derivative		Location of Gain/ (Loss) Reclassified from Accumulated OCI into Income	Amount of Gain/ (Loss) Reclassified from Accumulated OCI into Income			Location of Gain/(Loss) Recognized in Income  on Derivative	Amount of Gain/ (Loss) Reclassified from Accumulated OCI into Income
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Forward Starting Swaps/Treasury Locks	$	12,337	Interest expense	$	(12,098	)	N/A	$	—
Total	$	12,337		$	(12,098	)		$	—

	Effective Portion							Ineffective Portion
June 30, 2012 Type of Cash Flow Hedge	Amount of Gain/(Loss) Recognized in OCI on Derivative			Location of Gain/ (Loss) Reclassified from Accumulated OCI into Income	Amount of Gain/ (Loss) Reclassified from Accumulated OCI into Income			Location of Gain/(Loss) Recognized in Income  on Derivative	Amount of Gain/ (Loss) Reclassified from Accumulated OCI into Income
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Forward Starting Swaps/Treasury Locks	$	(8,642	)	Interest expense	$	(7,203	)	N/A	$	—
Total	$	(8,642	)		$	(7,203	)		$	—

As of June 30, 2013 and December 31, 2012, there were approximately $170.3 million and $194.7 million in deferred losses, net, included in accumulated other comprehensive (loss), respectively, related to derivative instruments. Based on the estimated fair values of the net derivative instruments at June 30, 2013, the Company may recognize an estimated $21.6 million of accumulated other comprehensive (loss) as additional interest expense during the twelve months ending June 30, 2014.

In April 2013, the Company paid approximately $44.7 million to settle three forward starting swaps in conjunction with the issuance of $500.0 million of ten-year fixed rate public notes. The accrued interest of $0.7 million was recorded as interest expense. The remaining amount of $44.0 million will be deferred as a component of accumulated other comprehensive (loss) and recognized as an increase to interest expense over the approximate term of the notes.

The following tables set forth the maturity, amortized cost, gross unrealized gains and losses, book/fair value and interest and other income of the various investment securities held as of June 30, 2013 and December 31, 2012, respectively (amounts in thousands):

		Other Assets
June 30, 2013 Security	Maturity	Amortized Cost		Unrealized Gains		Unrealized Losses		Book/ Fair Value		Interest and Other Income
Available-for-Sale Investment Securities	N/A	$	675	$	2,467	$	—	$	3,142	$	—
Total		$	675	$	2,467	$	—	$	3,142	$	—

		Other Assets
December 31, 2012 Security	Maturity	Amortized Cost		Unrealized Gains		Unrealized Losses		Book/ Fair Value		Interest and Other Income
Available-for-Sale Investment Securities	N/A	$	675	$	1,539	$	—	$	2,214	$	—
Total		$	675	$	1,539	$	—	$	2,214	$	—

XML

Reportable Segments (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012	Dec. 31, 2012
Rental income:
Same store	$ 461,195	$ 439,744	$ 906,902	$ 864,071
Non-same store/other	171,210	6,395	245,016	10,267
Total rental income	632,405	446,139	1,151,918	874,338
Operating expenses:
Same store	158,469	153,009	317,324	306,986
Non-same store/other	59,928	6,773	93,013	15,377
Total operating expenses	218,397	159,782	410,337	322,363
NOI:
Same store	302,726	286,735	589,578	557,085
Non-same store/other	111,282	(378)	152,003	(5,110)
Total NOI	414,008	286,357	741,581	551,975
Total assets	23,482,383		23,482,383		17,201,000
Segment Reporting Information, Expenditures for Additions to Long-Lived Assets			57,253
Reportable Segments (Textuals) [Abstract]
Rental income	632,405	446,139	1,151,918	874,338
Cost of Property Repairs and Maintenance	(117,819)	(85,423)	(220,417)	(173,819)
Real Estate Taxes and Insurance	(78,547)	(53,422)	(145,400)	(104,268)
Property management	(22,031)	(20,937)	(44,520)	(44,276)
Total Operating Expenses	(218,397)	(159,782)	(410,337)	(322,363)
Units in same store properties	85,509		84,965
Northeast [Member]
Rental income:
Same store	185,729	179,400	367,912	353,749
Non-same store/other	105,007	5,279	148,738	5,580
Total rental income	290,736	184,679	516,650	359,329
Operating expenses:
Same store	64,923	62,557	132,525	127,586
Non-same store/other	34,235	1,903	48,299	2,806
Total operating expenses	99,158	64,460	180,824	130,392
NOI:
Same store	120,806	116,843	235,387	226,163
Non-same store/other	70,772	3,376	100,439	2,774
Total NOI	191,578	120,219	335,826	228,937
Total assets	11,418,096		11,418,096
Segment Reporting Information, Expenditures for Additions to Long-Lived Assets			21,826
Northwest [Member]
Rental income:
Same store	106,008	98,281	204,680	189,969
Non-same store/other	38,541	1,127	57,614	3,912
Total rental income	144,549	99,408	262,294	193,881
Operating expenses:
Same store	35,481	34,254	69,442	67,360
Non-same store/other	12,872	350	19,942	1,388
Total operating expenses	48,353	34,604	89,384	68,748
NOI:
Same store	70,527	64,027	135,238	122,609
Non-same store/other	25,669	777	37,672	2,524
Total NOI	96,196	64,804	172,910	125,133
Total assets	4,610,358		4,610,358
Segment Reporting Information, Expenditures for Additions to Long-Lived Assets			14,465
Southeast [Member]
Rental income:
Same store	60,776	57,953	120,456	114,924
Non-same store/other	760	0	1,017	0
Total rental income	61,536	57,953	121,473	114,924
Operating expenses:
Same store	22,732	22,352	45,190	44,249
Non-same store/other	302	0	406	0
Total operating expenses	23,034	22,352	45,596	44,249
NOI:
Same store	38,044	35,601	75,266	70,675
Non-same store/other	458	0	611	0
Total NOI	38,502	35,601	75,877	70,675
Total assets	1,576,965		1,576,965
Segment Reporting Information, Expenditures for Additions to Long-Lived Assets			8,276
Southwest [Member]
Rental income:
Same store	108,682	104,110	213,854	205,429
Non-same store/other	21,296	50	30,141	818
Total rental income	129,978	104,160	243,995	206,247
Operating expenses:
Same store	35,333	33,846	70,167	67,791
Non-same store/other	9,285	2	12,956	299
Total operating expenses	44,618	33,848	83,123	68,090
NOI:
Same store	73,349	70,264	143,687	137,638
Non-same store/other	12,011	48	17,185	519
Total NOI	85,360	70,312	160,872	138,157
Total assets	3,785,624		3,785,624
Segment Reporting Information, Expenditures for Additions to Long-Lived Assets			8,921
Other [Member]
Rental income:
Same store	0	0	0	0
Non-same store/other	5,606	(61)	7,506	(43)
Total rental income	5,606	(61)	7,506	(43)
Operating expenses:
Same store	0	0	0	0
Non-same store/other	3,234	4,518	11,410	10,884
Total operating expenses	3,234	4,518	11,410	10,884
NOI:
Same store	0	0	0	0
Non-same store/other	2,372	(4,579)	(3,904)	(10,927)
Total NOI	2,372	(4,579)	(3,904)	(10,927)
Total assets	2,091,340		2,091,340
Segment Reporting Information, Expenditures for Additions to Long-Lived Assets			$ 3,765

XML

Commitments and Contingencies (Details) (USD $)	6 Months Ended
	Jun. 30, 2013	Dec. 31, 2012
300 properties designed and built in violation of accessibility requirements	300
Projects in various stages of development	11
Units in various stages of development	2,488
Consolidated Project Under Development Commitment Fund	$ 432,819,000
Various stages of development with estimated completion dates ranging through June 30, 2015	Jun. 30, 2015
Number Of Unconsolidated Projects	4
Number Of Apartments Units Under Development Unconsolidated Projects	1,513
Estimated completion period of project	Sep. 30, 2014
Business Acquisition, Cost of Acquired Entity, Purchase Price	108,000,000
Investment in Joint Venture	230,725,964
Noncontrolling Interests - Partially Owned Properties	107,493,000	77,688,000
Joint Venture Partner [Member]
Land purchase price	57,900,000
Business Acquisition, Cost of Acquired Entity, Purchase Price	75,700,000
Noncontrolling Interests - Partially Owned Properties	90,775,479
Company's Portion [Member]
Land purchase price	76,100,000
Business Acquisition, Cost of Acquired Entity, Purchase Price	102,500,000
Enclave at Wellington [Domain]
Business Acquisition, Percentage of Voting Interests Acquired	95.00%
Parkside at Emeryville [Domain]
Guarantor Obligations, Maximum Exposure	$ 19,700,000