Real Estate (Tables)

3 Months Ended

Mar. 31, 2014

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

The following table summarizes the carrying amounts for the Company’s investment in real estate (at cost) as of March 31, 2014 and December 31, 2013 (amounts in thousands):

	March 31, 2014			December 31, 2013
Land	$	6,281,124		$	6,192,512
Depreciable property:
Buildings and improvements	17,843,201			17,509,609
Furniture, fixtures and equipment	1,273,171			1,214,220
In-Place lease intangibles	507,100			502,218
Projects under development:
Land	390,850			353,574
Construction-in-progress	474,327			635,293
Land held for development:
Land	253,350			341,389
Construction-in-progress	42,007			52,133
Investment in real estate	27,065,130			26,800,948
Accumulated depreciation	(4,992,877		)	(4,807,709		)
Investment in real estate, net	$	22,072,253		$	21,993,239

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

The following table summarizes the carrying amounts for the Company's above and below market ground and retail lease intangibles as of March 31, 2014 and December 31, 2013 (amounts in thousands):

Description	Balance Sheet Location	March 31, 2014			December 31, 2013
Assets
Ground lease intangibles – below market	Other Assets	$	178,251		$	178,251
Retail lease intangibles – above market	Other Assets	1,260			1,260
Lease intangible assets		179,511			179,511
Accumulated amortization		(5,502		)	(4,364		)
Lease intangible assets, net		$	174,009		$	175,147
Liabilities
Ground lease intangibles – above market	Other Liabilities	$	2,400		$	2,400
Retail lease intangibles – below market	Other Liabilities	5,500			5,500
Lease intangible liabilities		7,900			7,900
Accumulated amortization		(1,471		)	(1,161		)
Lease intangible liabilities, net		$	6,429		$	6,739

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
	2014			2015			2016			2017			2018			2019
Ground lease intangibles	$	3,241		$	4,321		$	4,321		$	4,321		$	4,321		$	4,321
Retail lease intangibles	(758		)	(1,016		)	(908		)	(540		)	(71		)	(71		)
Total	$	2,483		$	3,305		$	3,413		$	3,781		$	4,250		$	4,250

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

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	5,765,538
Furniture, fixtures and equipment	61,470
In-Place lease intangibles	304,830
Projects under development	36,583
Land held for development	244,097
Investments in unconsolidated entities	230,608
Other assets	195,260
Other liabilities	(108,997		)
Net assets acquired	$	8,968,389

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	1,260
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]

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 (amounts in thousands, except per share amounts):

	Quarter Ended
	March 31, 2013
Total revenues	$	638,499
(Loss) from continuing operations (1)	(34,473		)
Discontinued operations, net	1,213,615
Net income	1,179,142
Net income available to Common Shares	1,130,671
Earnings per share - basic:
Net income available to Common Shares	$	3.15
Weighted average Common Shares outstanding (2)	359,362
Earnings per share - diluted (1):
Net income available to Common Shares	$	3.15
Weighted average Common Shares outstanding (2)	359,362

(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 quarter ended March 31, 2013.

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

Acquired Properties Table Text Block

During the quarter ended March 31, 2014, 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	430	$	143,000
Land Parcel – Consolidated	—	—	5,500
Total	1	430	$	148,500

Partnership Interest [Member]

Business Acquisition, Pro Forma Information [Table Text Block]

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 (amounts in thousands, except per Unit amounts):

	Quarter Ended
	March 31, 2013
Total revenues	$	638,499
(Loss) from continuing operations (1)	(34,473		)
Discontinued operations, net	1,213,615
Net income	1,179,142
Net income available to Units	1,178,887
Earnings per Unit - basic:
Net income available to Units	$	3.15
Weighted average Units outstanding (2)	373,085
Earnings per Unit - diluted (1):
Net income available to Units	$	3.15
Weighted average Units outstanding (2)	373,085

(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 quarter ended March 31, 2013.

(2) Includes an adjustment for Common Shares issued to the public in November/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.