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Real Estate (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2014 and December 31, 2013 (amounts in thousands):



	September 30, 2014			December 31, 2013
Land	$	6,329,907		$	6,192,512
Depreciable property:
Buildings and improvements	18,064,739			17,509,609
Furniture, fixtures and equipment	1,345,371			1,214,220
In-Place lease intangibles	509,499			502,218
Projects under development:
Land	395,402			353,574
Construction-in-progress	650,808			635,293
Land held for development:
Land	228,261			341,389
Construction-in-progress	50,878			52,133
Investment in real estate	27,574,865			26,800,948
Accumulated depreciation	(5,314,260		)	(4,807,709		)
Investment in real estate, net	$	22,260,605		$	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 September 30, 2014 and December 31, 2013 (amounts in thousands):



Description	Balance Sheet Location	September 30, 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		(7,777		)	(4,364		)
Lease intangible assets, net		$	171,734		$	175,147

Liabilities
Ground lease intangibles – above market	Other Liabilities	$	2,400		$	2,400
Retail lease intangibles – below market	Other Liabilities	5,270			5,500
Lease intangible liabilities		7,670			7,900
Accumulated amortization		(1,968		)	(1,161		)
Lease intangible liabilities, net		$	5,702		$	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	$	1,080		$	4,321		$	4,321		$	4,321		$	4,321		$	4,321
Retail lease intangibles	(234		)	(939		)	(896		)	(540		)	(71		)	(71		)
Total	$	846		$	3,382		$	3,425		$	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

Acquired and Disposed Properties [Table Text Block]

Other

During the nine months ended September 30, 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	4	1,080	$	375,610
Land Parcels (two)	—	—	28,790
Total	4	1,080	$	404,400

During the nine months ended September 30, 2014, the Company disposed of the following to unaffiliated parties (sales price in thousands):



	Properties	Apartment Units	Sales Price
Rental Properties	4	1,317	$	197,100
Land Parcels (two)	—	—	30,502
Total	4	1,317	$	227,602

Statement [Line Items]

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):



	Nine Months Ended		Quarter Ended
	September 30, 2013		September 30, 2013

Total revenues	$	1,854,509	$	629,446
Income from continuing operations	132,592		84,978
Discontinued operations, net	2,024,346		403,181
Net income	2,156,938		488,159
Net income available to Common Shares	2,070,153		468,959
Earnings per share - basic:
Net income available to Common Shares	$	5.76	$	1.30
Weighted average Common Shares outstanding (1)	359,611		359,811
Earnings per share - diluted:
Net income available to Common Shares	$	5.74	$	1.30
Weighted average Common Shares outstanding (1)	375,808		375,883


(1)	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.

Limited Partner [Member]

Statement [Line Items]

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):



	Nine Months Ended		Quarter Ended
	September 30, 2013		September 30, 2013

Total revenues	$	1,854,509	$	629,446
Income from continuing operations	132,592		84,978
Discontinued operations, net	2,024,346		403,181
Net income	2,156,938		488,159
Net income available to Units	2,155,736		487,433
Earnings per Unit - basic:
Net income available to Units	$	5.76	$	1.30
Weighted average Units outstanding (1)	373,347		373,547
Earnings per Unit - diluted:
Net income available to Units	$	5.74	$	1.30
Weighted average Units outstanding (1)	375,808		375,883


(1)	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.