
19.	Quarterly Financial Data (Unaudited)

Equity Residential

The following unaudited quarterly data has been prepared on the basis of a December 31 year-end. Amounts are in thousands, except for per share amounts.



	First Quarter		Second Quarter		Third Quarter			Fourth Quarter
2014	3/31		6/30		9/30			12/31
Total revenues	$	633,442	$	652,568	$	664,078		$	664,660
Operating income	199,259		228,310		243,274			250,532
Income from continuing operations	81,680		117,210		231,252			226,959
Discontinued operations, net	1,052		510		(62		)	82
Net income *	82,732		117,720		231,190			227,041
Net income available to Common Shares	78,099		111,654		220,707			216,703
Earnings per share – basic:
Net income available to Common Shares	$	0.22	$	0.31	$	0.61		$	0.60
Weighted average Common Shares outstanding	360,470		360,809		361,409			362,018
Earnings per share – diluted:
Net income available to Common Shares	$	0.22	$	0.31	$	0.61		$	0.59
Weighted average Common Shares outstanding	376,384		377,118		377,954			378,886



	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
2013	3/31			6/30			9/30			12/31
Total revenues	$	504,722		$	617,217		$	626,629		$	639,134
Operating income	104,254			63,986			120,405			223,677
(Loss) income from continuing operations	(165,339		)	(58,511		)	(13,465		)	69,141
Discontinued operations, net	1,226,373			395,243			405,182			46,729
Net income *	1,061,034			336,732			391,717			115,870
Net income available to Common Shares	1,016,650			323,723			376,155			109,940
Earnings per share – basic:
Net income available to Common Shares	$	3.01		$	0.90		$	1.05		$	0.31
Weighted average Common Shares outstanding	337,532			359,653			359,811			359,919
Earnings per share – diluted:
Net income available to Common Shares	$	3.01		$	0.90		$	1.05		$	0.30
Weighted average Common Shares outstanding	337,532			359,653			359,811			375,860

* The Company did not have any extraordinary items or cumulative effect of change in accounting principle during the years ended December 31, 2014 and 2013. Therefore, income before extraordinary items and cumulative effect of change in accounting principle is not shown as it was equal to the net income amounts disclosed above.

ERP Operating Limited Partnership

The following unaudited quarterly data has been prepared on the basis of a December 31 year-end. Amounts are in thousands, except for per Unit amounts.



	First Quarter		Second Quarter		Third Quarter			Fourth Quarter
2014	3/31		6/30		9/30			12/31
Total revenues	$	633,442	$	652,568	$	664,078		$	664,660
Operating income	199,259		228,310		243,274			250,532
Income from continuing operations	81,680		117,210		231,252			226,959
Discontinued operations, net	1,052		510		(62		)	82
Net income *	82,732		117,720		231,190			227,041
Net income available to Units	81,192		116,096		229,445			225,261
Earnings per Unit – basic:
Net income available to Units	$	0.22	$	0.31	$	0.61		$	0.60
Weighted average Units outstanding	374,201		374,551		375,116			375,711
Earnings per Unit – diluted:
Net income available to Units	$	0.22	$	0.31	$	0.61		$	0.59
Weighted average Units outstanding	376,384		377,118		377,954			378,886



	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
2013	3/31			6/30			9/30			12/31
Total revenues	$	504,722		$	617,217		$	626,629		$	639,134
Operating income	104,254			63,986			120,405			223,677
(Loss) income from continuing operations	(165,339		)	(58,511		)	(13,465		)	69,141
Discontinued operations, net	1,226,373			395,243			405,182			46,729
Net income *	1,061,034			336,732			391,717			115,870
Net income available to Units	1,059,973			336,511			390,991			114,271
Earnings per Unit – basic:
Net income available to Units	$	3.01		$	0.90		$	1.05		$	0.31
Weighted average Units outstanding	351,255			373,403			373,547			373,643
Earnings per Unit – diluted:
Net income available to Units	$	3.01		$	0.90		$	1.05		$	0.30
Weighted average Units outstanding	351,255			373,403			373,547			375,860

* The Operating Partnership did not have any extraordinary items or cumulative effect of change in accounting principle during the years ended December 31, 2014 and 2013. Therefore, income before extraordinary items and cumulative effect of change in accounting principle is not shown as it was equal to the net income amounts disclosed above.