CONSOLIDATED STATEMENTS OF CASH FLOWS OF ERP OPERATING LIMITED PARTNERSHIP (Unaudited) (USD $) In Thousands	6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 714,819	$ 67,945
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	330,930	327,676
Amortization of deferred financing costs	8,048	5,516
Amortization of discounts and premiums on debt	851	1,123
Amortization of deferred settlements on derivative instruments	1,624	1,198
Write-off of pursuit costs	3,038	2,062
Loss from investments in unconsolidated entities		923
Distributions from unconsolidated entities - return on capital	42	61
Net (gain) on sales of unconsolidated entities		(5,557)
Net (gain) on sales of land parcels	(4,217)
Net (gain) on sales of discontinued operations	(682,236)	(60,253)
Unrealized loss on derivative instruments	2,569	1
Compensation paid with Company Common Shares	12,389	10,926
Changes in assets and liabilities:
Decrease (increase) in deposits - restricted	1,971	(1,394)
(Increase) in other assets	(4,456)	(16,079)
Increase in accounts payable and accrued expenses	35,165	31,360
(Decrease) in accrued interest payable	(6,047)	(5,358)
(Decrease) in other liabilities	(21,980)	(6,166)
(Decrease) increase in security deposits	(33)	2,763
Net cash provided by operating activities	392,477	356,747
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in real estate - acquisitions	(475,397)	(684,594)
Investment in real estate - development/other	(63,558)	(66,886)
Improvements to real estate	(64,863)	(59,182)
Additions to non-real estate property	(3,987)	(612)
Interest capitalized for real estate and unconsolidated entities under development	(3,683)	(7,940)
Proceeds from disposition of real estate, net	1,194,005	105,072
Investments in unconsolidated entities	(412)
Distributions from unconsolidated entities - return of capital		1,303
Proceeds from sale of investment securities		25,000
(Increase) decrease in deposits on real estate acquisitions, net	(171,152)	228,907
Decrease (increase) in mortgage deposits	1,688	(703)
Consolidation of previously unconsolidated properties		(26,854)
Acquisition of Noncontrolling Interests - Partially Owned Properties	(8,575)	(152)
Net cash provided by (used for) investing activities	404,066	(486,641)
CASH FLOWS FROM FINANCING ACTIVITIES:
Loan and bond acquisition costs	(1,466)	(2,193)
Mortgage notes payable:
Proceeds	135,230	104,994
Restricted cash	(11,663)	58,474
Lump sum payoffs	(632,477)	(400,033)
Scheduled principal repayments	(8,366)	(8,323)
Notes, net:
Lump sum payoffs	(93,096)
Lines of credit:
Repayments		(3,359,125)
Proceeds from EQR's Employee Share Purchase Plan (ESPP)	3,501	3,546
Payment of offering costs	(2,611)	(723)
Other financing activities, net	(33)	(33)
Contributions - Noncontrolling Interests - Partially Owned Properties		222
Distributions:
Net cash (used for) financing activities	(623,187)	(15,412)
Net increase (decrease) in cash and cash equivalents	173,356	(145,306)
Cash and cash equivalents, beginning of period	431,408	193,288
Cash and cash equivalents, end of period	604,764	47,982
SUPPLEMENTAL INFORMATION:
Cash paid for interest, net of amounts capitalized	242,655	229,507
Net cash paid (received) for income and other taxes	628	(2,940)
Real estate acquisitions/dispositions/other:
Mortgage loans assumed	99,131	169,428
Valuation of OP Units issued		7,433
Mortgage loans (assumed) by purchaser		(39,999)
Amortization of deferred financing costs:
Investment in real estate, net		(1,211)
Deferred financing costs, net	8,048	6,727
Amortization of discounts and premiums on debt:
Mortgage notes payable	(3,816)	(3,130)
Notes, net	4,667	4,253
Amortization of deferred settlements on derivative instruments:
Other liabilities	(267)	(267)
Losses reclassified into earnings from other comprehensive income	1,891	1,465
Unrealized loss on derivative instruments:
Other assets	1,975	16,620
Mortgage notes payable	(226)	(13)
Notes, net	(501)	7,023
Other liabilities	26,440	62,117
Accumulated other comprehensive (loss)	(25,119)	(85,746)
Interest capitalized for real estate and unconsolidated entities under development:
Investment in real estate, net	(3,597)	(7,940)
Investments in unconsolidated entities	(86)
Consolidation of previously unconsolidated properties:
Investment in real estate, net		(105,065)
Investments in unconsolidated entities		7,376
Deposits - restricted		(42,633)
Mortgage notes payable		112,631
Net other assets recorded		837
Other:
Transfer from notes, net to mortgage notes payable		35,600
OPERATING PARTNERSHIP
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	714,819	67,945
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	330,930	327,676
Amortization of deferred financing costs	8,048	5,516
Amortization of discounts and premiums on debt	851	1,123
Amortization of deferred settlements on derivative instruments	1,624	1,198
Write-off of pursuit costs	3,038	2,062
Loss from investments in unconsolidated entities		923
Distributions from unconsolidated entities - return on capital	42	61
Net (gain) on sales of unconsolidated entities		(5,557)
Net (gain) on sales of land parcels	(4,217)
Net (gain) on sales of discontinued operations	(682,236)	(60,253)
Unrealized loss on derivative instruments	2,569	1
Compensation paid with Company Common Shares	12,389	10,926
Changes in assets and liabilities:
Decrease (increase) in deposits - restricted	1,971	(1,394)
(Increase) in other assets	(4,456)	(16,079)
Increase in accounts payable and accrued expenses	35,165	31,360
(Decrease) in accrued interest payable	(6,047)	(5,358)
(Decrease) in other liabilities	(21,980)	(6,166)
(Decrease) increase in security deposits	(33)	2,763
Net cash provided by operating activities	392,477	356,747
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in real estate - acquisitions	(475,397)	(684,594)
Investment in real estate - development/other	(63,558)	(66,886)
Improvements to real estate	(64,863)	(59,182)
Additions to non-real estate property	(3,987)	(612)
Interest capitalized for real estate and unconsolidated entities under development	(3,683)	(7,940)
Proceeds from disposition of real estate, net	1,194,005	105,072
Investments in unconsolidated entities	(412)
Distributions from unconsolidated entities - return of capital		1,303
Proceeds from sale of investment securities		25,000
(Increase) decrease in deposits on real estate acquisitions, net	(171,152)	228,907
Decrease (increase) in mortgage deposits	1,688	(703)
Consolidation of previously unconsolidated properties		(26,854)
Acquisition of Noncontrolling Interests - Partially Owned Properties	(8,575)	(152)
Net cash provided by (used for) investing activities	404,066	(486,641)
CASH FLOWS FROM FINANCING ACTIVITIES:
Loan and bond acquisition costs	(1,466)	(2,193)
Mortgage notes payable:
Proceeds	135,230	104,994
Restricted cash	(11,663)	58,474
Lump sum payoffs	(632,477)	(400,033)
Scheduled principal repayments	(8,366)	(8,323)
Notes, net:
Lump sum payoffs	(93,096)
Lines of credit:
Proceeds		3,679,125
Repayments		(3,359,125)
Proceeds from sale of OP Units	154,508	73,356
Proceeds from EQR's Employee Share Purchase Plan (ESPP)	3,501	3,546
Proceeds from exercise of EQR options	83,534	43,809
OP Units repurchased and retired		(1,887)
Payment of offering costs	(2,611)	(723)
Other financing activities, net	(33)	(33)
Contributions - Noncontrolling Interests - Partially Owned Properties		222
Distributions:
OP Units - General Partner	(231,995)	(188,543)
Preference Units	(6,933)	(7,238)
OP Units - Limited Partners	(10,866)	(9,496)
Noncontrolling Interests - Partially Owned Properties	(454)	(1,344)
Net cash (used for) financing activities	(623,187)	(15,412)
Net increase (decrease) in cash and cash equivalents	173,356	(145,306)
Cash and cash equivalents, beginning of period	431,408	193,288
Cash and cash equivalents, end of period	604,764	47,982
SUPPLEMENTAL INFORMATION:
Cash paid for interest, net of amounts capitalized	242,655	229,507
Net cash paid (received) for income and other taxes	628	(2,940)
Real estate acquisitions/dispositions/other:
Mortgage loans assumed	99,131	169,428
Valuation of OP Units issued		7,433
Mortgage loans (assumed) by purchaser		(39,999)
Amortization of deferred financing costs:
Investment in real estate, net		(1,211)
Deferred financing costs, net	8,048	6,727
Amortization of discounts and premiums on debt:
Mortgage notes payable	(3,816)	(3,130)
Notes, net	4,667	4,253
Amortization of deferred settlements on derivative instruments:
Other liabilities	(267)	(267)
Losses reclassified into earnings from other comprehensive income	1,891	1,465
Unrealized loss on derivative instruments:
Other assets	1,975	16,620
Mortgage notes payable	(226)	(13)
Notes, net	(501)	7,023
Other liabilities	26,440	62,117
Accumulated other comprehensive (loss)	(25,119)	(85,746)
Interest capitalized for real estate and unconsolidated entities under development:
Investment in real estate, net	(3,597)	(7,940)
Investments in unconsolidated entities	(86)
Consolidation of previously unconsolidated properties:
Investment in real estate, net		(105,065)
Investments in unconsolidated entities		7,376
Deposits - restricted		(42,633)
Mortgage notes payable		112,631
Net other assets recorded		837
Other:
Receivable on sale of OP Units		37,550
Transfer from notes, net to mortgage notes payable		$ 35,600