Mortgage Notes Payable

EQR does not have any indebtedness as all debt is incurred by the Operating Partnership.

As of June 30, 2011, the Company had outstanding mortgage debt of approximately $4.4 billion.

During the six months ended June 30, 2011, the Company:

	•		Repaid $640.8 million of mortgage loans;

	•		Obtained $135.2 million of new mortgage loan proceeds; and

	•		Assumed $99.1 million of mortgage debt on three acquired properties.

The Company recorded approximately $2.1 million of write-offs of unamortized deferred financing costs during the six months ended June 30, 2011 as additional interest expense related to debt extinguishment of mortgages.

As of June 30, 2011, the Company had $446.5 million of secured debt subject to third party credit enhancement.

As of June 30, 2011, scheduled maturities for the Company’s outstanding mortgage indebtedness were at various dates through September 1, 2048. At June 30, 2011, the interest rate range on the Company’s mortgage debt was 0.09% to 11.25%. During the six months ended June 30, 2011, the weighted average interest rate on the Company’s mortgage debt was 4.81%.