10.

Lines of Credit

EQR does not have any indebtedness as all debt is incurred by the Operating Partnership; however, EQR does guarantee the Operating Partnership’s revolving credit facility up to the maximum amount and for the full term of the facility.

As of June 30, 2011, the Company had a $1.425 billion (net of $75.0 million which had been committed by a now bankrupt financial institution and is not available for borrowing) unsecured revolving credit facility maturing on February 28, 2012. Advances under the credit facility bore interest at variable rates based upon LIBOR at various interest periods plus a spread (0.50%) dependent upon the Operating Partnership’s credit rating or based on bids received from the lending group.

As of June 30, 2011, the amount available on the credit facility was $1.34 billion (net of $81.9 million which was restricted/dedicated to support letters of credit and net of the $75.0 million discussed above). The Company did not draw and had no balance outstanding on its revolving credit facility at any time during the six months ended June 30, 2011. See Note 16 for further discussion on the Company’s new unsecured revolving credit facility.