Equity Residential Reports Third Quarter Results

  Equity Residential Reports Third Quarter Results

Same Store Revenues Increase 5.8%; Same Store NOI Increases 7.4%;

Normalized FFO per Share Increases 17.7%

Business Wire

CHICAGO -- October 24, 2012

Equity Residential (NYSE: EQR) today reported results for the quarter and nine
months ended September 30, 2012. All per share results are reported as
available to common shares on a diluted basis.

“We continue to experience strong fundamentals across our markets and turned
consistent demand into terrific same store revenue growth of 5.8% in the third
quarter,” said David J. Neithercut, Equity Residential’s President and CEO.
“For the full year, we expect to deliver 5.6% same store revenue growth,
slightly ahead of our original plan and a very good result following growth of
5.0% in 2011. Fundamentals should remain favorable in 2013 which should
produce same store revenue growth of 4.0% to 5.0%.”

Third Quarter 2012

FFO (Funds from Operations), as defined by the National Association of Real
Estate Investment Trusts (NAREIT), for the third quarter of 2012 was $0.92 per
share compared to $0.63 per share in the third quarter of 2011. The difference
is primarily due to a termination fee of $70 million, or $0.22 per share, that
the company received in connection with its pursuit of Archstone, as well as
the items discussed below.

For the third quarter of 2012, the company reported Normalized FFO of $0.73
per share compared to $0.62 per share in the same period of 2011. The
difference is due primarily to:

  *a positive impact of $0.07 per share from higher same store net operating
    income (NOI) and $0.01 per share from higher NOI from properties in lease
    up; and
  *a positive impact of $0.03 per share from 2011 and 2012 transaction
    activity and timing.

Normalized FFO begins with FFO and eliminates certain items that by their
nature are not comparable from period to period or that tend to obscure the
company’s actual operating performance. A reconciliation and definition of
Normalized FFO are provided on pages 24 and 26 of this release and the company
has included guidance for Normalized FFO on page 25 of this release.

For the third quarter of 2012, the company reported earnings of $0.72 per
share compared to $0.35 per share in the third quarter of 2011. The difference
is due primarily to higher gains on property sales, the Archstone-related fee
and the other items discussed above.

Nine Months Ended September 30, 2012

FFO for the nine months ended September 30, 2012 was $2.16 per share compared
to $1.77 per share in the same period of 2011.

For the nine months ended September 30, 2012, the company reported Normalized
FFO of $2.02 per share compared to $1.78 per share in the same period of 2011.

For the nine months ended September 30, 2012, the company reported earnings of
$1.52 per share compared to $2.62 per share in the same period of 2011.

Same Store Results

On a same store third quarter to third quarter comparison, which includes
105,902 apartment units, revenues increased 5.8%, expenses increased 2.9% and
NOI increased 7.4%.

On a same store nine-month to nine-month comparison, which includes 102,241
apartment units, revenues increased 5.5%, expenses increased 2.2% and NOI
increased 7.4%.

Acquisitions/Dispositions

During the third quarter of 2012, the company acquired four properties with a
total of 540 apartment units for an aggregate purchase price of $236.3 million
at a weighted average capitalization (cap) rate of 4.3%.

Also during the quarter, the company acquired, for future development, two
land parcels in Seattle and one in Southern California for an aggregate
purchase price of $38.5 million. The company expects to start construction in
early 2014 of 640 apartment units on the Seattle land parcels for a total
development cost of approximately $226.0 million. The company expects to start
construction in 2014 of 154 apartment units on the Southern California land
parcel for a total development cost of approximately $43.2 million.

During the quarter, the company sold eight properties, consisting of 2,153
apartment units, for an aggregate sale price of $280.7 million at a weighted
average cap rate of 6.0%. These sales, excluding two leveraged,
partially-owned assets sold during the quarter, generated an unlevered
internal rate of return (IRR), inclusive of management costs, of 10.2%.

During the first nine months of 2012, the company acquired nine properties
with a total of 1,896 apartment units for an aggregate purchase price of
$906.3 million at a weighted average cap rate of 4.7% and five land parcels
for $62.2 million.

Also during the first nine months of 2012, the company sold 20 properties with
a total of 5,337 apartment units for an aggregate sale price of $616.9 million
at a weighted average cap rate of 6.2%. These sales, excluding two leveraged,
partially-owned assets sold during the third quarter, generated an unlevered
IRR, inclusive of management costs, of 10.8%.

Archstone

As previously disclosed, on June 6, 2012, Equity Residential received $150
million in termination fees from Bank of America, Barclays Bank PLC (together,
the “Sellers”) and Lehman Brothers Holdings Inc. (“Lehman”) as a result of
Lehman’s acquisition of the Sellers’ remaining 26.5% interest in Archstone, a
privately-held owner, operator and developer of multifamily apartment
properties. The company recognized $70 million of these fees in interest and
other income in the third quarter of 2012 and will recognize $80 million of
these fees in interest and other income in the fourth quarter of 2012. These
termination fees will not be included in the company’s Normalized FFO.

Financing Activities

On August 20, 2012, the company redeemed all of its outstanding Series N
Depositary Shares (with a liquidation value of $150 million) each representing
1/10 of a 6.48% Series N Cumulative Redeemable Preferred Share of Beneficial
Interest. As a result of this redemption, the company recorded a non-cash
charge of approximately $5.1 million, or approximately $0.02 per share, in the
third quarter of 2012 for the write-off of the original issuance costs. This
charge reduced earnings per share and FFO but did not impact Normalized FFO.

During the quarter, the company issued 1,095,609 common shares at an average
price of $62.70 per share for total proceeds of approximately $68.7 million
under its At-the-Market (ATM) share offering program. Since the beginning of
2012, the company has issued 3,173,919 common shares at an average price of
$60.59 per share for total proceeds of approximately $192.3 million under the
program. The company has not issued any shares under the program since the end
of the third quarter and currently has approximately 6.0 million shares
available for issuance under this program.

On October 1, 2012, the company redeemed the approximately $222.1 million
outstanding of its 5.5% unsecured notes which matured on that date and on
October 5, 2012, the company paid off its $500 million Term Loan which matured
on that date. Both of these activities were funded from the company’s
revolving credit facility. As of October 23, 2012, the company had an
outstanding balance of $850 million and approximately $870 million available
on its revolving credit facility.

Fourth Quarter 2012 Guidance

The company has established a Normalized FFO guidance range of $0.72 to $0.76
per share for the fourth quarter of 2012. The difference between the company’s
third quarter 2012 Normalized FFO of $0.73 per share and the midpoint of the
fourth quarter guidance range of $0.74 per share is primarily due to:

  *a positive impact of $0.02 per share from higher same store NOI;
  *a positive impact of $0.01 per share from lower interest expense and
    preferred share distributions; and
  *a negative impact of $0.02 per share from 2011 and 2012 transaction
    activity and timing and other items.

Full Year 2012 Guidance

The company has revised its guidance for its full year 2012 same store
operating performance, transactions and Normalized FFO results as well as
other items listed on page 25 of this release. The changes to the full year
same store, transactions and Normalized FFO guidance are listed below:

                           Previous          Revised
Same store:
Physical occupancy          95.2%              95.3%
Revenue change              5.4% to 5.6%       5.6%
Expense change              1.5% to 2.5%       2.3%
NOI change                  7.0% to 8.0%       7.5%

Acquisitions:               $1.25 billion      $1.1 billion
Dispositions:               $1.25 billion      $1.1 billion
Cap Rate Spread:            130 basis points   150 basis points

Normalized FFO per share:   $2.73 to $2.78     $2.74 to $2.78
                                               

Fourth Quarter 2012 Earnings and Conference Call

Equity Residential expects to announce fourth quarter 2012 results on Tuesday,
February 5, 2013 and host a conference call to discuss those results at 9:00
a.m. CT on Wednesday, February 6, 2013.

Equity Residential is an S&P 500 company focused on the acquisition,
development and management of high quality apartment properties in top U.S.
growth markets. Equity Residential owns or has investments in 418 properties
located in 13 states and the District of Columbia, consisting of 118,986
apartment units. For more information on Equity Residential, please visit our
website at www.equityapartments.com.

Forward-Looking Statements

In addition to historical information, this press release contains
forward-looking statements and information within the meaning of the federal
securities laws. These statements are based on current expectations,
estimates, projections and assumptions made by management. While Equity
Residential’s management believes the assumptions underlying its
forward-looking statements are reasonable, such information is inherently
subject to uncertainties and may involve certain risks, including, without
limitation, changes in general market conditions, including the rate of job
growth and cost of labor and construction material, the level of new
multifamily construction and development, competition and local government
regulation. Other risks and uncertainties are described under the heading
“Risk Factors” in our Annual Report on Form 10-K and subsequent periodic
reports filed with the Securities and Exchange Commission (SEC) and available
on our website, www.equityapartments.com. Many of these uncertainties and
risks are difficult to predict and beyond management’s control.
Forward-looking statements are not guarantees of future performance, results
or events. Equity Residential assumes no obligation to update or supplement
forward-looking statements that become untrue because of subsequent events.

A live web cast of the company’s conference call discussing these results will
take place tomorrow, Thursday, October 25, at 9:00 a.m. Central. Please visit
the Investor section of the company’s web site at www.equityapartments.com for
the link. A replay of the web cast will be available for two weeks at this
site.

                                                             
                                                                  
                                                                  
Equity Residential
Consolidated Statements of Operations
(Amounts in thousands except per share data)
(Unaudited)
                                                                  
                  Nine Months Ended September      Quarter Ended September 30,
                  30,
                  2012             2011            2012           2011
REVENUES
Rental income     $  1,602,635     $ 1,417,136     $ 553,092      $ 490,944
Fee and asset       7,328         6,682         3,052        2,928    
management
Total revenues      1,609,963     1,423,818     556,144      493,872  
                                                                  
EXPENSES
Property and         325,071         300,362         110,679        101,712
maintenance
Real estate
taxes and            182,222         162,430         64,235         57,109
insurance
Property             62,769          62,191          18,493         19,175
management
Fee and asset        3,595           3,207           1,108          1,250
management
Depreciation         509,338         467,416         167,406        159,691
General and         37,178        32,462        10,096       10,121   
administrative
Total expenses      1,120,173     1,028,068     372,017      349,058  
                                                                  
Operating            489,790         395,750         184,127        144,814
income
                                                                  
Interest and         70,516          6,598           70,087         5,313
other income
Other expenses       (20,678   )     (9,318    )     (4,094   )     (2,528   )
Interest:
Expense              (347,452  )     (350,957  )     (113,876 )     (112,449 )
incurred, net
Amortization of
deferred            (10,319   )    (11,900   )    (3,338   )    (4,650   )
financing costs
Income before
income and
other taxes,
(loss) from
investments in
unconsolidated       181,857         30,173          132,906        30,500
entities, net
gain on sales
of land parcels
and
discontinued
operations
Income and
other tax            (627      )     (669      )     (222     )     (283     )
(expense)
benefit
(Loss) from
investments in       (3        )     -               (3       )     -
unconsolidated
entities
Net gain on
sales of land        -               4,217           -              -
parcels
Income from
continuing           181,227         33,721          132,681        30,217
operations
Discontinued        315,578       794,075       103,642      82,760   
operations, net
Net income           496,805         827,796         236,323        112,977
Net (income)
loss
attributable to
Noncontrolling
Interests:
Operating            (21,646   )     (36,275   )     (10,496  )     (4,742   )
Partnership
Partially Owned     (457      )    (418      )    312          (387     )
Properties
Net income
attributable to      474,702         791,103         226,139        107,848
controlling
interests
Preferred           (9,319    )    (10,399   )    (2,386   )    (3,466   )
distributions
Premium on
redemption of       (5,150    )    -             (5,150   )    -        
Preferred
Shares
Net income
available to      $  460,233      $ 780,704      $ 218,603     $ 104,382  
Common Shares
                                                                  
Earnings per
share – basic:
Income from
continuing
operations        $  0.53         $ 0.07         $ 0.40        $ 0.09     
available to
Common Shares
Net income
available to      $  1.53         $ 2.65         $ 0.73        $ 0.35     
Common Shares
Weighted
average Common      300,116       294,474       301,336      295,831  
Shares
outstanding
                                                                  
Earnings per
share –
diluted:
Income from
continuing
operations        $  0.52         $ 0.07         $ 0.39        $ 0.08     
available to
Common Shares
Net income
available to      $  1.52         $ 2.62         $ 0.72        $ 0.35     
Common Shares
Weighted
average Common      317,265       311,908       318,773      312,844  
Shares
outstanding
                                                                  
Distributions
declared per      $  1.0125       $ 1.0125       $ 0.3375      $ 0.3375   
Common Share
outstanding
                                                                             
                                                                             
                                                                             

Equity Residential
Consolidated Statements of Funds From Operations and Normalized Funds From
Operations
(Amounts in thousands except per share data)
(Unaudited)
                                                             
                   Nine Months Ended September      Quarter Ended September
                   30,                              30,
                   2012              2011           2012           2011
Net income         $  496,805        $ 827,796      $ 236,323      $ 112,977
Net (income)
loss
attributable to
Noncontrolling        (457      )      (418     )     312            (387    )
Interests –
Partially Owned
Properties
Preferred             (9,319    )      (10,399  )     (2,386   )     (3,466  )
distributions
Premium on
redemption of        (5,150    )     -            (5,150   )    -       
Preferred Shares
Net income
available to          481,879          816,979        229,099        109,124
Common Shares
and Units
                                                                   
Adjustments:
Depreciation          509,338          467,416        167,406        159,691
Depreciation –
Non-real estate       (4,211    )      (4,202   )     (1,430   )     (1,297  )
additions
Depreciation –
Partially Owned
and                   (2,395    )      (2,263   )     (798     )     (758    )
Unconsolidated
Properties
Discontinued
operations:
Depreciation          7,602            28,879         1,428          5,762
Net (gain) on
sales of              (307,447  )      (759,100 )     (103,394 )     (76,864 )
discontinued
operations
Net incremental
gain on sales of      49               2,050          -              935
condominium
units
Gain (loss) on
sale of Equity       350            1,022        -            (2      )
Corporate
Housing (ECH)
FFO available to
Common Shares         685,165          550,781        292,311        196,591
and Units (1)
(3) (4)
Adjustments (see
page 24 for
additional
detail):
Asset impairment
and valuation         -                -              -              -
allowances
Property
acquisition
costs and             14,898           9,318          4,004          2,528
write-off of
pursuit costs
(other expenses)
Debt
extinguishment
(gains) losses,
including
prepayment
penalties,            7,491            9,250          6,114          677
preferred share
redemptions and
non-cash
convertible debt
discounts
(Gains) losses
on sales of
non-operating
assets, net of        (491      )      (6,554   )     -              (1,025  )
income and other
tax expense
(benefit)
Other
miscellaneous        (67,687   )     (7,762   )    (69,910  )    (5,662  )
non-comparable
items
Normalized FFO
available to
Common Shares      $  639,376       $ 555,033     $ 232,519     $ 193,109 
and Units (2)
(3) (4)
                                                                   
FFO (1) (3)        $  699,634        $ 561,180      $ 299,847      $ 200,057
Preferred             (9,319    )      (10,399  )     (2,386   )     (3,466  )
distributions
Premium on
redemption of        (5,150    )     -            (5,150   )    -       
Preferred Shares
FFO available to
Common Shares
and Units -        $  685,165       $ 550,781     $ 292,311     $ 196,591 
basic and
diluted (1) (3)
(4)
FFO per share      $  2.18          $ 1.79        $ 0.93        $ 0.64    
and Unit - basic
FFO per share
and Unit -         $  2.16          $ 1.77        $ 0.92        $ 0.63    
diluted
                                                                   
Normalized FFO     $  648,695        $ 565,432      $ 234,905      $ 196,575
(2) (3)
Preferred            (9,319    )     (10,399  )    (2,386   )    (3,466  )
distributions
Normalized FFO
available to
Common Shares
and Units -        $  639,376       $ 555,033     $ 232,519     $ 193,109 
basic and
diluted (2) (3)
(4)
Normalized FFO
per share and      $  2.04          $ 1.80        $ 0.74        $ 0.63    
Unit - basic
Normalized FFO
per share and      $  2.02          $ 1.78        $ 0.73        $ 0.62    
Unit - diluted
                                                                   
Weighted average
Common Shares
and Units            313,932        307,705      315,513      308,884 
outstanding -
basic
Weighted average
Common Shares
and Units            317,265        311,908      318,773      312,844 
outstanding -
diluted
                                                                   

Note: See page 24 for additional detail regarding the adjustments from FFO to
Normalized FFO. See page 26 for the definitions, the footnotes referenced
above and the reconciliations of EPS to FFO and Normalized FFO.




Equity Residential
Consolidated Balance Sheets
(Amounts in thousands except for share amounts)
(Unaudited)
                                                          
                                        September 30, 2012   December 31, 2011
ASSETS
Investment in real estate
Land                                    $   4,609,337        $  4,367,816
Depreciable property                        15,943,139          15,554,740
Projects under development                  194,254             160,190
Land held for development                  404,846           325,200     
Investment in real estate                   21,151,576          20,407,946
Accumulated depreciation                   (4,880,808  )      (4,539,583  )
Investment in real estate, net              16,270,768          15,868,363
Cash and cash equivalents                   45,623              383,921
Investments in unconsolidated               17,906              12,327
entities
Deposits – restricted                       120,440             152,237
Escrow deposits – mortgage                  10,462              10,692
Deferred financing costs, net               38,823              44,608
Other assets                               164,523           187,155     
Total assets                            $   16,668,545      $  16,659,303  
                                                             
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable                  $   3,948,115        $  4,111,487
Notes, net                                  5,354,038           5,609,574
Lines of credit                             7,000               -
Accounts payable and accrued expenses       105,602             35,206
Accrued interest payable                    78,869              88,121
Other liabilities                           370,046             291,289
Security deposits                           68,758              65,286
Distributions payable                      108,048           179,079     
Total liabilities                          10,040,476        10,380,042  
                                                             
Commitments and contingencies
                                                             
Redeemable Noncontrolling Interests –      414,219           416,404     
Operating Partnership
Equity:
Shareholders’ equity:
Preferred Shares of beneficial
interest, $0.01 par value;
100,000,000 shares authorized;
1,000,000 shares issued and                 50,000              200,000
outstanding as of September 30, 2012
and 1,600,000 shares issued and
outstanding as of December 31, 2011
Common Shares of beneficial interest,
$0.01 par value; 1,000,000,000 shares
authorized; 302,674,716 shares issued
and outstanding as of September 30,         3,027               2,975
2012 and 297,508,185 shares issued
and outstanding as of December 31,
2011
Paid in capital                             5,364,802           5,047,186
Retained earnings                           770,697             615,572
Accumulated other comprehensive            (197,754    )      (196,718    )
(loss)
Total shareholders’ equity                  5,990,772           5,669,015
Noncontrolling Interests:
Operating Partnership                       147,650             119,536
Partially Owned Properties                 75,428            74,306      
Total Noncontrolling Interests             223,078           193,842     
Total equity                               6,213,850         5,862,857   
Total liabilities and equity            $   16,668,545      $  16,659,303  
                                                                            
                                                                            
                                                                            

Equity Residential
Portfolio Summary
As of September 30, 2012
                                                                 
                                               % of        % of         Average
     Markets          Properties   Apartment   Total       Stabilized   Rental
                                   Units       Apartment   NOI (1)      Rate
                                               Units                    (2)
                                                                        
1    New York Metro   30           8,047       6.8    %    13.8    %    $ 3,422
     Area
2    DC Northern      27           9,569       8.0    %    11.6    %      2,150
     Virginia
3    Los Angeles      48           9,815       8.3    %    9.7     %      1,863
4    South Florida    39           12,990      10.9   %    9.4     %      1,452
5    Boston           26           5,832       4.9    %    8.0     %      2,549
6    San Francisco    40           9,094       7.6    %    7.8     %      1,838
     Bay Area
7    Seattle/Tacoma   44           9,901       8.3    %    7.3     %      1,491
8    Denver           24           8,141       6.8    %    5.1     %      1,221
9    San Diego        14           4,963       4.2    %    5.0     %      1,846
10   Suburban         16           4,856       4.1    %    4.5     %      1,689
     Maryland
11   Phoenix          28           8,209       6.9    %    3.9     %      953
12   Orlando          21           6,413       5.4    %    3.4     %      1,083
13   Orange County,   11           3,490       2.9    %    3.2     %      1,653
     CA
14   Inland Empire,   10           3,081       2.6    %    2.4     %      1,474
     CA
15   Atlanta          13           3,820       3.2    %    2.0     %      1,129
16   All Other        25           5,774       4.9    %    2.9     %     1,085
     Markets (3)
                                                                        
     Total            416          113,995     95.8   %    100.0   %      1,708
                                                                        
     Military         2            4,991       4.2    %    -            -
     Housing
                                                                        
     Grand Total      418          118,986     100.0  %    100.0   %    $ 1,708
                                                                        

Note: Projects under development are not included in the Portfolio Summary
      until construction has been completed.
      
      % of Stabilized NOI includes budgeted 2012 NOI for properties that are
(1)   stabilized and projected annual NOI at stabilization (defined as having
      achieved 90% occupancy for three consecutive months) for properties that
      are in lease-up.
      
      Average rental rate is defined as total rental revenues divided by the
(2)   weighted average occupied apartment units for the month of September
      2012.
      
(3)   All Other Markets - Each individual market is less than 1.5% of
      stabilized NOI.
      
      
      

Equity Residential
                                                                    
Portfolio as of
September 30, 2012
                                                                         
                                             Properties   Apartment
                                                          Units
Wholly Owned                                397            110,520
Properties
Partially Owned
Properties -                                19             3,475
Consolidated
Military Housing                            2            4,991    
                                                                         
                                             418          118,986  
                                                                         
                                                                
                                                                         
Portfolio Rollforward Q3 2012
($ in thousands)
                                                                         
                                             Apartment    Purchase/      Cap
                                Properties
                                             Units        (Sale) Price   Rate
                     6/30/2012  421          120,355
Acquisitions:
Rental Properties               4            540          $ 236,336      4.3 %
- Consolidated
Land Parcels                    -            -            $ 38,500
(three)
Dispositions:
Rental Properties               (8     )     (2,153   )   $ (280,654 )   6.0 %
- Consolidated
Completed                       1            188
Developments
Configuration                   -            56
Changes
                                                                         
                     9/30/2012  418         118,986  
                                                                         
                                                                
                                                                         
Portfolio Rollforward 2012
($ in thousands)
                                                                         
                                             Apartment    Purchase/      Cap
                                Properties
                                             Units        (Sale) Price   Rate
                     12/31/2011 427          121,974
Acquisitions:
Rental Properties               9            1,896        $ 906,305      4.7 %
- Consolidated
Land Parcels                    -            -            $ 62,240
(five)
Dispositions:
Rental Properties               (20    )     (5,337   )   $ (616,904 )   6.2 %
- Consolidated
Completed                       2            356
Developments
Configuration                   -            97
Changes
                                                                         
                     9/30/2012  418         118,986  
                                                                         
                                                                         
                                                                         

Equity Residential
                                                                           
Third Quarter 2012 vs. Third Quarter 2011
Same Store Results/Statistics
$ in thousands (except for Average Rental Rate) – 105,902 Same Store Apartment Units
                                                                                  
              Results                                     Statistics
                                                          Average
Description   Revenues        Expenses      NOI (1)       Rental      Occupancy   Turnover
                                                          Rate (2)
                                                                                  
Q3 2012       $ 508,063       $ 177,463     $ 330,600     $ 1,670     95.8   %    17.5  %
Q3 2011       $ 480,256      $ 172,382    $ 307,874    $ 1,588    95.3   %    17.7  %
                                                                                  
Change        $ 27,807       $ 5,081      $ 22,726     $ 82       0.5    %    (0.2  )%
                                                                                  
Change          5.8       %     2.9     %     7.4     %     5.2   %
                                                                                  
                                                                      
                                                                                  
                                                                                  
Third Quarter 2012 vs. Second Quarter 2012
Same Store Results/Statistics
$ in thousands (except for Average Rental Rate) – 112,078 Same Store Apartment Units
                                                                                  
              Results                                     Statistics
                                                          Average
Description   Revenues        Expenses      NOI (1)       Rental      Occupancy   Turnover
                                                          Rate (2)
                                                                                  
Q3 2012       $ 541,067       $ 190,793     $ 350,274     $ 1,681     95.8   %    17.4  %
Q2 2012       $ 528,590      $ 185,273    $ 343,317    $ 1,654    95.1   %    15.4  %
                                                                                  
Change        $ 12,477       $ 5,520      $ 6,957      $ 27       0.7    %    2.0   %
                                                                                  
Change          2.4       %     3.0     %     2.0     %     1.6   %
                                                                                  
                                                                      
                                                                                  
                                                                                  
September YTD 2012 vs. September YTD 2011
Same Store Results/Statistics
$ in thousands (except for Average Rental Rate) – 102,241 Same Store Apartment Units
                                                                                  
              Results                                     Statistics
                                                          Average
Description   Revenues        Expenses      NOI (1)       Rental      Occupancy   Turnover
                                                          Rate (2)
                                                                                  
YTD 2012      $ 1,428,431     $ 505,516     $ 922,915     $ 1,630     95.3   %    45.3  %
YTD 2011      $ 1,353,690    $ 494,509    $ 859,181    $ 1,547    95.2   %    44.2  %
                                                                                  
Change        $ 74,741       $ 11,007     $ 63,734     $ 83       0.1    %    1.1   %
                                                                                  
Change          5.5       %     2.2     %     7.4     %     5.4   %
                                                                                  

      The Company's primary financial measure for evaluating each of its
      apartment communities is net operating income ("NOI"). NOI represents
      rental income less property and maintenance expense, real estate tax and
(1)  insurance expense and property management expense. The Company believes
      that NOI is helpful to investors as a supplemental measure of its
      operating performance because it is a direct measure of the actual
      operating results of the Company's apartment communities. See page 26
      for reconciliations from operating income.
(2)   Average rental rate is defined as total rental revenues divided by the
      weighted average occupied apartment units for the period.
      
      
      

Equity Residential
Third Quarter 2012 vs. Third Quarter 2011
Same Store Results/Statistics by Market
                                                                                                  
                                                                                                             
                                                                    Increase (Decrease) from Prior Year's Quarter
                                    Q3 2012   Q3 2012   Q3 2012                                    Average
                        Apartment   % of      Average   Weighted                                   Rental
       Markets          Units       Actual    Rental    Average     Revenues   Expenses   NOI      Rate      Occupancy
                                    NOI       Rate      Occupancy                                  (1)
                                              (1)       %
                                                                                                             
1      New York Metro   7,063       12.6  %   $ 3,350   96.8   %    6.2   %    3.8   %    7.7  %   5.8   %   0.3   %
       Area
2      DC Northern      8,822       11.2  %     2,081   96.6   %    5.5   %    6.1   %    5.2  %   4.9   %   0.5   %
       Virginia
3      South Florida    12,743      9.7   %     1,448   95.0   %    4.9   %    6.6   %    3.9  %   4.1   %   0.7   %
4      Los Angeles      8,763       9.5   %     1,842   96.2   %    4.8   %    (1.5  )%   8.2  %   3.9   %   0.8   %
5      Boston           5,470       8.2   %     2,581   95.7   %    6.6   %    2.9   %    8.6  %   6.9   %   (0.3  )%
6      Seattle/Tacoma   9,582       7.7   %     1,465   95.3   %    6.4   %    2.3   %    8.9  %   5.5   %   0.8   %
7      San Francisco    6,194       7.4   %     2,018   96.0   %    11.2  %    3.3   %    15.4 %   11.0  %   0.2   %
       Bay Area
8      Denver           7,973       5.8   %     1,212   96.1   %    8.9   %    0.8   %    13.1 %   8.2   %   0.5   %
9      San Diego        4,284       4.6   %     1,753   96.2   %    3.0   %    2.2   %    3.3  %   1.9   %   0.9   %
10     Phoenix          8,209       4.3   %     962     95.2   %    3.5   %    3.2   %    3.7  %   2.8   %   0.6   %
11     Suburban         4,222       3.8   %     1,512   95.5   %    2.7   %    (1.3  )%   4.7  %   2.0   %   0.7   %
       Maryland
12     Orlando          6,413       3.7   %     1,092   95.8   %    5.3   %    2.8   %    7.1  %   5.1   %   0.2   %
13     Orange County,   3,490       3.5   %     1,650   96.2   %    5.7   %    2.2   %    7.4  %   4.9   %   0.7   %
       CA
14     Inland Empire,   3,081       2.7   %     1,469   96.0   %    3.8   %    (4.2  )%   8.0  %   2.2   %   1.4   %
       CA
15     Atlanta          3,820       2.2   %     1,134   96.5   %    6.2   %    3.4   %    8.3  %   5.8   %   0.3   %
16     All Other        5,773       3.1   %    1,094   95.4   %    3.5   %    5.0   %    2.5  %   3.7   %   (0.2  )%
       Markets
                                                                                                             
       Total            105,902     100.0 %   $ 1,670   95.8   %    5.8   %    2.9   %    7.4  %   5.2   %   0.5   %
                                                                                                             
(1 )   Average rental rate is defined as total rental revenues divided by the weighted average occupied apartment
       units for the period.
       
       
       

Equity Residential
Third Quarter 2012 vs. Second Quarter 2012
Same Store Results/Statistics by Market
                                                                                                
                                                                  Increase (Decrease) from Prior Quarter
                                   Q3       Q3 2012   Q3 2012                                    Average
                       Apartment   2012     Average   Weighted                                   Rental
      Markets          Units       % of     Rental    Average     Revenues   Expenses   NOI      Rate      Occupancy
                                   Actual   Rate      Occupancy                                  (1)
                                   NOI      (1)       %
                                                                                                           
1     New York Metro   7,536       12.4 %   $ 3,301   96.8 %      2.2 %      1.8 %      2.4 %    1.7 %     0.5 %
      Area
2     DC Northern      9,381       11.6 %   2,137     96.5 %      1.8 %      2.7 %      1.4 %    1.1 %     0.6 %
      Virginia
3     Los Angeles      9,716       10.0 %   1,863     96.2 %      3.4 %      3.8 %      3.2 %    1.7 %     1.5 %
4     South Florida    12,990      9.4 %    1,459     94.9 %      1.8 %      5.6 %      (0.6)%   1.8 %     0.0 %
5     Boston           5,832       8.2 %    2,547     95.7 %      1.6 %      2.7 %      1.1 %    1.3 %     0.3 %
6     San Francisco    8,656       8.2 %    1,801     95.9 %      3.4 %      2.5 %      4.0 %    2.7 %     0.7 %
      Bay Area
7     Seattle/Tacoma   9,901       7.6 %    1,471     95.3 %      3.3 %      2.0 %      4.0 %    1.8 %     1.4 %
8     Denver           7,973       5.4 %    1,212     96.1 %      3.9 %      7.4 %      2.3 %    3.1 %     0.7 %
9     San Diego        4,963       5.1 %    1,814     95.9 %      2.4 %      (2.5)%     4.7 %    1.1 %     1.1 %
10    Phoenix          8,209       4.0 %    962       95.2 %      1.5 %      6.8 %      (1.3)%   1.2 %     0.3 %
11    Suburban         4,344       3.7 %    1,543     95.5 %      1.4 %      1.9 %      1.1 %    0.3 %     1.0 %
      Maryland
12    Orlando          6,413       3.5 %    1,092     95.8 %      2.9 %      4.1 %      2.1 %    2.1 %     0.8 %
13    Orange County,   3,490       3.3 %    1,650     96.2 %      1.9 %      3.3 %      1.2 %    1.1 %     0.8 %
      CA
14    Inland Empire,   3,081       2.5 %    1,469     96.0 %      2.2 %      0.4 %      3.1 %    0.9 %     1.3 %
      CA
15    Atlanta          3,820       2.1 %    1,134     96.5 %      2.0 %      (0.7)%     4.0 %    1.4 %     0.5 %
16    All Other        5,773       3.0 %    1,094     95.4 %      0.9 %      3.1 %      (0.6)%   1.2 %     (0.2)%
      Markets
                                                                                                           
      Total            112,078     100.0    $ 1,681   95.8 %      2.4 %      3.0 %      2.0 %    1.6 %     0.7 %
                                   %
                                                                                                           
(1)   Average rental rate is defined as total rental revenues divided by the weighted average occupied apartment
      units for the period.
      
      
      

Equity Residential
September YTD 2012 vs. September YTD 2011
Same Store Results/Statistics by Market
                                                                                                  
                                                                                                             
                                                                    Increase (Decrease) from Prior Year
                                    Sept.     Sept.     Sept. YTD
                                    YTD 12    YTD 12    12                                         Average
       Markets          Apartment   % of      Average   Weighted    Revenues   Expenses   NOI      Rental    Occupancy
                        Units       Actual    Rental    Average                                    Rate
                                    NOI       Rate      Occupancy                                  (1)
                                              (1)       %
                                                                                                             
1      New York Metro   7,063       13.0  %   $ 3,302   96.2   %    6.4   %    3.6   %    8.3  %   6.3   %   0.1   %
       Area
2      DC Northern      7,974       10.6  %     2,060   95.7   %    4.7   %    5.0   %    4.6  %   4.8   %   (0.1  )%
       Virginia
3      South Florida    12,114      9.7   %     1,394   95.1   %    4.3   %    4.1   %    4.5  %   3.6   %   0.5   %
4      Los Angeles      7,832       8.8   %     1,786   95.3   %    4.0   %    (2.4  )%   7.5  %   3.6   %   0.4   %
5      Boston           5,175       8.2   %     2,546   95.5   %    6.6   %    0.1   %    10.2 %   6.9   %   (0.3  )%
6      San Francisco    6,194       7.6   %     1,964   95.5   %    11.2  %    3.7   %    15.2 %   11.5  %   (0.2  )%
       Bay Area
7      Seattle/Tacoma   9,081       7.5   %     1,432   94.5   %    5.5   %    3.0   %    7.0  %   5.4   %   0.1   %
8      Denver           7,973       6.0   %     1,176   95.6   %    9.1   %    2.1   %    12.6 %   8.8   %   0.3   %
9      San Diego        4,284       4.7   %     1,736   95.1   %    2.5   %    1.6   %    3.0  %   2.4   %   0.0   %
10     Phoenix          8,209       4.6   %     951     95.1   %    4.1   %    (1.3  )%   7.4  %   4.0   %   0.0   %
11     Orlando          6,413       3.9   %     1,068   95.4   %    4.4   %    2.9   %    5.3  %   4.2   %   0.1   %
12     Orange County,   3,490       3.7   %     1,627   95.6   %    5.3   %    3.7   %    6.1  %   5.1   %   0.2   %
       CA
13     Suburban         3,765       3.3   %     1,437   94.8   %    2.5   %    (0.5  )%   4.0  %   2.6   %   (0.2  )%
       Maryland
14     Inland Empire,   3,081       2.8   %     1,459   94.9   %    2.9   %    0.3   %    4.3  %   2.9   %   0.0   %
       CA
15     Atlanta          3,820       2.3   %     1,114   96.1   %    5.9   %    2.2   %    8.7  %   6.0   %   0.0   %
16     All Other        5,773       3.3   %    1,079   95.2   %    4.4   %    2.0   %    6.2  %   4.4   %   0.0   %
       Markets
                                                                                                             
       Total            102,241    100.0 %   $ 1,630   95.3   %    5.5   %    2.2   %    7.4  %   5.4   %   0.1   %
                                                                                                             
(1 )   Average rental rate is defined as total rental revenues divided by the weighted average occupied apartment
       units for the period.
       
       
       

Equity Residential
                                                             
                                                                   
Third Quarter 2012 vs. Third Quarter 2011
Same Store Operating Expenses
$ in thousands – 105,902 Same Store Apartment Units
                                                                   
                                                                   % of Actual
                    Actual      Actual      $            %         Q3 2012
                    Q3 2012     Q3 2011     Change       Change    Operating
                                                                   Expenses
                                                                   
Real estate taxes   $ 52,973    $ 48,452    $ 4,521      9.3  %    29.9    %
On-site payroll       39,675      39,922      (247   )   (0.6 )%   22.4    %
(1)
Utilities (2)         26,861      26,366      495        1.9  %    15.1    %
Repairs and           25,792      25,082      710        2.8  %    14.5    %
maintenance (3)
Property
management costs      18,544      19,210      (666   )   (3.5 )%   10.4    %
(4)
Insurance             5,572       5,179       393        7.6  %    3.1     %
Leasing and           3,109       3,180       (71    )   (2.2 )%   1.8     %
advertising
Other on-site
operating            4,937      4,991      (54    )   (1.1 )%   2.8     %
expenses (5)
                                                                   
Same store
operating           $ 177,463   $ 172,382   $ 5,081     2.9  %    100.0   %
expenses
                                                                   
                                                         
                                                                   
                                                                   
September YTD 2012 vs. September YTD 2011
Same Store Operating Expenses
$ in thousands – 102,241 Same Store Apartment Units
                                                                   
                                                                   % of Actual
                    Actual      Actual      $            %         YTD 2012
                    YTD 2012    YTD 2011    Change       Change    Operating
                                                                   Expenses
                                                                   
Real estate taxes   $ 150,745   $ 141,365   $ 9,380      6.6  %    29.8    %
On-site payroll       114,836     113,798     1,038      0.9  %    22.7    %
(1)
Utilities (2)         76,423      77,136      (713   )   (0.9 )%   15.1    %
Repairs and           70,369      69,209      1,160      1.7  %    13.9    %
maintenance (3)
Property
management costs      53,566      54,148      (582   )   (1.1 )%   10.6    %
(4)
Insurance             15,955      14,906      1,049      7.0  %    3.2     %
Leasing and           8,382       9,224       (842   )   (9.1 )%   1.7     %
advertising
Other on-site
operating            15,240     14,723     517       3.5  %    3.0     %
expenses (5)
                                                                   
Same store
operating           $ 505,516   $ 494,509   $ 11,007    2.2  %    100.0   %
expenses
                                                                           

      On-site payroll - Includes payroll and related expenses for on-site
(1)  personnel including property managers, leasing consultants and
      maintenance staff.
      
      Utilities - Represents gross expenses prior to any recoveries under the
(2)   Resident Utility Billing System ("RUBS"). Recoveries are reflected in
      rental income.
      
      Repairs and maintenance - Includes general maintenance costs, apartment
(3)   unit turnover costs including interior painting, routine landscaping,
      security, exterminating, fire protection, snow removal, elevator, roof
      and parking lot repairs and other miscellaneous building repair costs.
      
      Property management costs - Includes payroll and related expenses for
      departments, or portions of departments, that directly support on-site
(4)   management. These include such departments as regional and corporate
      property management, property accounting, human resources, training,
      marketing and revenue management, procurement, real estate tax, property
      legal services and information technology.
      
      Other on-site operating expenses - Includes administrative costs such as
(5)   office supplies, telephone and data charges and association and business
      licensing fees.
      
      
      

Equity Residential
                                                                                               
Debt Summary as of September 30, 2012
(Amounts in thousands)
                                                                                                   
                                                                           Weighted   Weighted
                                       Amounts (1)       % of Total        Average    Average
                                                                           Rates      Maturities
                                                                           (1)        (years)
                                                                                                   
Secured                                $ 3,948,115         42.4      %     4.95   %   7.3
Unsecured                               5,361,038       57.6      %     5.09   %   4.6    
                                                                                                   
Total                                  $ 9,309,153       100.0     %     5.03   %   5.7    
                                                                           
Fixed Rate Debt:
Secured – Conventional
                                       $ 3,566,932         38.3      %     5.50   %   6.4

Unsecured – Public/Private              4,550,999       48.9      %     5.70   %   5.4    
                                                                                                   
Fixed Rate Debt                         8,117,931       87.2      %     5.61   %   5.8    
                                                                                                   
Floating Rate Debt:
Secured – Conventional                   30,641            0.3       %     3.35   %   2.0
Secured – Tax Exempt                     350,542           3.8       %     0.22   %   17.9
Unsecured – Public/Private               803,039           8.6       %     1.67   %   0.2
Unsecured – Revolving Credit            7,000           0.1       %     1.34   %   1.8    
Facility
                                                                                                   
Floating Rate Debt                      1,191,222       12.8      %     1.30   %   5.0    
                                                                                                   
Total                                  $ 9,309,153       100.0     %     5.03   %   5.7    
                                                                                                   
(1) Net of the effect of any derivative instruments. Weighted average rates are for the nine months ended
September 30, 2012.
                                                                                                   
Note: The Company capitalized interest of approximately $15.8 million and $5.9 million during the nine
months ended September 30, 2012 and 2011, respectively. The Company capitalized interest of approximately
$5.7 million and $2.2 million during the quarters ended September 30, 2012 and 2011, respectively.
                                                                                                   
                                                                                      
                                                                                                   
Debt Maturity Schedule as of September 30, 2012
(Amounts in thousands)
                                      
                                                                                      Weighted     Weighted
                                                                                      Average      Average
    Year                 Fixed         Floating          Total             % of       Rates        Rates on
                         Rate (1)      Rate (1)                            Total      on Fixed     Total
                                                                                      Rate Debt    Debt (1)
                                                                                      (1)
                                                                                                   
    2012                 $ 225,280     $ 500,125         $ 725,405     (2) 7.8    %   5.51   %     2.20  %
    2013                   267,888       303,548           571,436         6.1    %   6.69   %     4.84  %
    2014                   564,302       29,022      (3)   593,324         6.4    %   5.31   %     5.19  %
    2015                   417,812       -                 417,812         4.5    %   6.30   %     6.30  %
    2016                   1,190,538     -                 1,190,538       12.8   %   5.34   %     5.34  %
    2017                   1,446,121     456               1,446,577       15.5   %   5.95   %     5.95  %
    2018                   81,448        724               82,172          0.9    %   5.70   %     5.70  %
    2019                   802,635       20,766            823,401         8.8    %   5.49   %     5.36  %
    2020                   1,672,482     809               1,673,291       18.0   %   5.50   %     5.50  %
    2021                   1,188,906     856               1,189,762       12.8   %   4.64   %     4.64  %
    2022+                  233,862       338,604           572,466         6.2    %   6.75   %     3.33  %
    Premium/(Discount)    26,657       (3,688    )      22,969         0.2    %   N/A         N/A   
                                                                                                   
    Total                $ 8,117,931   $ 1,191,222      $ 9,309,153      100.0  %   5.54   %     5.01  %
                                                                                                   
(1) Net of the effect of any derivative instruments. Weighted average rates are as of September 30, 2012.
                                                                                                   
(2) In October 2012, the Company paid off the $222.1 million outstanding of its 5.500% public notes and its
    $500.0 million term loan facility, both at maturity.
                                                                                                   
(3) Includes $7.0 million outstanding on the Company's unsecured revolving credit facility. As of September
    30, 2012, there was approximately $1.71 billion available on this facility.
    
    
    

Equity Residential
Unsecured Debt Summary as of September 30, 2012
(Amounts in thousands)
                                                             
                                                                Unamortized
                  Coupon        Due             Face                          Net
                                                                Premium/    
                  Rate          Date            Amount                        Balance
                                                                (Discount)
                                                                              
    Fixed Rate
    Notes:
                  5.500   %     10/1/12  (1)    $ 222,133       $ -           $ 222,133
                  5.200   %     04/1/13  (2)      400,000         (59     )     399,941
    Fair Value
    Derivative                           (2)      (300,000  )     -             (300,000  )
    Adjustments
                  5.250   %     09/15/14          500,000         (120    )     499,880
                  6.584   %     04/13/15          300,000         (276    )     299,724
                  5.125   %     03/15/16          500,000         (184    )     499,816
                  5.375   %     08/1/16           400,000         (711    )     399,289
                  5.750   %     06/15/17          650,000         (2,416  )     647,584
                  7.125   %     10/15/17          150,000         (327    )     149,673
                  4.750   %     07/15/20          600,000         (3,548  )     596,452
                  4.625   %     12/15/21          1,000,000       (3,493  )     996,507
                  7.570   %     08/15/26         140,000       -           140,000   
                                                                              
                                                 4,562,133     (11,134 )    4,550,999 
                                                                              
    Floating
    Rate Notes:
                                04/1/13  (2)      300,000         -             300,000
    Fair Value
    Derivative                           (2)      3,039           -             3,039
    Adjustments
    Term Loan     LIBOR+0.50%   10/5/12  (3)(4)  500,000       -           500,000   
    Facility
                                                                              
                                                 803,039       -           803,039   
                                                                              
    Revolving
    Credit        LIBOR+1.15%   07/13/14 (3)(5)  7,000         -           7,000     
    Facility:
                                                                              
    Total
    Unsecured                                   $ 5,372,172    $ (11,134 )   $ 5,361,038 
    Debt
                                                                              
                                                                              
(1) On October 1, 2012, the Company paid off its 5.500% public notes at maturity.
                                                                              
(2) Fair value interest rate swaps convert $300.0 million of the 5.200% notes due April 1,
    2013 to a floating interest rate.
                                                                              
(3) Facilities are private. All other unsecured debt is public.
                                                                              
(4) On October 5, 2012, the Company paid off its $500.0 million term loan facility at
    maturity.
                                                                              
(5) As of September 30, 2012, there was approximately $1.71 billion available on the
    Company's unsecured revolving credit facility.
    
    
    

Equity Residential
                                                              
Selected Unsecured Public Debt Covenants
                                                                 
                                            September 30, 2012   June 30, 2012
                                                                 
Total Debt to Adjusted Total Assets (not    43.2        %        43.8     %
to exceed 60%)
                                                                 
Secured Debt to Adjusted Total Assets       18.3        %        18.7     %
(not to exceed 40%)
                                                                 
Consolidated Income Available for Debt
Service to
Maximum Annual Service Charges
(must be at least 1.5 to 1)                 2.95                 2.85
                                                                 
Total Unsecured Assets to Unsecured Debt    286.5       %        280.0    %
(must be at least 150%)
                                                                 
These selected covenants relate to ERP Operating Limited Partnership's
("ERPOP") outstanding
unsecured public debt. Equity Residential is the general partner of ERPOP.




Equity Residential
                                                                                         
Capital Structure as of September 30, 2012
(Amounts in thousands except for share/unit and per share amounts)
                                                                                                 
Secured Debt                                                            $ 3,948,115    42.4  %
Unsecured Debt                                                           5,361,038    57.6  %
                                                                                                 
Total Debt                                                                9,309,153    100.0 %   33.7  %
                                                                                                 
Common Shares
(includes                                     302,674,716     95.5  %
Restricted
Shares)
Units
(includes OP                                 14,399,790     4.5   %
Units and LTIP
Units)
                                                                                                 
Total Shares                                  317,074,506     100.0 %
and Units
Common Share
Price at                                    $ 57.53
September 30,
2012
                                                                          18,241,296   99.7  %
Perpetual
Preferred                                                                 50,000       0.3   %
Equity (see
below)
                                                                                                 
Total Equity                                                              18,291,296   100.0 %   66.3  %
                                                                                                 
Total Market                                                            $ 27,600,449             100.0 %
Capitalization
                                                                                                 
                                                                                   
                                                                                                 
Perpetual Preferred Equity as of September 30, 2012
(Amounts in thousands except for share and per share amounts)
                                                                                                 
                                                                                     
                 Redemption   Outstanding   Liquidation     Annual      Annual
Series           Date         Shares        Value           Dividend    Dividend       
                                                            Per Share   Amount
                                                                                                 
Preferred
Shares:
8.29% Series K   12/10/26     1,000,000     $ 50,000        $ 4.145     $ 4,145
                                                                                                 
Total
Perpetual                     1,000,000     $ 50,000                    $ 4,145             
Preferred
Equity
                                                                                                 
Note: The Series N Preferred Shares ($150.0 million liquidation value) were redeemed on August 20, 2012.




Equity Residential
Common Share and Unit
Weighted Average Amounts Outstanding
                                                              
                         YTD Q312      YTD Q311      Q312          Q311
                                                                   
Weighted Average
Amounts Outstanding
for Net Income
Purposes:
Common Shares - basic    300,116,136   294,473,642   301,336,325   295,830,970
Shares issuable from
assumed
conversion/vesting of:
- OP Units               13,815,887    13,231,470    14,176,635    13,053,174
- long-term
compensation             3,332,695     4,203,347     3,260,210     3,960,089
shares/units
                                                                   
Total Common Shares      317,264,718   311,908,459   318,773,170   312,844,233
and Units - diluted
                                                                   
Weighted Average
Amounts Outstanding
for FFO and Normalized

FFO Purposes:
Common Shares - basic    300,116,136   294,473,642   301,336,325   295,830,970
OP Units - basic         13,815,887    13,231,470    14,176,635    13,053,174
                                                                   
Total Common Shares      313,932,023   307,705,112   315,512,960   308,884,144
and OP Units - basic
Shares issuable from
assumed
conversion/vesting of:
- long-term
compensation             3,332,695     4,203,347     3,260,210     3,960,089
shares/units
                                                                   
Total Common Shares      317,264,718   311,908,459   318,773,170   312,844,233
and Units - diluted
                                                                   
Period Ending Amounts
Outstanding:
Common Shares
(includes Restricted     302,674,716   296,620,833
Shares)
Units (includes OP       14,399,790    13,509,488
Units and LTIP Units)
                                                                   
Total Shares and Units   317,074,506   310,130,321
                                                                   
                                                                   
                                                                   

<td class="bwpadl4 bwvertal*Story too large*
 Equity Residential
Partially Owned Entities as of September 30, 2012
(Amounts in thousands except for project and apartment unit amounts)
                                                           
                        Consolidated                            Unconsolidated
                        Development
                        Projects
                        Held for                                Institutional
                        and/or        Other        Total        Joint
                        Under                                   Ventures (4)
                        Development
                                                                
 Total projects (1)       -         19         19           -      
                                                                
 Total apartment          -         3,475      3,475        -      
 units (1)
                                                                
 Operating
 information for the
 nine months ended
 9/30/12 (at 100%):
 Operating revenue      $  -         $ 46,432     $ 46,432     $   2
 Operating expenses       121       14,789     14,910       112    
                                                                
 Net operating (loss)      (121 )      31,643       31,522         (110   )
 income
 Depreciation              -           11,516       11,516         -
 General and              93        39         132          -      
 administrative/other
                                                                
 Operating (loss)          (214 )      20,088       19,874         (110   )
 income
 Interest and other        2           100          102            -
 income

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