Equity Residential Reports Full Year 2012 Results

  Equity Residential Reports Full Year 2012 Results

Same Store Revenues Increased 5.5%; Same Store NOI Increased 7.6%;

Provides Outlook for 2013 Performance

Business Wire

CHICAGO -- February 5, 2013

Equity Residential (NYSE: EQR) today reported results for the quarter and year
ended December 31, 2012. All per share results are reported as available to
common shares on a diluted basis.

“Operating fundamentals were very strong in 2012 and we delivered same store
revenue growth of 5.5% and NOI growth of 7.6%, among the best numbers in our
history,” said David J. Neithercut, Equity Residential’s President and CEO.
“Market conditions remain favorable and we currently expect to achieve 4% to
5% same store revenue growth in 2013, yet another year above historical
trend.”

Fourth Quarter 2012

FFO (Funds from Operations), as defined by the National Association of Real
Estate Investment Trusts (NAREIT), for the fourth quarter of 2012 was $0.94
per share compared to $0.64 per share in the fourth quarter of 2011. The
difference is primarily due to a termination fee of $80 million, or $0.24 per
share, that the company received in connection with its pursuit of Archstone
as well as the items discussed below.

For the fourth quarter of 2012, the company reported Normalized FFO of $0.75
per share compared to $0.65 per share in the same period of 2011. The
difference is due primarily to:

  *a positive impact of approximately $0.08 per share from higher net
    operating income (NOI) from the company’s same store portfolio;
  *a positive impact of approximately $0.02 per share from lower total debt
    costs;
  *a positive impact of approximately $0.01 per share from 2011 and 2012
    transaction activity; and
  *a negative impact of $0.01 per share from increased share count resulting
    from the approximately 21.9 million common shares sold in the company’s
    December 2012 public offering.

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 26 and 29 of this release and the company
has included guidance for Normalized FFO on page 27 of this release. The
company has also included some additional guidance on forecasted 2013
non-comparable items, primarily Archstone-related costs, on page 28 of this
release.

For the fourth quarter of 2012, the company reported earnings of $1.17 per
share compared to $0.33 per share in the fourth quarter of 2011. The
difference is due primarily to higher gains on property sales, the
Archstone-related fee and the other items discussed above.

Year Ended December 31, 2012

FFO for the year ended December 31, 2012 was $3.11 per share compared to $2.41
per share in the same period of 2011.

For the year ended December 31, 2012, the company reported Normalized FFO of
$2.76 per share compared to $2.43 per share in the same period of 2011.

For the year ended December 31, 2012, the company reported earnings of $2.70
per share compared to $2.95 per share in the same period of 2011.

Same Store Results

On a same store fourth quarter to fourth quarter comparison, which includes
103,522 apartment units, revenues increased 5.4%, expenses increased 0.5% and
NOI increased 8.1%.

On a same store year to year comparison, which includes 98,577 apartment
units, revenues increased 5.5%, expenses increased 1.8% and NOI increased
7.6%.

Acquisitions/Dispositions

The company did not acquire any operating properties during the fourth quarter
of 2012 but did purchase, for approximately $79.0 million, four adjacent land
parcels in Los Angeles for future development of as many as 970 apartment
units.

During the fourth quarter, the company sold 15 properties, consisting of 3,675
apartment units, for an aggregate sale price of $444.4 million at a weighted
average capitalization (cap) rate of 6.1%. These sales generated an unlevered
internal rate of return (IRR), inclusive of management costs, of 10.4%.

During 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 six land parcels for $141.2 million.

During 2012, the company sold 35 properties with a total of 9,012 apartment
units for an aggregate sale price of $1.06 billion 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 10.6%.

The Archstone Acquisition

On November 26, 2012, Equity Residential announced that the company and
AvalonBay Communities, Inc. had entered into an agreement with Lehman Brothers
Holdings Inc. to acquire, for approximately $16 billion, the assets and
liabilities of Archstone Enterprise LP (“Archstone”), which consists
principally of a portfolio of high-quality apartment properties in major
markets in the United States. Under the terms of the agreement, Equity
Residential will acquire approximately 60% of Archstone’s assets and
liabilities. At closing, the company expects to assume, net of payoffs,
approximately $3.3 billion of consolidated Archstone debt, plus a
mark-to-market of approximately $225 million. The transaction is expected to
close in late February. Please see the company’s November 26, 2012 press
release for details of the transaction.

Archstone-related Financing Activities

On December 4, 2012, the company completed the public offering of 21.9 million
common shares at a price of $54.75 per share for net proceeds of approximately
$1.16 billion.

On January 11, 2013, the company entered into a new $2.5 billion unsecured
revolving credit agreement with a group of 25 financial institutions. The new
facility matures in April 2018 and has an interest rate of LIBOR plus a spread
and an annual facility fee that are dependent on the company’s then current
credit rating. At the company’s current rating, the interest rate spread is
1.05% and the annual facility fee is 15 basis points. This facility replaced
the company’s existing $1.75 billion facility which was scheduled to mature in
July 2014.

Also on January 11, 2013, the company entered into a new senior unsecured $750
million delayed draw term loan facility with an interest rate of LIBOR plus a
spread which is dependent on the company’s then current credit rating. At the
company’s current rating, the interest rate spread is 1.20%. The maturity date
of the facility is January 11, 2015, subject to a one year extension option
exercisable by the company. The facility is currently undrawn and is available
in one draw made on or before July 11, 2013 and may be used to fund the
Archstone acquisition or for other corporate purposes.

With the completion of these financing activities, along with cash on hand,
the company has sufficient capital available to completely fund its portion of
the Archstone acquisition cash price, transaction costs and required debt pay
downs. Therefore, the company terminated the $2.5 billion bridge loan facility
commitment that it obtained contemporaneously with entering into the Archstone
acquisition contract in November 2012.

Property Sale Update

Equity Residential has previously announced its intention to fund a
significant portion of the Archstone acquisition with the proceeds from the
sale of assets that are not part of the company’s long-term strategic plans
and expects to sell approximately $4.0 billion of its non-core assets in 2013.
Because of the great demand for these assets, the company has been able to
sell more assets sooner and quickly mitigate much of the execution risk of the
Archstone acquisition. The company now expects approximately $2.8 billion of
these asset sales to occur before the end of the first quarter. Because the
majority of the company’s disposition activity will now occur much earlier in
the year than had been previously planned, the current outlook for the
company’s 2013 Normalized FFO has been reduced by $0.13 per share below the
company’s original projections.

The properties that have been sold since the Archstone transaction
announcement on November 26, 2012 or are currently under contract for sale,
including the previously announced asset sale to the Goldman Sachs/Greystar
entity, are located in the following markets:

                                            
Market                   Properties     Units      Sale Price (millions)
Phoenix                  15             4,241      $536.3
Washington DC Metro      10             3,085      $608.2
Atlanta                  9              2,590      $356.2
Orlando                  10             2,574      $290.6
South Florida            7              2,353      $357.4
Jacksonville             5              1,637      $162.4
Southern California      3              1,056      $270.8
Denver                   4              1,003      $156.0
Seattle/Tacoma           4              802        $ 81.9
Northern California      3              711        $188.5
New York Metro           2              360        $ 99.2
Suburban New England     2              331        $ 39.5
Total                    74             20,743     $3,147.0
                                                   

“The strategic benefits of acquiring the Archstone portfolio included the
ability to fund much of the acquisition with proceeds from the exit of
non-core markets such as Phoenix, Atlanta, Orlando and Jacksonville,” said Mr.
Neithercut. “In addition, the acquisition has created the opportunity to
dispose of assets located in certain sub-markets that are not part of our long
term strategy such as far Suburban Washington, DC submarkets in Virginia and
Maryland, Tacoma, Washington and parts of Northern New Jersey. We are pleased
that the market reception to our asset sales has been strong and that our
sales pace is ahead of plan at pricing that is consistent with our
expectations.”

First Quarter 2013 Guidance

The company has established a Normalized FFO guidance range of $0.62 to $0.66
per share for the first quarter of 2013. The difference between the company’s
fourth quarter 2012 Normalized FFO of $0.75 per share and the midpoint of the
first quarter 2013 guidance range of $0.64 per share is primarily due to:

  *a positive impact of approximately $0.10 per share of NOI from
    approximately one month of income from the Archstone stabilized
    properties;
  *a negative impact of approximately $0.05 per share of lower NOI from
    Equity Residential same store properties as a result of higher operating
    expenses in the first quarter of 2013;
  *a negative impact of approximately $0.05 per share from 2012 and 2013
    disposition activity;
  *a negative impact of approximately $0.06 per share from increased share
    count resulting from a combination of the approximately 21.9 million
    common shares sold in the company’s December 2012 public offering and the
    expected issuance of approximately 34.5 million common shares to Lehman
    Brothers Holdings, Inc. upon closing of the Archstone acquisition;
  *a negative impact of approximately $0.02 per share from higher interest
    expense, primarily as a result of the increased debt associated with the
    Archstone acquisition; and
  *a negative impact of approximately $0.03 per share of other various
    expenses.

Full Year 2013 Guidance

The company’s 2013 same store operating guidance on page 27 of this release is
computed based on the portfolio of approximately 80,000 apartment units that
the company expects to have in its annual same store set after the completion
of its planned 2013 dispositions.

The company has established a Normalized FFO guidance range of $2.80 to $2.90
per share for the full year 2013. The assumptions underlying this guidance can
be found on page 27 of this release. The difference between the company’s
full-year 2012 Normalized FFO of $2.76 per share and the midpoint of the
company’s guidance range of $2.85 per share for full year 2013 Normalized FFO
is primarily due to:

  *a positive impact of approximately $0.95 per share of NOI from
    approximately ten months of income from the Archstone stabilized
    properties;
  *a positive impact of approximately $0.19 per share of higher NOI from
    Equity Residential properties consisting of $0.18 per share from same
    store NOI and $0.01 per share of NOI from properties in lease-up;
  *a positive impact of approximately $0.06 per share from NOI from 2012
    acquisition activity;
  *a negative impact of approximately $0.63 per share from disposition
    activity with $0.11 coming from 2012 activity and $0.52 from 2013
    activity;
  *a negative impact of approximately $0.36 per share from increased share
    count resulting from a combination of the approximately 21.9 million
    common shares sold in the company’s December 2012 public offering and the
    expected issuance of approximately 34.5 million common shares to Lehman
    Brothers Holdings, Inc. upon closing of the Archstone acquisition;
  *a negative impact of approximately $0.08 per share from higher interest
    expense, primarily as a result of the increased debt associated with the
    Archstone acquisition; and
  *a negative impact of approximately $0.04 per share of other various
    expenses.

First Quarter 2013 Earnings and Conference Call

Equity Residential expects to announce first quarter 2013 results on Tuesday,
April 30, 2013 and host a conference call to discuss those results at 11:00
a.m. CT on Wednesday, May 1, 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 403 properties
located in 13 states and the District of Columbia, consisting of 115,370
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, Wednesday, February 6, 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)

                  Year Ended December 31,        Quarter Ended December 31,
                   2012           2011            2012          2011
REVENUES
Rental income      $ 2,114,142     $ 1,874,465     $ 545,405      $ 490,006
Fee and asset       9,573         9,026         2,245        2,344    
management
Total revenues      2,123,715     1,883,491     547,650      492,350  
                                                                  
EXPENSES
Property and         415,986         387,968         99,971         96,467
maintenance
Real estate
taxes and            241,876         211,518         62,996         52,331
insurance
Property             81,902          81,867          19,133         19,676
management
Fee and asset        4,663           4,279           1,068          1,072
management
Depreciation         664,082         612,579         166,196        156,938
General and         47,248        43,605        10,072       11,144   
administrative
Total expenses      1,455,757     1,341,816     359,436      337,628  
                                                                  
Operating income     667,958         541,675         188,214        154,722
                                                                  
Interest and         150,547         7,965           80,032         1,368
other income
Other expenses       (27,361   )     (14,292   )     (6,803   )     (5,166   )
Interest:
Expense              (457,666  )     (464,277  )     (110,214 )     (113,525 )
incurred, net
Amortization of
deferred            (21,370   )    (16,766   )    (11,051  )    (4,833   )
financing costs
Income before
income and other
taxes, (loss)
from investments
in
unconsolidated       312,108         54,305          140,178        32,566
entities, net
gain on sales of
land parcels and
discontinued
operations
Income and other
tax (expense)        (539      )     (728      )     88             (60      )
benefit
(Loss) from
investments in       (14       )     —               (11      )     —
unconsolidated
entities
Net gain on
sales of land       —             4,217         —            —        
parcels
Income from
continuing           311,555         57,794          140,255        32,506
operations
Discontinued        569,649       877,403       244,144      74,895   
operations, net
Net income           881,204         935,197         384,399        107,401
Net (income)
attributable to
Noncontrolling
Interests:
Operating            (38,641   )     (40,780   )     (16,995  )     (4,505   )
Partnership
Partially Owned     (844      )    (832      )    (387     )    (414     )
Properties
Net income
attributable to      841,719         893,585         367,017        102,482
controlling
interests
Preferred            (10,355   )     (13,865   )     (1,036   )     (3,466   )
distributions
Premium on
redemption of       (5,152    )    —             (2       )    —        
Preferred Shares
Net income
available to       $ 826,212      $ 879,720      $ 365,979     $ 99,016   
Common Shares
                                                                  
Earnings per
share – basic:
Income from
continuing
operations         $ 0.93         $ 0.14         $ 0.43        $ 0.09     
available to
Common Shares
Net income
available to       $ 2.73         $ 2.98         $ 1.18        $ 0.33     
Common Shares
Weighted average
Common Shares       302,701       294,856       310,398      295,990  
outstanding
                                                                  
Earnings per
share – diluted:
Income from
continuing
operations         $ 0.92         $ 0.14         $ 0.42        $ 0.09     
available to
Common Shares
Net income
available to       $ 2.70         $ 2.95         $ 1.17        $ 0.33     
Common Shares
Weighted average
Common Shares       319,766       312,065       327,108      312,731  
outstanding
                                                                  
Distributions
declared per       $ 1.78         $ 1.58         $ 0.7675      $ 0.5675   
Common Share
outstanding
                                                                             


Equity Residential
Consolidated Statements of Funds From Operations and Normalized Funds From
Operations
(Amounts in thousands except per share data)
(Unaudited)

                  Year Ended December 31,         Quarter Ended December 31,
                   2012             2011           2012          2011
Net Income         $  881,204        $ 935,197      $ 384,399      $ 107,401
Net (income)
attributable to
Noncontrolling
Interests –
Partially Owned       (844       )     (832     )     (387     )     (414    )
Properties
Preferred             (10,355    )     (13,865  )     (1,036   )     (3,466  )
Distributions
Premium on
redemption of        (5,152     )    —            (2       )    —       
Preferred
Shares
Net income
available to          864,853          920,500        382,974        103,521
Common Shares
and Units
                                                                   
Adjustments:
Depreciation          664,082          612,579        166,196        156,938
Depreciation –
Non-real estate       (5,346     )     (5,519   )     (1,135   )     (1,317  )
additions
Depreciation –
Partially Owned
and                   (3,193     )     (3,062   )     (798     )     (799    )
Unconsolidated
Properties
Discontinued
operations:
Depreciation          20,910           50,949         1,856          10,295
Net (gain) on
sales of              (548,278   )     (826,489 )     (240,831 )     (67,389 )
discontinued
operations
Net incremental
(loss) gain on
sales of              (11        )     1,993          (60      )     (57     )
condominium
units
Gain (loss) on
sale of Equity       200            1,202        (150     )    180     
Corporate
Housing (ECH)
FFO available
to Common
Shares and            993,217          752,153        308,052        201,372
Units (1) (3)
(4)
                                                                   
Adjustments
(see page 26
for additional
detail):
Asset
impairment and        —                —              —              —
valuation
allowances
Property
acquisition
costs and
write-off of          21,649           14,557         6,751          5,239
pursuit costs
(other
expenses)
Debt
extinguishment
(gains) losses,
including
prepayment
penalties,            16,293           12,300         8,802          3,050
preferred share
redemptions and
non-cash
convertible
debt discounts
(Gains) losses
on sales of
non-operating
assets, net of        (255       )     (6,976   )     236            (422    )
income and
other tax
expense
(benefit)
Other
miscellaneous        (147,635   )    (12,369  )    (79,948  )    (4,607  )
non-comparable
items
Normalized FFO
available to
Common Shares      $  883,269       $ 759,665     $ 243,893     $ 204,632 
and Units (2)
(3) (4)
                                                                   
FFO (1) (3)        $  1,008,724      $ 766,018      $ 309,090      $ 204,838
Preferred             (10,355    )     (13,865  )     (1,036   )     (3,466  )
distributions
Premium on
redemption of        (5,152     )    —            (2       )    —       
Preferred
Shares
FFO available
to Common
Shares and         $  993,217       $ 752,153     $ 308,052     $ 201,372 
Units - basic
and diluted (1)
(3) (4)
FFO per share
and Unit -         $  3.14          $ 2.44        $ 0.95        $ 0.65    
basic
FFO per share
and Unit -         $  3.11          $ 2.41        $ 0.94        $ 0.64    
diluted
                                                                   
Normalized FFO     $  893,624        $ 773,530      $ 244,929      $ 208,098
(2) (3)
Preferred            (10,355    )    (13,865  )    (1,036   )    (3,466  )
distributions
Normalized FFO
available to
Common Shares
and Units -        $  883,269       $ 759,665     $ 243,893     $ 204,632 
basic and
diluted (2) (3)
(4)
Normalized FFO
per share and      $  2.79          $ 2.47        $ 0.75        $ 0.66    
Unit - basic
Normalized FFO
per share and      $  2.76          $ 2.43        $ 0.75        $ 0.65    
Unit - diluted
                                                                   
Weighted
average Common
Shares and           316,554        308,062      324,364      309,120 
Units
outstanding -
basic
Weighted
average Common
Shares and           319,766        312,065      327,108      312,731 
Units
outstanding -
diluted
                                                                   
Note: See page 26 for additional detail regarding the adjustments from FFO to
Normalized FFO. See page 29 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)
                                                             
                                               December 31,     December 31,
                                               2012             2011
ASSETS
Investment in real estate
Land                                           $ 4,554,912      $ 4,367,816
Depreciable property                             15,711,944       15,554,740
Projects under development                       387,750          160,190
Land held for development                       353,823        325,200    
Investment in real estate                        21,008,429       20,407,946
Accumulated depreciation                        (4,912,221 )    (4,539,583 )
Investment in real estate, net                   16,096,208       15,868,363
Cash and cash equivalents                        612,590          383,921
Investments in unconsolidated entities           17,877           12,327
Deposits – restricted                            250,442          152,237
Escrow deposits – mortgage                       9,129            10,692
Deferred financing costs, net                    44,382           44,608
Other assets                                    170,372        187,155    
Total assets                                   $ 17,201,000    $ 16,659,303 
                                                                
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable                         $ 3,898,369      $ 4,111,487
Notes, net                                       4,630,875        5,609,574
Lines of credit                                  —                —
Accounts payable and accrued expenses            38,372           35,206
Accrued interest payable                         76,223           88,121
Other liabilities                                304,518          291,289
Security deposits                                66,988           65,286
Distributions payable                           260,176        179,079    
Total liabilities                               9,275,521      10,380,042 
                                                                
Commitments and contingencies
                                                                
Redeemable Noncontrolling Interests –           398,372        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
                                                 50,000           200,000
and outstanding as of December 31, 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; 325,054,654
shares issued
                                                 3,251            2,975
and outstanding as of December 31, 2012 and
297,508,185

shares issued and outstanding as of December
31, 2011
Paid in capital                                  6,542,355        5,047,186
Retained earnings                                887,355          615,572
Accumulated other comprehensive (loss)          (193,148   )    (196,718   )
Total shareholders’ equity                       7,289,813        5,669,015
Noncontrolling Interests:
Operating Partnership                            159,606          119,536
Partially Owned Properties                      77,688         74,306     
Total Noncontrolling Interests                  237,294        193,842    
Total equity                                    7,527,107      5,862,857  
Total liabilities and equity                   $ 17,201,000    $ 16,659,303 
                                                                             

Equity Residential
Portfolio Summary
As of December 31, 2012
                                                                 
                                               % of        % of         Average
                                               Total
                                   Apartment   Apartment   Stabilized   Rental
     Markets          Properties   Units       Units       NOI (1)      Rate
                                                                        (2)
                                                                        
1    New York Metro   30           8,047       7.0    %    13.9    %    $ 3,433
     Area
2    DC Northern      27           9,569       8.3    %    11.5    %      2,136
     Virginia
3    Los Angeles      48           9,815       8.5    %    9.9     %      1,879
4    South Florida    36           12,253      10.6   %    9.0     %      1,463
5    San Francisco    40           9,094       7.9    %    8.6     %      1,902
     Bay Area
6    Boston           26           5,832       5.0    %    8.2     %      2,560
7    Seattle/Tacoma   40           9,029       7.8    %    7.0     %      1,520
8    Denver           24           8,144       7.1    %    5.5     %      1,226
9    San Diego        14           4,963       4.3    %    5.0     %      1,851
10   Suburban         16           4,856       4.2    %    4.4     %      1,711
     Maryland
11   Orlando          21           6,413       5.6    %    3.5     %      1,086
12   Phoenix          25           7,400       6.4    %    3.4     %      946
13   Orange County,   11           3,490       3.0    %    3.3     %      1,660
     CA
14   Inland Empire,   10           3,081       2.7    %    2.4     %      1,491
     CA
15   Atlanta          12           3,616       3.1    %    2.0     %      1,157
16   All Other        21           4,729       4.1    %    2.4     %     1,098
     Markets (3)
                                                                        
     Total            401          110,331     95.6   %    100.0   %      1,737
                                                                        
     Military         2            5,039       4.4    %    —            —
     Housing
                                                                        
     Grand Total      403          115,370     100.0  %    100.0   %    $ 1,737
                                                                          

Note:  Projects under development are not included in the Portfolio Summary
        until construction has been completed.
        
        % of Stabilized NOI includes budgeted 2013 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 December
        2012.
        
(3)     All Other Markets - Each individual market is less than 1.5% of
        stabilized NOI.
        

Equity Residential

Portfolio as of December 31, 2012

                                                   Apartment      
                                           Properties   Units
Wholly Owned                              382            106,856
Properties
Partially
Owned                                     19             3,475
Properties -
Consolidated
Military                                  2            5,039      
Housing
                                                                         
                                           403          115,370    
                                                                         

                                                                         
Portfolio Rollforward Q4 2012
($ in thousands)
                                                                         
                                           Apartment    Purchase/
                              Properties   Units        (Sale) Price     Cap
                                                                         Rate
                 9/30/2012    418          118,986
Acquisitions:
Land Parcel                   —            —            $ 79,000
(one)
Dispositions:
Rental
Properties -                  (15    )     (3,675   )   $ (444,430   )   6.1 %
Consolidated
Configuration                 —           59       
Changes
                                                                         
                 12/31/2012   403         115,370  
                                                                         

                                                                         
Portfolio Rollforward 2012
($ in thousands)
                                                                         
                                           Apartment    Purchase/
                              Properties   Units        (Sale) Price     Cap
                                                                         Rate
                 12/31/2011   427          121,974
Acquisitions:
Rental
Properties -                  9            1,896        $ 906,305        4.7 %
Consolidated
Land Parcels                  —            —            $ 141,240
(six)
Dispositions:
Rental
Properties -                  (35    )     (9,012   )   $ (1,061,334 )   6.2 %
Consolidated
Completed                     2            356
Developments
Configuration                 —           156      
Changes
                                                                         
                 12/31/2012   403         115,370  
                                                                         

Equity Residential
                                                                               
Fourth Quarter 2012 vs. Fourth Quarter 2011
Same Store Results/Statistics
$ in thousands (except for Average Rental Rate) – 103,522 Same Store Apartment Units
                                                                                       
              Results                                          Statistics
                                                               Average
                                                               Rental
Description   Revenues        Expenses       NOI (1)           Rate (2)    Occupancy   Turnover
                                                                                       
Q4 2012       $ 505,296       $ 167,964      $ 337,332         $ 1,707     95.4  %     12.9  %
Q4 2011       $ 479,299      $ 167,116     $ 312,183        $ 1,626    95.0  %     13.1  %
                                                                                       
Change        $ 25,997       $ 848         $ 25,149         $ 81       0.4   %     (0.2  )%
                                                                                       
Change          5.4       %     0.5     %      8.1       %       5.0   %
                                                                                       

                                                                                       
                                                                                       
Fourth Quarter 2012 vs. Third Quarter 2012
Same Store Results/Statistics
$ in thousands (except for Average Rental Rate) – 109,323 Same Store Apartment Units
                                                                                       
              Results                                          Statistics
                                                               Average
                                                               Rental
Description   Revenues        Expenses       NOI (1)           Rate (2)    Occupancy   Turnover
                                                                                       
Q4 2012       $ 539,044       $ 178,468      $ 360,576         $ 1,725     95.3  %     12.8  %
Q3 2012       $ 538,845      $ 188,894     $ 349,951        $ 1,716    95.8  %     17.3  %
                                                                                       
Change        $ 199          $ (10,426 )    $ 10,625         $ 9        (0.5  )%    (4.5  )%
                                                                                       
Change          0.0       %     (5.5    )%     3.0       %       0.5   %
                                                                                       

                                                                                       
                                                                                       
2012 vs. 2011
Same Store Results/Statistics
$ in thousands (except for Average Rental Rate) – 98,577 Same Store Apartment Units
                                                                                       
              Results                                          Statistics
                                                               Average
                                                               Rental
Description   Revenues        Expenses       NOI (1)           Rate (2)    Occupancy   Turnover
                                                                                       
2012          $ 1,868,918     $ 649,914      $ 1,219,004       $ 1,658     95.4  %     58.2  %
2011          $ 1,771,449    $ 638,671     $ 1,132,778      $ 1,575    95.2  %     57.3  %
                                                                                       
Change        $ 97,469       $ 11,243      $ 86,226         $ 83       0.2   %     0.9   %
                                                                                       
Change          5.5       %     1.8     %      7.6       %       5.3   %
                                                                                       

      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 29
      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
Fourth Quarter 2012 vs. Fourth Quarter 2011
Same Store Results/Statistics by Market
                                                                                                 
                                                                                                            
                                                                   Increase (Decrease) from Prior Year's Quarter
                                                                   
                                   Q4 2012   Q4 2012   Q4 2012
                                   % of      Average   Weighted                                   Average
                       Apartment   Actual    Rental    Average                                    Rental
      Markets          Units       NOI       Rate      Occupancy   Revenues   Expenses   NOI      Rate      Occupancy
                                             (1)       %                                          (1)
                                                                                                            
1     New York Metro   7,423       12.7  %   $ 3,325   96.3    %   5.4   %    3.5   %    6.7  %   5.3  %    0.1   %
      Area
2     DC Northern      9,381       12.0  %     2,134   95.5    %   4.4   %    2.8   %    5.1  %   3.9  %    0.5   %
      Virginia
3     Los Angeles      8,881       9.7   %     1,857   95.9    %   4.5   %    (3.2  )%   8.3  %   4.2  %    0.2   %
4     South Florida    12,253      9.6   %     1,464   95.2    %   5.4   %    1.3   %    7.9  %   4.4  %    0.8   %
5     Boston           5,470       8.2   %     2,579   95.6    %   5.2   %    4.1   %    5.8  %   5.5  %    (0.3  )%
6     San Francisco    6,194       7.6   %     2,055   95.4    %   10.3  %    0.3   %    15.2 %   9.8  %    0.4   %
      Bay Area
7     Seattle/Tacoma   8,710       7.3   %     1,502   94.5    %   6.2   %    (0.9  )%   10.2 %   5.7  %    0.5   %
8     Denver           7,976       6.0   %     1,226   95.5    %   8.4   %    (3.0  )%   13.6 %   8.0  %    0.4   %
9     San Diego        4,284       4.3   %     1,754   94.7    %   2.1   %    0.2   %    3.0  %   1.7  %    0.3   %
10    Phoenix          7,400       4.0   %     952     95.3    %   3.3   %    (4.0  )%   7.5  %   3.0  %    0.4   %
11    Orlando          6,413       3.8   %     1,085   95.4    %   5.6   %    1.3   %    8.1  %   4.8  %    0.8   %
12    Suburban         4,222       3.8   %     1,521   95.2    %   4.2   %    (3.4  )%   7.8  %   3.6  %    0.6   %
      Maryland
13    Orange County,   3,490       3.5   %     1,662   95.9    %   5.1   %    2.4   %    6.3  %   4.8  %    0.1   %
      CA
14    Inland Empire,   3,081       2.7   %     1,487   95.0    %   4.4   %    (4.9  )%   9.1  %   3.8  %    0.5   %
      CA
15    Atlanta          3,616       2.2   %     1,159   95.9    %   6.9   %    1.9   %    10.2 %   6.9  %    (0.1  )%
16    All Other        4,728       2.6   %    1,108   95.4    %   3.5   %    (2.3  )%   7.7  %   2.7  %    0.7   %
      Markets
                                                                                                            
      Total            103,522     100.0 %   $ 1,707   95.4    %   5.4   %    0.5   %    8.1  %   5.0  %    0.4   %
                                                                                                            
(1)   Average rental rate is defined as total rental revenues divided by the weighted average occupied apartment
      units for the period.
      

Equity Residential
Fourth Quarter 2012 vs. Third Quarter 2012
Same Store Results/Statistics by Market
                                                                                                  
                                                                                                             
                                                                   Increase (Decrease) from Prior Quarter
                                                                   
                                   Q4 2012   Q4 2012   Q4 2012
                                   % of      Average   Weighted                                    Average
                       Apartment   Actual    Rental    Average                                     Rental
      Markets          Units       NOI       Rate      Occupancy   Revenues   Expenses   NOI       Rate      Occupancy
                                             (1)       %                                           (1)
                                                                                                             
1     New York Metro   7,838       13.2  %   $ 3,390   96.3    %   0.4   %    (1.4  )%   1.6  %    1.0  %    (0.6  )%
      Area
2     DC Northern      9,381       11.2  %     2,134   95.5    %   (1.2  )%   (3.3  )%   (0.3 )%   (0.1 )%   (1.0  )%
      Virginia
3     Los Angeles      9,716       10.0  %     1,869   95.8    %   0.0   %    (4.9  )%   2.3  %    0.3  %    (0.4  )%
4     South Florida    12,253      9.0   %     1,464   95.2    %   0.1   %    (7.2  )%   4.8  %    (0.2 )%   0.3   %
5     San Francisco    8,751       8.9   %     1,867   95.0    %   2.1   %    (11.4 )%   9.7  %    3.1  %    (0.9  )%
      Bay Area
6     Boston           5,832       8.0   %     2,547   95.7    %   (0.1  )%   (2.5  )%   1.1  %    0.0  %    0.0   %
7     Seattle/Tacoma   9,029       7.1   %     1,511   94.5    %   (0.8  )%   (7.1  )%   2.7  %    0.2  %    (0.9  )%
8     Denver           7,976       5.6   %     1,226   95.5    %   0.5   %    (11.4 )%   6.0  %    1.2  %    (0.6  )%
9     San Diego        4,963       4.8   %     1,828   94.3    %   (1.0  )%   2.8   %    (2.7 )%   0.8  %    (1.6  )%
10    Suburban         4,856       4.6   %     1,708   95.1    %   0.7   %    (7.1  )%   4.4  %    0.9  %    (0.3  )%
      Maryland
11    Phoenix          7,400       3.7   %     952     95.3    %   0.4   %    (10.7 )%   7.0  %    0.3  %    0.1   %
12    Orlando          6,413       3.6   %     1,085   95.4    %   (1.1  )%   (10.1 )%   4.6  %    (0.6 )%   (0.4  )%
13    Orange County,   3,490       3.2   %     1,662   95.9    %   0.5   %    (3.4  )%   2.3  %    0.7  %    (0.3  )%
      CA
14    Inland Empire,   3,081       2.5   %     1,487   95.0    %   0.1   %    (4.4  )%   2.3  %    1.2  %    (1.0  )%
      CA
15    Atlanta          3,616       2.1   %     1,159   95.9    %   0.4   %    (6.3  )%   5.0  %    1.1  %    (0.7  )%
16    All Other        4,728       2.5   %    1,108   95.4    %   (0.6  )%   (5.5  )%   3.0  %    (0.5 )%   (0.1  )%
      Markets
                                                                                                             
      Total            109,323     100.0 %   $ 1,725   95.3    %   0.0   %    (5.5  )%   3.0  %    0.5  %    (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
2012 vs. 2011
Same Store Results/Statistics by Market
                                                                                                 
                                                                                                            
                                                                   Increase (Decrease) from Prior Year
                                                                                                            
                                   2012      2012      2012
                                   % of      Average   Weighted                                   Average
                       Apartment   Actual    Rental    Average                                    Rental
      Markets          Units       NOI       Rate      Occupancy   Revenues   Expenses   NOI      Rate      Occupancy
                                             (1)       %                                          (1)
                                                                                                            
1     New York Metro   7,063       13.3  %   $ 3,322   96.2   %    6.1   %    3.7   %    7.8  %   6.0   %   0.1   %
      Area
2     DC Northern      7,974       10.8  %     2,068   95.7   %    4.6   %    4.2   %    4.8  %   4.6   %   0.1   %
      Virginia
3     South Florida    11,377      9.3   %     1,404   95.1   %    4.4   %    3.5   %    5.0  %   3.8   %   0.5   %
4     Los Angeles      7,832       8.9   %     1,794   95.4   %    4.1   %    (2.5  )%   7.5  %   3.7   %   0.3   %
5     Boston           5,175       8.4   %     2,552   95.6   %    6.2   %    0.8   %    9.1  %   6.5   %   (0.2  )%
6     San Francisco    6,194       7.9   %     1,986   95.5   %    11.0  %    2.9   %    15.2 %   11.0  %   0.0   %
      Bay Area
7     Seattle/Tacoma   8,209       7.2   %     1,476   94.6   %    5.8   %    1.7   %    8.3  %   5.6   %   0.2   %
8     Denver           7,976       6.2   %     1,188   95.6   %    8.9   %    0.8   %    12.9 %   8.5   %   0.3   %
9     San Diego        4,284       4.8   %     1,740   95.0   %    2.4   %    1.3   %    3.0  %   2.2   %   0.1   %
10    Phoenix          7,400       4.2   %     941     95.1   %    3.8   %    (1.8  )%   7.3  %   3.7   %   0.0   %
11    Orlando          6,413       4.0   %     1,072   95.4   %    4.7   %    2.6   %    6.1  %   4.3   %   0.3   %
12    Orange County,   3,490       3.7   %     1,636   95.7   %    5.3   %    3.4   %    6.1  %   5.1   %   0.2   %
      CA
13    Suburban         3,765       3.4   %     1,441   94.9   %    2.9   %    (1.7  )%   5.3  %   2.9   %   0.0   %
      Maryland
14    Inland Empire,   3,081       2.8   %     1,466   94.9   %    3.3   %    (1.0  )%   5.5  %   3.1   %   0.1   %
      CA
15    Atlanta          3,616       2.3   %     1,134   96.1   %    6.2   %    2.0   %    9.3  %   6.3   %   0.0   %
16    All Other        4,728       2.8   %    1,102   95.3   %    4.1   %    1.3   %    6.2  %   4.0   %   0.1   %
      Markets
                                                                                                            
      Total            98,577      100.0 %   $ 1,658   95.4   %    5.5   %    1.8   %    7.6  %   5.3   %   0.2   %
                                                                                                            
(1)   Average rental rate is defined as total rental revenues divided by the weighted average occupied apartment
      units for the period.
      

Equity Residential
                                                             
Fourth Quarter 2012 vs. Fourth Quarter 2011
Same Store Operating Expenses
$ in thousands – 103,522 Same Store Apartment Units
                                                                   
                                                                   
                                                                   % of Actual
                                                                   Q4 2012
                   Actual      Actual      $            %          Operating
                   Q4 2012     Q4 2011     Change       Change     Expenses
                                                                   
Real estate        $ 52,980    $ 48,982    $ 3,998      8.2   %    31.5    %
taxes
On-site payroll      37,054      37,358      (304   )   (0.8  )%   22.1    %
(1)
Utilities (2)        24,399      25,241      (842   )   (3.3  )%   14.5    %
Repairs and          22,092      23,305      (1,213 )   (5.2  )%   13.2    %
maintenance (3)
Property
management costs     18,949      19,172      (223   )   (1.2  )%   11.3    %
(4)
Insurance            5,497       5,097       400        7.8   %    3.3     %
Leasing and          2,870       3,126       (256   )   (8.2  )%   1.7     %
advertising
Other on-site
operating           4,123      4,835      (712   )   (14.7 )%   2.4     %
expenses (5)
                                                                   
Same store
operating          $ 167,964   $ 167,116   $ 848       0.5   %    100.0   %
expenses
                                                                   

                                                                   
                                                                   
2012 vs. 2011
Same Store Operating Expenses
$ in thousands – 98,577 Same Store Apartment Units
                                                                   
                                                                   
                                                                   % of Actual
                                                                   2012
                   Actual      Actual      $            %          Operating
                   2012        2011        Change       Change     Expenses
                                                                   
Real estate        $ 197,316   $ 184,773   $ 12,543     6.8   %    30.3    %
taxes
On-site payroll      146,637     145,979     658        0.5   %    22.5    %
(1)
Utilities (2)        97,313      98,572      (1,259 )   (1.3  )%   15.0    %
Repairs and          88,931      89,152      (221   )   (0.2  )%   13.7    %
maintenance (3)
Property
management costs     70,084      70,858      (774   )   (1.1  )%   10.8    %
(4)
Insurance            20,629      19,257      1,372      7.1   %    3.2     %
Leasing and          10,812      11,798      (986   )   (8.4  )%   1.7     %
advertising
Other on-site
operating           18,192     18,282     (90    )   (0.5  )%   2.8     %
expenses (5)
                                                                   
Same store
operating          $ 649,914   $ 638,671   $ 11,243    1.8   %    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, association and business
      licensing fees and ground lease costs.
      

Equity Residential
Debt Summary as of December 31, 2012
(Amounts in thousands)
                                                                                    
                                                                                           
                                                                              Weighted
                                                                   Weighted   Average
                                                                   Average    Maturities
                                   Amounts (1)     % of Total      Rates      (years)
                                                                   (1)
                                                                                           
Secured                            $ 3,898,369       45.7      %   4.96   %   7.3
Unsecured                           4,630,875     54.3      %   5.10   %   5.1     
                                                                                           
Total                              $ 8,529,244     100.0     %   5.04   %   6.1     
                                                                                           
Fixed Rate Debt:
Secured –                         $ 3,517,273       41.2      %   5.49   %   6.2
Conventional
Unsecured –                         4,329,352     50.8      %   5.70   %   5.4     
Public/Private
                                                                                           
Fixed Rate Debt                     7,846,625     92.0      %   5.61   %   5.8     
                                                                                           
Floating Rate
Debt:
Secured –                            30,516          0.4       %   3.25   %   1.8
Conventional
Secured – Tax                        350,580         4.1       %   0.23   %   19.7
Exempt
Unsecured –                          301,523         3.5       %   1.83   %   0.2
Public/Private
Unsecured –
Revolving Credit                    —             —            1.35   %   1.5     
Facility
                                                                                           
Floating Rate Debt                  682,619       8.0       %   1.35   %   9.8     
                                                                                           
Total                              $ 8,529,244     100.0     %   5.04   %   6.1     
                                                                                           
(1) Net of the effect of any derivative instruments. Weighted average rates are for the year ended
December 31, 2012.
                                                                                           
Note: The Company capitalized interest of approximately $22.5 million and $9.1 million during the
years ended December 31, 2012 and 2011, respectively. The Company capitalized interest of
approximately $6.7 million and $3.2 million during the quarters ended December 31, 2012 and 2011,
respectively.
                                                                                           
                   
                                                                                           
Debt Maturity Schedule as of December 31, 2012
(Amounts in thousands)
                                                                                           
                                  
                                                                              Weighted     Weighted
                                                                              Average      Average
                                                                              Rates
                     Fixed         Floating                                   on Fixed     Rates on
Year                 Rate (1)      Rate (1)        Total           % of       Rate Debt    Total
                                                                   Total      (1)          Debt (1)
                                                                                           
2013                 $ 224,277     $ 302,033       $ 526,310       6.2    %   6.93    %    4.79  %
2014                   564,302       22,021          586,323       6.9    %   5.31    %    5.24  %
2015                   417,812       —               417,812       4.9    %   6.30    %    6.30  %
2016                   1,190,538     —               1,190,538     14.0   %   5.34    %    5.34  %
2017                   1,446,120     456             1,446,576     17.0   %   5.95    %    5.95  %
2018                   81,450        724             82,174        1.0    %   5.70    %    5.70  %
2019                   802,640       20,766          823,406       9.6    %   5.49    %    5.36  %
2020                   1,672,482     809             1,673,291     19.6   %   5.50    %    5.50  %
2021                   1,188,905     856             1,189,761     13.9   %   4.64    %    4.64  %
2022                   2,401         905             3,306         —          5.81    %    5.74  %
2023+                  231,464       337,699         569,163       6.7    %   6.76    %    3.29  %
Premium/(Discount)    24,234       (3,650    )    20,584       0.2    %   N/A         N/A   
                                                                                           
Total                $ 7,846,625   $ 682,619      $ 8,529,244    100.0  %   5.54    %    5.25  %
                                                                                           
(1) Net of the effect of any derivative instruments. Weighted average rates are as of December 31,
2012.
                     

Equity Residential
Unsecured Debt Summary as of December 31, 2012
(Amounts in thousands)
                                                                       
                                                                
                                                                Unamortized
              Coupon        Due                 Face            Premium/      Net
              Rate          Date                Amount          (Discount)    Balance
                                                                              
Fixed Rate
Notes:
              5.200   %     04/01/13   (1)      $ 400,000       $ (30     )   $ 399,970
Fair Value
Derivative                             (1)        (300,000  )     —             (300,000  )
Adjustments
              5.250   %     09/15/14              500,000         (105    )     499,895
              6.584   %     04/13/15              300,000         (248    )     299,752
              5.125   %     03/15/16              500,000         (170    )     499,830
              5.375   %     08/01/16              400,000         (665    )     399,335
              5.750   %     06/15/17              650,000         (2,289  )     647,711
              7.125   %     10/15/17              150,000         (311    )     149,689
              4.750   %     07/15/20              600,000         (3,433  )     596,567
              4.625   %     12/15/21              1,000,000       (3,397  )     996,603
              7.570   %     08/15/26             140,000       —           140,000   
                                                                              
                                                 4,340,000     (10,648 )    4,329,352 
Floating
Rate Notes:
                            04/01/13   (1)        300,000         —             300,000
Fair Value
Derivative                             (1)       1,523         —           1,523     
Adjustments
                                                                              
                                                 301,523       —           301,523   
                                                                              
Revolving
Credit        LIBOR+1.15%   07/13/14   (2)(3)    —             —           —         
Facility:
                                                                              
Total
Unsecured                                       $ 4,641,523    $ (10,648 )   $ 4,630,875 
Debt
                                                                                          

(1)  Fair value interest rate swaps convert $300.0 million of the 5.200%
      notes due April 1, 2013 to a floating interest rate.
      
(2)   Facility is private. All other unsecured debt is public.
      
      As of December 31, 2012, there was approximately $1.72 billion available
      on the Company's unsecured revolving credit facility. On January 11,
      2013, the Company replaced its existing $1.75 billion facility with a
      new $2.5 billion unsecured revolving credit facility maturing in April
(3)   2018. The interest rate on advances under the new credit facility will
      be LIBOR plus a spread (currently 1.05%) and an annual facility fee
      (currently 15 basis points). Both the spread and the facility fee are
      dependent on the credit rating of the Company's long-term debt. As of
      January 31, 2013, there was approximately $2.47 billion available on the
      Company's unsecured revolving credit facility.
      
      Note: 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.
      

Equity Residential
                                                            
Selected Unsecured Public Debt Covenants
                                                                 
                                                December 31,     September 30,
                                                2012             2012
                                                                 
Total Debt to Adjusted Total Assets (not to     38.6     %       43.2     %
exceed 60%)
                                                                 
Secured Debt to Adjusted Total Assets (not      17.6     %       18.3     %
to exceed 40%)
                                                                 
Consolidated Income Available for Debt
Service to
Maximum Annual Service Charges
(must be at least 1.5 to 1)                     3.00             2.95
                                                                 
Total Unsecured Assets to Unsecured Debt        346.3    %       286.5    %
(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.


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Equity Residential
                                                                    
Capital Structure as of December 31, 2012
(Amounts in thousands except for share/unit and per share amounts)
                                                                            
Secured Debt                                       $ 3,898,369    45.7  %
Unsecured Debt                                      4,630,875    54.3  %
                                                                            
Total Debt                                           8,529,244    100.0 %   30.7 %
                                                                            
Common Shares
(includes                325,054,654     95.9  %
Restricted
Shares)
Units
(includes OP            13,968,758     4.1   %
Units and LTIP
Units)
                                                                            
Total Shares             339,023,412     100.0 %
and Units
Common Share
Price at               $ 56.67
December 31,
2012
                                                     19,212,457   99.7  %
Perpetual
Preferred                                           50,000       0.3   %
Equity (see
below)
                                                                            
Total Equity                                         19,262,457   100.0 %   69.3 %
                                                                            
Total Market                                       $ 27,791,701
Capitalization

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