Equity Residential Reports First Quarter Results

  Equity Residential Reports First Quarter Results

Same Store Revenues Increase 5.1%; Same Store NOI Increases 6.3%

Business Wire

CHICAGO -- April 30, 2013

Equity Residential (NYSE: EQR) today reported results for the quarter ended
March 31, 2013. All per share results are reported as available to common
shares on a diluted basis.

"The first quarter of 2013 was an historic period for Equity Residential as we
completed the $9 billion acquisition and successful integration of nearly
22,000 apartment units across our core markets while selling more than 18,000
non-core apartment units for nearly $3 billion," said David J. Neithercut,
Equity Residential's President and CEO. "I am extremely proud of my colleagues
across the enterprise for their efforts in successfully completing our
portfolio transformation while, at the same time, producing same store revenue
growth of 5.1%, which wasin line with our operating expectations for the
quarter. We currently expect operations for the full year to be consistent
with our previous forecast of 4% to 5% same store revenue growth and look
forward to the years ahead of owning and operating the finest portfolio of
multifamily assets in the best markets for long-term growth.”

First Quarter 2013

FFO (Funds from Operations), as defined by the National Association of Real
Estate Investment Trusts (NAREIT), for the first quarter of 2013 was $0.22 per
share compared to $0.60 per share in the first quarter of 2012. The difference
is due primarily to the approximately $65.1 million of merger-related expenses
and approximately $71.4 million of prepayment penalties the company incurred
in the first quarter of 2013 in connection with its acquisition of Archstone.
These prepayment penalties had originally been budgeted to occur in the second
quarter of 2013.

For the first quarter of 2013, the company reported Normalized FFO of $0.64
per share compared to $0.61 per share in the same period of 2012. The
difference is due primarily to:

  *the positive impact of approximately $0.05 per share from higher same
    store net operating income (NOI);
  *the positive impact of approximately $0.10 per share from the stabilized
    Archstone properties;
  *the negative impact of approximately $0.04 per share from 2012 and 2013
    transaction activity other than Archstone;
  *the negative impact of approximately $0.07 per share from the company’s
    issuance of common shares in connection with its purchase of Archstone;
    and
  *the negative impact of approximately $0.01 per share from other items.

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. Merger expenses and prepayment
penalties are not included in the company’s Normalized FFO. A reconciliation
and definition of Normalized FFO are provided on pages 24 and 27 of this
release and the company has included guidance for Normalized FFO on page 25 of
this release.

For the first quarter of 2013, the company reported earnings of $3.01 per
share compared to $0.47 per share in the first quarter of 2012. The difference
is due primarily to approximately $1.07 billion in increased gains on property
sales between periods as a direct result of the company’s portfolio
transformation process as well as the items listed above.

Same Store Results

On a same store first quarter to first quarter comparison, which includes
90,350 apartment units, revenues increased 5.1%, expenses increased 2.9% and
NOI increased 6.3%.

Archstone

As previously disclosed, on February 27, 2013, the company completed the $9
billion acquisition of approximately 60% of the assets and liabilities of
Archstone, which consisted of approximately 22,000 high quality apartment
units located primarily in Boston, New York, Washington, D.C., Seattle, San
Francisco and Southern California as well as fourteen land sites for future
development. Six of these sites are located in the company’s core markets and
will be held for future development. The remaining eight sites will likely be
sold. A full list of the names, locations, number of apartment units and
average rental rates of the properties acquired are available in the company’s
Form 8-K filed on February 28, 2013 with the SEC.

Equity Residential paid its portion of the transaction consideration with
$2.016 billion in cash and the issuance of 34,468,085 common shares to the
seller of the Archstone assets, an affiliate of Lehman Brothers Holdings Inc.
In addition, a total of $2.0 billion of Archstone secured mortgage principal
was paid off in conjunction with the closing. The company’s cash needs at
closing were financed through a combination of approximately $575.0 million of
cash on hand, approximately $1.6 billion of available borrowings under the
company’s revolving credit facility, approximately $1.1 billion of proceeds
from the disposition of non-core assets and approximately $750.0 million of
bank term debt.

In addition, the company has assumed approximately $2.9 billion of
consolidated secured debt, including $2.2 billion of Fannie Mae secured debt.
A detailed schedule of the debt assumed is available in the company’s Form 8-K
filed on February 28, 2013 with the SEC.

Acquisitions/Dispositions

The company acquired no operating properties other than the Archstone assets
during the first quarter of 2013. Since the end of the first quarter, the
company has acquired one property in Redmond, Washington, consisting of 322
apartment units, for a purchase price of $91.5 million and a capitalization
(cap) rate of 4.7%.

During the quarter, the company sold 63 consolidated properties, consisting of
18,452 apartment units, for an aggregate sale price of $2.98 billion at a
weighted average cap rate of 6.0%. These sales, excluding one Archstone asset
that was sold shortly after its acquisition, generated an unlevered internal
rate of return (IRR), inclusive of management costs, of 9.4%.

The company sold properties in the following markets:

                                        
Market                Properties   Units    Sale Price (millions)
Washington, D.C.      10           3,453    $843.9
Phoenix               13           3,592    434.1
Orlando               10           2,574    290.6
Southern California   3            1,056    270.8
Atlanta               7            1,982    241.7
South Florida         4            1,616    240.1
Northern California   3            711      188.5
Denver                5            1,211    180.5
Jacksonville          5            1,637    162.4
Northern New Jersey   2            360      99.2
Seattle               1            260      23.4
                      63           18,452   $2,975.2
                                            

Since the end of the first quarter, the company has sold eight properties
consisting of 2,786 apartment units for an aggregate sales price of
approximately $374.4 million and one land parcel for $29.0 million.

Please see page eight of this release for comparative portfolio summaries for
the end of the fourth quarter 2012 and the end of the first quarter 2013.

Financing Activities

On April 10, 2013, the company closed a $500 million unsecured note offering
maturing April 15, 2023 with a coupon of 3.0% and an all in effective rate of
approximately 4.0% including the effect of fees and the termination of certain
interest rate hedges. Proceeds from the issuance are being used to repay
outstanding amounts on the company's revolving credit facility, termination
costs on interest rate swaps, secured debt and for other corporate purposes.

In order to manage debt maturities and the level of the company’s secured
indebtedness, the company prepaid in full on March 29, 2013 $543.0 million of
secured debt with an interest rate of 5.7%, which would have matured January
1, 2017. In connection with this prepayment, the company incurred, in the
first quarter, a penalty of $70.3 million that it previously anticipated
incurring in the second quarter of 2013.

Second Quarter 2013 Guidance

The company has established a Normalized FFO guidance range of $0.67 to $0.71
per share for the second quarter of 2013. The difference between the company’s
first quarter 2013 Normalized FFO of $0.64 per share and the midpoint of the
second quarter guidance range of $0.69 per share is primarily due to:

  *the positive impact of approximately $0.04 per share from higher same
    store NOI;
  *the positive impact of approximately $0.18 per share from the Archstone
    stabilized properties;
  *the negative impact of approximately $0.11 per share from 2012 and 2013
    transaction activity other than Archstone;
  *the negative impact of approximately $0.04 per share from the company’s
    issuance of common shares in connection with its purchase of Archstone;
    and
  *the negative impact of approximately $0.02 from higher interest expense
    and other items.

About Equity Residential

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 416 properties
located in 13 states and the District of Columbia, consisting of 118,778
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, May 1, at 11:00 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)
                                                                  
                                                  Quarter Ended March 31,
                                                  2013            2012
REVENUES
Rental income                                     $ 537,002       $ 444,384
Fee and asset management                           2,160         2,064    
Total revenues                                     539,162       446,448  
                                                                  
EXPENSES
Property and maintenance                            107,083         92,952
Real estate taxes and insurance                     68,647          52,440
Property management                                 22,489          23,339
Fee and asset management                            1,646           1,307
Depreciation                                        205,272         148,246
General and administrative                         16,496        13,688   
Total expenses                                     421,633       331,972  
                                                                  
Operating income                                    117,529         114,476
                                                                  
Interest and other income                           256             169
Other expenses                                      (2,564    )     (5,807   )
Merger expenses                                     (19,092   )     (1,149   )
Interest:
Expense incurred, net                               (195,685  )     (118,011 )
Amortization of deferred financing costs           (7,023    )    (2,934   )
(Loss) before income and other taxes, (loss)
from investments
in unconsolidated entities and discontinued         (106,579  )     (13,256  )
operations
Income and other tax (expense) benefit              (407      )     (170     )
(Loss) from investments in unconsolidated           (355      )     —
entities due to operations
(Loss) from investments in unconsolidated          (46,011   )    —        
entities due to merger expenses
(Loss) from continuing operations                   (153,352  )     (13,426  )
Discontinued operations, net                       1,214,386     165,593  
Net income                                          1,061,034       152,167
Net (income) attributable to Noncontrolling
Interests:
Operating Partnership                               (43,323   )     (6,418   )
Partially Owned Properties                         (25       )    (450     )
Net income attributable to controlling             1,017,686     145,299  
interests
Preferred distributions                            (1,036    )    (3,466   )
Net income available to Common Shares             $ 1,016,650    $ 141,833  
                                                                  
Earnings per share – basic:
(Loss) from continuing operations available to    $ (0.44     )   $ (0.06    )
Common Shares
Net income available to Common Shares             $ 3.01         $ 0.47     
Weighted average Common Shares outstanding         337,532       298,805  
                                                                  
Earnings per share – diluted:
(Loss) from continuing operations available to    $ (0.44     )   $ (0.06    )
Common Shares
Net income available to Common Shares             $ 3.01         $ 0.47     
Weighted average Common Shares outstanding         337,532       298,805  
                                                                  
Distributions declared per Common Share           $ 0.40         $ 0.3375   
outstanding

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

                                                 Quarter Ended March 31,
                                                 2013             2012
Net income                                       $ 1,061,034      $ 152,167
Net (income) attributable to Noncontrolling
Interests –
Partially Owned Properties                         (25        )     (450     )
Preferred distributions                           (1,036     )    (3,466   )
Net income available to Common Shares and          1,059,973        148,251
Units
                                                                  
Adjustments:
Depreciation                                       205,272          148,246
Depreciation – Non-real estate additions           (1,216     )     (1,354   )
Depreciation – Partially Owned and                 (1,015     )     (800     )
Unconsolidated Properties
Discontinued operations:
Depreciation                                       14,766           26,862
Net (gain) on sales of discontinued operations     (1,198,922 )     (132,956 )
Net incremental gain on sales of condominium       —                49
units
Gain on sale of Equity Corporate Housing (ECH)    250            —        
FFO available to Common Shares and Units (1)       79,108           188,298
(3) (4)
                                                                  
Adjustments (see page 24 for additional
detail):
Asset impairment and valuation allowances          —                —
Property acquisition costs and write-off of        67,668           2,626
pursuit costs
Debt extinguishment (gains) losses, including
prepayment penalties, preferred share
redemptions and non-cash convertible debt          79,643           (41      )
discounts
(Gains) losses on sales of non-operating
assets, net of income and other tax expense
(benefit)                                          (250       )     (4       )
Other miscellaneous non-comparable items          —              974      
Normalized FFO available to Common Shares and    $ 226,169       $ 191,853  
Units (2) (3) (4)
                                                                  
FFO (1) (3)                                      $ 80,144         $ 191,764
Preferred distributions                            (1,036     )     (3,466   )
FFO available to Common Shares and Units -       $ 79,108        $ 188,298  
basic and diluted (1) (3) (4)
FFO per share and Unit - basic                   $ 0.23          $ 0.60     
FFO per share and Unit - diluted                 $ 0.22          $ 0.60     
                                                                  
Normalized FFO (2) (3)                           $ 227,205        $ 195,319
Preferred distributions                           (1,036     )    (3,466   )
Normalized FFO available to Common Shares and    $ 226,169       $ 191,853  
Units - basic and diluted (2) (3) (4)
Normalized FFO per share and Unit - basic        $ 0.64          $ 0.61     
Normalized FFO per share and Unit - diluted      $ 0.64          $ 0.61     
                                                                  
Weighted average Common Shares and Units          351,255        312,011  
outstanding - basic
Weighted average Common Shares and Units          353,656        315,230  
outstanding - diluted

      
        See page 24 for additional detail regarding the adjustments from FFO
Note:   to Normalized FFO. See page 27 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)
                                                                
                                               March 31,        December 31,
                                               2013             2012
ASSETS
Investment in real estate
Land                                           $ 6,319,353      $ 4,554,912
Depreciable property                             19,966,235       15,711,944
Projects under development                       500,829          387,750
Land held for development                       577,676        353,823    
Investment in real estate                        27,364,093       21,008,429
Accumulated depreciation                        (4,434,775 )    (4,912,221 )
Investment in real estate, net                   22,929,318       16,096,208
Cash and cash equivalents                        56,087           612,590
Investments in unconsolidated entities           193,338          17,877
Deposits – restricted                            147,515          250,442
Escrow deposits – mortgage                       39,535           9,129
Deferred financing costs, net                    71,229           44,382
Other assets                                    358,136        170,372    
Total assets                                   $ 23,795,158    $ 17,201,000 
                                                                
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable                         $ 6,380,424      $ 3,898,369
Notes, net                                       5,379,890        4,630,875
Lines of credit                                  395,000          —
Accounts payable and accrued expenses            104,836          38,372
Accrued interest payable                         88,518           76,223
Other liabilities                                401,225          304,518
Security deposits                                72,669           66,988
Distributions payable                           150,751        260,176    
Total liabilities                               12,973,313     9,275,521  
                                                                
Commitments and contingencies
                                                                
Redeemable Noncontrolling Interests –           386,757        398,372    
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
outstanding as of March 31, 2013 and             50,000           50,000
December 31, 2012
Common Shares of beneficial interest, $0.01
par value;
1,000,000,000 shares authorized; 360,063,675
shares issued and
outstanding as of March 31, 2013 and
325,054,654 shares
issued and outstanding as of December 31,        3,601            3,251
2012
Paid in capital                                  8,492,845        6,542,355
Retained earnings                                1,759,990        887,355
Accumulated other comprehensive (loss)          (182,508   )    (193,148   )
Total shareholders’ equity                       10,123,928       7,289,813
Noncontrolling Interests:
Operating Partnership                            205,230          159,606
Partially Owned Properties                      105,930        77,688     
Total Noncontrolling Interests                  311,160        237,294    
Total equity                                    10,435,088     7,527,107  
Total liabilities and equity                   $ 23,795,158    $ 17,201,000 

                                                                                      
Equity Residential
                                                                                             
                Portfolio Summary as of December 31, 2012       Portfolio Summary as of March 31, 2013
                                         % of         Average                            % of         Average
                             Apartment   Stabilized   Rental                 Apartment   Stabilized   Rental
Markets/Metro   Properties   Units       NOI (1)      Rate      Properties   Units       NOI (1)      Rate
Areas                                                 (2)                                             (2)
                                                                                                      
Core:
Washington DC   43           14,425      15.9%        $ 1,992   58           18,894      19.3%        $ 2,181
New York        30           8,047       13.9%          3,433   38           10,330      16.5%          3,684
San Francisco   40           9,094       8.6%           1,902   50           12,767      11.4%          2,052
Los Angeles     48           9,815       9.9%           1,879   57           11,960      11.0%          1,998
Boston          26           5,832       8.2%           2,560   34           7,816       10.0%          2,787
South Florida   36           12,253      9.0%           1,463   33           10,833      6.8%           1,497
Seattle         38           7,563       6.4%           1,627   41           8,227       6.0%           1,646
San Diego       14           4,963       5.0%           1,851   15           4,915       4.2%           1,861
Denver          24           8,144       5.5%           1,226   19           6,933       4.1%           1,257
Orange          11           3,490       3.3%          1,660   11           3,490       2.7%          1,672
County, CA
Subtotal –      310          83,626      85.7%          1,941   356          96,165      92.0%          2,126
Core
                                                                                                      
Non-Core:
Inland          10           3,081       2.4%           1,491   10           3,081       2.1%           1,490
Empire, CA
Orlando         21           6,413       3.5%           1,086   11           3,839       1.8%           1,104
Phoenix         25           7,400       3.4%           946     13           4,072       1.5%           930
New England
(excluding      14           2,611       1.3%           1,174   14           2,611       1.1%           1,197
Boston)
Atlanta         12           3,616       2.0%           1,157   6            1,970       0.8%           1,214
Tacoma, WA      3            1,467       0.6%           951     3            1,467       0.5%           1,023
Jacksonville    6            2,117       1.1%          1,005   1            480         0.2%          1,080
Subtotal –      91           26,705      14.3%         1,099   58           17,520      8.0%          1,150
Non-Core
Total           401          110,331     100.0%        1,737   414          113,685     100.0%        1,974
                                                                                                      
Military        2            5,039       —             —       2            5,093       —             —
Housing
                                                                                                      
Grand Total     403          115,370     100.0%       $ 1,737   416          118,778     100.0%       $ 1,974
                                                                                                      
Note: Projects under development are not included in the Portfolio Summary until construction has been
completed.
                                                                                                      
(1) % of Stabilized NOI includes budgeted 2013 NOI for stabilized properties, budgeted year one (March 2013
to February 2014) NOI for the Archstone properties and projected annual NOI at stabilization (defined as
having achieved 90% occupancy for three consecutive months) for properties that are in lease-up
                                                                                                      
(2) Average rental rate is defined as total rental revenues divided by the weighted average occupied
apartment units for the last month of the period presented.

                                                               
Equity Residential
                                                                  
Portfolio as of March 31, 2013
                                                                         
                                                        Apartment
                                           Properties   Units
Wholly Owned Properties                    390            108,579
Master-Leased Properties -                 3              853
Consolidated
Partially Owned Properties                 20             3,917
- Consolidated
Partially Owned Properties                 1              336
- Unconsolidated
Military Housing                           2            5,093      
                                           416          118,778    
                                                              
                                                                         
Portfolio Rollforward Q1 2013
($ in thousands)
                                                                         
                                           Apartment    Purchase/
                              Properties   Units        (Sale) Price     Cap
                                                                         Rate
                 12/31/2012   403          115,370
Acquisitions:
Consolidated:
Archstone
Rental                        72           20,592       $ 8,424,958      4.9 %
Properties
Archstone
Master-Leased                 3            853          $ 255,969        5.5 %
Properties
Archstone
Uncompleted                   —            —            $ 36,583
Developments
(two)
Archstone Land
Parcels                       —            —            $ 236,918
(thirteen)
Unconsolidated
(1):
Archstone
Rental                        1            336          $ 5,113          5.8 %
Properties
Archstone
Uncompleted                   —            —            $ 18,374
Developments
(two)
Archstone Land                —            —            $ 4,097
Parcels (one)
Dispositions:
Consolidated:
Rental                        (63    )     (18,452  )   $ (2,975,187 )   6.0 %
Properties
Configuration                 —           79       
Changes
                 3/31/2013    416         118,778  

    
      EQR owns various equity interests in these unconsolidated rental
(1)   properties, uncompleted developments and land parcels. Purchase price
      listed is EQR's net investment price.

                                                                       
Equity Residential
                                                                          
First Quarter 2013 vs. First Quarter 2012
Same Store Results/Statistics for 90,350 Same Store Apartment Units
$ in thousands (except for Average Rental Rate)
                                                                                 
              Results                                    Statistics
                                                         Average
                                                         Rental
Description   Revenues      Expenses      NOI (1)        Rate (2)    Occupancy   Turnover
Q1 2013       $ 465,653     $ 166,456     $ 299,197      $ 1,809     95.0   %    12.3  %
Q1 2012       $ 443,152    $ 161,767    $ 281,385     $ 1,727    94.7   %    12.1  %
                                                                                 
Change        $ 22,501     $ 4,689      $ 17,812      $ 82       0.3    %    0.2   %
                                                                                 
Change          5.1     %     2.9     %     6.3     %      4.7   %
                                                                     
                                                                                 
First Quarter 2013 vs. Fourth Quarter 2012
Same Store Results/Statistics for 92,454 Same Store Apartment Units
$ in thousands (except for Average Rental Rate)
                                                                                 
              Results                                    Statistics
                                                         Average
                                                         Rental
Description   Revenues      Expenses      NOI (1)        Rate (2)    Occupancy   Turnover
Q1 2013       $ 483,357     $ 172,678     $ 310,679      $ 1,836     95.0   %    12.4  %
Q4 2012       $ 482,071    $ 161,404    $ 320,667     $ 1,826    95.3   %    12.7  %
                                                                                 
Change        $ 1,286      $ 11,274     $ (9,988  )    $ 10       (0.3   )%   (0.3  )%
                                                                                 
Change          0.3     %     7.0     %     (3.1    )%     0.5   %

    
      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 27
      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
First Quarter 2013 vs. First Quarter 2012
Same Store Results/Statistics by Market
                                                                                            
                                                                                                      
                                                            Increase (Decrease) from Prior Year's Quarter
                            Q1 2013   Q1 2013   Q1 2013
                            % of      Average   Weighted                                    Average
                Apartment   Actual    Rental    Average                                     Rental
Markets/Metro   Units       NOI       Rate      Occupancy   Revenues   Expenses   NOI       Rate      Occupancy
Areas                                 (1)       %                                           (1)
                                                                                                      
Core:
Washington DC   11,184      14.9  %   $ 2,047   94.5    %   3.6   %    (0.2  )%   5.4  %    3.8  %    (0.1  )%
New York        7,176       13.6  %     3,448   95.3    %   5.5   %    5.9   %    5.3  %    5.6  %    0.0   %
Los Angeles     8,894       10.6  %     1,888   95.7    %   4.7   %    3.4   %    5.3  %    4.0  %    0.6   %
South Florida   10,637      9.4   %     1,499   95.2    %   4.6   %    1.5   %    6.6  %    4.5  %    0.1   %
Boston (2)      5,832       9.1   %     2,561   94.3    %   3.3   %    8.2   %    0.8  %    3.5  %    (0.2  )%
San Francisco   7,822       8.9   %     1,869   94.7    %   9.5   %    2.2   %    14.0 %    8.6  %    0.8   %
Seattle         7,003       7.2   %     1,640   94.9    %   6.2   %    2.2   %    8.4  %    6.4  %    (0.2  )%
Denver          6,765       5.8   %     1,253   95.7    %   8.6   %    0.1   %    12.4 %    8.2  %    0.3   %
San Diego       4,627       5.4   %     1,826   93.7    %   3.1   %    2.1   %    3.7  %    2.9  %    0.1   %
Orange          3,490       3.8   %    1,664   95.4    %   4.6   %    6.8   %    3.6  %    4.1  %    0.3   %
County, CA
Subtotal –      73,430      88.7  %     1,962   95.0    %   5.2   %    3.3   %    6.3  %    5.0  %    0.2   %
Core
                                                                                                      
Non-Core:
Inland          3,081       3.0   %     1,485   94.6    %   2.9   %    (1.7  )%   5.1  %    2.3  %    0.6   %
Empire, CA
Orlando         3,839       2.5   %     1,098   95.9    %   5.8   %    (0.4  )%   10.1 %    5.0  %    0.8   %
Phoenix         3,808       2.1   %     932     95.7    %   3.9   %    (0.6  )%   6.7  %    2.9  %    1.0   %
New England
(excluding      2,611       1.5   %     1,201   94.5    %   3.8   %    8.0   %    (0.2 )%   3.2  %    0.5   %
Boston)
Atlanta         1,634       1.1   %     1,211   95.6    %   5.2   %    (2.9  )%   11.7 %    5.7  %    (0.5  )%
Tacoma, WA      1,467       0.8   %     1,003   94.6    %   3.3   %    (1.1  )%   7.5  %    0.6  %    2.5   %
Jacksonville    480         0.3   %    1,080   95.5    %   3.0   %    (11.5 )%   13.0 %    1.3  %    1.4   %
Subtotal –      16,920      11.3  %     1,149   95.2    %   4.1   %    0.3   %    6.7  %    3.3  %    0.8   %
Non-Core
                                                                                              
Total           90,350      100.0 %   $ 1,809   95.0    %   5.1   %    2.9   %    6.3  %    4.7  %    0.3   %
                                                                                                      

(1) Average rental rate is defined as total rental revenues divided by the weighted average occupied apartment
units for the period.
                                                                                                      
(2) Quarter over quarter same store revenues in Boston were negatively impacted by garage related income.
Residential-only revenues increased in Boston 6.0% quarter over quarter.

                                                                                     
Equity Residential
First Quarter 2013 vs. Fourth Quarter 2012
Same Store Results/Statistics by Market
                                                                                             
                                                                                                       
                                                            Increase (Decrease) from Prior Quarter
                            Q1 2013   Q1 2013   Q1 2013
                            % of      Average   Weighted                                     Average
                Apartment   Actual    Rental    Average                                      Rental
Markets/Metro   Units       NOI       Rate      Occupancy   Revenues   Expenses   NOI        Rate      Occupancy
Areas                                 (1)       %                                            (1)
                                                                                                       
Core:
Washington DC   11,696      15.3  %   $ 2,090   94.4    %   (0.4  )%   6.5   %    (3.3  )%   0.5  %    (1.0  )%
New York        7,687       14.5  %     3,546   95.3    %   1.0   %    10.4  %    (4.9  )%   2.0  %    (0.9  )%
Los Angeles     9,095       10.5  %     1,896   95.7    %   0.2   %    7.0   %    (3.0  )%   0.4  %    (0.1  )%
San Francisco   8,383       9.3   %     1,887   94.5    %   0.0   %    6.0   %    (3.0  )%   0.4  %    (0.3  )%
South Florida   10,637      9.1   %     1,499   95.2    %   1.0   %    4.2   %    (0.9  )%   0.9  %    0.1   %
Boston (2)      5,832       8.8   %     2,561   94.3    %   (0.9  )%   12.1  %    (6.9  )%   0.5  %    (1.4  )%
Seattle         7,322       7.2   %     1,646   94.9    %   1.0   %    8.6   %    (2.6  )%   1.0  %    0.0   %
Denver          6,765       5.6   %     1,253   95.7    %   1.0   %    2.3   %    0.4   %    0.6  %    0.3   %
San Diego       4,627       5.2   %     1,826   93.7    %   (0.9  )%   (1.3  )%   (0.7  )%   (0.4 )%   (0.5  )%
Orange          3,490       3.6   %    1,664   95.4    %   (0.4  )%   6.9   %    (3.5  )%   0.1  %    (0.5  )%
County, CA
Subtotal –      75,534      89.1  %     1,991   94.9    %   0.2   %    7.1   %    (3.2  )%   0.7  %    (0.4  )%
Core
                                                                                                       
Non-Core:
Inland          3,081       2.9   %     1,485   94.6    %   (0.6  )%   0.7   %    (1.2  )%   (0.1 )%   (0.4  )%
Empire, CA
Orlando         3,839       2.4   %     1,098   95.9    %   1.7   %    6.4   %    (1.0  )%   1.0  %    0.7   %
Phoenix         3,808       2.1   %     932     95.7    %   1.1   %    6.6   %    (1.9  )%   0.5  %    0.6   %
New England
(excluding      2,611       1.4   %     1,201   94.5    %   0.0   %    14.6  %    (11.3 )%   0.8  %    (0.8  )%
Boston)
Atlanta         1,634       1.1   %     1,211   95.6    %   (0.8  )%   (0.1  )%   (1.2  )%   (0.9 )%   0.1   %
Tacoma, WA      1,467       0.7   %     1,003   94.6    %   5.1   %    6.0   %    4.4   %    2.1  %    2.6   %
Jacksonville    480         0.3   %    1,080   95.5    %   (0.5  )%   2.7   %    (2.2  )%   (0.9 )%   0.3   %
Subtotal –      16,920      10.9  %     1,149   95.2    %   0.7   %    6.0   %    (2.4  )%   0.4  %    0.3   %
Non-Core
                                                                                               
Total           92,454      100.0 %   $ 1,836   95.0    %   0.3   %    7.0   %    (3.1  )%   0.5  %    (0.3  )%
                                                                                                       
                                                                                                       
(1) Average rental rate is defined as total rental revenues divided by the weighted average occupied apartment
units for the period.
                                                                                                       
(2) Sequential same store revenues in Boston were positively impacted by garage related income. Residential-only
revenues decreased in Boston 1.3% sequentially.

                                                         
Equity Residential
                                                             
First Quarter 2013 vs. First Quarter 2012
Same Store Operating Expenses for 90,350 Same Store Apartment Units
$ in thousands
                                                                   
                                                                   % of Actual
                                                                   Q1 2013
                     Actual      Actual      $           %         Operating
                     Q1 2013     Q1 2012     Change      Change    Expenses
                                                                   
Real estate taxes    $ 52,501    $ 49,301    $ 3,200     6.5  %    31.5    %
On-site payroll        35,987      36,202      (215  )   (0.6 )%   21.6    %
(1)
Utilities (2)          26,745      25,534      1,211     4.7  %    16.1    %
Repairs and            21,871      20,843      1,028     4.9  %    13.1    %
maintenance (3)
Property
management costs       15,832      16,618      (786  )   (4.7 )%   9.5     %
(4)
Insurance              5,583       4,971       612       12.3 %    3.4     %
Leasing and            2,522       2,404       118       4.9  %    1.5     %
advertising
Other on-site
operating expenses    5,415      5,894      (479  )   (8.1 )%   3.3     %
(5)
                                                                   
Same store           $ 166,456   $ 161,767   $ 4,689    2.9  %    100.0   %
operating 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 ground lease costs and
(5)   administrative costs such as office supplies, telephone and data charges
      and association and business licensing fees.

                                                                                            
Equity Residential
                                                                                                     
Debt Summary as of March 31, 2013
(Amounts in thousands)
                                                                                                          
                                                                                             Weighted
                                                                                  Weighted   Average
                                                                                  Average    Maturities
                                            Amounts (1)        % of Total         Rates      (years)
                                                                                  (1)
                                                                                                          
Secured                                     $ 6,380,424          52.5       %     4.86   %   7.1
Unsecured                                    5,774,890        47.5       %     5.05   %   4.5     
                                                                                                          
Total                                       $ 12,155,314       100.0      %     4.96   %   5.8     
                                                                                                          
Fixed Rate Debt:
Secured – Conventional                      $ 5,698,704          46.9       %     5.33   %   5.6
Unsecured – Public/Private                   4,329,837        35.6       %     5.76   %   5.2     
                                                                                                          
Fixed Rate Debt                              10,028,541       82.5       %     5.54   %   5.4     
                                                                                                          
Floating Rate Debt:
Secured – Conventional                        57,387             0.5        %     2.35   %   1.5
Secured – Tax Exempt                          624,333            5.1        %     0.39   %   19.9
Unsecured – Public/Private                    1,050,053          8.6        %     2.37   %   1.3
Unsecured – Revolving Credit Facility        395,000          3.3        %     1.24   %   5.0     
                                                                                                          
Floating Rate Debt                           2,126,773        17.5       %     1.45   %   7.6     
                                                                                                          
Total                                       $ 12,155,314       100.0      %     4.96   %   5.8     
                                                                                                          
(1) Net of the effect of any derivative instruments. Weighted average rates are for the quarter ended March 31,
2013.
                                                                                                          
Note: The Company capitalized interest of approximately $8.4 million and $5.0 million during the quarters ended
March 31, 2013 and 2012, respectively.
                                                                                                          
                                                                                            
                                                                                                          
Debt Maturity Schedule as of March 31, 2013
(Amounts in thousands)
                                           
                                                                                             Weighted     Weighted
                                                                                             Average      Average
                                                                                             Rates
                           Fixed            Floating                              % of       on Fixed     Rates on
      Year                 Rate (1)         Rate (1)           Total              Total      Rate Debt    Total
                                                                                             (1)          Debt (1)
                                                                                                          
      2013                 $ 222,459        $ 300,434          $ 522,893      (2) 4.3    %   6.92    %    4.77  %
      2014                   1,517,354        49,020             1,566,374        12.9   %   5.67    %    5.57  %
      2015                   419,785          750,000      (3)   1,169,785        9.6    %   6.29    %    3.17  %
      2016                   1,192,559        —                  1,192,559        9.8    %   5.34    %    5.34  %
      2017                   2,171,013  (4)   456                2,171,469        17.9   %   6.20    %    6.20  %
      2018                   83,599           395,725      (5)   479,324          3.9    %   5.63    %    2.46  %
      2019                   805,844          20,766             826,610          6.8    %   5.48    %    5.35  %
      2020                   1,677,783        809                1,678,592        13.8   %   5.49    %    5.49  %
      2021                   1,194,390        856                1,195,246        9.8    %   4.64    %    4.64  %
      2022                   228,045          905                228,950          1.9    %   3.17    %    3.18  %
      2023+                  306,183          675,944            982,127          8.1    %   6.23    %    2.33  %
      Premium/(Discount)    209,527         (68,142    )      141,385         1.2    %   N/A         N/A   
                                                                                                          
      Total                $ 10,028,541     $ 2,126,773       $ 12,155,314      100.0  %   5.59    %    4.84  %
                                                                                                          
(1)   Net of the effect of any derivative instruments. Weighted average rates are as of March 31, 2013.
                                                                                                          
(2)   On April 1, 2013, the Company paid off the $400.0 million outstanding of its 5.200% public notes at
      maturity, of which $300.0 million was swapped to a floating interest rate.
                                                                                                          
(3)   Includes the Company's new senior unsecured $750.0 million delayed draw term loan facility that matures on
      January 11, 2015 and is subject to a one-year extension option exercisable by the Company.
                                                                                                          
      Includes $1.27 billion in Archstone mortgage notes payable of which all or a portion of can be modified and
(4)   extended to mature in 2023 under certain circumstances, including the Company's election no later than June
      1, 2013. On March 29, 2013, $543.0 million in unrelated mortgage notes payable due in 2017 were retired
      early.
                                                                                                          
(5)   Includes $395.0 million outstanding on the Company's unsecured revolving credit facility. As of March 31,
      2013, there was approximately $2.07 billion available on this facility.

                                                                    
Equity Residential
Unsecured Debt Summary as of March 31, 2013
(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       $ —           $ 400,000
  Fair Value
  Derivative                             (1)        (300,000  )     —             (300,000  )
  Adjustments
                5.250   %     09/15/14              500,000         (90     )     499,910
                6.584   %     04/13/15              300,000         (221    )     299,779
                5.125   %     03/15/16              500,000         (157    )     499,843
                5.375   %     08/01/16              400,000         (618    )     399,382
                5.750   %     06/15/17              650,000         (2,161  )     647,839
                7.125   %     10/15/17              150,000         (295    )     149,705
                4.750   %     07/15/20              600,000         (3,319  )     596,681
                4.625   %     12/15/21              1,000,000       (3,302  )     996,698
                7.570   %     08/15/26             140,000       —           140,000   
                                                                                
                                                   4,340,000     (10,163 )    4,329,837 
  Floating
  Rate Notes:
                              04/01/13   (1)        300,000         —             300,000
  Fair Value
  Derivative                             (1)        53              —             53
  Adjustments
  Delayed
  Draw Term     LIBOR+1.20%   01/11/15   (2)(3)    750,000       —           750,000   
  Loan
  Facility
                                                                                
                                                   1,050,053     —           1,050,053 
                                                                                
  Revolving
  Credit        LIBOR+1.05%   04/01/18   (2)(4)    395,000       —           395,000   
  Facility:
                                                                                
  Total
  Unsecured                                       $ 5,785,053    $ (10,163 )   $ 5,774,890 
  Debt

    
      Fair value interest rate swaps convert $300.0 million of the 5.200%
(1)   notes due April 1, 2013 to a floating interest rate. On April 1, 2013,
      the Company paid off these 5.200% public notes at maturity and the
      related fair value interest rate swaps matured.
      
(2)   Facilities are private. All other unsecured debt is public.
      
      On January 11, 2013, the Company entered into a new senior unsecured
      $750.0 million delayed draw term loan facility which was fully drawn on
      February 27, 2013 in connection with the Archstone acquisition. The
(3)   maturity date of January 11, 2015 is subject to a one-year extension
      option exercisable by the Company. The interest rate on advances under
      the new term loan facility will generally be LIBOR plus a spread
      (currently 1.20%), which is dependent on the credit rating of the
      Company's long-term debt.
      
      On January 11, 2013, the Company replaced its existing $1.75 billion
      facility with a new $2.5 billion unsecured revolving credit facility
      maturing April 1, 2018. The interest rate on advances under the new
(4)   credit facility will generally 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 March 31, 2013, there was approximately $2.07
      billion available on the Company's unsecured revolving credit facility.

                                                              
Equity Residential
                                                               
Selected Unsecured Public Debt Covenants
                                                                  
                                                      March 31,   December 31,
                                                      2013        2012
                                                                  
Total Debt to Adjusted Total Assets (not to exceed    44.2   %    38.6     %
60%)
                                                                  
Secured Debt to Adjusted Total Assets (not to         23.2   %    17.6     %
exceed 40%)
                                                                  
Consolidated Income Available for Debt Service to
Maximum Annual Service Charges
(must be at least 1.5 to 1)                           2.70        3.00
                                                                  
Total Unsecured Assets to Unsecured Debt              297.7  %    346.3    %
(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 March 31, 2013
(Amounts in thousands except for share/unit and per share amounts)
                                                                                                 
  Secured Debt                                                           $ 6,380,424    52.5%
  Unsecured Debt                                                          5,774,890    47.5%
                                                                                                 
  Total Debt                                                               12,155,314   100.0%   37.0%
                                                                                                 
  Common Shares
  (includes                                     360,063,675     96.2%
  Restricted
  Shares)
  Units
  (includes OP                                 14,226,725     3.8%
  Units and LTIP
  Units)
                                                                                                 
  Total Shares                                  374,290,400     100.0%
  and Units
  Common Share
  Price at March                              $ 55.06
  31, 2013
                                                                           20,608,429   99.8%
  Perpetual
  Preferred                                                               50,000       0.2%
  Equity (see
  below)
                                                                                                 
  Total Equity                                                             20,658,429   100.0%   63.0%
                                                                                                 
  Total Market                                                           $ 32,813,743            100.0%
  Capitalization
                                                                                                 
                                                                                  
                                                                                                 
Perpetual Preferred Equity as of March 31, 2013
(Amounts in thousands except for share and per share amounts)
                                                                        
                                                              Annual     Annual
                   Redemption   Outstanding   Liquidation     Dividend   Dividend
  Series           Date         Shares        Value           Per        Amount
                                                              Share
                                                                                                 
  Preferred
  Shares:
  8.29% Series K   12/10/2026   1,000,000     $ 50,000        $ 4.145    $ 4,145
                                                                                                 
  Total
  Perpetual                     1,000,000     $ 50,000                   $ 4,145
  Preferred
  Equity

                                                               
Equity Residential
Common Share and Unit
Weighted Average Amounts Outstanding
                                                                
                                                     Q113          Q112
                                                                   
Weighted Average Amounts Outstanding for Net
Income Purposes:
Common Shares - basic                                337,532,330   298,805,362
Shares issuable from assumed conversion/vesting of
(1):
- OP Units                                           —             —
- long-term compensation shares/units                —             —
                                                                   
Total Common Shares and Units - diluted (1)          337,532,330   298,805,362
                                                                   
Weighted Average Amounts Outstanding for FFO and
Normalized
FFO Purposes:
Common Shares - basic                                337,532,330   298,805,362
OP Units - basic                                     13,722,414    13,205,300
                                                                   
Total Common Shares and OP Units - basic             351,254,744   312,010,662
Shares issuable from assumed conversion/vesting
of:
- long-term compensation shares/units                2,400,834     3,219,011
                                                                   
Total Common Shares and Units - diluted              353,655,578   315,229,673
                                                                   
Period Ending Amounts Outstanding:
Common Shares (includes Restricted Shares)           360,063,675   300,522,169
Units (includes OP Units and LTIP Units)             14,226,725    13,531,417
                                                                   
Total Shares and Units                               374,290,400   314,053,586

    
      Potential common shares issuable from the assumed conversion of OP Units
      and the exercise/vesting of long-term compensation shares/units are
(1)   automatically anti-dilutive and therefore excluded from the diluted
      earnings per share calculation as the Company had a loss from continuing
      operations during the quarters ended March 31, 2013 and 2012.

                                                                                       
        Equity Residential
        Partially Owned Entities as of March 31, 2013
        (Amounts in thousands except for project and apartment unit amounts)
                                                                                             
                               Consolidated                              Unconsolidated
                               Development                               Development
                               Projects                                  Projects
                                                                                                    
                               Held for                                  Held for
                               and/or                                    and/or
                               Under                                     Under
                               Development   Operating     Total         Development   Operating    Total
                               (4)                                       (5)
                                                                                                    
        Total projects (1)       —          20          20          —           1          1       
                                                                                                    
        Total apartment          —          3,917       3,917       —           336        336     
        units (1)
                                                                                                    
        Operating
        information for the
        quarter ended
        3/31/13 (at 100%):
        Operating revenue      $  —          $ 17,485      $ 17,485      $ 219         $ 453        $ 672
        Operating expenses       52         5,602       5,654       256         185        441     
                                                                                                    
        Net operating (loss)      (52   )      11,883        11,831        (37     )     268          231
        income
        Depreciation              —            6,094         6,094         —             540          540
        General and              122        13          135         —           —          —       
        administrative/other
                                                                                                    
        Operating (loss)          (174  )      5,776         5,602         (37     )     (272   )     (309    )
        income
        Interest and other        1            3             4             —             —            —
        income
        Other expenses            (86   )      —             (86     )     —             (49    )     (49     )
        Interest:
        Expense incurred,         —            (2,854  )     (2,854  )     (16     )     (87    )     (103    )
        net
        Amortization of
        deferred financing       —          (50     )    (50     )    —           —          —       
        costs
                                                                                                    
        (Loss) income before
        income and other
        taxes, (loss) from
        investments in
        unconsolidated
        entities and net
        gain
        on sales of
        discontinued              (259  )      2,875         2,616         (53     )     (408   )     (461    )
        operations
        Income and other tax      (11   )      (39     )     (50     )     —             —            —
        (expense) benefit
        (Loss) from
        investments in            —            (97     )     (97     )     —             —            —
        unconsolidated
        entities
        Net gain on sales of
        discontinued              —            2,807         2,807         —             —            —
        operations
                                                                                               
        Net (loss) income      $  (270  )    $ 5,546      $ 5,276      $ (53     )   $ (408   )   $ (461    )
                                                                                                    
        Debt - Secured (2):
        EQR Ownership (3)      $  —          $ 266,228     $ 266,228     $ 39,120      $ 6,110      $ 45,230
        Noncontrolling           —          76,990      76,990      78,568      24,440     103,008 
        Ownership
                                                                                                    
        Total (at 100%)        $  —         $ 343,218    $ 343,218    $ 117,688    $ 30,550    $ 148,238 
                                                                                                    
(1)     Project and apartment unit counts exclude all uncompleted development projects until those projects are
        substantially completed.
                                                                                                    
(2)     All outstanding debt is non-recourse to the Company.
                                                                                                    
(3)     Represents the Company's current equity ownership interest.
                                                                                                    
(4)     See Projects Under Development - Partially Owned on page 20 for further information.
                                                                                                    
(5)     See Projects Under Development - Unconsolidated on page 21 for further information.
                                                                                                    
        The above table excludes the Company's interests in unconsolidated joint ventures entered into with
        AvalonBay ("AVB") in connection with the Archstone transaction. These ventures own certain non-core
        Archstone assets that are held for sale and succeeded to certain residual Archstone liabilities, such
Note:   as liability for various employment-related matters as well as responsibility for tax protection
        arrangements and third-party preferred interests in former Archstone subsidiaries. The preferred
        interests have an aggregate liquidation value of $167.2 million at March 31, 2013. The ventures are
        owned 60% by the Company and 40% by AVB.

<td class="bwpadl0 b*Story too large*
                                                                                                            
Equity Residential
Consolidated Development and Lease-Up Projects as of March 31, 2013
(Amounts in thousands except for project and apartment unit amounts)
                                                                                                                     
                                                           Total
                                                           Book
                            No. of      Total     Total    Value                                                     Estimated    Estimated
                                                           Not
                            Apartment   Capital   Book     Placed    Total    Percentage   Percentage   Percentage   Completion   Stabilization
                                                  Value    in
Projects      Location      Units      Cost      to       Service   Debt     Completed    Leased       Occupied     Date         Date
                                        (1)       Date
                                                                                                                                  
Projects
Under
Development
- Wholly
Owned:
Jia
(formerly     Los           280         $         $        $         $ —      60%          —            —            Q3 2013      Q2 2015
Chinatown     Angeles, CA               92,920    60,300   60,300
Gateway)
Breakwater
at Marina     Marina Del    224         90,449    85,392   445       27,000   79%          46%          39%          Q4 2013      Q1 2014
Del Rey (2)   Rey, CA
(3)
Delray        Delray
Beach II      Beach, FL     128         23,739    10,632   10,632    —        53%          —            —            Q1 2014      Q2 2014
(4)
Westgate II   Pasadena,     252         125,293   69,454   69,454    —        38%          —            —            Q1 2014      Q1 2015
              CA
1111 Belle
Pre           Alexandria,
(formerly     VA            360         115,072   70,545   70,545    —        60%          —            —            Q1 2014      Q2 2015
The
Madison)
Urbana
(formerly
Market        Seattle, WA   287         90,024    46,677   46,677    —        51%          —            —            Q1 2014      Q3 2015
Street
Landing)
Reserve at    Mill Creek,
Town Center   WA            95          21,330    7,513    7,513     —        23%          —            —            Q2 2014      Q4 2014
III
Westgate      Pasadena,     88          54,037    23,624   23,624    —        9%           —            —            Q2 2014
III           CA

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