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CHICAGO--(BUSINESS WIRE)--Equity Residential (NYSE: EQR) nowadays reported results for that quarter ...

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Equity Residential Reports Strong Results CHICAGO--(BUSINESS WIRE)--Equity Residential (NYSE: EQR) nowadays reported results for that quarter and nine months ended September 30, 2013. Just About All for each reveal outcomes are reported as available to typical shares on the diluted basis. "For 2013, we presently anticipate to deliver identical store income growth regarding 4.5%, greatly in collection using our original expectations," said David J. Neithercut, Equity Residential's President and also CEO. "In the particular extended term, favorable demographics will create interest in housing inside our markets that will will not be met using new supply and we ought to enjoy strong growth for most years. in your short term, new supply will create modest negative income growth in Washington, D.C., partially offsetting continued strong growth across many of our own some other markets as well as leading to expected portfolio wide same store revenue growth regarding 3% to 4% inside 2014." Third Quarter 2013 FFO (Funds via Operations), as defined by the National Association involving Real-estate Investment Trusts (NAREIT), for the third quarter associated with 2013 has been $0.71 per talk about in contrast for you to $0.92 for each discuss inside the third quarter regarding 2012. Your difference arrives primarily for the $70.0 million Archstone termination fee that the organization acknowledged within the third quarter regarding 2012. For the third quarter of 2013, the organization reported Normalized FFO of $0.73 for each reveal in contrast in order to $0.73 for each talk about inside the identical time period associated with 2012. The subsequent items impacted Normalized FFO for each reveal inside the quarter: the positive impact regarding approximately $0.04 for each reveal coming from higher identical shop net operating income (NOI); the positive impact involving approximately $0.28 for each talk about from your Archstone properties, offset by the negative impact regarding approximately $0.28 for each talk about via 2012 as well as 2013 disposition exercise as well as widespread reveal issuance within link with all the company's purchase regarding Archstone; and the negative impact involving approximately $0.04 per share via higher fascination expense, general
and also administrative expenses as well as other items. Normalized FFO starts with FFO along with eliminates specific items that by simply their particular nature are not comparable from period in order to time period as well as that will tend to obscure the particular company's real operating performance. Merger expenses along with prepayment penalties usually are usually not included inside the company's Normalized FFO. Any reconciliation along with meaning of Normalized FFO are given upon pages 26 along with 29 regarding this release and additionally the company offers included guidance with regard to Normalized FFO upon web page 27 of this release. For the particular third quarter involving 2013, the organization reported earnings of $1.05 per discuss compared to become able to $0.72 for each share within the third quarter associated with 2012. the difference is born primarily to always be able to higher gains coming from property sales within the third quarter associated with 2013, partially offset simply by higher depreciation as getting a results of the actual Archstone acquisition, as well as the termination charge along along with other objects discussed above. Nine Weeks Ended September 30, 2013 FFO for the nine weeks ended September 30, 2013 ended up being $1.68 per reveal compared for you to $2.16 per talk about inside the identical time period associated with 2012. the distinction is born primarily to be able to merger-related expenses and also prepayment penalties incurred within the 1st nine several weeks associated with 2013 in connection with just about all the company's acquisition regarding Archstone, also because the termination fee described above. For the nine weeks ended September 30, 2013, the business reported Normalized FFO involving $2.08 for each discuss in contrast to $2.02 per talk about in the identical time period regarding 2012. For the actual nine several weeks ended September 30, 2013, the company reported earnings associated with $4.87 for each share in comparison to $1.52 per share within the identical time period associated with 2012. the difference is due primarily for you to higher gains coming from property revenue during 2013, partially offset by simply higher depreciation like a consequence of your Archstone acquisition, as well since the termination charge along together with other items described above. Same store Results On any same shop third quarter for you to third quarter comparison, which includes 82,553 apartment units, revenues increased 4.1%, expenses increased 3.1% and also NOI increased 4.5%. On a new exact same retailer sequential third quarter in order to 2nd quarter comparison, which include 101,820 apartment units, revenues elevated 1.5%, expenses elevated 2.2% and also NOI increased 1.2%. the company's sequential same retailer pool associated with assets includes 18,448 apartment units the business acquired in the Archstone transaction. The Particular acquired Archstone properties performed throughout collection along with both your company's underwriting expectations along with its comparable properties in the same markets. On a identical store nine-month in order to nine-month comparison, which includes 81,099 apartment units, revenues elevated 4.7%, expenses elevated 3.3% along with NOI increased 5.4%.
Acquisitions/Dispositions The business didn't acquire any properties or perhaps terrain websites within the third quarter. During the very first nine months of 2013, the company acquired 77 properties, consisting associated with 22,103 apartment units. The Particular company does not expect to acquire any kind of operating assets inside the fourth quarter. During the actual third quarter, the company sold 10 apartment properties, consisting regarding 4,131 apartment units, with an aggregate sale cost of $657.6 million at a weighted average cap charge involving 5.9%. These kinds of sales, excluding 1 Archstone asset that provides been sold through the quarter, generated an unlevered internal price regarding return (IRR), inclusive involving management costs, regarding 11.1%. Also through the quarter, the company sold two terrain parcels to get an aggregate sale price of $44.3 million. During the initial nine months involving 2013, the business offered 92 apartment properties, consisting involving 28,328 apartment units, with an aggregate sale cost of $4.36 billion at a weighted typical cap charge involving 6.0%. These sales, excluding 3 Archstone assets that have been sold shortly following their particular acquisition, generated an unlevered IRR, inclusive involving management costs, regarding 10.0%. Please discover page nine regarding this launch pertaining to comparative portfolio summaries for the finish with the fourth quarter 2012 as well as the finish with the third quarter 2013. Capital Markets Activities On October 1, 2013, the business used money on hand from dispositions for you to repay the $963.5 million secured loan in which it assumed throughout conjunction with all the Archstone acquisition. This specific loan was set to mature throughout November 2014 and carried a cash interest rate of 5.88% and a GAAP interest rate regarding 3.45% credited for the amortization in the Archstone-related financial debt premium. The organization anticipates closing a new $800 million secured loan via a big insurance company in the fourth quarter associated with 2013. the loan, that continues to be dedicated in order to from the business as well as the lender, includes a ten yr term, will be fascination simply as well as includes a fixed curiosity charge regarding 4.21%. The Actual business expects to simultaneously use the loan proceeds to end up being able to repay $825 million of the $1.27 billion secured loan that will the business assumed as part of the actual Archstone transaction. Your approximately $440 million stability will continue in order to be outstanding, always mature in November 2017 as well as still carry a money fascination charge regarding 6.26% and a GAAP interest rate associated with 3.58% because of towards the amortization with the Archstone-related credit card debt premium. The organization expects to become able to incur cash prepayment expenses of approximately $150 million along with a charge to end up being able to earnings and FFO of approximately $43 million inside the fourth quarter, which can easily be reflected inside our revised guidance below. The Particular difference is born towards the write off of Archstone-related financial debt premiums. Normalized FFO is not heading to end up being impacted by this charge. Assuming in which these transactions occur as expected, the organization may have locked in an
attractive piece of long term debt and substantially extended the particular duration of its financial debt maturities as well as reduced its 2017 maturities as a portion involving outstanding debt. Fourth Quarter 2013 Guidance The company features proven a new Normalized FFO guidance selection of $0.75 to always be able to $0.77 for each talk about for your fourth quarter associated with 2013. the difference between the company's third quarter 2013 Normalized FFO associated with $0.73 for each talk about and the midpoint of the fourth quarter guidance array of $0.76 per share is due primarily to: a positive impact regarding approximately $0.02 for each reveal from higher identical shop NOI offset by simply approximately $0.02 via dilution through 2013 transaction activity as well as other items; and a positive impact associated with approximately $0.03 for each talk about through lower total financing costs. Full Yr 2013 Guidance The company offers revised its guidance pertaining to its complete 12 months 2013 exact same store operating performance, transactions along with Normalized FFO outcomes as well as other things listed upon web page 27 involving this release. Revised total year same store, transactions along with Normalized FFO guidance are usually listed below: Â Â Previous Revised Same store: Physical occupancy 95.3% 95.4% Revenue change 4.4% to 4.6% 4.5% Expense change 3.0% to end up being able to 3.5% 3.3%
NOI change 5.0% for you to 5.25% 5.1%  Acquisitions (excluding Archstone): $100 million $100 million Dispositions: $4.1 billion $4.4 billion Cap rate Spread: 110 time frame points 110 basis points  Normalized FFO for each share: $2.80 to be able to $2.85 $2.83 to become able to $2.85  Fourth Quarter 2013 Earnings and also Conference Call Equity Residential expects to be able to announce fourth quarter as well as total 12 months 2013 results on Tuesday, February 4, 2014 as well as host a new conference contact for you to talk about those outcomes in 10:00 a.m. CT on Wednesday, February 5, 2014. Equity Residential is surely an S&P 500 company targeted about the acquisition, development and management involving substantial high quality apartment properties inside best U.S. growth markets. Equity Residential owns or has investments within 389 properties consisting involving 109,795 apartment units. for more information on Equity Residential, please visit our website at www.equityapartments.com. Forward-Looking Statements
In add-on in order to historical information, this press release contains forward-looking statements and data inside the meaning with the federal securities laws. These statements are usually according to current expectations, estimates, projections as well as assumptions created by management. Although Equity Residential's management believes the assumptions underlying its forward-looking statements are reasonable, such details are inherently topic to uncertainties and could involve certain risks, including, without limitation, alterations in general marketplace conditions, which includes the particular price regarding occupation growth and price of labor and construction material, the actual amount of new multifamily construction as well as development, competition and neighborhood government regulation. other risks and also uncertainties are generally described below the actual heading "Risk Factors" inside our Annual Record about Form 10-K as well as subsequent periodic reviews filed using the Securities as well as Exchange Commission (SEC) along with obtainable about our website, www.equityapartments.com. Many of these uncertainties and risks are generally hard to predict along with beyond management's control. Forward-looking statements usually are generally not warranties involving future performance, outcomes or even events. Equity Residential assumes absolutely no obligation in order to update as well as complement forward-looking statements that will grow for you to be untrue since of subsequent events. A live web cast of the company's conference contact discussing these outcomes will just take place tomorrow, Thursday, October 31, in 10:00 a.m. Central. Please visit the Investor area involving the company's site with www.equityapartments.com for your link. A New replay associated with the web cast is going to be designed for two weeks only from that site. Â Â Â Â Equity Residential Consolidated Statements associated with Operations (Amounts in thousands except for each reveal data) (Unaudited) Â Nine Several Weeks Ended September 30, Quarter Ended September 30, 2013 2012 2013
2012 REVENUES Rental income $ 1,749,374 $ 1,295,431 $ 626,880 $ 448,647 Fee and asset management  7,399   7,328   2,566   3,052  Total revenues Â
1,756,773 Â Â 1,302,759 Â Â 629,446 Â Â 451,699 Â Â EXPENSES Property and also maintenance 333,202 254,009 119,632 86,682 Real estate taxes as well as insurance 218,777 154,633 76,255 53,064 Property management 63,395 62,769
18,875 18,493 Fee along with asset management 4,739 3,595 1,516 1,108 Depreciation 798,121 422,148 277,336 139,337 General along with administrative  47,018   37,162   14,438   10,083  Total expenses
 1,465,252   934,316   508,052   308,767   Operating income 291,521 368,443 121,394 142,932  Interest along along with other income 1,320 70,514 816 70,087 Other expenses (7,530
) (18,587 ) (3,986 ) (3,984 ) Merger expenses (19,741 ) (1,921 ) (182 ) (87 ) Interest: Expense incurred, net (437,452 ) (345,476 ) (120,035 ) (113,222 )
Amortization regarding deferred financing costs  (15,636 )  (10,265 )  (4,335 )  (3,320 ) (Loss) income just before income as well as other taxes, (loss) via investments inside unconsolidated entities, net acquire (loss) on sales involving unconsolidated entities and property parcels and discontinued operations (187,518 ) 62,708 (6,328 ) 92,406 Income as well as other tax (expense) benefit (1,326 ) (602 )
(493 ) (222 ) (Loss) coming from investments inside unconsolidated entities because of for you to operations (2,984 ) (3 ) (1,454 ) (3 ) (Loss) from investments within unconsolidated entities credited for you to merger expenses (54,781 ) -- (1,771 ) -- Net acquire in sales associated with unconsolidated entities 16 -- 16 -- Net gain (loss) upon sales involving land parcels
 12,179   --   (2,437 )  --  (Loss) earnings via continuing operations (234,414 ) 62,103 (12,467 ) 92,181 Discontinued operations, net  2,023,897   434,702 Â
 404,184   144,142  Net income 1,789,483 496,805 391,717 236,323 Net (income) loss attributable to become able to Noncontrolling Interests: Operating Partnership (70,947 ) (21,646 ) (14,836 ) (10,496 ) Partially Owned Properties  1,101  Â
(457 )  311   312  Net earnings attributable in order to controlling interests 1,719,637 474,702 377,192 226,139 Preferred distributions (3,109 ) (9,319 ) (1,037 ) (2,386 ) Premium on redemption of Preferred Shares  -- Â
 (5,150 )  --   (5,150 ) Net earnings open to common Shares $ 1,716,528  $ 460,233  $ 376,155  $ 218,603   Earnings per share - basic: (Loss) income through continuing operations available to Typical Shares $
(0.64 ) $ 0.15 Â $ (0.04 ) $ 0.27 Â Net earnings available to Typical Shares $ 4.87 Â $ 1.53 Â $ 1.05 Â $ 0.73 Â Weighted typical Widespread Shares outstanding Â
352,414 Â Â 300,116 Â Â 359,811 Â Â 301,336 Â Â Earnings per share - diluted: (Loss) income via continuing operations available to Widespread Shares $ (0.64 ) $ 0.15 Â $ (0.04 ) $ 0.27 Â
Net earnings available to Widespread Shares $ 4.87  $ 1.52  $ 1.05  $ 0.72  Weighted typical common Shares outstanding  352,414   317,265   359,811   318,773 Â
 Distributions declared per Typical Talk About outstanding $ 1.20  $ 1.0125  $ 0.40  $ 0.3375      Equity Residential Consolidated Statements involving Funds Coming From Operations and Normalized Funds Coming From Operations (Amounts within thousands except for each reveal data) (Unaudited)  Nine months Ended September 30, Quarter Ended September 30,
2013 2012 2013 2012 Net income $ 1,789,483 $ 496,805 $ 391,717 $ 236,323 Net loss (income) attributable to Noncontrolling Hobbies - Partially Owned Properties 1,101 (457 ) 311 312 Preferred distributions (3,109 ) (9,319 ) (1,037
) (2,386 ) Premium about redemption involving Preferred Shares  --   (5,150 )  --   (5,150 ) Net earnings open to common Shares along with Units 1,787,475 481,879 390,991 229,099  Adjustments: Depreciation 798,121 422,148
277,336 139,337 Depreciation - Non-real estate additions (3,626 ) (4,211 ) (1,153 ) (1,430 ) Depreciation - Partially Owned along with Unconsolidated Properties (3,074 ) (2,395 ) (566 ) (798 ) Net (gain) in sales regarding unconsolidated entities (16 ) -- (16 )
-- Discontinued operations: Depreciation 31,976 94,792 2,273 29,497 Net (gain) about sales associated with discontinued operations (1,990,577 ) (307,447 ) (401,703 ) (103,394 ) Net incremental gain upon revenue involving condominium units 7 49 -- -- Gain available with regard to sale associated with Equity Corporate Housing (ECH) Â 709 Â Â
350 Â Â 108 Â Â -- Â FFO available to common Shares and also Units (1) (3) (4) 620,995 685,165 267,270 292,311 Â Adjustments (see page 26 for additional detail): Asset impairment along with valuation allowances -- -- -- -- Property acquisition costs along with write-off of pursuit costs 78,694 14,898 2,578 4,004 Debt extinguishment (gains) losses, including prepayment penalties, preferred share
redemptions as well as non-cash convertible credit card debt discounts 78,820 7,491 -- 6,114 (Gains) losses on revenue of non-operating assets, net involving earnings as well as other tax expense (benefit) (13,725 ) (491 ) 1,499 -- Other miscellaneous non-comparable items  3,361   (67,687 )  3,361   (69,910
) Normalized FFO open to Widespread Shares as well as Units (2) (3) (4) $ 768,145 Â $ 639,376 Â $ 274,708 Â $ 232,519 Â Â FFO (1) (3) $ 624,104 $ 699,634 $ 268,307 $ 299,847 Preferred distributions (3,109
) (9,319 ) (1,037 ) (2,386 ) Premium in redemption involving Preferred Shares  --   (5,150 )  --   (5,150 ) FFO accessible to Widespread Shares and also Units - basic as well as diluted (1) (3) (4) $ 620,995  $ 685,165
 $ 267,270  $ 292,311  FFO per reveal and also Unit - basic $ 1.70  $ 2.18  $ 0.72  $ 0.93  FFO for each talk about along with Unit - diluted $ 1.68  $ 2.16
 $ 0.71  $ 0.92   Normalized FFO (2) (3) $ 771,254 $ 648,695 $ 275,745 $ 234,905 Preferred distributions  (3,109 )  (9,319 )  (1,037
) Â (2,386 ) Normalized FFO available to Widespread Shares and Units - simple along with diluted (2) (3) (4) $ 768,145 Â $ 639,376 Â $ 274,708 Â $ 232,519 Â Normalized FFO per share along with Unit - basic $ 2.10 Â $ 2.04 Â $ 0.74
 $ 0.74  Normalized FFO per share along with Unit - diluted $ 2.08  $ 2.02  $ 0.73  $ 0.73   Weighted average common Shares along with Units outstanding - basic  366,150   313,932  Â
373,547   315,513  Weighted average Widespread Shares and also Units outstanding - diluted  368,611   317,265   375,883   318,773   Note: See page 26 regarding extra detail regarding the actual adjustments from FFO for you to Normalized FFO. Observe page 29 for that definitions, the actual footnotes referenced above and additionally the reconciliations involving EPS in order to FFO along with Normalized FFO.  Equity Residential Consolidated balance Sheets (Amounts inside 1000's except regarding discuss amounts)
(Unaudited)   September 30, December 31, 2013 2012 ASSETS Investment inside real estate Land $ 6,201,333 $ 4,554,912 Depreciable property 19,254,957 15,711,944 Projects beneath development 779,053 387,750 Land held pertaining to development  505,494   353,823
 Investment within real estate 26,740,837 21,008,429 Accumulated depreciation  (4,654,594 )  (4,912,221 ) Investment throughout real estate, net 22,086,243 16,096,208 Cash and funds equivalents 972,761 612,590 Investments throughout unconsolidated entities 165,898 17,877 Deposits - restricted 98,874 250,442 Escrow deposits - mortgage 40,901 9,129
Deferred financing costs, net 66,775 44,382 Other assets  379,979   170,372  Total assets $ 23,811,431  $ 17,201,000   LIABILITIES AND EQUITY Liabilities: Mortgage notes payable $ 6,230,675 $ 3,898,369 Notes, net
5,476,522 4,630,875 Lines associated with credit -- -- Accounts payable and accrued expenses 166,939 38,372 Accrued curiosity payable 85,353 76,223 Other liabilities 331,797 304,518 Security deposits 71,462 66,988 Distributions payable  149,836   260,176  Total liabilities Â
12,512,584   9,275,521   Commitments as well as contingencies  Redeemable Noncontrolling Pursuits - Operating Partnership  376,057   398,372  Equity: Shareholders' equity: Preferred Shares regarding advantageous interest, $0.01 par value; 100,000,000 shares authorized; 1,000,000 shares issued and outstanding as of September 30, 2013 along with December 31, 2012 50,000 50,000 Common Shares of helpful interest, $0.01 par value; 1,000,000,000 shares authorized; 360,395,959 shares issued and outstanding as associated with September 30, 2013 and 325,054,654 shares issued and outstanding as regarding December 31, 2012
3,604 3,251 Paid in capital 8,542,822 6,542,355 Retained earnings 2,171,603 887,355 Accumulated some other comprehensive (loss)  (169,392 )  (193,148 ) Total shareholders' equity 10,598,637 7,289,813 Noncontrolling Interests: Operating Partnership 213,518 159,606 Partially Owned Properties  110,635 Â
 77,688  Total Noncontrolling Interests  324,153   237,294  Total equity  10,922,790   7,527,107  Total liabilities along with equity $ 23,811,431  $ 17,201,000   Â
       Equity Residential         Portfolio Summary as involving December 31, 2012 Portfolio Summary as involving September 30, 2013 % of Average % of Average Apartment Stabilized Rental Apartment
Stabilized Rental Markets/Metro Areas Properties Units NOI (1) Rate (2) Properties Units NOI (1) Rate (2) Â Core: Washington DC 43 14,425 15.9 % $ 1,992 56 18,275 19.9 % $ 2,249 New York 30
8,047 13.9 % 3,433 38 10,330 17.3 % 3,720 San Francisco 40 9,094 8.6 % 1,902 50 12,766 12.0 % 2,170 Los Angeles 48 9,815 9.9 % 1,879 57 11,960 11.5 % 2,071 Boston
26 5,832 8.2 % 2,560 34 7,816 10.5 % 2,780 South Florida 36 12,253 9.0 % 1,463 34 11,334 7.2 % 1,543 Seattle 38 7,563 6.4 % 1,627 38 7,734 6.0 % 1,741
Denver 24 8,144 5.5 % 1,226 19 6,935 4.2 % 1,309 San Diego 14 4,963 5.0 % 1,851 13 3,505 3.2 % 1,943 Orange County, CA 11 3,490 3.3 % Â 1,660 11 3,490
2.9 % Â 1,710 Subtotal - Core 310 83,626 85.7 % 1,941 350 94,145 94.7 % 2,195 Â Non-Core: Inland Empire, CA 10 3,081 2.4 % 1,491 10 3,081 2.1 % 1,498 Orlando 21 6,413
3.5 % 1,086 10 3,383 1.7 % 1,131 New England (excluding Boston) 14 2,611 1.3 % 1,174 11 1,965 0.9 % 1,233 Phoenix 25 7,400 3.4 % 946 3 872 0.2 % 898 Atlanta 12
3,616 2.0 % 1,157 2 666 0.2 % 1,339 Tacoma, WA 3 1,467 0.6 % 951 1 522 0.2 % 1,016 Jacksonville 6 2,117 1.1 % Â 1,005 -- -- --% Â
-- Subtotal - Non-Core 91 26,705 14.3 % Â 1,099 37 10,489 5.3 % Â 1,247 Total 401 110,331 100.0 % Â 1,737 387 104,634 100.0 % Â 2,099 Â Military Housing 2
5,039 -- Â -- 2 5,161 -- Â -- Â Grand Total 403 115,370 100.0 % $ 1,737 389 109,795 100.0 % $ 2,099 Â Note: projects below development are not included in the Portfolio Summary until construction continues for you to be completed. Â (1) % of Stabilized NOI includes budgeted 2013 NOI with regard to stabilized properties, budgeted yr 1 (March 2013 for you to February 2014) NOI for your Archstone properties as well as projected
annual NOI from stabilization (defined as having achieved 90% occupancy with regard to three consecutive months) for properties in which are in lease-up.  (2) average rental rates are understood to be able to be total rental revenues divided through the weighted average occupied apartment units for your final month in the time period presented.  Equity Residential      Portfolio as involving September 30, 2013  Apartment Properties Units Wholly Owned Properties 363 99,192 Master-Leased Properties - Consolidated 3 853 Partially Owned Properties - Consolidated 19 3,752 Partially Owned Properties - Unconsolidated
2 837 Military Housing 2 Â Â 5,161 Â Â 389 Â Â 109,795 Â Â Â Â Â Â Â Â Â Â Â Â Â
Portfolio Rollforward Q3 2013 ($ in thousands) Â Apartment Purchase/ Properties Units (Sale) Price Cap Rate 6/30/2013 398 113,388 Dispositions: Consolidated: Rental Properties (10 ) (4,131 ) $ (657,607 ) 5.9 % Land Parcel (one) --
-- $ (17,900 ) Unconsolidated: Land Parcel (one) (1) -- -- $ (26,350 ) Completed Developments - Unconsolidated 1 501 Configuration Changes -- Â 37 Â Â 9/30/2013 389 Â 109,795 Â Â
           Portfolio Rollforward 2013 ($ in thousands)  Apartment Purchase/ Properties Units (Sale) Price Cap Rate 12/31/2012 403 115,370 Acquisitions: Consolidated: Rental Properties (2)
73 20,914 $ 8,519,895 4.9 % Master-Leased Properties (2) 3 853 $ 251,828 5.6 % Uncompleted Developments (two) -- -- $ 36,583 Land Parcels (fourteen) (2) -- -- $ 256,398 Unconsolidated (3): Rental Properties 1
336 $ 5,113 5.8 % Uncompleted Developments (two) (2) -- -- $ 14,854 Land Parcel (one) (2) -- -- $ 6,572 Dispositions: Consolidated: Rental Properties (92 ) (28,328 ) $ (4,362,689 ) 6.0
% Land Parcels (six) -- -- $ (77,650 ) Other (4) -- -- $ (30,734 ) Unconsolidated: Land Parcel (one) (1) -- -- $ (26,350 ) Completed Developments - Unconsolidated 1 501 Configuration Changes -- Â
149 Â Â 9/30/2013 389 Â 109,795 Â Â (1) Sales cost outlined is the gross revenue price. EQR's discuss with the net revenue proceeds approximated 25%. Â (2) Amounts are already adjusted to become able to reflect Q2/Q3 2013 changes to the obtain cost allocation for many assets which were acquired within the Archstone transaction. Â (3) EQR owns different equity passions during these unconsolidated rental properties, uncompleted developments as well as land parcels. Buy price detailed will be EQR's net investment price. Â (4) Represents a 97,000 square foot commercial building adjacent to always be able to our Harbor steps apartment property in downtown Seattle that was acquired throughout 2011. Â Â Equity Residential Â
     Third Quarter 2013 vs. Third Quarter 2012 Same store Results/Statistics pertaining to 82,553 same Retailer Apartment Units $ inside 1000's (except for average Rental Rate)  Results Statistics Average Rental Description Revenues Expenses NOI (1) Rate (2) Occupancy Turnover  Q3 2013 $ 463,607 $ 159,302
$ 304,305 $ 1,957 95.7 % 16.9 % Q3 2012 $ 445,521 $ 154,450 $ 291,071 $ 1,878 95.9 % 17.2 % Â Change $ 18,086 $ 4,852 $ 13,234 $
79 (0.2)% (0.3)% Â Change 4.1 % 3.1 % 4.5 % 4.2 % Â Â Â Â Â Â Â Â Â Â Â Â Â Â Third Quarter 2013 vs. second Quarter 2013 Same Retailer Results/Statistics with regard to 101,820 Exact Same Shop Apartment Units $ in thousands (except for average Rental Rate)
 Results Statistics Average Rental Description Revenues Expenses NOI (1) Rate (2) Occupancy Turnover  Q3 2013 $ 615,239 $ 211,724 $ 403,515 $ 2,106 95.7 % 17.1 % Q2 2013 $
605,869 $ 207,252 $ 398,617 $ 2,077 95.6 % 14.5 % Â Change $ 9,370 $ 4,472 $ 4,898 $ 29 0.1 % 2.6 % Â Change 1.5 % 2.2 % 1.2 %
1.4 % Â Note: Sequential same shop results/statistics consist of 18,448 apartment units acquired in the Archstone acquisition. Â Â Â Â Â Â Â Â Â Â Â Â Â Â September YTD 2013 vs. September YTD 2012 Same store Results/Statistics regarding 81,099 Exact Same store Apartment Units $ within thousands (except with regard to Typical Rental Rate) Â Results Statistics Average Rental
Description Revenues Expenses NOI (1) Rate (2) Occupancy Turnover  YTD 2013 $ 1,329,326 $ 462,509 $ 866,817 $ 1,910 95.4 % 43.8 % YTD 2012 $ 1,269,876 $ 447,600 $ 822,276
$ 1,827 95.3 % 44.0 % Â Change $ 59,450 $ 14,909 $ 44,541 $ 83 0.1 % (0.2)% Â Change 4.7 % 3.3 % 5.4 % 4.5 % Â (1) The Company's primary financial measure pertaining to evaluating everyone of its apartment communities is net operating earnings ("NOI"). NOI represents rental income much less property along with maintenance expense, real-estate tax and insurance expense along with property
management expense. the Company believes in which NOI is actually helpful in order to investors as a supplemental measure involving its operating performance because it can always be a immediate measure with the actual operating outcomes of the Company's apartment communities. Discover web page 29 with regard to reconciliations coming from operating income. Â (2) Average rental minute prices are understood in order to be total rental revenues divided through the weighted average occupied apartment units for your period. Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Equity Residential
Third Quarter 2013 vs. Third Quarter 2012 Same store Results/Statistics through Market          Increase (Decrease) through Prior Year's Quarter Q3 2013 Q3 2013 Q3 2013 % of Average Weighted Average Apartment Actual Rental Average Rental Markets/Metro Areas Units
NOI Rate (1) Occupancy % Revenues Expenses NOI Rate (1) Occupancy  Core: Washington DC 11,077 15.6 % $ 2,155 95.6 % 1.6 % 1.6 % 1.6 % 2.1 % (0.5)% New York 7,478 15.4 % 3,554 96.4 % 3.6 %
4.8 % 2.9 % 4.2 % (0.5)% Los Angeles 8,996 11.1 % 1,957 96.0 % 3.7 % 3.2 % 4.0 % 4.0 % (0.2)% San Francisco 8,039 9.9 % 1,981 95.4 % 8.4 % 3.1 % 11.4 % 8.9 % (0.5)% Boston (2) 5,832
9.8 % 2,637 96.0 % 3.8 % 2.0 % 4.6 % 3.5 % 0.3 % South Florida 10,637 9.5 % 1,544 95.1 % 4.2 % 3.7 % 4.5 % 4.0 % 0.2 % Seattle 6,867 7.5 % 1,751 96.1 % 5.4 % 6.4 % 4.8 %
5.1 % 0.2 % Denver 6,767 5.8 % 1,314 96.0 % 6.7 % 5.7 % 7.2 % 6.8 % (0.1)% San Diego 3,217 4.0 % 1,889 96.1 % 3.4 % 2.2 % 3.9 % 3.2 % 0.2 % Orange County, CA 3,490 3.9 % 1,712
95.9 % 3.5 % (0.2)% 5.2 % 3.8 % (0.3)% Subtotal - Core 72,400 92.5 % 2,055 95.8 % 4.2 % 3.4 % 4.6 % 4.3 % (0.2)% Â Non-Core: Inland Empire, CA 3,081 3.0 % 1,513 95.9 % 3.0 % 0.7 % 4.1 %
3.0 % (0.1)% Orlando 3,383 2.3 % 1,138 95.4 % 2.4 % (2.3)% 5.4 % 2.8 % (0.4)% New England (excluding Boston) 1,965 1.2 % 1,231 94.4 % 1.2 % 1.2 % 1.2 % 2.4 % (1.1)% Phoenix 872 0.4 % 904
94.7 % 1.6 % (2.0)% 4.1 % 1.9 % (0.2)% Tacoma, WA 522 0.3 % 1,017 94.9 % 10.4 % 14.0 % 7.4 % 5.2 % 4.4 % Atlanta 330 0.3 % 1,390 95.8 % 3.8 % (3.1)% 9.4 % 4.0 % (0.2)%
Subtotal - Non-Core 10,153 7.5 % 1,253 95.3 % 2.7 % 0.2 % 4.3 % 2.9 % (0.2)% Â Â Â Â Â Â Â Â Â Total 82,553 100.0 % $ 1,957 95.7 % 4.1 % 3.1 %
4.5 % 4.2 % (0.2)% Â (1) average rental minute prices are understood to become able to be total rental revenues divided through the weighted typical occupied apartment units for your period. Â (2) Quarter over quarter identical shop revenues within Boston were negatively impacted simply by non-residential related income. Residential-only identical shop revenues elevated inside Boston 4.4% quarter over quarter. Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â
  Equity Residential Third Quarter 2013 vs. second Quarter 2013 Same store Results/Statistics simply by Market          Increase (Decrease) via Prior Quarter   Q3 2013 Q3 2013 Q3 2013 % of Average Weighted Average Apartment Actual
Rental Average Rental Markets/Metro Areas Units NOI Rate (1) Occupancy % Revenues Expenses NOI Rate (1) Occupancy  Core: Washington DC 17,536 19.2 % $ 2,256 95.6 % 0.6 % 1.4 % 0.2 % 0.2 % 0.3 % New York
10,330 17.2 % 3,721 96.2 % 1.2 % 1.5 % 1.0 % 1.1 % 0.1 % San Francisco 12,766 13.0 % 2,177 95.5 % 2.7 % 4.5 % 1.8 % 2.8 % (0.2)% Los Angeles 11,139 10.6 % 2,059 96.0 % 2.6 % 2.2 %
2.8 % 2.1 % 0.5 % Boston (2) 7,722 10.3 % 2,785 95.7 % 0.5 % 2.7 % (0.6)% 0.1 % 0.3 % South Florida 10,833 7.2 % 1,541 95.1 % 1.2 % 3.2 % (0.1)% 1.6 % (0.4)% Seattle 7,411 6.1 %
1,742 96.2 % 2.9 % 2.8 % 3.0 % 2.2 % 0.7 % Denver 6,935 4.5 % 1,317 96.0 % 3.1 % 0.7 % 4.1 % 2.8 % 0.2 % San Diego 3,505 3.3 % 1,904 96.1 % 1.7 % (0.2)% 2.5 % 1.5 %
0.1 % Orange County, CA 3,490 3.0 % 1,712 95.9 % 1.7 % 3.3 % 1.0 % 1.4 % 0.3 % Subtotal - Core 91,667 94.4 % 2,200 95.8 % 1.6 % 2.3 % 1.2 % 1.4 % 0.2 % Â Non-Core: Inland Empire, CA 3,081 2.3 %
1,513 95.9 % 0.9 % 0.1 % 1.3 % 0.3 % 0.5 % Orlando 3,383 1.7 % 1,138 95.4 % 1.2 % 2.2 % 0.6 % 1.3 % (0.2)% New England (excluding Boston) 1,965 0.9 % 1,231 94.4 % --% (4.4)% 4.0 % 0.8 %
(0.7)% Phoenix 872 0.3 % 904 94.7 % 2.8 % 5.7 % 1.0 % 2.8 % --% Tacoma, WA 522 0.2 % 1,017 94.9 % 3.6 % 6.4 % 1.2 % 2.5 % 1.0 % Atlanta 330 0.2 % 1,390 95.8 %
3.8 % 4.0 % 3.6 % 2.7 % 1.1 % Subtotal - Non-Core 10,153 5.6 % 1,253 95.3 % 1.1 % 0.4 % 1.6 % 1.1 % 0.1 % Â Â Â Â Â Â Â Â Â Total 101,820
100.0 % $ 2,106 95.7 % 1.5 % 2.2 % 1.2 % 1.4 % 0.1 % Â Note: Sequential exact same retailer results/statistics consist of 18,448 apartment units acquired inside the Archstone acquisition. Â (1) average rental rate is thought as total rental revenues divided through the weighted typical occupied apartment units for that period. Â (2) Sequential exact same shop revenues throughout Boston were negatively impacted by non-residential related income. Residential-only same retailer revenues elevated in Boston 1.9% sequentially. Â Â Â Â Â Â Â Â Â Â
         Equity Residential September YTD 2013 vs. September YTD 2012 Same store Results/Statistics through Market          Increase (Decrease) coming from Prior Year Sept. YTD 13 Sept. YTD 13 Sept. YTD 13 % of
Average Weighted Average Apartment Actual Rental Average Rental Markets/Metro Areas Units NOI Rate (1) Occupancy % Revenues Expenses NOI Rate (1) Occupancy  Core: Washington DC 10,564 15.2 % $ 2,101 95.2 % 2.6 %
0.8 % 3.4 % 2.8 % (0.3)% New York 7,176 14.7 % 3,468 95.9 % 4.7 % 5.6 % 4.0 % 4.9 % (0.3)% Los Angeles 8,894 11.3 % 1,916 95.7 % 4.3 % 4.0 % 4.5 % 3.8 % 0.3 % Boston (2) 5,832
10.0 % 2,612 95.2 % 3.9 % 4.5 % 3.6 % 3.9 % --% South Florida 10,637 9.9 % 1,521 95.2 % 4.5 % 2.5 % 5.8 % 4.2 % 0.2 % San Francisco 7,821 9.7 % 1,918 95.1 % 8.8 % 2.3 % 12.6 %
8.7 % 0.1 % Seattle 6,548 7.3 % 1,711 95.5 % 5.4 % 4.6 % 5.9 % 5.4 % 0.1 % Denver 6,767 6.0 % 1,281 95.9 % 7.7 % 5.3 % 8.7 % 7.3 % 0.3 % San Diego 3,217 4.1 % 1,866
95.4 % 3.9 % 2.7 % 4.4 % 3.0 % 0.6 % Orange County, CA 3,490 4.1 % 1,688 95.7 % 3.9 % 2.4 % 4.6 % 3.7 % 0.1 % Subtotal - Core 70,946 92.3 % 2,006 95.5 % 4.8 % 3.6 % 5.4 % 4.6 % 0.1 %
 Non-Core: Inland Empire, CA 3,081 3.1 % 1,502 95.3 % 3.4 % 1.0 % 4.5 % 2.9 % 0.4 % Orlando 3,383 2.4 % 1,122 95.7 % 4.3 % (0.6)% 7.4 % 3.9 % 0.3 % New England (excluding Boston) 1,965 1.2 % 1,220
94.8 % 2.3 % 4.9 % --% 2.8 % (0.4)% Phoenix 872 0.5 % 887 94.7 % 1.2 % (3.8)% 4.6 % 0.9 % 0.2 % Tacoma, WA 522 0.3 % 997 94.3 % 8.6 % 4.8 % 12.4 % 2.8 % 4.9 %
Atlanta 330 0.2 % 1,353 95.0 % 3.1 % (4.9)% 10.0 % 4.4 % (1.2)% Subtotal - Non-Core 10,153 7.7 % 1,238 95.2 % 3.5 % 1.0 % 5.1 % 3.2 % 0.4 % Â Â Â Â Â Â
   Total 81,099 100.0 % $ 1,910 95.4 % 4.7 % 3.3 % 5.4 % 4.5 % 0.1 %  (1) average rental rates are understood to always be able to be total rental revenues divided from the weighted average occupied apartment units for the period.  (2) September year-to-date identical store revenues in Boston had been negatively impacted simply by non-residential related income. Residential-only exact same shop revenues increased inside Boston 5.3% September year-to-date.  Equity Residential     Â
Third Quarter 2013 vs. Third Quarter 2012 Same Retailer Operating Expenses for 82,553 Identical store Apartment Units $ within thousands  % involving Actual Q3 2013 Actual Actual $ % Operating Q3 2013 Q3 2012 Change Change Expenses  Real estate taxes $ 51,834 $ 47,551 $ 4,283 9.0 %
32.5 % On-site payroll (1) 34,266 33,351 915 2.7 % 21.5 % Utilities (2) 23,658 23,058 600 2.6 % 14.9 % Repairs along with maintenance (3) 22,595 21,976 619 2.8 % 14.2 %
Property management costs (4) 15,067 16,707 (1,640 ) (9.8 )% 9.5 % Insurance 5,012 4,717 295 6.3 % 3.1 % Leasing along with advertising 2,462 2,536 (74 ) (2.9 )% 1.5 %
Other on-site operating expenses (5) Â 4,408 Â 4,554 Â (146 ) (3.2 )% 2.8 % Â Same store operating expenses $ 159,302 $ 154,450 $ 4,852 Â 3.1 % 100.0 % Â
           September YTD 2013 vs. September YTD 2012 Same Shop Operating Expenses regarding 81,099 Exact Same Shop Apartment Units $ inside thousands  % associated with Actual YTD 2013 Actual Actual $ % Operating YTD 2013 YTD 2012 Change Change
Expenses  Real estate taxes $ 150,852 $ 140,089 $ 10,763 7.7 % 32.6 % On-site payroll (1) 99,109 97,775 1,334 1.4 % 21.4 % Utilities (2) 69,474 66,885 2,589 3.9
% 15.0 % Repairs and maintenance (3) 63,099 60,332 2,767 4.6 % 13.7 % Property management costs (4) 44,532 47,620 (3,088 ) (6.5 )% 9.6 % Insurance 14,779 13,904 875 6.3 %
3.2 % Leasing and advertising 7,150 6,952 198 2.8 % 1.6 % Other on-site operating expenses (5) Â 13,514 Â 14,043 Â (529 ) (3.8 )% 2.9 % Â Same shop operating expenses $ 462,509
$ 447,600 $ 14,909 Â 3.3 % 100.0 % Â (1) On-site payroll - includes payroll and associated expenses with regard to on-site personnel such as property managers, leasing consultants as well as maintenance staff. Â (2) Utilities - Represents gross expenses just before any kind of recoveries beneath your Resident Utility Billing System ("RUBS"). Recoveries are reflected inside rental income. Â (3) Repairs and maintenance - Consists Of general maintenance costs, apartment unit turnover expenses which includes interior painting, routine landscaping, security, exterminating, fire protection, snow removal, elevator, roof along with car park repairs as well as other miscellaneous building repair costs. Â (4) Property management costs - Consists Of payroll and also related expenses for departments, or portions regarding departments, that directly assistance on-site management. These types of consist of such departments as regional and also corporate property management, property accounting, human resources, training, marketing and revenue management, procurement, property tax, property legal solutions and information technology.
 (5) Other on-site operating expenses - Consists Of ground lease costs as well as administrative expenses like office supplies, telephone as well as information charges as well as association and also enterprise licensing fees.             Equity Residential        Debt Summary as involving September 30, 2013 (Amounts in thousands)
 Weighted Weighted Average Average Maturities Amounts (1) % involving Total Rates (1) (years)  Secured $ 6,230,675 53.2 % 4.25 % 6.6 Unsecured  5,476,522 46.8 % 4.93 % 4.8  Total $
11,707,197 100.0 % 4.58 % 5.7  Fixed Charge Debt: Secured - Conventional $ 5,547,506 47.4 % 4.67 % 5.0 Unsecured - Public/Private  4,726,522 40.4 % 5.57 % 5.3  Fixed Charge Debt  10,274,028 87.8 % 5.09 % 5.2 Â
Floating rate Debt: Secured - Conventional 57,133 0.5 % 2.33 % 1.0 Secured - Tax Exempt 626,036 5.3 % 0.60 % 19.4 Unsecured - Public/Private 750,000 6.4 % 1.66 % 1.3 Unsecured - Revolving credit Facility  -- 0.0% 1.28 % 4.5  Floating Charge Debt  1,433,169
12.2 % 1.23 % 9.4 Â Total $ 11,707,197 100.0 % 4.58 % 5.7 Â (1) Net associated with the result associated with any derivative instruments. Weighted typical rates are usually for that nine a few months ended September 30, 2013. Â Note: the Company capitalized curiosity of approximately $32.9 million along with $15.8 million through the nine months ended September 30, 2013 as well as 2012, respectively. The Business capitalized curiosity regarding approximately $12.9 million as well as $5.7 million during the quarters ended September 30, 2013 as well as 2012, respectively. Â Â Â Â Â Â Â Â Â Â
       Debt Maturity Routine as involving September 30, 2013 (Amounts within thousands)  Weighted Weighted Average Rates Average Fixed Floating on Fixed Rates on Year Rate (1) Rate (1) Total % associated with Total Rate Credit Card Debt (1) Total Financial Debt (1) Â
2013 $ 3,004 $ 131 $ 3,135 0.0% 5.41 % 5.32 % 2014 1,517,991 (2) 49,017 1,567,008 13.4 % 5.67 % 5.57 % 2015 420,449 750,000 (3) 1,170,449 10.0 % 6.28 % 3.12 %
2016 1,193,251 -- 1,193,251 10.2 % 5.34 % 5.34 % 2017 2,171,735 (4) 456 2,172,191 18.6 % 6.20 % 6.20 % 2018 84,355 724 85,079 0.7 % 5.61 % 5.61 % 2019 806,634 20,766 827,400
7.1 % 5.48 % 5.35 % 2020 1,678,601 809 1,679,410 14.3 % 5.49 % 5.49 % 2021 1,195,243 856 1,196,099 10.2 % 4.63 % 4.64 % 2022 228,933 905 229,838 2.0 % 3.17 % 3.18 % 2023+ 800,999
675,944 1,476,943 12.6 % 4.22 % 2.50 % Premium/(Discount) Â 172,833 Â (66,439) Â 106,394 0.9 % N/A N/A Â Total $ 10,274,028 $ 1,433,169 $ 11,707,197 100.0 % 5.43 % 4.86 %
 (1) Net of the effect of virtually any derivative instruments. Weighted typical prices are generally as of September 30, 2013.  (2) On October 1, 2013, the actual company paid back the particular $963.5 million outstanding involving 5.883% mortgage debt assumed as being a a part of the Archstone transaction, prior for the November 1, 2014 maturity date. Next this payoff, remaining financial debt maturing within 2014 totals $603.5 million.  (3) Includes your Company's senior unsecured $750.0 million delayed draw term loan facility that matures on January 11, 2015 and it is subject to some one-year extension option exercisable through the Company.  (4) Includes $1.27 billion in Archstone mortgage notes payable of which $825.0 million could be paid off inside the fourth quarter associated with 2013 within link using certain planned refinancing actions described more completely in web page three regarding this release. The Particular approximately $440.0 million stability will remain outstanding as well as continue to mature inside November 2017. following these anticipated refinancing activities, remaining debt maturing within 2017 could be $1.3 billion.        Â
    Equity Residential Unsecured Financial Debt Summary as associated with September 30, 2013 (Amounts in thousands)        Unamortized Coupon Due Face Premium/ Net Rate Date Amount (Discount) Balance Â
Fixed Price Notes: 5.250 % 09/15/14 $ 500,000 $ (59) $ 499,941 6.584 % 04/13/15 300,000 (165) 299,835 5.125 % 03/15/16 500,000 (130) 499,870 5.375 % 08/01/16 400,000 (526) 399,474 5.750 % 06/15/17
650,000 (1,907) 648,093 7.125 % 10/15/17 150,000 (262) 149,738 4.750 % 07/15/20 600,000 (3,090) 596,910 4.625 % 12/15/21 1,000,000 (3,112) 996,888 3.000 % 04/15/23 500,000 (4,227) 495,773 7.570 % 08/15/26 Â
140,000 Â -- Â 140,000 Â Â 4,740,000 Â (13,478) Â 4,726,522 Floating Price Notes: Delayed Draw Term Loan Facility LIBOR+1.20% 01/11/15 (1)(2) Â 750,000 Â -- Â 750,000 Â Â 750,000
 --  750,000  Revolving Credit Rating Facility: LIBOR+1.05% 04/01/18 (1)(3)  --  --  --  Total Unsecured Debt $ 5,490,000 $ (13,478) $ 5,476,522  (1) Facilities are generally private. Most additional unsecured credit card debt can be public.
 (2) On January 11, 2013, your company entered right directly into a senior unsecured $750.0 million delayed draw term loan facility that had been fully drawn about February 27, 2013 throughout link with the Archstone acquisition. Your maturity date regarding January 11, 2015 is actually subject to some one-year extension alternative exercisable from the Company. The Actual fascination rate in advances beneath the term loan facility will typically be LIBOR as well as any spread (currently 1.20%), which can be dependent on the credit rating score with the Company's long-term debt.  (3) On January 11, 2013, the Organization replaced its active $1.75 billion facility using a $2.5 billion unsecured revolving credit rating facility maturing April 1, 2018. The Particular fascination charge about advances below the newest credit score facility will generally become LIBOR as well as a new spread (currently 1.05%) plus an annual facility charge (currently 15 schedule points). Each the particular spread as well as the facility fee are usually dependent about the credit score in the Company's long-term debt. As regarding September 30, 2013, there was approximately $2.47 billion accessible about the Company's unsecured revolving credit score facility.       Equity Residential     Selected Unsecured Public Financial Debt Covenants  September 30,
June 30, 2013 2013 Â Total Credit Card Debt for you to Adjusted Total Assets (not to exceed 60%) 42.2 % 42.9 % Â Secured Financial Debt to be able to Adjusted Total Assets (not to exceed 40%) 22.4 % 22.9 % Â Consolidated income available regarding Financial Debt Services to Maximum Annual Services Charges (must be no less than 1.5 to be able to 1) 2.65 2.68 Â Total Unsecured Assets to Unsecured Debt 324.6 % 315.4
% (must end up being no less than 150%)  These selected covenants connect with ERP Operating Restricted Partnership's ("ERPOP") outstanding unsecured public debt. Equity Residential is the general partner regarding ERPOP.                Equity Residential     Â
   Capital structure as regarding September 30, 2013 (Amounts inside 1000's except for share/unit along with per share amounts)  Secured Debt $ 6,230,675 53.2 % Unsecured Debt  5,476,522 46.8 %  Total Debt 11,707,197 100.0 % 36.8 %  Common Shares (includes restricted Shares) 360,395,959 96.2 % Units (includes OP Units and also LTIP Units)  14,200,376
 3.8 %  Total Shares along with Units 374,596,335 100.0 % Common Talk About Value with September 30, 2013 $ 53.57 20,067,126 99.8 % Perpetual Preferred Equity (see below)  50,000 0.2 %  Total Equity 20,117,126 100.0 % 63.2 %  Total Industry Capitalization $ 31,824,323 100.0 % Â
                Perpetual Preferred Equity as involving September 30, 2013 (Amounts inside 1000's except for discuss along with for each talk about amounts)   Annual Annual Redemption Outstanding Liquidation Dividend
Dividend Series Date Shares Value Per Share Amount Preferred Shares: 8.29% Series K 12/10/2026 1,000,000 $ 50,000 $ 4.145 $ 4,145 Â Total Perpetual Preferred Equity 1,000,000 $ 50,000 $ 4,145 Â Â
       Equity Residential Common Talk About as well as Unit Weighted Typical amounts Outstanding     YTD Q313 YTD Q312 Q313 Q312  Weighted Typical Quantities Outstanding with regard to Net Earnings Purposes: Common Shares - basic 352,413,769 300,116,136 359,811,378 301,336,325 Shares issuable coming from assumed conversion/vesting of (1):
- OP Units -- 13,815,887 -- 14,176,635 - long-term compensation shares/units -- 3,332,695 -- 3,260,210 Â Total common Shares and also Units - diluted (1) 352,413,769 317,264,718 359,811,378 318,773,170 Â Weighted average amounts Outstanding pertaining to FFO and Normalized FFO Purposes: Common Shares - basic 352,413,769 300,116,136 359,811,378 301,336,325 OP Units - basic 13,736,059
13,815,887 13,735,575 14,176,635 Â Total Typical Shares as well as OP Units - basic 366,149,828 313,932,023 373,546,953 315,512,960 Shares issuable via assumed conversion/vesting of: - long-term compensation shares/units 2,461,479 3,332,695 2,336,330 3,260,210 Â Total Typical Shares as well as Units - diluted 368,611,307 317,264,718 375,883,283 318,773,170 Â Period Ending Quantities Outstanding: Common Shares (includes restricted Shares) 360,395,959 302,674,716
Units (includes OP Units and LTIP Units) 14,200,376 14,399,790 Â Total Shares and Units 374,596,335 317,074,506 Â (1) Potential widespread shares issuable from the assumed conversion regarding OP Units and the exercise/vesting associated with long-term compensation shares/units tend to be immediately anti-dilutive and as a result excluded in the diluted earnings for each talk about calculation as the company were built using a loss via continuing operations through the nine weeks and quarter ended September 30, 2013. Â Â Â Â Â Â Â Â Â Â Â Â Â Â
 Equity Residential Partially Owned Entities as of September 30, 2013 (Amounts in thousands except with regard to project as well as apartment unit amounts)        Consolidated Unconsolidated Development Projects Development Projects  Held for Held for and/or Under and/or Under Completed, Not Development (4) Operating Total Development (5) Stabilized (6)
Operating Total  Total tasks (1)  --   19   19   --   1   1   2  Â
Total apartment units (1) Â -- Â Â 3,752 Â Â 3,752 Â Â -- Â Â 501 Â Â 336 Â Â 837 Â Â Operating details for that nine weeks ended 9/30/13 (at 100%): Operating revenue $
12 $ 59,666 $ 59,678 $ 1,305 $ 1,861 $ 3,173 $ 6,339 Operating expenses  407   18,458   18,865   1,141 Â
 1,023   1,402   3,566   Net operating (loss) income (395 ) 41,208 40,813 164 838 1,771 2,773 Depreciation -- 26,478 26,478 84 -- 4,165
4,249 General along with administrative/other  520   79   599   23   --   141   164   Operating (loss) income (915
) 14,651 13,736 57 838 (2,535 ) (1,640 ) Interest and other income 2 3 5 -- -- 10 10 Other expenses (334 ) (4 ) (338 ) -- --
-- -- Interest: Expense incurred, net (2 ) (10,615 ) (10,617 ) (152 ) (501 ) (658 ) (1,311 ) Amortization of deferred financing costs  --   (216 ) Â
(216 ) Â -- Â Â -- Â Â (1 ) Â (1 ) Â (Loss) earnings prior to earnings and other taxes, (loss) from investments in unconsolidated entities, net (loss) gain upon sales associated with terrain parcels along with discontinued operations (1,249 ) 3,819 2,570 (95 ) 337
(3,184 ) (2,942 ) Income along using other tax (expense) benefit (11 ) (56 ) (67 ) -- -- -- -- (Loss) via investments within unconsolidated entities -- (1,010 ) (1,010 ) -- -- -- -- Net (loss) on revenue associated with property parcels
(17 ) -- (17 ) -- -- -- -- Net gain in revenue regarding discontinued operations -- 26,673 26,673 -- -- -- -- Â Â Â Â Â Â Â Net (loss) income $
(1,277 ) $ 29,426 Â $ 28,149 Â $ (95 ) $ 337 Â $ (3,184 ) $ (2,942 ) Â Debt - Secured (2): EQR Possession (3) $ -- $
280,671 $ 280,671 $ 42,914 $ 9,044 $ 6,110 $ 58,068 Noncontrolling Ownership  --   78,059   78,059   75,809   36,173
  24,440   136,422   Total (at 100%) $ --  $ 358,730  $ 358,730  $ 118,723  $ 45,217  $ 30,550
 $ 194,490   (1) Project as well as apartment unit counts exclude just about all uncompleted development projects until these tasks tend to be substantially completed.  (2) All financial debt will be non-recourse to the company with the exception associated with 50% with the current $5.7 million outstanding financial debt stability on a single unconsolidated development project.  (3) Represents the Company's existing equity ownership interest.  (4) See Tasks Below Development - Partially Owned in page 22 regarding further information.  (5) See Tasks under Development - Unconsolidated upon web page 23 pertaining to further information.  (6) Projects included here are generally substantially complete. However, that they may nevertheless need extra exterior and also interior work regarding most units being available for leasing. Notice projects Beneath Development - Unconsolidated upon page 23 for further information. Â
Note: The over table excludes the Company's hobbies throughout unconsolidated joint ventures entered into using AvalonBay ("AVB") inside link with the Archstone transaction. These types of ventures very own specific non-core Archstone assets that are held for sale and succeeded to be able to specific residual Archstone liabilities, such as liability for various employment-related matters as well as duty regarding tax protection arrangements and third-party preferred passions in former Archstone subsidiaries. The Actual preferred passions come together with an aggregate liquidation worth of $88.3 million from September 30, 2013. The Particular ventures tend to be owned 60% from the Business and also 40% by simply AVB. Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â
   Equity Residential Consolidated Development along with Lease-Up Tasks as involving September 30, 2013 (Amounts within 1000's except for project as well as apartment unit amounts)             Total Book No. of Total Total Value Not Estimated Estimated Apartment
Capital Book Value Placed in Total Percentage Percentage Percentage Completion Stabilization Projects Location Units Cost (1) to Date Service Debt Completed Leased Occupied Date Date  Projects under Development - Wholly Owned: Jia (formerly Chinatown Gateway) Los Angeles, CA 280
$ 92,920 $ 79,564 $ 79,564 $ -- 85 % 3 % -- Q4 2013 Q3 2015 Oasis at Delray Beach II (2) Delray Beach, FL 128 23,739 19,669 19,669 -- 89 % 11 % -- Q1 2014 Q2 2014 Residences with Westgate I (formerly Westgate II)
Pasadena, CA 252 125,293 89,319 89,319 -- 60 % -- -- Q1 2014 Q1 2015 1111 Belle Pre (formerly The Particular Madison) Alexandria, VA 360 115,072 95,437 95,437 -- 86 % 12 % -- Q1 2014 Q2 2015 Urbana (formerly Industry Street Landing) Seattle, WA 287
90,024 68,106 68,106 -- 76 % -- -- Q1 2014 Q3 2015 Reserve with City Middle III Mill Creek, WA 95 21,330 14,036 14,036 -- 60 % -- -- Q2 2014 Q4 2014 Residences from Westgate II (formerly Westgate III) Pasadena, CA 88 54,037 28,871
28,871 -- 29 % -- -- Q2 2014 Q1 2015 170 Amsterdam (3) New York, NY 237 110,892 31,524 31,524 -- 17 % -- -- Q1 2015 Q1 2016 West Seattle Seattle, WA 206 67,112 16,233 16,233 --
1 % -- -- Q4 2015 Q3 2016 Tallman Seattle, WA 303 84,277 20,339 20,339 -- 1 % -- -- Q4 2015 Q2 2017 Tasman San Jose, CA 554 Â 214,923 Â 32,474 Â 32,474
 -- 1 % -- -- Q2 2016 Q2 2018 Projects Beneath Development - Wholly Owned 2,790 999,619 495,572 495,572 --  Projects under Development - Partially Owned: Park Aire (formerly Enclave from Wellington) (2) Wellington, FL 268 50,000 44,616 44,616 -- 91 % 15 % 5 % Q1 2014
Q1 2015 400 Park avenue South (4) New York, NY 269 Â 251,961 Â 152,651 Â 152,651 Â -- 45 % -- -- Q2 2015 Q1 2016 Projects Beneath Development - Partially Owned 537 301,961 197,267 197,267 -- Â Â Â
  Projects Beneath Development 3,327  1,301,580  692,839  692,839  --  Completed Certainly Not Stabilized - Wholly Owned (5): Breakwater from Marina Del Rey (3) (6) (7) Marina Del Rey, CA 224 90,449 86,388 -- 27,000 66 % 64 % Completed Q2 2014 Gaithersburg Station (7) (8)
Gaithersburg, MD 389 Â 93,000 Â 92,191 Â -- Â 89,653 77 % 72 % Completed Q2 2014 Projects Completed Not Really Stabilized - Wholly Owned 613 183,449 178,579 -- 116,653 Â Â Â Â Â Projects Completed Not Really Stabilized
613 Â 183,449 Â 178,579 Â -- Â 116,653 Â Completed along with Stabilized Throughout the Quarter - Wholly Owned: 2201 Pershing Drive Arlington, VA 188 Â 61,338 Â 58,660 Â -- Â -- 98 % 97 % Completed Stabilized
Projects Completed along with Stabilized during the particular Quarter - Wholly Owned 188 61,338 58,660 -- -- Â Â Â Â Â Projects Completed along with Stabilized In The Particular Program Of the Quarter 188 Â 61,338 Â 58,660 Â -- Â -- Â Total Consolidated Projects 4,128 $ 1,546,367
$ 930,078 $ 692,839 $ 116,653 Â Land Held with regard to Development N/A Â N/A $ 505,494 $ 505,494 $ -- Â Â Â Total Capital Q3 2013 NOI CONTRIBUTION FROM CONSOLIDATED DEVELOPMENT PROJECTS Cost (1) NOI Projects Beneath Development
$ 1,301,580 $ (324) Completed Certainly Not Stabilized 183,449 1,245 Completed and Stabilized In The Actual course Of the particular Quarter  61,338  922 Total Consolidated Development NOI Contribution $ 1,546,367 $ 1,843  (1) Total richesse cost represents estimated price regarding projects under development and/or developed and many kinds of capitalized expenses incurred in order to date plus any kind of estimates of expenses remaining to become funded pertaining to most projects, all in respect using GAAP.  (2) The company acquired this development project in link with the Archstone transaction and is continuing development activities. the Company owns 100% involving Oasis in Delray Beach II as well as includes a 95.0% ownership curiosity about Park Aire.
 (3) The property below this development is topic into a long term ground lease.  (4) The Business can be jointly developing using Toll Brothers (NYSE: TOL) a project at 400 Park avenue South throughout Ny Metropolis using the Company's rental part in floors 2-22 and also Toll's pertaining to sale portion in floors 23-40. the total money expense as well as total guide value to date represent just the Company's part with the project. Toll Brothers provides funded $86.2 million with regard to their own allocated talk about of the project.  (5) Properties included here tend to be substantially complete. However, they might nevertheless require further exterior along with interior function with regard to almost all apartment units to be readily obtainable for leasing.  (6) The company acquired this property throughout link with all the Archstone transaction and has completed renovations. Your non-recourse loan in this property features a existing outstanding balance regarding $27.0 million, bears fascination in LIBOR as well as 1.75% and matures September 1, 2014.  (7) Amounts happen to be adjusted in order to reflect Q2/Q3 2013 changes to the obtain price allocation pertaining to these projects that have got been acquired within the Archstone transaction.  (8) The Business acquired this completed development project prior to stabilization inside connection with most the Archstone transaction and is also continuing lease-up activities. This kind of project has a non-recourse loan using a present outstanding balance regarding $89.7 million, bears interest from 5.24% and also matures April 1, 2053. Â
                        Equity Residential Unconsolidated Development as well as Lease-Up projects as regarding September 30, 2013
(Amounts in 1000's except for project and apartment unit amounts) Â Â Â Â Â Â Â Â Â Â Â Â Â Total Book No. of Total Total Value Not Estimated Estimated Percentage Apartment Capital Book Value Placed in
Total Percentage Percentage Percentage Completion Stabilization Projects Location Ownership Units Cost (1) to Date Service Debt Completed Leased Occupied Date Date  Projects Beneath Development - Unconsolidated: San Norterra (2) Phoenix, AZ 85.0 % 388 $
56,250 $ 52,842 $ 52,842 $ 30,816 96 % 72 % 61 % Q4 2013 Q2 2014 Domain (3) San Jose, CA 20.0 % 444 154,570 147,433 147,433 82,168 93 % 31 % 25 % Q4 2013 Q4 2015 Parkside at Emeryville (4) (5)
Emeryville, CA 5.0 % 180 Â 75,000 Â 38,528 Â 38,528 Â 5,739 38 % -- -- Q3 2014 Q4 2015 Projects under Development - Unconsolidated 1,012 285,820 238,803 238,803 118,723 Â Â Â Â
 Projects under Development 1,012  285,820  238,803  238,803  118,723  Completed Not Necessarily Stabilized - Unconsolidated (6): Nexus Sawgrass (formerly Sunrise Village) (3) Sunrise, FL 20.0 % 501  78,212  77,290  --  45,217 58 %
52 % Completed Q3 2014 Projects Completed Not Necessarily Stabilized - Unconsolidated 501 78,212 77,290 -- 45,217 Â Â Â Â Â Projects Completed Not Necessarily Stabilized 501 Â 78,212 Â 77,290 Â -- Â 45,217 Â Total Unconsolidated Projects
1,513 $ 364,032 $ 316,093 $ 238,803 $ 163,940 Â (1) Total capital expense represents estimated price regarding tasks under development and/or developed and many sorts of capitalized expenses incurred to become able to date in addition any estimates involving expenses remaining being funded with regard to all projects, just about all relating using GAAP. Â (2) The Business acquired this development project within link using the Archstone transaction. Total project expenses tend to be approximately $56.3 million as well as construction will be becoming partially funded with a non-recourse construction loan. San Norterra has a maximum debt commitment associated with $34.8 million, the loan bears fascination from LIBOR plus 2.00% and also matures January 6, 2015. Â (3) These development tasks are usually owned 20% from the Organization as well as 80% simply by an institutional companion within a pair of separate unconsolidated joint ventures. Total project costs tend to be approximately $232.8 million as well as construction will probably be predominantly funded along with two separate long-term, non-recourse secured personal loans from your partner. The Business can be responsible for constructing your projects and has provided particular construction cost overrun ensures however at present has no further funding obligations. Nexus Sawgrass has a maximum financial debt commitment regarding $48.7 million, the borrowed funds bears curiosity in 5.60% along with matures January 1, 2021. Domain has a maximum debt dedication regarding $98.6 million, the loan bears fascination at 5.75% along with matures January 1, 2022.
 (4) The Organization acquired this development project in link with almost all the Archstone transaction. Total project expenses are generally approximately $75.0 million along with construction is actually being partially funded with a construction loan. Parkside with Emeryville features a maximum debt dedication involving $39.5 million, the credit bears fascination from LIBOR in addition 2.25% as well as matures August 14, 2015. the Company offers offered the repayment guaranty about the construction loan of 50% in the outstanding balance, up to a maximum regarding $19.7 million, and has provided particular construction cost overrun guarantees.  (5) Amounts have been adjusted to reflect Q2/Q3 2013 changes to the obtain value allocation regarding this project which usually ended up being acquired within the Archstone transaction.  (6) Properties included here are usually substantially complete. However, they may even now need additional exterior as well as interior perform for almost all apartment units to be designed for leasing.            Â
                    Equity Residential Repairs as well as Maintenance Expenses and also capital Expenditures to Real Estate For the particular Nine Several Weeks Ended September 30, 2013 (Amounts inside thousands except with regard to apartment unit along with per apartment unit amounts) Â
               Repairs as well as Maintenance Expenses Capital Expenditures for you to Real Estate Total Expenditures Total Avg. Per Avg. Per Avg. Per Avg. Per Building Avg. Per Avg. Per
Avg. Per Apartment Apartment Apartment Apartment Replacements Apartment Improvements Apartment Apartment Grand Apartment Units (1) Expense (2) Unit Payroll (3) Unit Total Unit (4) Unit (5) Â Unit Total Unit
Total Unit  Same store Properties (6) 81,099 $ 63,099 $ 778 $ 48,658 $ 600 $ 111,757 $ 1,378 $ 36,029 $ 444 $ 34,737 $ 429 $
70,766 $ 873 (9) $ 182,523 $ 2,251 Â Non-Same Retailer Properties (7) 22,698 15,290 830 10,846 589 26,136 1,419 11,230 610 9,758 530 20,988 1,140 47,124 2,559 Â
Other (8) -- Â 6,590 Â 10,089 Â 16,679 Â 2,899 Â 2,213 Â 5,112 Â 21,791 Â Total 103,797 $ 84,979 $ 69,593 $ 154,572 $
50,158 $ 46,708 $ 96,866 $ 251,438 Â (1) Total Apartment Units - Excludes 837 unconsolidated apartment units as well as 5,161 military housing apartment units with regard to which in turn repairs as well as maintenance expenses along with capital expenditures to always be able to property tend to be self-funded along with do not necessarily consolidate into the Company's results. Â (2) Repairs and also Maintenance Expenses - Consists Of general maintenance costs, apartment unit turnover costs including interior painting, routine landscaping, security, exterminating, fire protection, snow removal, elevator, roof and also parking area repairs as well as other miscellaneous building repair costs. Â (3) Maintenance Payroll - Consists Of payroll along with associated expenses pertaining to maintenance staff. Â (4) Replacements - Consists Of new expenditures inside the particular apartment units for example appliances, mechanical equipment, fixtures and flooring, including carpeting. Replacements pertaining to exact same retailer properties also include $15.2 million spent throughout the nine weeks ended September 30, 2013 upon apartment unit renovations/rehabs (primarily kitchens and baths) in 2,046 apartment units (equating in order to concerning $7,400 per apartment unit rehabbed) built to reposition these assets regarding higher rental levels within their respective markets. Within 2013, your Business expects for you to spend approximately $30.0 million pertaining to almost all unit renovation/rehab costs, involving which usually approximately $20.0
million is likely to be spent on identical shop properties, in a weighted average cost of $7,000 in order to $8,000 for each apartment unit rehabbed. Â (5) Building Improvements - Consists Of roof replacement, paving, amenities along with typical areas, constructing mechanical equipment systems, exterior painting and also siding, major landscaping, vehicles along with office and also maintenance equipment. Â (6) Same Retailer Properties - Primarily consists of just about all properties acquired or perhaps completed along with stabilized prior to January 1, 2012, less properties subsequently sold. Â (7) Non-Same Retailer Properties - Primarily includes most properties acquired in the particular program of 2012 as well as 2013, plus any kind of properties throughout lease-up and never stabilized as associated with January 1, 2012. For Each apartment unit quantities tend to be according to the weighted typical associated with 18,413 apartment units. includes approximately seven several weeks of exercise for the Archstone properties. Â (8) Other - Primarily includes expenditures for properties marketed through the period. Â (9) For 2013, the actual company estimates in which it's heading to spend approximately $1,200 for each apartment unit involving richesse expenditures for the approximately 80,000 apartment units that the Business expects to possess inside its annual same store set, inclusive involving apartment unit renovation/rehab costs, or perhaps $950 for each apartment unit excluding apartment unit renovation/rehab costs. Â Â Â Â
     Equity Residential Discontinued Operations (Amounts inside thousands)     Nine Weeks Ended Quarter Ended September 30, September 30, 2013 2012 2013 2012  REVENUES Rental income $ 110,986 Â
$ 334,968  $ 8,418  $ 108,459   Total revenues  110,986   334,968   8,418   108,459   EXPENSES (1) Property along with maintenance
33,181 79,482 3,272 25,608 Real estate taxes as well as insurance 10,578 29,599 396 11,480 Property management 1 211 -- 70 Depreciation 31,976 94,792 2,273 29,497 General along with administrative  76   87 Â
 3   44   Total expenses  75,812   204,171   5,944   66,699   Discontinued operating income 35,174 130,797 2,474 41,760
 Interest along along with other income 156 81 65 34 Other expenses (3 ) (170 ) -- (23 ) Interest (2): Expense incurred, net (1,276 ) (3,357 ) (18 ) (995 ) Amortization involving deferred financing costs (228
) (119 ) -- (27 ) Income along together with other tax (expense) benefit  (503 )  23   (40 )  (1 )  Discontinued operations 33,320 127,255 2,481 40,748 Net acquire in sales regarding discontinued operations
 1,990,577   307,447   401,703   103,394   Discontinued operations, net $ 2,023,897  $ 434,702  $ 404,184  $ 144,142 Â
 (1) includes expenses paid inside the current time period with regard to properties bought from prior durations associated for the Company's period involving ownership.  (2) Consists Of simply curiosity expense certain in order to secured mortgage notes payable with regard to properties sold.  Equity Residential Normalized FFO Guidance Reconciliations as well as Non-Comparable Items (Amounts throughout 1000's except per reveal data) (All per reveal data is diluted)        Normalized FFO Guidance Reconciliations  Normalized FFO Reconciliations Guidance Q3 2013 to Real Q3 2013 Amounts Per Share Guidance Q3 2013 Normalized FFO - Diluted (2) (3)
$ 274,077 $ 0.729 Property NOI (primarily Archstone properties) 188 0.001 Other  443   0.001   Actual Q3 2013 Normalized FFO - Diluted (2) (3) $ 274,708  $ 0.731     Â
             Non-Comparable Objects - Adjustments coming from FFO to always be able to Normalized FFO (2) (3)  Nine months Ended September 30, Quarter Ended September 30, 2013 2012 Variance 2013 2012 Variance  Impairment
$ --  $ --  $ --  $ --  $ --  $ --  Asset impairment along with valuation allowances  --   --  Â
-- Â Â -- Â Â -- Â Â -- Â Â Archstone merger costs (merger expenses) 19,741 1,921 17,820 182 87 95 Archstone merger expenses (loss via investments in unconsolidated entities because of to merger expenses) 54,781 -- 54,781 1,771 --
1,771 Property acquisition costs (other expenses) 203 6,836 (6,633 ) 21 1,341 (1,320 ) Write-off of pursuit expenses (other expenses) Â 3,969 Â Â 6,141 Â Â (2,172 ) Â 604 Â Â 2,576 Â
 (1,972 ) Property acquisition expenses and write-off of pursuit costs  78,694   14,898   63,796   2,578   4,004   (1,426 )  Prepayment premiums/penalties (interest expense) 71,443 272
71,171 -- -- -- Write-off of unamortized deferred financing costs (interest expense) (A) 4,126 2,111 2,015 -- 964 (964 ) Write-off regarding unamortized (premiums)/discounts/OCI (interest expense) 3,251 (42 ) 3,293 -- -- -- Premium in redemption associated with Preferred Shares (B) Â -- Â Â 5,150
  (5,150 )  --   5,150   (5,150 ) Debt extinguishment (gains) losses, including prepayment penalties, preferred share redemptions and non-cash convertible financial debt discounts  78,820   7,491   71,329   --
  6,114   (6,114 )  Net (gain) loss upon sales of land parcels (12,179 ) -- (12,179 ) 2,437 -- 2,437 Net incremental (gain) in sales regarding condominium units (7 ) (49 ) 42 -- -- --
Income and other tax expense (benefit) - Condo sales -- (92 ) 92 -- -- -- (Gain) available regarding sale regarding Equity Corporate Housing (ECH) (709 ) (350 ) (359 ) (108 ) -- (108 ) (Gain) available regarding sale of investment securities  (830 )  --
  (830 )  (830 )  --   (830 ) (Gains) losses in revenue associated with non-operating assets, net involving earnings as well as other tax expense (benefit)  (13,725 )  (491 )  (13,234 )  1,499
  --   1,499    Insurance/litigation settlement expense (other expenses) 3,361 4,714 (1,353 ) 3,361 -- 3,361 Prospect Towers garage insurance proceeds (real estate taxes along with insurance) -- (3,467 ) 3,467 -- -- -- Archstone termination charges (interest along along with other income)
-- (70,000 ) 70,000 -- (70,000 ) 70,000 Other (other expenses) Â -- Â Â 1,066 Â Â (1,066 ) Â -- Â Â 90 Â Â (90
) Other miscellaneous non-comparable items  3,361   (67,687 )  71,048   3,361   (69,910 )  73,271       Â
Non-comparable items - Adjustments coming from FFO to become able to Normalized FFO (2) (3) $ 147,150 Â $ (45,789 ) $ 192,939 Â $ 7,438 Â $ (59,792 ) $ 67,230 Â Â (A) for your nine several weeks ended September 30, 2013, includes $2.5 million involving bridge loan costs associated towards the Archstone transaction. Â Â (B) Consists Of $5.13 million associated with original issuance costs previously deferred. Â
Note: Discover page 29 for that definitions, the particular footnotes referenced above and in addition the reconciliations involving EPS to be able to FFO along with Normalized FFO.  Equity Residential Normalized FFO Guidance and also Assumptions    The guidance/projections provided listed here are according to existing anticipations and therefore are forward-looking. all guidance is offered on a Normalized FFO basis. Therefore, certain items excluded coming from Normalized FFO, for example credit card debt extinguishment costs/prepayment penalties (including the $150.0 million that might end up being incurred in Q4 2013), property acquisition expenses as well as the write-off involving pursuit costs, aren't included inside the estimates provided on this page. Discover web page 28 regarding estimates involving property acquisition costs, prepayment premiums/penalties along along with other quantities not necessarily included throughout 2013 Normalized FFO guidance. Observe web page 29 for the definitions, the particular footnotes referenced under and the reconciliations regarding EPS in order to FFO along with Normalized FFO.   2013 Normalized FFO Guidance (per talk about diluted)  Q4 2013 2013  Expected Normalized FFO (2) (3) $0.75 for you to $0.77 $2.83 for you to $2.85  2013 Identical Shop Assumptions Â
Physical occupancy 95.4 % Revenue change 4.5 % Expense change 3.3 % NOI change 5.1 %  (Note: The Particular same shop guidance higher than is actually computed based on the portfolio associated with approximately 80,000 apartment units that the Business expects to get inside its annual same retailer set after the achievement involving its planned 2013 dispositions. 30 time frame point alternation in NOI percentage = $0.01 per share alteration of EPS/FFO/Normalized FFO)  2013 Transaction Assumptions  Consolidated rental acquisitions (excluding Archstone) $100.0 million Consolidated rental dispositions - EQR assets $4.4 billion Consolidated rental dispositions - Archstone assets (pre-closing) $500.0 million Capitalization charge spread 110 foundation points  2013 Credit Card Debt Assumptions, Consists Of Impact associated with Archstone Credit Card Debt Premium (see Note below)
 Weighted average debt outstanding $11.2 billion for you to $11.4 billion Weighted average fascination rate (reduced pertaining to capitalized interest) 4.22 % Interest expense $472.6 million in order to $481.1 million  2013 other Guidance Assumptions  General as well as administrative expense $63.0 million Interest and other income $0.7 million Income as well as other tax expense $2.6 million Debt offerings $800.0 million Equity ATM discuss offerings No amounts budgeted Preferred reveal offerings No quantities budgeted Weighted typical Widespread Shares and Units - Diluted 370.5 million  Note: Most credit card debt assumptions range from the impact of the mark-to-market non-cash
adjustment relating for you to Archstone's financial debt that the company assumed. Excluding your impact with the Archstone net debt premium, your Company's credit card debt assumptions would be as follows:  Weighted average debt outstanding without Archstone net premium $11.1 billion to $11.3 billion Weighted average curiosity charge (reduced for capitalized interest) without having Archstone net premium 4.56 % Interest expense without Archstone net premium $506.2 million to become able to $515.3 million          Equity Residential 2013 Non-Comparable items Guidance (Amounts inside thousands)    Â
The Non-Comparable Objects provided below are depending on current anticipations and are forward looking.  Midpoint regarding Forecasted 2013 Non-Comparable Products - Adjustments from FFO to end up being able to Normalized FFO (2) (3)  Expected Q4 2013 Expected 2013  Amounts Per Share Amounts Per Share     Asset impairment along with valuation allowances $ --  $ --  $ -- Â
$ -- Â Â Archstone merger costs (merger expenses) -- -- 19,741 0.05 Archstone merger expenses (loss via investments inside unconsolidated entities due to end up being able to merger expenses) 1,269 -- 56,050 0.15 Property acquisition costs (other expenses) 30 -- 233 -- Write-off regarding pursuit expenses (other expenses) Â 1,700 Â Â 0.01
  5,669   0.02  Property acquisition costs as well as write-off involving pursuit costs  2,999   0.01   81,693   0.22   Prepayment premiums/penalties 150,000 0.40 221,443 0.60
Write-off of unamortized deferred financing costs 5,652 0.01 9,778 0.02 Write-off of unamortized (premiums)/discounts/OCI  (112,292 )  (0.30 )  (109,041 )  (0.29 ) Debt extinguishment (gains) losses, including prepayment penalties, preferred talk about redemptions and non-cash convertible credit card debt discounts  43,360   0.11
  122,180   0.33   Net (gain) loss on revenue of territory parcels -- -- (12,179 ) (0.03 ) Net incremental (gain) on sales involving condominium units -- -- (7 ) -- (Gain) for sale involving Equity Corporate Housing (ECH) (761 ) -- (1,470
) -- (Gain) on sale involving investment securities  (1,292 )  --   (2,122 )  (0.01 ) (Gains) losses about sales regarding non-operating assets, net associated with income and other tax expense (benefit)  (2,053 )  --   (15,778 )
 (0.04 )  Insurance/litigation settlement expense  --   --   3,361   0.01  Other miscellaneous non-comparable items  --   --   3,361
  0.01      Non-comparable products - Adjustments coming from FFO to Normalized FFO (2) (3) $ 44,306  $ 0.12  $ 191,456  $ 0.52   Note: see page 29 for the definitions, the actual footnotes referenced over and the reconciliations regarding EPS to FFO and also Normalized FFO.  Equity Residential
Additional Reconciliations, Definitions and also Footnotes (Amounts within thousands except per talk about data) (All per discuss data is diluted) Â Â Â Â Â Â The guidance/projections provided below are based on current anticipations and as a result are forward-looking. Â Â Reconciliations regarding EPS in order to FFO as well as Normalized FFO for Pages 7, 26 as well as 28 Â Â Expected Q3 2013 Expected Expected Q4 2013 2013 Amounts Per Share Per Share Per Share Â
Expected Earnings - Diluted (5) $ 112,852 $ 0.300 $0.21 in order to $0.23 $5.03 in order to $5.05 Add: Expected depreciation expense 316,372 0.841 0.47 2.70 Less: Expected net gain in sales (5) Â (162,548 ) Â (0.432 ) (0.05 ) (5.42 ) Â Expected FFO - Diluted (1) (3) 266,676
0.709 0.63 to 0.65 2.31 in order to 2.33 Â Asset impairment as well as valuation allowances -- -- -- -- Property acquisition costs and also write-off associated with pursuit costs 5,153 0.014 0.01 0.22 Debt extinguishment (gains) losses, which includes prepayment penalties, preferred share redemptions and also non-cash convertible financial debt discounts -- -- 0.11 0.33 (Gains) losses upon revenue associated with non-operating assets, net of income as well as other tax expense (benefit) 2,248 0.006 -- (0.04
) Other miscellaneous non-comparable items  --   --  --  0.01   Expected Normalized FFO - Diluted (2) (3) $ 274,077  $ 0.729  $0.75 to $0.77 $2.83 to be able to $2.85  Definitions and also Footnotes pertaining to Pages 7, 26 along with 28  Â
(1) The National Association associated with real Estate Investment Trusts ("NAREIT") defines funds from operations ("FFO") (April 2002 White Paper) as net income (computed relating using accounting principles generally accepted in the united States ("GAAP")), excluding gains (or losses) via revenue and also impairment write-downs involving depreciable operating properties, in addition depreciation and amortization, as well as after adjustments with regard to unconsolidated partnerships and also joint ventures. Adjustments regarding unconsolidated partnerships as well as joint ventures is likely to be calculated to become able to reflect funds through operations around the exact same basis. The Particular April 2002 White Paper states that will acquire or perhaps loss on sales regarding property is actually excluded coming from FFO for previously depreciated operating properties only. When your company commences the actual conversion of apartment units to become able to condominiums, it simultaneously discontinues depreciation associated with such property. Â (2) Normalized funds through operations ("Normalized FFO") begins with FFO along with excludes: o the particular impact associated with virtually any expenses relating for you to non-operating asset impairment along with valuation allowances; o property acquisition along together with other transaction costs associated for you to mergers along with acquisitions as well as pursuit price write-offs; o gains and losses via early financial debt extinguishment, which includes prepayment penalties, preferred reveal redemptions and furthermore the price related towards the implied choice price of non-cash convertible credit card debt discounts; o gains and also losses on the revenue associated with non-operating assets, including gains and losses coming from land parcel and condominium sales, net associated with the result associated with earnings tax advantages or expenses; and o some other miscellaneous non-comparable items. Â (3) The Organization believes in which FFO along with FFO accessible to common Shares as well as Units are beneficial to become able to investors as supplemental measures with the operating performance of a real estate company, because they're acknowledged measures regarding performance from the real estate sector by excluding gains or losses associated to always be able to dispositions of depreciable property along with excluding real estate depreciation (which can differ amongst those whom own identical assets inside similar issue depending on historical cost accounting as well as helpful existence estimates), FFO and also FFO open to Typical Shares as well as Units can help compare the actual operating performance of a company's real estate between periods as well as as compared to several companies. Your organization also believes in which Normalized FFO along with Normalized FFO open to common Shares and also Units are usually
useful for you to investors as supplemental measures in the operating performance of a real-estate organization simply because they enable investors to compare the company's operating performance to become able to its performance within prior reporting durations along with towards the operating performance involving various other property companies without the consequence associated with things that by their naturel are not comparable coming from period of time to period along with often obscure your Company's actual operating results. FFO, FFO accessible to common Shares and Units, Normalized FFO and Normalized FFO available to common Shares and also Units do not represent net income, net earnings available to common Shares as well as net money flows from operating actions relating with GAAP. Therefore, FFO, FFO open to Widespread Shares and also Units, Normalized FFO along with Normalized FFO accessible to Typical Shares along with Units really shouldn't be exclusively considered as alternatives to net income, net earnings accessible to Widespread Shares as well as net money flows via operating actions as decided through GAAP or as getting a measure associated with liquidity. The Particular Company's calculation associated with FFO, FFO open to Typical Shares along with Units, Normalized FFO and Best Luxury Condo also Normalized FFO available to Widespread Shares and Units may change from some other real-estate companies due to, among some other items, variations on price capitalization policies with regard to capital expenditures and, accordingly, may not be comparable to such other real estate companies. Â (4) FFO available to Widespread Shares along with Units as well as Normalized FFO open to common Shares and Units are calculated on a schedule constant with net earnings open to Widespread Shares as well as reflects adjustments for you to net earnings pertaining to preferred distributions as well as premiums in redemption of preferred shares relating using accounting principles typically accepted inside the United States. The Actual equity positions involving various people along with entities that contributed their properties towards the Operating Partnership in exchange regarding OP Units tend to be collectively referred to because the "Noncontrolling Passions - Operating Partnership". subject to specific restrictions, the Noncontrolling Passions - Operating Partnership might exchange their own OP Units regarding Widespread Shares on a one-for-one basis. Â (5) Earnings represents net earnings per discuss calculated relating together with accounting ideas usually accepted in the United States. Expected earnings is actually calculated on the foundation steady using real earnings. Because Of to the uncertain timing as well as extent associated with property dispositions as well as the resulting gains/losses in sales, actual earnings could differ materially via expected earnings. Â Â Â Â Same Shop NOI Reconciliation for Web Page 11
 The following tables existing reconciliations of operating income for each your consolidated statements of operations to NOI for your September YTD 2013 and also the Third Quarter 2013 same store Properties:  Nine Several Weeks Ended September 30, Quarter Ended September 30, 2013 2012 2013 2012  Operating income $ 291,521 $ 368,443 $ 121,394 $ 142,932 Adjustments: Non-same store operating results (267,183 ) (1,744 )
(107,813 ) 663 Fee along with asset management revenue (7,399 ) (7,328 ) (2,566 ) (3,052 ) Fee and asset management expense 4,739 3,595 1,516 1,108 Depreciation 798,121 422,148 277,336 139,337 General as well as administrative  47,018 Â
 37,162   14,438   10,083   Same store NOI $ 866,817  $ 822,276  $ 304,305  $ 291,071   http://www.businesswire.com/news/home/20131030006614/en/Equity-Residential-Reports-Strong-Re sults
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Equity Residential Reports Strong Results

  • 1. Equity Residential Reports Strong Results CHICAGO--(BUSINESS WIRE)--Equity Residential (NYSE: EQR) nowadays reported results for that quarter and nine months ended September 30, 2013. Just About All for each reveal outcomes are reported as available to typical shares on the diluted basis. "For 2013, we presently anticipate to deliver identical store income growth regarding 4.5%, greatly in collection using our original expectations," said David J. Neithercut, Equity Residential's President and also CEO. "In the particular extended term, favorable demographics will create interest in housing inside our markets that will will not be met using new supply and we ought to enjoy strong growth for most years. in your short term, new supply will create modest negative income growth in Washington, D.C., partially offsetting continued strong growth across many of our own some other markets as well as leading to expected portfolio wide same store revenue growth regarding 3% to 4% inside 2014." Third Quarter 2013 FFO (Funds via Operations), as defined by the National Association involving Real-estate Investment Trusts (NAREIT), for the third quarter associated with 2013 has been $0.71 per talk about in contrast for you to $0.92 for each discuss inside the third quarter regarding 2012. Your difference arrives primarily for the $70.0 million Archstone termination fee that the organization acknowledged within the third quarter regarding 2012. For the third quarter of 2013, the organization reported Normalized FFO of $0.73 for each reveal in contrast in order to $0.73 for each talk about inside the identical time period associated with 2012. The subsequent items impacted Normalized FFO for each reveal inside the quarter: the positive impact regarding approximately $0.04 for each reveal coming from higher identical shop net operating income (NOI); the positive impact involving approximately $0.28 for each talk about from your Archstone properties, offset by the negative impact regarding approximately $0.28 for each talk about via 2012 as well as 2013 disposition exercise as well as widespread reveal issuance within link with all the company's purchase regarding Archstone; and the negative impact involving approximately $0.04 per share via higher fascination expense, general
  • 2. and also administrative expenses as well as other items. Normalized FFO starts with FFO along with eliminates specific items that by simply their particular nature are not comparable from period in order to time period as well as that will tend to obscure the particular company's real operating performance. Merger expenses along with prepayment penalties usually are usually not included inside the company's Normalized FFO. Any reconciliation along with meaning of Normalized FFO are given upon pages 26 along with 29 regarding this release and additionally the company offers included guidance with regard to Normalized FFO upon web page 27 of this release. For the particular third quarter involving 2013, the organization reported earnings of $1.05 per discuss compared to become able to $0.72 for each share within the third quarter associated with 2012. the difference is born primarily to always be able to higher gains coming from property sales within the third quarter associated with 2013, partially offset simply by higher depreciation as getting a results of the actual Archstone acquisition, as well as the termination charge along along with other objects discussed above. Nine Weeks Ended September 30, 2013 FFO for the nine weeks ended September 30, 2013 ended up being $1.68 per reveal compared for you to $2.16 per talk about inside the identical time period associated with 2012. the distinction is born primarily to be able to merger-related expenses and also prepayment penalties incurred within the 1st nine several weeks associated with 2013 in connection with just about all the company's acquisition regarding Archstone, also because the termination fee described above. For the nine weeks ended September 30, 2013, the business reported Normalized FFO involving $2.08 for each discuss in contrast to $2.02 per talk about in the identical time period regarding 2012. For the actual nine several weeks ended September 30, 2013, the company reported earnings associated with $4.87 for each share in comparison to $1.52 per share within the identical time period associated with 2012. the difference is due primarily for you to higher gains coming from property revenue during 2013, partially offset by simply higher depreciation like a consequence of your Archstone acquisition, as well since the termination charge along together with other items described above. Same store Results On any same shop third quarter for you to third quarter comparison, which includes 82,553 apartment units, revenues increased 4.1%, expenses increased 3.1% and also NOI increased 4.5%. On a new exact same retailer sequential third quarter in order to 2nd quarter comparison, which include 101,820 apartment units, revenues elevated 1.5%, expenses elevated 2.2% and also NOI increased 1.2%. the company's sequential same retailer pool associated with assets includes 18,448 apartment units the business acquired in the Archstone transaction. The Particular acquired Archstone properties performed throughout collection along with both your company's underwriting expectations along with its comparable properties in the same markets. On a identical store nine-month in order to nine-month comparison, which includes 81,099 apartment units, revenues elevated 4.7%, expenses elevated 3.3% along with NOI increased 5.4%.
  • 3. Acquisitions/Dispositions The business didn't acquire any properties or perhaps terrain websites within the third quarter. During the very first nine months of 2013, the company acquired 77 properties, consisting associated with 22,103 apartment units. The Particular company does not expect to acquire any kind of operating assets inside the fourth quarter. During the actual third quarter, the company sold 10 apartment properties, consisting regarding 4,131 apartment units, with an aggregate sale cost of $657.6 million at a weighted average cap charge involving 5.9%. These kinds of sales, excluding 1 Archstone asset that provides been sold through the quarter, generated an unlevered internal price regarding return (IRR), inclusive involving management costs, regarding 11.1%. Also through the quarter, the company sold two terrain parcels to get an aggregate sale price of $44.3 million. During the initial nine months involving 2013, the business offered 92 apartment properties, consisting involving 28,328 apartment units, with an aggregate sale cost of $4.36 billion at a weighted typical cap charge involving 6.0%. These sales, excluding 3 Archstone assets that have been sold shortly following their particular acquisition, generated an unlevered IRR, inclusive involving management costs, regarding 10.0%. Please discover page nine regarding this launch pertaining to comparative portfolio summaries for the finish with the fourth quarter 2012 as well as the finish with the third quarter 2013. Capital Markets Activities On October 1, 2013, the business used money on hand from dispositions for you to repay the $963.5 million secured loan in which it assumed throughout conjunction with all the Archstone acquisition. This specific loan was set to mature throughout November 2014 and carried a cash interest rate of 5.88% and a GAAP interest rate regarding 3.45% credited for the amortization in the Archstone-related financial debt premium. The organization anticipates closing a new $800 million secured loan via a big insurance company in the fourth quarter associated with 2013. the loan, that continues to be dedicated in order to from the business as well as the lender, includes a ten yr term, will be fascination simply as well as includes a fixed curiosity charge regarding 4.21%. The Actual business expects to simultaneously use the loan proceeds to end up being able to repay $825 million of the $1.27 billion secured loan that will the business assumed as part of the actual Archstone transaction. Your approximately $440 million stability will continue in order to be outstanding, always mature in November 2017 as well as still carry a money fascination charge regarding 6.26% and a GAAP interest rate associated with 3.58% because of towards the amortization with the Archstone-related credit card debt premium. The organization expects to become able to incur cash prepayment expenses of approximately $150 million along with a charge to end up being able to earnings and FFO of approximately $43 million inside the fourth quarter, which can easily be reflected inside our revised guidance below. The Particular difference is born towards the write off of Archstone-related financial debt premiums. Normalized FFO is not heading to end up being impacted by this charge. Assuming in which these transactions occur as expected, the organization may have locked in an
  • 4. attractive piece of long term debt and substantially extended the particular duration of its financial debt maturities as well as reduced its 2017 maturities as a portion involving outstanding debt. Fourth Quarter 2013 Guidance The company features proven a new Normalized FFO guidance selection of $0.75 to always be able to $0.77 for each talk about for your fourth quarter associated with 2013. the difference between the company's third quarter 2013 Normalized FFO associated with $0.73 for each talk about and the midpoint of the fourth quarter guidance array of $0.76 per share is due primarily to: a positive impact regarding approximately $0.02 for each reveal from higher identical shop NOI offset by simply approximately $0.02 via dilution through 2013 transaction activity as well as other items; and a positive impact associated with approximately $0.03 for each talk about through lower total financing costs. Full Yr 2013 Guidance The company offers revised its guidance pertaining to its complete 12 months 2013 exact same store operating performance, transactions along with Normalized FFO outcomes as well as other things listed upon web page 27 involving this release. Revised total year same store, transactions along with Normalized FFO guidance are usually listed below: Â Â Previous Revised Same store: Physical occupancy 95.3% 95.4% Revenue change 4.4% to 4.6% 4.5% Expense change 3.0% to end up being able to 3.5% 3.3%
  • 5. NOI change 5.0% for you to 5.25% 5.1%  Acquisitions (excluding Archstone): $100 million $100 million Dispositions: $4.1 billion $4.4 billion Cap rate Spread: 110 time frame points 110 basis points  Normalized FFO for each share: $2.80 to be able to $2.85 $2.83 to become able to $2.85  Fourth Quarter 2013 Earnings and also Conference Call Equity Residential expects to be able to announce fourth quarter as well as total 12 months 2013 results on Tuesday, February 4, 2014 as well as host a new conference contact for you to talk about those outcomes in 10:00 a.m. CT on Wednesday, February 5, 2014. Equity Residential is surely an S&P 500 company targeted about the acquisition, development and management involving substantial high quality apartment properties inside best U.S. growth markets. Equity Residential owns or has investments within 389 properties consisting involving 109,795 apartment units. for more information on Equity Residential, please visit our website at www.equityapartments.com. Forward-Looking Statements
  • 6. In add-on in order to historical information, this press release contains forward-looking statements and data inside the meaning with the federal securities laws. These statements are usually according to current expectations, estimates, projections as well as assumptions created by management. Although Equity Residential's management believes the assumptions underlying its forward-looking statements are reasonable, such details are inherently topic to uncertainties and could involve certain risks, including, without limitation, alterations in general marketplace conditions, which includes the particular price regarding occupation growth and price of labor and construction material, the actual amount of new multifamily construction as well as development, competition and neighborhood government regulation. other risks and also uncertainties are generally described below the actual heading "Risk Factors" inside our Annual Record about Form 10-K as well as subsequent periodic reviews filed using the Securities as well as Exchange Commission (SEC) along with obtainable about our website, www.equityapartments.com. Many of these uncertainties and risks are generally hard to predict along with beyond management's control. Forward-looking statements usually are generally not warranties involving future performance, outcomes or even events. Equity Residential assumes absolutely no obligation in order to update as well as complement forward-looking statements that will grow for you to be untrue since of subsequent events. A live web cast of the company's conference contact discussing these outcomes will just take place tomorrow, Thursday, October 31, in 10:00 a.m. Central. Please visit the Investor area involving the company's site with www.equityapartments.com for your link. A New replay associated with the web cast is going to be designed for two weeks only from that site. Â Â Â Â Equity Residential Consolidated Statements associated with Operations (Amounts in thousands except for each reveal data) (Unaudited) Â Nine Several Weeks Ended September 30, Quarter Ended September 30, 2013 2012 2013
  • 7. 2012 REVENUES Rental income $ 1,749,374 $ 1,295,431 $ 626,880 $ 448,647 Fee and asset management  7,399   7,328   2,566   3,052  Total revenues Â
  • 8. 1,756,773 Â Â 1,302,759 Â Â 629,446 Â Â 451,699 Â Â EXPENSES Property and also maintenance 333,202 254,009 119,632 86,682 Real estate taxes as well as insurance 218,777 154,633 76,255 53,064 Property management 63,395 62,769
  • 9. 18,875 18,493 Fee along with asset management 4,739 3,595 1,516 1,108 Depreciation 798,121 422,148 277,336 139,337 General along with administrative  47,018   37,162   14,438   10,083  Total expenses
  • 10. Â 1,465,252 Â Â 934,316 Â Â 508,052 Â Â 308,767 Â Â Operating income 291,521 368,443 121,394 142,932 Â Interest along along with other income 1,320 70,514 816 70,087 Other expenses (7,530
  • 11. ) (18,587 ) (3,986 ) (3,984 ) Merger expenses (19,741 ) (1,921 ) (182 ) (87 ) Interest: Expense incurred, net (437,452 ) (345,476 ) (120,035 ) (113,222 )
  • 12. Amortization regarding deferred financing costs  (15,636 )  (10,265 )  (4,335 )  (3,320 ) (Loss) income just before income as well as other taxes, (loss) via investments inside unconsolidated entities, net acquire (loss) on sales involving unconsolidated entities and property parcels and discontinued operations (187,518 ) 62,708 (6,328 ) 92,406 Income as well as other tax (expense) benefit (1,326 ) (602 )
  • 13. (493 ) (222 ) (Loss) coming from investments inside unconsolidated entities because of for you to operations (2,984 ) (3 ) (1,454 ) (3 ) (Loss) from investments within unconsolidated entities credited for you to merger expenses (54,781 ) -- (1,771 ) -- Net acquire in sales associated with unconsolidated entities 16 -- 16 -- Net gain (loss) upon sales involving land parcels
  • 14.  12,179   --   (2,437 )  --  (Loss) earnings via continuing operations (234,414 ) 62,103 (12,467 ) 92,181 Discontinued operations, net  2,023,897   434,702 Â
  • 15.  404,184   144,142  Net income 1,789,483 496,805 391,717 236,323 Net (income) loss attributable to become able to Noncontrolling Interests: Operating Partnership (70,947 ) (21,646 ) (14,836 ) (10,496 ) Partially Owned Properties  1,101  Â
  • 16. (457 )  311   312  Net earnings attributable in order to controlling interests 1,719,637 474,702 377,192 226,139 Preferred distributions (3,109 ) (9,319 ) (1,037 ) (2,386 ) Premium on redemption of Preferred Shares  -- Â
  • 17. Â (5,150 ) Â -- Â Â (5,150 ) Net earnings open to common Shares $ 1,716,528 Â $ 460,233 Â $ 376,155 Â $ 218,603 Â Â Earnings per share - basic: (Loss) income through continuing operations available to Typical Shares $
  • 18. (0.64 ) $ 0.15 Â $ (0.04 ) $ 0.27 Â Net earnings available to Typical Shares $ 4.87 Â $ 1.53 Â $ 1.05 Â $ 0.73 Â Weighted typical Widespread Shares outstanding Â
  • 19. 352,414 Â Â 300,116 Â Â 359,811 Â Â 301,336 Â Â Earnings per share - diluted: (Loss) income via continuing operations available to Widespread Shares $ (0.64 ) $ 0.15 Â $ (0.04 ) $ 0.27 Â
  • 20. Net earnings available to Widespread Shares $ 4.87  $ 1.52  $ 1.05  $ 0.72  Weighted typical common Shares outstanding  352,414   317,265   359,811   318,773 Â
  • 21. Â Distributions declared per Typical Talk About outstanding $ 1.20 Â $ 1.0125 Â $ 0.40 Â $ 0.3375 Â Â Â Â Â Equity Residential Consolidated Statements involving Funds Coming From Operations and Normalized Funds Coming From Operations (Amounts within thousands except for each reveal data) (Unaudited) Â Nine months Ended September 30, Quarter Ended September 30,
  • 22. 2013 2012 2013 2012 Net income $ 1,789,483 $ 496,805 $ 391,717 $ 236,323 Net loss (income) attributable to Noncontrolling Hobbies - Partially Owned Properties 1,101 (457 ) 311 312 Preferred distributions (3,109 ) (9,319 ) (1,037
  • 23. ) (2,386 ) Premium about redemption involving Preferred Shares  --   (5,150 )  --   (5,150 ) Net earnings open to common Shares along with Units 1,787,475 481,879 390,991 229,099  Adjustments: Depreciation 798,121 422,148
  • 24. 277,336 139,337 Depreciation - Non-real estate additions (3,626 ) (4,211 ) (1,153 ) (1,430 ) Depreciation - Partially Owned along with Unconsolidated Properties (3,074 ) (2,395 ) (566 ) (798 ) Net (gain) in sales regarding unconsolidated entities (16 ) -- (16 )
  • 25. -- Discontinued operations: Depreciation 31,976 94,792 2,273 29,497 Net (gain) about sales associated with discontinued operations (1,990,577 ) (307,447 ) (401,703 ) (103,394 ) Net incremental gain upon revenue involving condominium units 7 49 -- -- Gain available with regard to sale associated with Equity Corporate Housing (ECH) Â 709 Â Â
  • 26. 350 Â Â 108 Â Â -- Â FFO available to common Shares and also Units (1) (3) (4) 620,995 685,165 267,270 292,311 Â Adjustments (see page 26 for additional detail): Asset impairment along with valuation allowances -- -- -- -- Property acquisition costs along with write-off of pursuit costs 78,694 14,898 2,578 4,004 Debt extinguishment (gains) losses, including prepayment penalties, preferred share
  • 27. redemptions as well as non-cash convertible credit card debt discounts 78,820 7,491 -- 6,114 (Gains) losses on revenue of non-operating assets, net involving earnings as well as other tax expense (benefit) (13,725 ) (491 ) 1,499 -- Other miscellaneous non-comparable items  3,361   (67,687 )  3,361   (69,910
  • 28. ) Normalized FFO open to Widespread Shares as well as Units (2) (3) (4) $ 768,145 Â $ 639,376 Â $ 274,708 Â $ 232,519 Â Â FFO (1) (3) $ 624,104 $ 699,634 $ 268,307 $ 299,847 Preferred distributions (3,109
  • 29. ) (9,319 ) (1,037 ) (2,386 ) Premium in redemption involving Preferred Shares  --   (5,150 )  --   (5,150 ) FFO accessible to Widespread Shares and also Units - basic as well as diluted (1) (3) (4) $ 620,995  $ 685,165
  • 30. Â $ 267,270 Â $ 292,311 Â FFO per reveal and also Unit - basic $ 1.70 Â $ 2.18 Â $ 0.72 Â $ 0.93 Â FFO for each talk about along with Unit - diluted $ 1.68 Â $ 2.16
  • 31.  $ 0.71  $ 0.92   Normalized FFO (2) (3) $ 771,254 $ 648,695 $ 275,745 $ 234,905 Preferred distributions  (3,109 )  (9,319 )  (1,037
  • 32. ) Â (2,386 ) Normalized FFO available to Widespread Shares and Units - simple along with diluted (2) (3) (4) $ 768,145 Â $ 639,376 Â $ 274,708 Â $ 232,519 Â Normalized FFO per share along with Unit - basic $ 2.10 Â $ 2.04 Â $ 0.74
  • 33.  $ 0.74  Normalized FFO per share along with Unit - diluted $ 2.08  $ 2.02  $ 0.73  $ 0.73   Weighted average common Shares along with Units outstanding - basic  366,150   313,932  Â
  • 34. 373,547   315,513  Weighted average Widespread Shares and also Units outstanding - diluted  368,611   317,265   375,883   318,773   Note: See page 26 regarding extra detail regarding the actual adjustments from FFO for you to Normalized FFO. Observe page 29 for that definitions, the actual footnotes referenced above and additionally the reconciliations involving EPS in order to FFO along with Normalized FFO.  Equity Residential Consolidated balance Sheets (Amounts inside 1000's except regarding discuss amounts)
  • 35. (Unaudited)   September 30, December 31, 2013 2012 ASSETS Investment inside real estate Land $ 6,201,333 $ 4,554,912 Depreciable property 19,254,957 15,711,944 Projects beneath development 779,053 387,750 Land held pertaining to development  505,494   353,823
  • 36.  Investment within real estate 26,740,837 21,008,429 Accumulated depreciation  (4,654,594 )  (4,912,221 ) Investment throughout real estate, net 22,086,243 16,096,208 Cash and funds equivalents 972,761 612,590 Investments throughout unconsolidated entities 165,898 17,877 Deposits - restricted 98,874 250,442 Escrow deposits - mortgage 40,901 9,129
  • 37. Deferred financing costs, net 66,775 44,382 Other assets  379,979   170,372  Total assets $ 23,811,431  $ 17,201,000   LIABILITIES AND EQUITY Liabilities: Mortgage notes payable $ 6,230,675 $ 3,898,369 Notes, net
  • 38. 5,476,522 4,630,875 Lines associated with credit -- -- Accounts payable and accrued expenses 166,939 38,372 Accrued curiosity payable 85,353 76,223 Other liabilities 331,797 304,518 Security deposits 71,462 66,988 Distributions payable  149,836   260,176  Total liabilities Â
  • 39. 12,512,584   9,275,521   Commitments as well as contingencies  Redeemable Noncontrolling Pursuits - Operating Partnership  376,057   398,372  Equity: Shareholders' equity: Preferred Shares regarding advantageous interest, $0.01 par value; 100,000,000 shares authorized; 1,000,000 shares issued and outstanding as of September 30, 2013 along with December 31, 2012 50,000 50,000 Common Shares of helpful interest, $0.01 par value; 1,000,000,000 shares authorized; 360,395,959 shares issued and outstanding as associated with September 30, 2013 and 325,054,654 shares issued and outstanding as regarding December 31, 2012
  • 40. 3,604 3,251 Paid in capital 8,542,822 6,542,355 Retained earnings 2,171,603 887,355 Accumulated some other comprehensive (loss)  (169,392 )  (193,148 ) Total shareholders' equity 10,598,637 7,289,813 Noncontrolling Interests: Operating Partnership 213,518 159,606 Partially Owned Properties  110,635 Â
  • 41.  77,688  Total Noncontrolling Interests  324,153   237,294  Total equity  10,922,790   7,527,107  Total liabilities along with equity $ 23,811,431  $ 17,201,000   Â
  • 42.        Equity Residential         Portfolio Summary as involving December 31, 2012 Portfolio Summary as involving September 30, 2013 % of Average % of Average Apartment Stabilized Rental Apartment
  • 43. Stabilized Rental Markets/Metro Areas Properties Units NOI (1) Rate (2) Properties Units NOI (1) Rate (2) Â Core: Washington DC 43 14,425 15.9 % $ 1,992 56 18,275 19.9 % $ 2,249 New York 30
  • 44. 8,047 13.9 % 3,433 38 10,330 17.3 % 3,720 San Francisco 40 9,094 8.6 % 1,902 50 12,766 12.0 % 2,170 Los Angeles 48 9,815 9.9 % 1,879 57 11,960 11.5 % 2,071 Boston
  • 45. 26 5,832 8.2 % 2,560 34 7,816 10.5 % 2,780 South Florida 36 12,253 9.0 % 1,463 34 11,334 7.2 % 1,543 Seattle 38 7,563 6.4 % 1,627 38 7,734 6.0 % 1,741
  • 46. Denver 24 8,144 5.5 % 1,226 19 6,935 4.2 % 1,309 San Diego 14 4,963 5.0 % 1,851 13 3,505 3.2 % 1,943 Orange County, CA 11 3,490 3.3 % Â 1,660 11 3,490
  • 47. 2.9 % Â 1,710 Subtotal - Core 310 83,626 85.7 % 1,941 350 94,145 94.7 % 2,195 Â Non-Core: Inland Empire, CA 10 3,081 2.4 % 1,491 10 3,081 2.1 % 1,498 Orlando 21 6,413
  • 48. 3.5 % 1,086 10 3,383 1.7 % 1,131 New England (excluding Boston) 14 2,611 1.3 % 1,174 11 1,965 0.9 % 1,233 Phoenix 25 7,400 3.4 % 946 3 872 0.2 % 898 Atlanta 12
  • 49. 3,616 2.0 % 1,157 2 666 0.2 % 1,339 Tacoma, WA 3 1,467 0.6 % 951 1 522 0.2 % 1,016 Jacksonville 6 2,117 1.1 % Â 1,005 -- -- --% Â
  • 50. -- Subtotal - Non-Core 91 26,705 14.3 % Â 1,099 37 10,489 5.3 % Â 1,247 Total 401 110,331 100.0 % Â 1,737 387 104,634 100.0 % Â 2,099 Â Military Housing 2
  • 51. 5,039 -- Â -- 2 5,161 -- Â -- Â Grand Total 403 115,370 100.0 % $ 1,737 389 109,795 100.0 % $ 2,099 Â Note: projects below development are not included in the Portfolio Summary until construction continues for you to be completed. Â (1) % of Stabilized NOI includes budgeted 2013 NOI with regard to stabilized properties, budgeted yr 1 (March 2013 for you to February 2014) NOI for your Archstone properties as well as projected
  • 52. annual NOI from stabilization (defined as having achieved 90% occupancy with regard to three consecutive months) for properties in which are in lease-up.  (2) average rental rates are understood to be able to be total rental revenues divided through the weighted average occupied apartment units for your final month in the time period presented.  Equity Residential      Portfolio as involving September 30, 2013  Apartment Properties Units Wholly Owned Properties 363 99,192 Master-Leased Properties - Consolidated 3 853 Partially Owned Properties - Consolidated 19 3,752 Partially Owned Properties - Unconsolidated
  • 53. 2 837 Military Housing 2 Â Â 5,161 Â Â 389 Â Â 109,795 Â Â Â Â Â Â Â Â Â Â Â Â Â
  • 54. Portfolio Rollforward Q3 2013 ($ in thousands) Â Apartment Purchase/ Properties Units (Sale) Price Cap Rate 6/30/2013 398 113,388 Dispositions: Consolidated: Rental Properties (10 ) (4,131 ) $ (657,607 ) 5.9 % Land Parcel (one) --
  • 55. -- $ (17,900 ) Unconsolidated: Land Parcel (one) (1) -- -- $ (26,350 ) Completed Developments - Unconsolidated 1 501 Configuration Changes -- Â 37 Â Â 9/30/2013 389 Â 109,795 Â Â
  • 56. Â Â Â Â Â Â Â Â Â Â Â Portfolio Rollforward 2013 ($ in thousands) Â Apartment Purchase/ Properties Units (Sale) Price Cap Rate 12/31/2012 403 115,370 Acquisitions: Consolidated: Rental Properties (2)
  • 57. 73 20,914 $ 8,519,895 4.9 % Master-Leased Properties (2) 3 853 $ 251,828 5.6 % Uncompleted Developments (two) -- -- $ 36,583 Land Parcels (fourteen) (2) -- -- $ 256,398 Unconsolidated (3): Rental Properties 1
  • 58. 336 $ 5,113 5.8 % Uncompleted Developments (two) (2) -- -- $ 14,854 Land Parcel (one) (2) -- -- $ 6,572 Dispositions: Consolidated: Rental Properties (92 ) (28,328 ) $ (4,362,689 ) 6.0
  • 59. % Land Parcels (six) -- -- $ (77,650 ) Other (4) -- -- $ (30,734 ) Unconsolidated: Land Parcel (one) (1) -- -- $ (26,350 ) Completed Developments - Unconsolidated 1 501 Configuration Changes -- Â
  • 60. 149 Â Â 9/30/2013 389 Â 109,795 Â Â (1) Sales cost outlined is the gross revenue price. EQR's discuss with the net revenue proceeds approximated 25%. Â (2) Amounts are already adjusted to become able to reflect Q2/Q3 2013 changes to the obtain cost allocation for many assets which were acquired within the Archstone transaction. Â (3) EQR owns different equity passions during these unconsolidated rental properties, uncompleted developments as well as land parcels. Buy price detailed will be EQR's net investment price. Â (4) Represents a 97,000 square foot commercial building adjacent to always be able to our Harbor steps apartment property in downtown Seattle that was acquired throughout 2011. Â Â Equity Residential Â
  • 61.      Third Quarter 2013 vs. Third Quarter 2012 Same store Results/Statistics pertaining to 82,553 same Retailer Apartment Units $ inside 1000's (except for average Rental Rate)  Results Statistics Average Rental Description Revenues Expenses NOI (1) Rate (2) Occupancy Turnover  Q3 2013 $ 463,607 $ 159,302
  • 62. $ 304,305 $ 1,957 95.7 % 16.9 % Q3 2012 $ 445,521 $ 154,450 $ 291,071 $ 1,878 95.9 % 17.2 % Â Change $ 18,086 $ 4,852 $ 13,234 $
  • 63. 79 (0.2)% (0.3)% Â Change 4.1 % 3.1 % 4.5 % 4.2 % Â Â Â Â Â Â Â Â Â Â Â Â Â Â Third Quarter 2013 vs. second Quarter 2013 Same Retailer Results/Statistics with regard to 101,820 Exact Same Shop Apartment Units $ in thousands (except for average Rental Rate)
  • 64.  Results Statistics Average Rental Description Revenues Expenses NOI (1) Rate (2) Occupancy Turnover  Q3 2013 $ 615,239 $ 211,724 $ 403,515 $ 2,106 95.7 % 17.1 % Q2 2013 $
  • 65. 605,869 $ 207,252 $ 398,617 $ 2,077 95.6 % 14.5 % Â Change $ 9,370 $ 4,472 $ 4,898 $ 29 0.1 % 2.6 % Â Change 1.5 % 2.2 % 1.2 %
  • 66. 1.4 % Â Note: Sequential same shop results/statistics consist of 18,448 apartment units acquired in the Archstone acquisition. Â Â Â Â Â Â Â Â Â Â Â Â Â Â September YTD 2013 vs. September YTD 2012 Same store Results/Statistics regarding 81,099 Exact Same store Apartment Units $ within thousands (except with regard to Typical Rental Rate) Â Results Statistics Average Rental
  • 67. Description Revenues Expenses NOI (1) Rate (2) Occupancy Turnover  YTD 2013 $ 1,329,326 $ 462,509 $ 866,817 $ 1,910 95.4 % 43.8 % YTD 2012 $ 1,269,876 $ 447,600 $ 822,276
  • 68. $ 1,827 95.3 % 44.0 % Â Change $ 59,450 $ 14,909 $ 44,541 $ 83 0.1 % (0.2)% Â Change 4.7 % 3.3 % 5.4 % 4.5 % Â (1) The Company's primary financial measure pertaining to evaluating everyone of its apartment communities is net operating earnings ("NOI"). NOI represents rental income much less property along with maintenance expense, real-estate tax and insurance expense along with property
  • 69. management expense. the Company believes in which NOI is actually helpful in order to investors as a supplemental measure involving its operating performance because it can always be a immediate measure with the actual operating outcomes of the Company's apartment communities. Discover web page 29 with regard to reconciliations coming from operating income. Â (2) Average rental minute prices are understood in order to be total rental revenues divided through the weighted average occupied apartment units for your period. Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Equity Residential
  • 70. Third Quarter 2013 vs. Third Quarter 2012 Same store Results/Statistics through Market          Increase (Decrease) through Prior Year's Quarter Q3 2013 Q3 2013 Q3 2013 % of Average Weighted Average Apartment Actual Rental Average Rental Markets/Metro Areas Units
  • 71. NOI Rate (1) Occupancy % Revenues Expenses NOI Rate (1) Occupancy  Core: Washington DC 11,077 15.6 % $ 2,155 95.6 % 1.6 % 1.6 % 1.6 % 2.1 % (0.5)% New York 7,478 15.4 % 3,554 96.4 % 3.6 %
  • 72. 4.8 % 2.9 % 4.2 % (0.5)% Los Angeles 8,996 11.1 % 1,957 96.0 % 3.7 % 3.2 % 4.0 % 4.0 % (0.2)% San Francisco 8,039 9.9 % 1,981 95.4 % 8.4 % 3.1 % 11.4 % 8.9 % (0.5)% Boston (2) 5,832
  • 73. 9.8 % 2,637 96.0 % 3.8 % 2.0 % 4.6 % 3.5 % 0.3 % South Florida 10,637 9.5 % 1,544 95.1 % 4.2 % 3.7 % 4.5 % 4.0 % 0.2 % Seattle 6,867 7.5 % 1,751 96.1 % 5.4 % 6.4 % 4.8 %
  • 74. 5.1 % 0.2 % Denver 6,767 5.8 % 1,314 96.0 % 6.7 % 5.7 % 7.2 % 6.8 % (0.1)% San Diego 3,217 4.0 % 1,889 96.1 % 3.4 % 2.2 % 3.9 % 3.2 % 0.2 % Orange County, CA 3,490 3.9 % 1,712
  • 75. 95.9 % 3.5 % (0.2)% 5.2 % 3.8 % (0.3)% Subtotal - Core 72,400 92.5 % 2,055 95.8 % 4.2 % 3.4 % 4.6 % 4.3 % (0.2)% Â Non-Core: Inland Empire, CA 3,081 3.0 % 1,513 95.9 % 3.0 % 0.7 % 4.1 %
  • 76. 3.0 % (0.1)% Orlando 3,383 2.3 % 1,138 95.4 % 2.4 % (2.3)% 5.4 % 2.8 % (0.4)% New England (excluding Boston) 1,965 1.2 % 1,231 94.4 % 1.2 % 1.2 % 1.2 % 2.4 % (1.1)% Phoenix 872 0.4 % 904
  • 77. 94.7 % 1.6 % (2.0)% 4.1 % 1.9 % (0.2)% Tacoma, WA 522 0.3 % 1,017 94.9 % 10.4 % 14.0 % 7.4 % 5.2 % 4.4 % Atlanta 330 0.3 % 1,390 95.8 % 3.8 % (3.1)% 9.4 % 4.0 % (0.2)%
  • 78. Subtotal - Non-Core 10,153 7.5 % 1,253 95.3 % 2.7 % 0.2 % 4.3 % 2.9 % (0.2)% Â Â Â Â Â Â Â Â Â Total 82,553 100.0 % $ 1,957 95.7 % 4.1 % 3.1 %
  • 79. 4.5 % 4.2 % (0.2)% Â (1) average rental minute prices are understood to become able to be total rental revenues divided through the weighted typical occupied apartment units for your period. Â (2) Quarter over quarter identical shop revenues within Boston were negatively impacted simply by non-residential related income. Residential-only identical shop revenues elevated inside Boston 4.4% quarter over quarter. Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â
  • 80.   Equity Residential Third Quarter 2013 vs. second Quarter 2013 Same store Results/Statistics simply by Market          Increase (Decrease) via Prior Quarter   Q3 2013 Q3 2013 Q3 2013 % of Average Weighted Average Apartment Actual
  • 81. Rental Average Rental Markets/Metro Areas Units NOI Rate (1) Occupancy % Revenues Expenses NOI Rate (1) Occupancy  Core: Washington DC 17,536 19.2 % $ 2,256 95.6 % 0.6 % 1.4 % 0.2 % 0.2 % 0.3 % New York
  • 82. 10,330 17.2 % 3,721 96.2 % 1.2 % 1.5 % 1.0 % 1.1 % 0.1 % San Francisco 12,766 13.0 % 2,177 95.5 % 2.7 % 4.5 % 1.8 % 2.8 % (0.2)% Los Angeles 11,139 10.6 % 2,059 96.0 % 2.6 % 2.2 %
  • 83. 2.8 % 2.1 % 0.5 % Boston (2) 7,722 10.3 % 2,785 95.7 % 0.5 % 2.7 % (0.6)% 0.1 % 0.3 % South Florida 10,833 7.2 % 1,541 95.1 % 1.2 % 3.2 % (0.1)% 1.6 % (0.4)% Seattle 7,411 6.1 %
  • 84. 1,742 96.2 % 2.9 % 2.8 % 3.0 % 2.2 % 0.7 % Denver 6,935 4.5 % 1,317 96.0 % 3.1 % 0.7 % 4.1 % 2.8 % 0.2 % San Diego 3,505 3.3 % 1,904 96.1 % 1.7 % (0.2)% 2.5 % 1.5 %
  • 85. 0.1 % Orange County, CA 3,490 3.0 % 1,712 95.9 % 1.7 % 3.3 % 1.0 % 1.4 % 0.3 % Subtotal - Core 91,667 94.4 % 2,200 95.8 % 1.6 % 2.3 % 1.2 % 1.4 % 0.2 % Â Non-Core: Inland Empire, CA 3,081 2.3 %
  • 86. 1,513 95.9 % 0.9 % 0.1 % 1.3 % 0.3 % 0.5 % Orlando 3,383 1.7 % 1,138 95.4 % 1.2 % 2.2 % 0.6 % 1.3 % (0.2)% New England (excluding Boston) 1,965 0.9 % 1,231 94.4 % --% (4.4)% 4.0 % 0.8 %
  • 87. (0.7)% Phoenix 872 0.3 % 904 94.7 % 2.8 % 5.7 % 1.0 % 2.8 % --% Tacoma, WA 522 0.2 % 1,017 94.9 % 3.6 % 6.4 % 1.2 % 2.5 % 1.0 % Atlanta 330 0.2 % 1,390 95.8 %
  • 88. 3.8 % 4.0 % 3.6 % 2.7 % 1.1 % Subtotal - Non-Core 10,153 5.6 % 1,253 95.3 % 1.1 % 0.4 % 1.6 % 1.1 % 0.1 % Â Â Â Â Â Â Â Â Â Total 101,820
  • 89. 100.0 % $ 2,106 95.7 % 1.5 % 2.2 % 1.2 % 1.4 % 0.1 % Â Note: Sequential exact same retailer results/statistics consist of 18,448 apartment units acquired inside the Archstone acquisition. Â (1) average rental rate is thought as total rental revenues divided through the weighted typical occupied apartment units for that period. Â (2) Sequential exact same shop revenues throughout Boston were negatively impacted by non-residential related income. Residential-only same retailer revenues elevated in Boston 1.9% sequentially. Â Â Â Â Â Â Â Â Â Â
  • 90.          Equity Residential September YTD 2013 vs. September YTD 2012 Same store Results/Statistics through Market          Increase (Decrease) coming from Prior Year Sept. YTD 13 Sept. YTD 13 Sept. YTD 13 % of
  • 91. Average Weighted Average Apartment Actual Rental Average Rental Markets/Metro Areas Units NOI Rate (1) Occupancy % Revenues Expenses NOI Rate (1) Occupancy  Core: Washington DC 10,564 15.2 % $ 2,101 95.2 % 2.6 %
  • 92. 0.8 % 3.4 % 2.8 % (0.3)% New York 7,176 14.7 % 3,468 95.9 % 4.7 % 5.6 % 4.0 % 4.9 % (0.3)% Los Angeles 8,894 11.3 % 1,916 95.7 % 4.3 % 4.0 % 4.5 % 3.8 % 0.3 % Boston (2) 5,832
  • 93. 10.0 % 2,612 95.2 % 3.9 % 4.5 % 3.6 % 3.9 % --% South Florida 10,637 9.9 % 1,521 95.2 % 4.5 % 2.5 % 5.8 % 4.2 % 0.2 % San Francisco 7,821 9.7 % 1,918 95.1 % 8.8 % 2.3 % 12.6 %
  • 94. 8.7 % 0.1 % Seattle 6,548 7.3 % 1,711 95.5 % 5.4 % 4.6 % 5.9 % 5.4 % 0.1 % Denver 6,767 6.0 % 1,281 95.9 % 7.7 % 5.3 % 8.7 % 7.3 % 0.3 % San Diego 3,217 4.1 % 1,866
  • 95. 95.4 % 3.9 % 2.7 % 4.4 % 3.0 % 0.6 % Orange County, CA 3,490 4.1 % 1,688 95.7 % 3.9 % 2.4 % 4.6 % 3.7 % 0.1 % Subtotal - Core 70,946 92.3 % 2,006 95.5 % 4.8 % 3.6 % 5.4 % 4.6 % 0.1 %
  • 96. Â Non-Core: Inland Empire, CA 3,081 3.1 % 1,502 95.3 % 3.4 % 1.0 % 4.5 % 2.9 % 0.4 % Orlando 3,383 2.4 % 1,122 95.7 % 4.3 % (0.6)% 7.4 % 3.9 % 0.3 % New England (excluding Boston) 1,965 1.2 % 1,220
  • 97. 94.8 % 2.3 % 4.9 % --% 2.8 % (0.4)% Phoenix 872 0.5 % 887 94.7 % 1.2 % (3.8)% 4.6 % 0.9 % 0.2 % Tacoma, WA 522 0.3 % 997 94.3 % 8.6 % 4.8 % 12.4 % 2.8 % 4.9 %
  • 98. Atlanta 330 0.2 % 1,353 95.0 % 3.1 % (4.9)% 10.0 % 4.4 % (1.2)% Subtotal - Non-Core 10,153 7.7 % 1,238 95.2 % 3.5 % 1.0 % 5.1 % 3.2 % 0.4 % Â Â Â Â Â Â
  • 99.    Total 81,099 100.0 % $ 1,910 95.4 % 4.7 % 3.3 % 5.4 % 4.5 % 0.1 %  (1) average rental rates are understood to always be able to be total rental revenues divided from the weighted average occupied apartment units for the period.  (2) September year-to-date identical store revenues in Boston had been negatively impacted simply by non-residential related income. Residential-only exact same shop revenues increased inside Boston 5.3% September year-to-date.  Equity Residential     Â
  • 100. Third Quarter 2013 vs. Third Quarter 2012 Same Retailer Operating Expenses for 82,553 Identical store Apartment Units $ within thousands  % involving Actual Q3 2013 Actual Actual $ % Operating Q3 2013 Q3 2012 Change Change Expenses  Real estate taxes $ 51,834 $ 47,551 $ 4,283 9.0 %
  • 101. 32.5 % On-site payroll (1) 34,266 33,351 915 2.7 % 21.5 % Utilities (2) 23,658 23,058 600 2.6 % 14.9 % Repairs along with maintenance (3) 22,595 21,976 619 2.8 % 14.2 %
  • 102. Property management costs (4) 15,067 16,707 (1,640 ) (9.8 )% 9.5 % Insurance 5,012 4,717 295 6.3 % 3.1 % Leasing along with advertising 2,462 2,536 (74 ) (2.9 )% 1.5 %
  • 103. Other on-site operating expenses (5) Â 4,408 Â 4,554 Â (146 ) (3.2 )% 2.8 % Â Same store operating expenses $ 159,302 $ 154,450 $ 4,852 Â 3.1 % 100.0 % Â
  • 104.            September YTD 2013 vs. September YTD 2012 Same Shop Operating Expenses regarding 81,099 Exact Same Shop Apartment Units $ inside thousands  % associated with Actual YTD 2013 Actual Actual $ % Operating YTD 2013 YTD 2012 Change Change
  • 105. Expenses  Real estate taxes $ 150,852 $ 140,089 $ 10,763 7.7 % 32.6 % On-site payroll (1) 99,109 97,775 1,334 1.4 % 21.4 % Utilities (2) 69,474 66,885 2,589 3.9
  • 106. % 15.0 % Repairs and maintenance (3) 63,099 60,332 2,767 4.6 % 13.7 % Property management costs (4) 44,532 47,620 (3,088 ) (6.5 )% 9.6 % Insurance 14,779 13,904 875 6.3 %
  • 107. 3.2 % Leasing and advertising 7,150 6,952 198 2.8 % 1.6 % Other on-site operating expenses (5) Â 13,514 Â 14,043 Â (529 ) (3.8 )% 2.9 % Â Same shop operating expenses $ 462,509
  • 108. $ 447,600 $ 14,909 Â 3.3 % 100.0 % Â (1) On-site payroll - includes payroll and associated expenses with regard to on-site personnel such as property managers, leasing consultants as well as maintenance staff. Â (2) Utilities - Represents gross expenses just before any kind of recoveries beneath your Resident Utility Billing System ("RUBS"). Recoveries are reflected inside rental income. Â (3) Repairs and maintenance - Consists Of general maintenance costs, apartment unit turnover expenses which includes interior painting, routine landscaping, security, exterminating, fire protection, snow removal, elevator, roof along with car park repairs as well as other miscellaneous building repair costs. Â (4) Property management costs - Consists Of payroll and also related expenses for departments, or portions regarding departments, that directly assistance on-site management. These types of consist of such departments as regional and also corporate property management, property accounting, human resources, training, marketing and revenue management, procurement, property tax, property legal solutions and information technology.
  • 109.  (5) Other on-site operating expenses - Consists Of ground lease costs as well as administrative expenses like office supplies, telephone as well as information charges as well as association and also enterprise licensing fees.             Equity Residential        Debt Summary as involving September 30, 2013 (Amounts in thousands)
  • 110.  Weighted Weighted Average Average Maturities Amounts (1) % involving Total Rates (1) (years)  Secured $ 6,230,675 53.2 % 4.25 % 6.6 Unsecured  5,476,522 46.8 % 4.93 % 4.8  Total $
  • 111. 11,707,197 100.0 % 4.58 % 5.7  Fixed Charge Debt: Secured - Conventional $ 5,547,506 47.4 % 4.67 % 5.0 Unsecured - Public/Private  4,726,522 40.4 % 5.57 % 5.3  Fixed Charge Debt  10,274,028 87.8 % 5.09 % 5.2 Â
  • 112. Floating rate Debt: Secured - Conventional 57,133 0.5 % 2.33 % 1.0 Secured - Tax Exempt 626,036 5.3 % 0.60 % 19.4 Unsecured - Public/Private 750,000 6.4 % 1.66 % 1.3 Unsecured - Revolving credit Facility  -- 0.0% 1.28 % 4.5  Floating Charge Debt  1,433,169
  • 113. 12.2 % 1.23 % 9.4 Â Total $ 11,707,197 100.0 % 4.58 % 5.7 Â (1) Net associated with the result associated with any derivative instruments. Weighted typical rates are usually for that nine a few months ended September 30, 2013. Â Note: the Company capitalized curiosity of approximately $32.9 million along with $15.8 million through the nine months ended September 30, 2013 as well as 2012, respectively. The Business capitalized curiosity regarding approximately $12.9 million as well as $5.7 million during the quarters ended September 30, 2013 as well as 2012, respectively. Â Â Â Â Â Â Â Â Â Â
  • 114. Â Â Â Â Â Â Â Debt Maturity Routine as involving September 30, 2013 (Amounts within thousands) Â Weighted Weighted Average Rates Average Fixed Floating on Fixed Rates on Year Rate (1) Rate (1) Total % associated with Total Rate Credit Card Debt (1) Total Financial Debt (1) Â
  • 115. 2013 $ 3,004 $ 131 $ 3,135 0.0% 5.41 % 5.32 % 2014 1,517,991 (2) 49,017 1,567,008 13.4 % 5.67 % 5.57 % 2015 420,449 750,000 (3) 1,170,449 10.0 % 6.28 % 3.12 %
  • 116. 2016 1,193,251 -- 1,193,251 10.2 % 5.34 % 5.34 % 2017 2,171,735 (4) 456 2,172,191 18.6 % 6.20 % 6.20 % 2018 84,355 724 85,079 0.7 % 5.61 % 5.61 % 2019 806,634 20,766 827,400
  • 117. 7.1 % 5.48 % 5.35 % 2020 1,678,601 809 1,679,410 14.3 % 5.49 % 5.49 % 2021 1,195,243 856 1,196,099 10.2 % 4.63 % 4.64 % 2022 228,933 905 229,838 2.0 % 3.17 % 3.18 % 2023+ 800,999
  • 118. 675,944 1,476,943 12.6 % 4.22 % 2.50 % Premium/(Discount) Â 172,833 Â (66,439) Â 106,394 0.9 % N/A N/A Â Total $ 10,274,028 $ 1,433,169 $ 11,707,197 100.0 % 5.43 % 4.86 %
  • 119. Â (1) Net of the effect of virtually any derivative instruments. Weighted typical prices are generally as of September 30, 2013. Â (2) On October 1, 2013, the actual company paid back the particular $963.5 million outstanding involving 5.883% mortgage debt assumed as being a a part of the Archstone transaction, prior for the November 1, 2014 maturity date. Next this payoff, remaining financial debt maturing within 2014 totals $603.5 million. Â (3) Includes your Company's senior unsecured $750.0 million delayed draw term loan facility that matures on January 11, 2015 and it is subject to some one-year extension option exercisable through the Company. Â (4) Includes $1.27 billion in Archstone mortgage notes payable of which $825.0 million could be paid off inside the fourth quarter associated with 2013 within link using certain planned refinancing actions described more completely in web page three regarding this release. The Particular approximately $440.0 million stability will remain outstanding as well as continue to mature inside November 2017. following these anticipated refinancing activities, remaining debt maturing within 2017 could be $1.3 billion. Â Â Â Â Â Â Â Â
  • 120. Â Â Â Â Equity Residential Unsecured Financial Debt Summary as associated with September 30, 2013 (Amounts in thousands) Â Â Â Â Â Â Â Unamortized Coupon Due Face Premium/ Net Rate Date Amount (Discount) Balance Â
  • 121. Fixed Price Notes: 5.250 % 09/15/14 $ 500,000 $ (59) $ 499,941 6.584 % 04/13/15 300,000 (165) 299,835 5.125 % 03/15/16 500,000 (130) 499,870 5.375 % 08/01/16 400,000 (526) 399,474 5.750 % 06/15/17
  • 122. 650,000 (1,907) 648,093 7.125 % 10/15/17 150,000 (262) 149,738 4.750 % 07/15/20 600,000 (3,090) 596,910 4.625 % 12/15/21 1,000,000 (3,112) 996,888 3.000 % 04/15/23 500,000 (4,227) 495,773 7.570 % 08/15/26 Â
  • 123. 140,000 Â -- Â 140,000 Â Â 4,740,000 Â (13,478) Â 4,726,522 Floating Price Notes: Delayed Draw Term Loan Facility LIBOR+1.20% 01/11/15 (1)(2) Â 750,000 Â -- Â 750,000 Â Â 750,000
  • 124. Â -- Â 750,000 Â Revolving Credit Rating Facility: LIBOR+1.05% 04/01/18 (1)(3) Â -- Â -- Â -- Â Total Unsecured Debt $ 5,490,000 $ (13,478) $ 5,476,522 Â (1) Facilities are generally private. Most additional unsecured credit card debt can be public.
  • 125.  (2) On January 11, 2013, your company entered right directly into a senior unsecured $750.0 million delayed draw term loan facility that had been fully drawn about February 27, 2013 throughout link with the Archstone acquisition. Your maturity date regarding January 11, 2015 is actually subject to some one-year extension alternative exercisable from the Company. The Actual fascination rate in advances beneath the term loan facility will typically be LIBOR as well as any spread (currently 1.20%), which can be dependent on the credit rating score with the Company's long-term debt.  (3) On January 11, 2013, the Organization replaced its active $1.75 billion facility using a $2.5 billion unsecured revolving credit rating facility maturing April 1, 2018. The Particular fascination charge about advances below the newest credit score facility will generally become LIBOR as well as a new spread (currently 1.05%) plus an annual facility charge (currently 15 schedule points). Each the particular spread as well as the facility fee are usually dependent about the credit score in the Company's long-term debt. As regarding September 30, 2013, there was approximately $2.47 billion accessible about the Company's unsecured revolving credit score facility.       Equity Residential     Selected Unsecured Public Financial Debt Covenants  September 30,
  • 126. June 30, 2013 2013 Â Total Credit Card Debt for you to Adjusted Total Assets (not to exceed 60%) 42.2 % 42.9 % Â Secured Financial Debt to be able to Adjusted Total Assets (not to exceed 40%) 22.4 % 22.9 % Â Consolidated income available regarding Financial Debt Services to Maximum Annual Services Charges (must be no less than 1.5 to be able to 1) 2.65 2.68 Â Total Unsecured Assets to Unsecured Debt 324.6 % 315.4
  • 127. % (must end up being no less than 150%)  These selected covenants connect with ERP Operating Restricted Partnership's ("ERPOP") outstanding unsecured public debt. Equity Residential is the general partner regarding ERPOP.                Equity Residential     Â
  • 128.    Capital structure as regarding September 30, 2013 (Amounts inside 1000's except for share/unit along with per share amounts)  Secured Debt $ 6,230,675 53.2 % Unsecured Debt  5,476,522 46.8 %  Total Debt 11,707,197 100.0 % 36.8 %  Common Shares (includes restricted Shares) 360,395,959 96.2 % Units (includes OP Units and also LTIP Units)  14,200,376
  • 129. Â 3.8 % Â Total Shares along with Units 374,596,335 100.0 % Common Talk About Value with September 30, 2013 $ 53.57 20,067,126 99.8 % Perpetual Preferred Equity (see below) Â 50,000 0.2 % Â Total Equity 20,117,126 100.0 % 63.2 % Â Total Industry Capitalization $ 31,824,323 100.0 % Â
  • 130. Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Perpetual Preferred Equity as involving September 30, 2013 (Amounts inside 1000's except for discuss along with for each talk about amounts) Â Â Annual Annual Redemption Outstanding Liquidation Dividend
  • 131. Dividend Series Date Shares Value Per Share Amount Preferred Shares: 8.29% Series K 12/10/2026 1,000,000 $ 50,000 $ 4.145 $ 4,145 Â Total Perpetual Preferred Equity 1,000,000 $ 50,000 $ 4,145 Â Â
  • 132.        Equity Residential Common Talk About as well as Unit Weighted Typical amounts Outstanding     YTD Q313 YTD Q312 Q313 Q312  Weighted Typical Quantities Outstanding with regard to Net Earnings Purposes: Common Shares - basic 352,413,769 300,116,136 359,811,378 301,336,325 Shares issuable coming from assumed conversion/vesting of (1):
  • 133. - OP Units -- 13,815,887 -- 14,176,635 - long-term compensation shares/units -- 3,332,695 -- 3,260,210 Â Total common Shares and also Units - diluted (1) 352,413,769 317,264,718 359,811,378 318,773,170 Â Weighted average amounts Outstanding pertaining to FFO and Normalized FFO Purposes: Common Shares - basic 352,413,769 300,116,136 359,811,378 301,336,325 OP Units - basic 13,736,059
  • 134. 13,815,887 13,735,575 14,176,635 Â Total Typical Shares as well as OP Units - basic 366,149,828 313,932,023 373,546,953 315,512,960 Shares issuable via assumed conversion/vesting of: - long-term compensation shares/units 2,461,479 3,332,695 2,336,330 3,260,210 Â Total Typical Shares as well as Units - diluted 368,611,307 317,264,718 375,883,283 318,773,170 Â Period Ending Quantities Outstanding: Common Shares (includes restricted Shares) 360,395,959 302,674,716
  • 135. Units (includes OP Units and LTIP Units) 14,200,376 14,399,790 Â Total Shares and Units 374,596,335 317,074,506 Â (1) Potential widespread shares issuable from the assumed conversion regarding OP Units and the exercise/vesting associated with long-term compensation shares/units tend to be immediately anti-dilutive and as a result excluded in the diluted earnings for each talk about calculation as the company were built using a loss via continuing operations through the nine weeks and quarter ended September 30, 2013. Â Â Â Â Â Â Â Â Â Â Â Â Â Â
  • 136.  Equity Residential Partially Owned Entities as of September 30, 2013 (Amounts in thousands except with regard to project as well as apartment unit amounts)        Consolidated Unconsolidated Development Projects Development Projects  Held for Held for and/or Under and/or Under Completed, Not Development (4) Operating Total Development (5) Stabilized (6)
  • 137. Operating Total  Total tasks (1)  --   19   19   --   1   1   2  Â
  • 138. Total apartment units (1) Â -- Â Â 3,752 Â Â 3,752 Â Â -- Â Â 501 Â Â 336 Â Â 837 Â Â Operating details for that nine weeks ended 9/30/13 (at 100%): Operating revenue $
  • 139. 12 $ 59,666 $ 59,678 $ 1,305 $ 1,861 $ 3,173 $ 6,339 Operating expenses  407   18,458   18,865   1,141 Â
  • 140. Â 1,023 Â Â 1,402 Â Â 3,566 Â Â Net operating (loss) income (395 ) 41,208 40,813 164 838 1,771 2,773 Depreciation -- 26,478 26,478 84 -- 4,165
  • 141. 4,249 General along with administrative/other  520   79   599   23   --   141   164   Operating (loss) income (915
  • 142. ) 14,651 13,736 57 838 (2,535 ) (1,640 ) Interest and other income 2 3 5 -- -- 10 10 Other expenses (334 ) (4 ) (338 ) -- --
  • 143. -- -- Interest: Expense incurred, net (2 ) (10,615 ) (10,617 ) (152 ) (501 ) (658 ) (1,311 ) Amortization of deferred financing costs  --   (216 ) Â
  • 144. (216 ) Â -- Â Â -- Â Â (1 ) Â (1 ) Â (Loss) earnings prior to earnings and other taxes, (loss) from investments in unconsolidated entities, net (loss) gain upon sales associated with terrain parcels along with discontinued operations (1,249 ) 3,819 2,570 (95 ) 337
  • 145. (3,184 ) (2,942 ) Income along using other tax (expense) benefit (11 ) (56 ) (67 ) -- -- -- -- (Loss) via investments within unconsolidated entities -- (1,010 ) (1,010 ) -- -- -- -- Net (loss) on revenue associated with property parcels
  • 146. (17 ) -- (17 ) -- -- -- -- Net gain in revenue regarding discontinued operations -- 26,673 26,673 -- -- -- -- Â Â Â Â Â Â Â Net (loss) income $
  • 147. (1,277 ) $ 29,426 Â $ 28,149 Â $ (95 ) $ 337 Â $ (3,184 ) $ (2,942 ) Â Debt - Secured (2): EQR Possession (3) $ -- $
  • 148. 280,671 $ 280,671 $ 42,914 $ 9,044 $ 6,110 $ 58,068 Noncontrolling Ownership  --   78,059   78,059   75,809   36,173
  • 149. Â Â 24,440 Â Â 136,422 Â Â Total (at 100%) $ -- Â $ 358,730 Â $ 358,730 Â $ 118,723 Â $ 45,217 Â $ 30,550
  • 150. Â $ 194,490 Â Â (1) Project as well as apartment unit counts exclude just about all uncompleted development projects until these tasks tend to be substantially completed. Â (2) All financial debt will be non-recourse to the company with the exception associated with 50% with the current $5.7 million outstanding financial debt stability on a single unconsolidated development project. Â (3) Represents the Company's existing equity ownership interest. Â (4) See Tasks Below Development - Partially Owned in page 22 regarding further information. Â (5) See Tasks under Development - Unconsolidated upon web page 23 pertaining to further information. Â (6) Projects included here are generally substantially complete. However, that they may nevertheless need extra exterior and also interior work regarding most units being available for leasing. Notice projects Beneath Development - Unconsolidated upon page 23 for further information. Â
  • 151. Note: The over table excludes the Company's hobbies throughout unconsolidated joint ventures entered into using AvalonBay ("AVB") inside link with the Archstone transaction. These types of ventures very own specific non-core Archstone assets that are held for sale and succeeded to be able to specific residual Archstone liabilities, such as liability for various employment-related matters as well as duty regarding tax protection arrangements and third-party preferred passions in former Archstone subsidiaries. The Actual preferred passions come together with an aggregate liquidation worth of $88.3 million from September 30, 2013. The Particular ventures tend to be owned 60% from the Business and also 40% by simply AVB. Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â
  • 152. Â Â Â Equity Residential Consolidated Development along with Lease-Up Tasks as involving September 30, 2013 (Amounts within 1000's except for project as well as apartment unit amounts) Â Â Â Â Â Â Â Â Â Â Â Â Total Book No. of Total Total Value Not Estimated Estimated Apartment
  • 153. Capital Book Value Placed in Total Percentage Percentage Percentage Completion Stabilization Projects Location Units Cost (1) to Date Service Debt Completed Leased Occupied Date Date  Projects under Development - Wholly Owned: Jia (formerly Chinatown Gateway) Los Angeles, CA 280
  • 154. $ 92,920 $ 79,564 $ 79,564 $ -- 85 % 3 % -- Q4 2013 Q3 2015 Oasis at Delray Beach II (2) Delray Beach, FL 128 23,739 19,669 19,669 -- 89 % 11 % -- Q1 2014 Q2 2014 Residences with Westgate I (formerly Westgate II)
  • 155. Pasadena, CA 252 125,293 89,319 89,319 -- 60 % -- -- Q1 2014 Q1 2015 1111 Belle Pre (formerly The Particular Madison) Alexandria, VA 360 115,072 95,437 95,437 -- 86 % 12 % -- Q1 2014 Q2 2015 Urbana (formerly Industry Street Landing) Seattle, WA 287
  • 156. 90,024 68,106 68,106 -- 76 % -- -- Q1 2014 Q3 2015 Reserve with City Middle III Mill Creek, WA 95 21,330 14,036 14,036 -- 60 % -- -- Q2 2014 Q4 2014 Residences from Westgate II (formerly Westgate III) Pasadena, CA 88 54,037 28,871
  • 157. 28,871 -- 29 % -- -- Q2 2014 Q1 2015 170 Amsterdam (3) New York, NY 237 110,892 31,524 31,524 -- 17 % -- -- Q1 2015 Q1 2016 West Seattle Seattle, WA 206 67,112 16,233 16,233 --
  • 158. 1 % -- -- Q4 2015 Q3 2016 Tallman Seattle, WA 303 84,277 20,339 20,339 -- 1 % -- -- Q4 2015 Q2 2017 Tasman San Jose, CA 554 Â 214,923 Â 32,474 Â 32,474
  • 159. Â -- 1 % -- -- Q2 2016 Q2 2018 Projects Beneath Development - Wholly Owned 2,790 999,619 495,572 495,572 -- Â Projects under Development - Partially Owned: Park Aire (formerly Enclave from Wellington) (2) Wellington, FL 268 50,000 44,616 44,616 -- 91 % 15 % 5 % Q1 2014
  • 160. Q1 2015 400 Park avenue South (4) New York, NY 269 Â 251,961 Â 152,651 Â 152,651 Â -- 45 % -- -- Q2 2015 Q1 2016 Projects Beneath Development - Partially Owned 537 301,961 197,267 197,267 -- Â Â Â
  • 161. Â Â Projects Beneath Development 3,327 Â 1,301,580 Â 692,839 Â 692,839 Â -- Â Completed Certainly Not Stabilized - Wholly Owned (5): Breakwater from Marina Del Rey (3) (6) (7) Marina Del Rey, CA 224 90,449 86,388 -- 27,000 66 % 64 % Completed Q2 2014 Gaithersburg Station (7) (8)
  • 162. Gaithersburg, MD 389 Â 93,000 Â 92,191 Â -- Â 89,653 77 % 72 % Completed Q2 2014 Projects Completed Not Really Stabilized - Wholly Owned 613 183,449 178,579 -- 116,653 Â Â Â Â Â Projects Completed Not Really Stabilized
  • 163. 613 Â 183,449 Â 178,579 Â -- Â 116,653 Â Completed along with Stabilized Throughout the Quarter - Wholly Owned: 2201 Pershing Drive Arlington, VA 188 Â 61,338 Â 58,660 Â -- Â -- 98 % 97 % Completed Stabilized
  • 164. Projects Completed along with Stabilized during the particular Quarter - Wholly Owned 188 61,338 58,660 -- -- Â Â Â Â Â Projects Completed along with Stabilized In The Particular Program Of the Quarter 188 Â 61,338 Â 58,660 Â -- Â -- Â Total Consolidated Projects 4,128 $ 1,546,367
  • 165. $ 930,078 $ 692,839 $ 116,653 Â Land Held with regard to Development N/A Â N/A $ 505,494 $ 505,494 $ -- Â Â Â Total Capital Q3 2013 NOI CONTRIBUTION FROM CONSOLIDATED DEVELOPMENT PROJECTS Cost (1) NOI Projects Beneath Development
  • 166. $ 1,301,580 $ (324) Completed Certainly Not Stabilized 183,449 1,245 Completed and Stabilized In The Actual course Of the particular Quarter  61,338  922 Total Consolidated Development NOI Contribution $ 1,546,367 $ 1,843  (1) Total richesse cost represents estimated price regarding projects under development and/or developed and many kinds of capitalized expenses incurred in order to date plus any kind of estimates of expenses remaining to become funded pertaining to most projects, all in respect using GAAP.  (2) The company acquired this development project in link with the Archstone transaction and is continuing development activities. the Company owns 100% involving Oasis in Delray Beach II as well as includes a 95.0% ownership curiosity about Park Aire.
  • 167. Â (3) The property below this development is topic into a long term ground lease. Â (4) The Business can be jointly developing using Toll Brothers (NYSE: TOL) a project at 400 Park avenue South throughout Ny Metropolis using the Company's rental part in floors 2-22 and also Toll's pertaining to sale portion in floors 23-40. the total money expense as well as total guide value to date represent just the Company's part with the project. Toll Brothers provides funded $86.2 million with regard to their own allocated talk about of the project. Â (5) Properties included here tend to be substantially complete. However, they might nevertheless require further exterior along with interior function with regard to almost all apartment units to be readily obtainable for leasing. Â (6) The company acquired this property throughout link with all the Archstone transaction and has completed renovations. Your non-recourse loan in this property features a existing outstanding balance regarding $27.0 million, bears fascination in LIBOR as well as 1.75% and matures September 1, 2014. Â (7) Amounts happen to be adjusted in order to reflect Q2/Q3 2013 changes to the obtain price allocation pertaining to these projects that have got been acquired within the Archstone transaction. Â (8) The Business acquired this completed development project prior to stabilization inside connection with most the Archstone transaction and is also continuing lease-up activities. This kind of project has a non-recourse loan using a present outstanding balance regarding $89.7 million, bears interest from 5.24% and also matures April 1, 2053. Â
  • 168. Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Equity Residential Unconsolidated Development as well as Lease-Up projects as regarding September 30, 2013
  • 169. (Amounts in 1000's except for project and apartment unit amounts) Â Â Â Â Â Â Â Â Â Â Â Â Â Total Book No. of Total Total Value Not Estimated Estimated Percentage Apartment Capital Book Value Placed in
  • 170. Total Percentage Percentage Percentage Completion Stabilization Projects Location Ownership Units Cost (1) to Date Service Debt Completed Leased Occupied Date Date  Projects Beneath Development - Unconsolidated: San Norterra (2) Phoenix, AZ 85.0 % 388 $
  • 171. 56,250 $ 52,842 $ 52,842 $ 30,816 96 % 72 % 61 % Q4 2013 Q2 2014 Domain (3) San Jose, CA 20.0 % 444 154,570 147,433 147,433 82,168 93 % 31 % 25 % Q4 2013 Q4 2015 Parkside at Emeryville (4) (5)
  • 172. Emeryville, CA 5.0 % 180 Â 75,000 Â 38,528 Â 38,528 Â 5,739 38 % -- -- Q3 2014 Q4 2015 Projects under Development - Unconsolidated 1,012 285,820 238,803 238,803 118,723 Â Â Â Â
  • 173. Â Projects under Development 1,012 Â 285,820 Â 238,803 Â 238,803 Â 118,723 Â Completed Not Necessarily Stabilized - Unconsolidated (6): Nexus Sawgrass (formerly Sunrise Village) (3) Sunrise, FL 20.0 % 501 Â 78,212 Â 77,290 Â -- Â 45,217 58 %
  • 174. 52 % Completed Q3 2014 Projects Completed Not Necessarily Stabilized - Unconsolidated 501 78,212 77,290 -- 45,217 Â Â Â Â Â Projects Completed Not Necessarily Stabilized 501 Â 78,212 Â 77,290 Â -- Â 45,217 Â Total Unconsolidated Projects
  • 175. 1,513 $ 364,032 $ 316,093 $ 238,803 $ 163,940 Â (1) Total capital expense represents estimated price regarding tasks under development and/or developed and many sorts of capitalized expenses incurred to become able to date in addition any estimates involving expenses remaining being funded with regard to all projects, just about all relating using GAAP. Â (2) The Business acquired this development project within link using the Archstone transaction. Total project expenses tend to be approximately $56.3 million as well as construction will be becoming partially funded with a non-recourse construction loan. San Norterra has a maximum debt commitment associated with $34.8 million, the loan bears fascination from LIBOR plus 2.00% and also matures January 6, 2015. Â (3) These development tasks are usually owned 20% from the Organization as well as 80% simply by an institutional companion within a pair of separate unconsolidated joint ventures. Total project costs tend to be approximately $232.8 million as well as construction will probably be predominantly funded along with two separate long-term, non-recourse secured personal loans from your partner. The Business can be responsible for constructing your projects and has provided particular construction cost overrun ensures however at present has no further funding obligations. Nexus Sawgrass has a maximum financial debt commitment regarding $48.7 million, the borrowed funds bears curiosity in 5.60% along with matures January 1, 2021. Domain has a maximum debt dedication regarding $98.6 million, the loan bears fascination at 5.75% along with matures January 1, 2022.
  • 176. Â (4) The Organization acquired this development project in link with almost all the Archstone transaction. Total project expenses are generally approximately $75.0 million along with construction is actually being partially funded with a construction loan. Parkside with Emeryville features a maximum debt dedication involving $39.5 million, the credit bears fascination from LIBOR in addition 2.25% as well as matures August 14, 2015. the Company offers offered the repayment guaranty about the construction loan of 50% in the outstanding balance, up to a maximum regarding $19.7 million, and has provided particular construction cost overrun guarantees. Â (5) Amounts have been adjusted to reflect Q2/Q3 2013 changes to the obtain value allocation regarding this project which usually ended up being acquired within the Archstone transaction. Â (6) Properties included here are usually substantially complete. However, they may even now need additional exterior as well as interior perform for almost all apartment units to be designed for leasing. Â Â Â Â Â Â Â Â Â Â Â Â
  • 177. Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Equity Residential Repairs as well as Maintenance Expenses and also capital Expenditures to Real Estate For the particular Nine Several Weeks Ended September 30, 2013 (Amounts inside thousands except with regard to apartment unit along with per apartment unit amounts) Â
  • 178. Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Repairs as well as Maintenance Expenses Capital Expenditures for you to Real Estate Total Expenditures Total Avg. Per Avg. Per Avg. Per Avg. Per Building Avg. Per Avg. Per
  • 179. Avg. Per Apartment Apartment Apartment Apartment Replacements Apartment Improvements Apartment Apartment Grand Apartment Units (1) Expense (2) Unit Payroll (3) Unit Total Unit (4) Unit (5) Â Unit Total Unit
  • 180. Total Unit  Same store Properties (6) 81,099 $ 63,099 $ 778 $ 48,658 $ 600 $ 111,757 $ 1,378 $ 36,029 $ 444 $ 34,737 $ 429 $
  • 181. 70,766 $ 873 (9) $ 182,523 $ 2,251 Â Non-Same Retailer Properties (7) 22,698 15,290 830 10,846 589 26,136 1,419 11,230 610 9,758 530 20,988 1,140 47,124 2,559 Â
  • 182. Other (8) -- Â 6,590 Â 10,089 Â 16,679 Â 2,899 Â 2,213 Â 5,112 Â 21,791 Â Total 103,797 $ 84,979 $ 69,593 $ 154,572 $
  • 183. 50,158 $ 46,708 $ 96,866 $ 251,438 Â (1) Total Apartment Units - Excludes 837 unconsolidated apartment units as well as 5,161 military housing apartment units with regard to which in turn repairs as well as maintenance expenses along with capital expenditures to always be able to property tend to be self-funded along with do not necessarily consolidate into the Company's results. Â (2) Repairs and also Maintenance Expenses - Consists Of general maintenance costs, apartment unit turnover costs including interior painting, routine landscaping, security, exterminating, fire protection, snow removal, elevator, roof and also parking area repairs as well as other miscellaneous building repair costs. Â (3) Maintenance Payroll - Consists Of payroll along with associated expenses pertaining to maintenance staff. Â (4) Replacements - Consists Of new expenditures inside the particular apartment units for example appliances, mechanical equipment, fixtures and flooring, including carpeting. Replacements pertaining to exact same retailer properties also include $15.2 million spent throughout the nine weeks ended September 30, 2013 upon apartment unit renovations/rehabs (primarily kitchens and baths) in 2,046 apartment units (equating in order to concerning $7,400 per apartment unit rehabbed) built to reposition these assets regarding higher rental levels within their respective markets. Within 2013, your Business expects for you to spend approximately $30.0 million pertaining to almost all unit renovation/rehab costs, involving which usually approximately $20.0
  • 184. million is likely to be spent on identical shop properties, in a weighted average cost of $7,000 in order to $8,000 for each apartment unit rehabbed. Â (5) Building Improvements - Consists Of roof replacement, paving, amenities along with typical areas, constructing mechanical equipment systems, exterior painting and also siding, major landscaping, vehicles along with office and also maintenance equipment. Â (6) Same Retailer Properties - Primarily consists of just about all properties acquired or perhaps completed along with stabilized prior to January 1, 2012, less properties subsequently sold. Â (7) Non-Same Retailer Properties - Primarily includes most properties acquired in the particular program of 2012 as well as 2013, plus any kind of properties throughout lease-up and never stabilized as associated with January 1, 2012. For Each apartment unit quantities tend to be according to the weighted typical associated with 18,413 apartment units. includes approximately seven several weeks of exercise for the Archstone properties. Â (8) Other - Primarily includes expenditures for properties marketed through the period. Â (9) For 2013, the actual company estimates in which it's heading to spend approximately $1,200 for each apartment unit involving richesse expenditures for the approximately 80,000 apartment units that the Business expects to possess inside its annual same store set, inclusive involving apartment unit renovation/rehab costs, or perhaps $950 for each apartment unit excluding apartment unit renovation/rehab costs. Â Â Â Â
  • 185. Â Â Â Â Â Equity Residential Discontinued Operations (Amounts inside thousands) Â Â Â Â Nine Weeks Ended Quarter Ended September 30, September 30, 2013 2012 2013 2012 Â REVENUES Rental income $ 110,986 Â
  • 186. $ 334,968  $ 8,418  $ 108,459   Total revenues  110,986   334,968   8,418   108,459   EXPENSES (1) Property along with maintenance
  • 187. 33,181 79,482 3,272 25,608 Real estate taxes as well as insurance 10,578 29,599 396 11,480 Property management 1 211 -- 70 Depreciation 31,976 94,792 2,273 29,497 General along with administrative  76   87 Â
  • 188.  3   44   Total expenses  75,812   204,171   5,944   66,699   Discontinued operating income 35,174 130,797 2,474 41,760
  • 189. Â Interest along along with other income 156 81 65 34 Other expenses (3 ) (170 ) -- (23 ) Interest (2): Expense incurred, net (1,276 ) (3,357 ) (18 ) (995 ) Amortization involving deferred financing costs (228
  • 190. ) (119 ) -- (27 ) Income along together with other tax (expense) benefit  (503 )  23   (40 )  (1 )  Discontinued operations 33,320 127,255 2,481 40,748 Net acquire in sales regarding discontinued operations
  • 191. Â 1,990,577 Â Â 307,447 Â Â 401,703 Â Â 103,394 Â Â Discontinued operations, net $ 2,023,897 Â $ 434,702 Â $ 404,184 Â $ 144,142 Â
  • 192.  (1) includes expenses paid inside the current time period with regard to properties bought from prior durations associated for the Company's period involving ownership.  (2) Consists Of simply curiosity expense certain in order to secured mortgage notes payable with regard to properties sold.  Equity Residential Normalized FFO Guidance Reconciliations as well as Non-Comparable Items (Amounts throughout 1000's except per reveal data) (All per reveal data is diluted)        Normalized FFO Guidance Reconciliations  Normalized FFO Reconciliations Guidance Q3 2013 to Real Q3 2013 Amounts Per Share Guidance Q3 2013 Normalized FFO - Diluted (2) (3)
  • 193. $ 274,077 $ 0.729 Property NOI (primarily Archstone properties) 188 0.001 Other  443   0.001   Actual Q3 2013 Normalized FFO - Diluted (2) (3) $ 274,708  $ 0.731     Â
  • 194.              Non-Comparable Objects - Adjustments coming from FFO to always be able to Normalized FFO (2) (3)  Nine months Ended September 30, Quarter Ended September 30, 2013 2012 Variance 2013 2012 Variance  Impairment
  • 195. $ --  $ --  $ --  $ --  $ --  $ --  Asset impairment along with valuation allowances  --   --  Â
  • 196. -- Â Â -- Â Â -- Â Â -- Â Â Archstone merger costs (merger expenses) 19,741 1,921 17,820 182 87 95 Archstone merger expenses (loss via investments in unconsolidated entities because of to merger expenses) 54,781 -- 54,781 1,771 --
  • 197. 1,771 Property acquisition costs (other expenses) 203 6,836 (6,633 ) 21 1,341 (1,320 ) Write-off of pursuit expenses (other expenses) Â 3,969 Â Â 6,141 Â Â (2,172 ) Â 604 Â Â 2,576 Â
  • 198.  (1,972 ) Property acquisition expenses and write-off of pursuit costs  78,694   14,898   63,796   2,578   4,004   (1,426 )  Prepayment premiums/penalties (interest expense) 71,443 272
  • 199. 71,171 -- -- -- Write-off of unamortized deferred financing costs (interest expense) (A) 4,126 2,111 2,015 -- 964 (964 ) Write-off regarding unamortized (premiums)/discounts/OCI (interest expense) 3,251 (42 ) 3,293 -- -- -- Premium in redemption associated with Preferred Shares (B) Â -- Â Â 5,150
  • 200.   (5,150 )  --   5,150   (5,150 ) Debt extinguishment (gains) losses, including prepayment penalties, preferred share redemptions and non-cash convertible financial debt discounts  78,820   7,491   71,329   --
  • 201. Â Â 6,114 Â Â (6,114 ) Â Net (gain) loss upon sales of land parcels (12,179 ) -- (12,179 ) 2,437 -- 2,437 Net incremental (gain) in sales regarding condominium units (7 ) (49 ) 42 -- -- --
  • 202. Income and other tax expense (benefit) - Condo sales -- (92 ) 92 -- -- -- (Gain) available regarding sale regarding Equity Corporate Housing (ECH) (709 ) (350 ) (359 ) (108 ) -- (108 ) (Gain) available regarding sale of investment securities  (830 )  --
  • 203. Â Â (830 ) Â (830 ) Â -- Â Â (830 ) (Gains) losses in revenue associated with non-operating assets, net involving earnings as well as other tax expense (benefit) Â (13,725 ) Â (491 ) Â (13,234 ) Â 1,499
  • 204. Â Â -- Â Â 1,499 Â Â Â Insurance/litigation settlement expense (other expenses) 3,361 4,714 (1,353 ) 3,361 -- 3,361 Prospect Towers garage insurance proceeds (real estate taxes along with insurance) -- (3,467 ) 3,467 -- -- -- Archstone termination charges (interest along along with other income)
  • 205. -- (70,000 ) 70,000 -- (70,000 ) 70,000 Other (other expenses) Â -- Â Â 1,066 Â Â (1,066 ) Â -- Â Â 90 Â Â (90
  • 206. ) Other miscellaneous non-comparable items  3,361   (67,687 )  71,048   3,361   (69,910 )  73,271       Â
  • 207. Non-comparable items - Adjustments coming from FFO to become able to Normalized FFO (2) (3) $ 147,150 Â $ (45,789 ) $ 192,939 Â $ 7,438 Â $ (59,792 ) $ 67,230 Â Â (A) for your nine several weeks ended September 30, 2013, includes $2.5 million involving bridge loan costs associated towards the Archstone transaction. Â Â (B) Consists Of $5.13 million associated with original issuance costs previously deferred. Â
  • 208. Note: Discover page 29 for that definitions, the particular footnotes referenced above and in addition the reconciliations involving EPS to be able to FFO along with Normalized FFO.  Equity Residential Normalized FFO Guidance and also Assumptions    The guidance/projections provided listed here are according to existing anticipations and therefore are forward-looking. all guidance is offered on a Normalized FFO basis. Therefore, certain items excluded coming from Normalized FFO, for example credit card debt extinguishment costs/prepayment penalties (including the $150.0 million that might end up being incurred in Q4 2013), property acquisition expenses as well as the write-off involving pursuit costs, aren't included inside the estimates provided on this page. Discover web page 28 regarding estimates involving property acquisition costs, prepayment premiums/penalties along along with other quantities not necessarily included throughout 2013 Normalized FFO guidance. Observe web page 29 for the definitions, the particular footnotes referenced under and the reconciliations regarding EPS in order to FFO along with Normalized FFO.   2013 Normalized FFO Guidance (per talk about diluted)  Q4 2013 2013  Expected Normalized FFO (2) (3) $0.75 for you to $0.77 $2.83 for you to $2.85  2013 Identical Shop Assumptions Â
  • 209. Physical occupancy 95.4 % Revenue change 4.5 % Expense change 3.3 % NOI change 5.1 %  (Note: The Particular same shop guidance higher than is actually computed based on the portfolio associated with approximately 80,000 apartment units that the Business expects to get inside its annual same retailer set after the achievement involving its planned 2013 dispositions. 30 time frame point alternation in NOI percentage = $0.01 per share alteration of EPS/FFO/Normalized FFO)  2013 Transaction Assumptions  Consolidated rental acquisitions (excluding Archstone) $100.0 million Consolidated rental dispositions - EQR assets $4.4 billion Consolidated rental dispositions - Archstone assets (pre-closing) $500.0 million Capitalization charge spread 110 foundation points  2013 Credit Card Debt Assumptions, Consists Of Impact associated with Archstone Credit Card Debt Premium (see Note below)
  • 210.  Weighted average debt outstanding $11.2 billion for you to $11.4 billion Weighted average fascination rate (reduced pertaining to capitalized interest) 4.22 % Interest expense $472.6 million in order to $481.1 million  2013 other Guidance Assumptions  General as well as administrative expense $63.0 million Interest and other income $0.7 million Income as well as other tax expense $2.6 million Debt offerings $800.0 million Equity ATM discuss offerings No amounts budgeted Preferred reveal offerings No quantities budgeted Weighted typical Widespread Shares and Units - Diluted 370.5 million  Note: Most credit card debt assumptions range from the impact of the mark-to-market non-cash
  • 211. adjustment relating for you to Archstone's financial debt that the company assumed. Excluding your impact with the Archstone net debt premium, your Company's credit card debt assumptions would be as follows:  Weighted average debt outstanding without Archstone net premium $11.1 billion to $11.3 billion Weighted average curiosity charge (reduced for capitalized interest) without having Archstone net premium 4.56 % Interest expense without Archstone net premium $506.2 million to become able to $515.3 million          Equity Residential 2013 Non-Comparable items Guidance (Amounts inside thousands)    Â
  • 212. The Non-Comparable Objects provided below are depending on current anticipations and are forward looking.  Midpoint regarding Forecasted 2013 Non-Comparable Products - Adjustments from FFO to end up being able to Normalized FFO (2) (3)  Expected Q4 2013 Expected 2013  Amounts Per Share Amounts Per Share     Asset impairment along with valuation allowances $ --  $ --  $ -- Â
  • 213. $ -- Â Â Archstone merger costs (merger expenses) -- -- 19,741 0.05 Archstone merger expenses (loss via investments inside unconsolidated entities due to end up being able to merger expenses) 1,269 -- 56,050 0.15 Property acquisition costs (other expenses) 30 -- 233 -- Write-off regarding pursuit expenses (other expenses) Â 1,700 Â Â 0.01
  • 214.   5,669   0.02  Property acquisition costs as well as write-off involving pursuit costs  2,999   0.01   81,693   0.22   Prepayment premiums/penalties 150,000 0.40 221,443 0.60
  • 215. Write-off of unamortized deferred financing costs 5,652 0.01 9,778 0.02 Write-off of unamortized (premiums)/discounts/OCI  (112,292 )  (0.30 )  (109,041 )  (0.29 ) Debt extinguishment (gains) losses, including prepayment penalties, preferred talk about redemptions and non-cash convertible credit card debt discounts  43,360   0.11
  • 216. Â Â 122,180 Â Â 0.33 Â Â Net (gain) loss on revenue of territory parcels -- -- (12,179 ) (0.03 ) Net incremental (gain) on sales involving condominium units -- -- (7 ) -- (Gain) for sale involving Equity Corporate Housing (ECH) (761 ) -- (1,470
  • 217. ) -- (Gain) on sale involving investment securities  (1,292 )  --   (2,122 )  (0.01 ) (Gains) losses about sales regarding non-operating assets, net associated with income and other tax expense (benefit)  (2,053 )  --   (15,778 )
  • 218.  (0.04 )  Insurance/litigation settlement expense  --   --   3,361   0.01  Other miscellaneous non-comparable items  --   --   3,361
  • 219. Â Â 0.01 Â Â Â Â Â Non-comparable products - Adjustments coming from FFO to Normalized FFO (2) (3) $ 44,306 Â $ 0.12 Â $ 191,456 Â $ 0.52 Â Â Note: see page 29 for the definitions, the actual footnotes referenced over and the reconciliations regarding EPS to FFO and also Normalized FFO. Â Equity Residential
  • 220. Additional Reconciliations, Definitions and also Footnotes (Amounts within thousands except per talk about data) (All per discuss data is diluted) Â Â Â Â Â Â The guidance/projections provided below are based on current anticipations and as a result are forward-looking. Â Â Reconciliations regarding EPS in order to FFO as well as Normalized FFO for Pages 7, 26 as well as 28 Â Â Expected Q3 2013 Expected Expected Q4 2013 2013 Amounts Per Share Per Share Per Share Â
  • 221. Expected Earnings - Diluted (5) $ 112,852 $ 0.300 $0.21 in order to $0.23 $5.03 in order to $5.05 Add: Expected depreciation expense 316,372 0.841 0.47 2.70 Less: Expected net gain in sales (5) Â (162,548 ) Â (0.432 ) (0.05 ) (5.42 ) Â Expected FFO - Diluted (1) (3) 266,676
  • 222. 0.709 0.63 to 0.65 2.31 in order to 2.33 Â Asset impairment as well as valuation allowances -- -- -- -- Property acquisition costs and also write-off associated with pursuit costs 5,153 0.014 0.01 0.22 Debt extinguishment (gains) losses, which includes prepayment penalties, preferred share redemptions and also non-cash convertible financial debt discounts -- -- 0.11 0.33 (Gains) losses upon revenue associated with non-operating assets, net of income as well as other tax expense (benefit) 2,248 0.006 -- (0.04
  • 223. ) Other miscellaneous non-comparable items  --   --  --  0.01   Expected Normalized FFO - Diluted (2) (3) $ 274,077  $ 0.729  $0.75 to $0.77 $2.83 to be able to $2.85  Definitions and also Footnotes pertaining to Pages 7, 26 along with 28  Â
  • 224. (1) The National Association associated with real Estate Investment Trusts ("NAREIT") defines funds from operations ("FFO") (April 2002 White Paper) as net income (computed relating using accounting principles generally accepted in the united States ("GAAP")), excluding gains (or losses) via revenue and also impairment write-downs involving depreciable operating properties, in addition depreciation and amortization, as well as after adjustments with regard to unconsolidated partnerships and also joint ventures. Adjustments regarding unconsolidated partnerships as well as joint ventures is likely to be calculated to become able to reflect funds through operations around the exact same basis. The Particular April 2002 White Paper states that will acquire or perhaps loss on sales regarding property is actually excluded coming from FFO for previously depreciated operating properties only. When your company commences the actual conversion of apartment units to become able to condominiums, it simultaneously discontinues depreciation associated with such property. Â (2) Normalized funds through operations ("Normalized FFO") begins with FFO along with excludes: o the particular impact associated with virtually any expenses relating for you to non-operating asset impairment along with valuation allowances; o property acquisition along together with other transaction costs associated for you to mergers along with acquisitions as well as pursuit price write-offs; o gains and losses via early financial debt extinguishment, which includes prepayment penalties, preferred reveal redemptions and furthermore the price related towards the implied choice price of non-cash convertible credit card debt discounts; o gains and also losses on the revenue associated with non-operating assets, including gains and losses coming from land parcel and condominium sales, net associated with the result associated with earnings tax advantages or expenses; and o some other miscellaneous non-comparable items. Â (3) The Organization believes in which FFO along with FFO accessible to common Shares as well as Units are beneficial to become able to investors as supplemental measures with the operating performance of a real estate company, because they're acknowledged measures regarding performance from the real estate sector by excluding gains or losses associated to always be able to dispositions of depreciable property along with excluding real estate depreciation (which can differ amongst those whom own identical assets inside similar issue depending on historical cost accounting as well as helpful existence estimates), FFO and also FFO open to Typical Shares as well as Units can help compare the actual operating performance of a company's real estate between periods as well as as compared to several companies. Your organization also believes in which Normalized FFO along with Normalized FFO open to common Shares and also Units are usually
  • 225. useful for you to investors as supplemental measures in the operating performance of a real-estate organization simply because they enable investors to compare the company's operating performance to become able to its performance within prior reporting durations along with towards the operating performance involving various other property companies without the consequence associated with things that by their naturel are not comparable coming from period of time to period along with often obscure your Company's actual operating results. FFO, FFO accessible to common Shares and Units, Normalized FFO and Normalized FFO available to common Shares and also Units do not represent net income, net earnings available to common Shares as well as net money flows from operating actions relating with GAAP. Therefore, FFO, FFO open to Widespread Shares and also Units, Normalized FFO along with Normalized FFO accessible to Typical Shares along with Units really shouldn't be exclusively considered as alternatives to net income, net earnings accessible to Widespread Shares as well as net money flows via operating actions as decided through GAAP or as getting a measure associated with liquidity. The Particular Company's calculation associated with FFO, FFO open to Typical Shares along with Units, Normalized FFO and Best Luxury Condo also Normalized FFO available to Widespread Shares and Units may change from some other real-estate companies due to, among some other items, variations on price capitalization policies with regard to capital expenditures and, accordingly, may not be comparable to such other real estate companies. Â (4) FFO available to Widespread Shares along with Units as well as Normalized FFO open to common Shares and Units are calculated on a schedule constant with net earnings open to Widespread Shares as well as reflects adjustments for you to net earnings pertaining to preferred distributions as well as premiums in redemption of preferred shares relating using accounting principles typically accepted inside the United States. The Actual equity positions involving various people along with entities that contributed their properties towards the Operating Partnership in exchange regarding OP Units tend to be collectively referred to because the "Noncontrolling Passions - Operating Partnership". subject to specific restrictions, the Noncontrolling Passions - Operating Partnership might exchange their own OP Units regarding Widespread Shares on a one-for-one basis. Â (5) Earnings represents net earnings per discuss calculated relating together with accounting ideas usually accepted in the United States. Expected earnings is actually calculated on the foundation steady using real earnings. Because Of to the uncertain timing as well as extent associated with property dispositions as well as the resulting gains/losses in sales, actual earnings could differ materially via expected earnings. Â Â Â Â Same Shop NOI Reconciliation for Web Page 11
  • 226. Â The following tables existing reconciliations of operating income for each your consolidated statements of operations to NOI for your September YTD 2013 and also the Third Quarter 2013 same store Properties: Â Nine Several Weeks Ended September 30, Quarter Ended September 30, 2013 2012 2013 2012 Â Operating income $ 291,521 $ 368,443 $ 121,394 $ 142,932 Adjustments: Non-same store operating results (267,183 ) (1,744 )
  • 227. (107,813 ) 663 Fee along with asset management revenue (7,399 ) (7,328 ) (2,566 ) (3,052 ) Fee and asset management expense 4,739 3,595 1,516 1,108 Depreciation 798,121 422,148 277,336 139,337 General as well as administrative  47,018 Â
  • 228. Â 37,162 Â Â 14,438 Â Â 10,083 Â Â Same store NOI $ 866,817 Â $ 822,276 Â $ 304,305 Â $ 291,071 Â Â http://www.businesswire.com/news/home/20131030006614/en/Equity-Residential-Reports-Strong-Re sults