Real Estate (Tables)

9 Months Ended

Sep. 30, 2013

Schedule of Real Estate Investments And Accumlated Depreciation [Table Text Block}

The following table summarizes the carrying amounts for the Company’s investment in real estate (at cost) as of September 30, 2013 and December 31, 2012 (amounts in thousands):

	September 30, 2013			December 31, 2012
Land	$	6,201,333		$	4,554,912
Depreciable property:
Buildings and improvements	17,555,388			14,135,740
Furniture, fixtures and equipment	1,196,410			1,343,765
In-Place lease intangibles	503,159			232,439
Projects under development:
Land	280,718			210,632
Construction-in-progress	498,335			177,118
Land held for development:
Land	435,227			294,868
Construction-in-progress	70,267			58,955
Investment in real estate	26,740,837			21,008,429
Accumulated depreciation	(4,654,594		)	(4,912,221		)
Investment in real estate, net	$	22,086,243		$	16,096,208

Schedule of Finite-Lived Intangible Assets [Table Text Block]

The following table summarizes the carrying amounts for the Company's above and below market ground and retail lease intangibles as of September 30, 2013 (amounts in thousands):

Description	Balance Sheet Location	Value
Assets
Ground lease intangibles – below market	Other Assets	$	178,251
Retail lease intangibles – above market	Other Assets	2,310
Lease intangible assets		180,561
Accumulated amortization		(3,221		)
Lease intangible assets, net		$	177,340
Liabilities
Ground lease intangibles – above market	Other Liabilities	$	2,400
Retail lease intangibles – below market	Other Liabilities	7,790
Lease intangible liabilities		10,190
Accumulated amortization		(993		)
Lease intangible liabilities, net		$	9,197

Schedule of Expected Amortization Expense [Table Text Block]

The following table provides a summary of the aggregate amortization expense for above and below market ground lease intangibles and retail lease intangibles for each of the next five years (amounts in thousands):

	Remaining
	2013			2014			2015			2016			2017			2018
Ground lease intangibles	$	1,080		$	4,321		$	4,321		$	4,321		$	4,321		$	4,321
Retail lease intangibles	(218		)	(1,144		)	(1,150		)	(1,042		)	(674		)	(205		)
Total	$	862		$	3,177		$	3,171		$	3,279		$	3,647		$	4,116

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

The following table summarizes the acquisition date fair values of the assets acquired and liabilities assumed, which the Company determined using Level 1, Level 2 and Level 3 inputs (amounts in thousands):

Land	$	2,239,000
Depreciable property:
Buildings and improvements	5,832,554
Furniture, fixtures and equipment	61,470
In-Place lease intangibles	304,830
Projects under development	36,583
Land held for development	239,898
Investments in unconsolidated entities	188,139
Other assets	196,310
Other liabilities	(112,369		)
Net assets acquired	$	8,986,415

Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Text Block]

The following table summarizes the acquisition date fair values of the above and below market ground and retail lease intangibles, which we determined using Level 2 and Level 3 inputs (amounts in thousands):

Description	Balance Sheet Location	Fair Value
Ground lease intangibles – below market	Other Assets	$	178,251
Retail lease intangibles – above market	Other Assets	2,310
Ground lease intangibles – above market	Other Liabilities	2,400
Retail lease intangibles – below market	Other Liabilities	8,040

Business Acquisition, Pro Forma Information [Table Text Block]

The following table illustrates the effect on net income, earnings per share – basic and earnings per share – diluted as if the Company had consummated the Archstone Acquisition as of January 1, 2012:

	Nine Months Ended September 30,					Quarter Ended September 30,
	2013		2012			2013		2012
	(Amounts in thousands, except per share amounts)
Total revenues	$	1,854,509	$	1,726,304		$	629,446	$	596,734
Income (loss) from continuing operations (1)	132,592		(179,574		)	84,978		107,024
Discontinued operations, net	2,024,346		434,253			403,181		145,145
Net income	2,156,938		254,679			488,159		252,169
Net income available to Common Shares	2,070,153		232,053			468,959		234,471
Earnings per share - basic:
Net income available to Common Shares	$	5.76	$	0.65		$	1.30	$	0.66
Weighted average Common Shares outstanding (2)	359,611		356,434			359,811		357,654
Earnings per share - diluted (1):
Net income available to Common Shares	$	5.74	$	0.65		$	1.30	$	0.66
Weighted average Common Shares outstanding (2)	375,808		356,434			375,883		375,091

Acquired Properties Table Text Block

In addition to the Archstone acquisition described above, during the nine months ended September 30, 2013, the Company acquired the entire equity interest in the following from unaffiliated parties (purchase price in thousands):

	Properties	Apartment Units	Purchase Price
Rental Properties – Consolidated	1	322	$	91,500
Land Parcel (one)	—	—	16,500
Total	1	322	$	108,000

Disposed Properties Table

During the nine months ended September 30, 2013, the Company disposed of the following to unaffiliated parties (sales price in thousands):

	Properties	Apartment Units	Sales Price
Consolidated:
Rental Properties	92	28,328	$	4,362,689
Land Parcels (six)	—	—	77,650
Other (1)	—	—	30,734
Unconsolidated:
Land Parcel (one) (2)	—	—	26,350
Total	92	28,328	$	4,497,423

(1) Represents a 97,000 square foot commercial building adjacent to our Harbor Steps apartment property in downtown Seattle that was acquired in 2011.

(2) Sales price listed is the gross sales price. EQR's share of the net sales proceeds approximated 25%.

Partnership Interest [Member]

Business Acquisition, Pro Forma Information [Table Text Block]

The following table illustrates the effect on net income, earnings per Unit – basic and earnings per Unit – diluted as if the Operating Partnership had consummated the Archstone Acquisition as of January 1, 2012:

	Nine Months Ended September 30,					Quarter Ended September 30,
	2013		2012			2013		2012
	(Amounts in thousands, except per Unit amounts)
Total revenues	$	1,854,509	$	1,726,304		$	629,446	$	596,734
Income (loss) from continuing operations (1)	132,592		(179,574		)	84,978		107,024
Discontinued operations, net	2,024,346		434,253			403,181		145,145
Net income	2,156,938		254,679			488,159		252,169
Net income available to Units	2,155,736		242,962			487,433		245,725
Earnings per Unit - basic:
Net income available to Units	$	5.76	$	0.65		$	1.30	$	0.66
Weighted average Units outstanding (2)	373,347		370,250			373,547		371,831
Earnings per Unit - diluted (1):
Net income available to Units	$	5.74	$	0.65		$	1.30	$	0.66
Weighted average Units outstanding (2)	375,808		370,250			375,883		375,091