10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the Fiscal Year Ended DECEMBER 31, 2016

OR

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 1-12252 (Equity Residential)

Commission File Number: 0-24920 (ERP Operating Limited Partnership)

EQUITY RESIDENTIAL

ERP OPERATING LIMITED PARTNERSHIP

(Exact name of registrant as specified in its charter)

Maryland (Equity Residential)	13-3675988 (Equity Residential)
Illinois (ERP Operating Limited Partnership)	36-3894853 (ERP Operating Limited Partnership)
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
Two North Riverside Plaza, Chicago, Illinois 60606	(312) 474-1300
(Address of principal executive offices) (Zip Code)	(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Common Shares of Beneficial Interest, $0.01 Par Value (Equity Residential)	New York Stock Exchange
7.57% Notes due August 15, 2026 (ERP Operating Limited Partnership)	New York Stock Exchange
(Title of each class)	(Name of each exchange on which registered)

Securities registered pursuant to Section 12(g) of the Act:

None (Equity Residential)

Units of Limited Partnership Interest (ERP Operating Limited Partnership)

(Title of each class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Equity Residential Yes x    No ¨ ERP Operating Limited Partnership Yes x      No o

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. 

Equity Residential Yes ¨    No x ERP Operating Limited Partnership Yes ¨      No x

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. 

Equity Residential Yes x    No ¨ ERP Operating Limited Partnership Yes x      No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). 

Equity Residential Yes x    No ¨ ERP Operating Limited Partnership Yes x      No ¨

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.

Equity Residential x ERP Operating Limited Partnership x

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Equity Residential:
Large accelerated filer x	Accelerated filer ¨
Non-accelerated filer ¨ (Do not check if a smaller reporting company)	Smaller reporting company ¨

ERP Operating Limited Partnership:
Large accelerated filer ¨	Accelerated filer ¨
Non-accelerated filer x (Do not check if a smaller reporting company)	Smaller reporting company ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). 

Equity Residential Yes ¨    No x                         ERP Operating Limited Partnership Yes ¨        No x

The aggregate market value of Common Shares held by non-affiliates of the Registrant was approximately $24.8 billion based upon the closing price on June 30, 2016 of $68.88 using beneficial ownership of shares rules adopted pursuant to Section 13 of the Securities Exchange Act of 1934 to exclude voting shares owned by Trustees and Executive Officers, some of whom may not be held to be affiliates upon judicial determination.

The number of Common Shares of Beneficial Interest, $0.01 par value, outstanding on February 17, 2017 was 367,097,667.

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DOCUMENTS INCORPORATED BY REFERENCE

Part III incorporates by reference certain information that will be contained in Equity Residential's Proxy Statement relating to its 2017 Annual Meeting of Shareholders, which Equity Residential intends to file no later than 120 days after the end of its fiscal year ended December 31, 2016, and thus these items have been omitted in accordance with General Instruction G(3) to Form 10-K. Equity Residential is the general partner and 96.2% owner of ERP Operating Limited Partnership.

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EXPLANATORY NOTE

This report combines the annual reports on Form 10-K for the year ended December 31, 2016 of Equity Residential and ERP Operating Limited Partnership. Unless stated otherwise or the context otherwise requires, references to “EQR” mean Equity Residential, a Maryland real estate investment trust (“REIT”), and references to “ERPOP” mean ERP Operating Limited Partnership, an Illinois limited partnership. References to the “Company,” “we,” “us” or “our” mean collectively EQR, ERPOP and those entities/subsidiaries owned or controlled by EQR and/or ERPOP. References to the “Operating Partnership” mean collectively ERPOP and those entities/subsidiaries owned or controlled by ERPOP. The following chart illustrates the Company's and the Operating Partnership's corporate structure:

EQR is the general partner of, and as of December 31, 2016 owned an approximate 96.2% ownership interest in, ERPOP. The remaining 3.8% interest is owned by limited partners. As the sole general partner of ERPOP, EQR has exclusive control of ERPOP's day-to-day management. Management operates the Company and the Operating Partnership as one business. The management of EQR consists of the same members as the management of ERPOP.

The Company is structured as an umbrella partnership REIT (“UPREIT”) and EQR contributes all net proceeds from its various equity offerings to ERPOP. In return for those contributions, EQR receives a number of OP Units (see definition below) in ERPOP equal to the number of Common Shares it has issued in the equity offering. The Company may acquire properties in transactions that include the issuance of OP Units as consideration for the acquired properties. Such transactions may, in certain circumstances, enable the sellers to defer in whole or in part, the recognition of taxable income or gain that might otherwise result from the sales. This is one of the reasons why the Company is structured in the manner shown above. Based on the terms of ERPOP's partnership agreement, OP Units can be exchanged with Common Shares on a one-for-one basis because the Company maintains a one-for-one relationship between the OP Units of ERPOP issued to EQR and the outstanding Common Shares.

The Company believes that combining the reports on Form 10-K of EQR and ERPOP into this single report provides the following benefits:

• enhances investors' understanding of the Company and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;

• eliminates duplicative disclosure and provides a more streamlined and readable presentation since a substantial portion of the disclosure applies to both the Company and the Operating Partnership; and

• creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.

The Company believes it is important to understand the few differences between EQR and ERPOP in the context of how EQR and ERPOP operate as a consolidated company. All of the Company's property ownership, development and related business operations are conducted through the Operating Partnership and EQR has no material assets or liabilities other than its investment in ERPOP. EQR's primary function is acting as the general partner of ERPOP. EQR also issues equity from time to time, the net proceeds of which it is obligated to contribute to ERPOP, and guarantees certain debt of ERPOP, as disclosed in this report. EQR does not have any indebtedness as all debt is incurred by the Operating Partnership. The Operating Partnership holds substantially all of the assets of the Company, including the Company's ownership interests in its joint ventures. The Operating Partnership conducts the operations of the business and is structured as a partnership with no publicly traded equity. Except for the net proceeds from equity offerings by EQR, which are contributed to the capital of ERPOP in exchange for additional partnership interests in ERPOP (“OP Units”) (on a one-for-one Common Share per OP Unit basis) or additional preference units in ERPOP (on a one-

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for-one preferred share per preference unit basis), the Operating Partnership generates all remaining capital required by the Company's business. These sources include the Operating Partnership's working capital, net cash provided by operating activities, borrowings under its revolving credit facility and/or commercial paper program, the issuance of secured and unsecured debt and equity securities and proceeds received from disposition of certain properties and joint venture interests.

Shareholders' equity, partners' capital and noncontrolling interests are the main areas of difference between the consolidated financial statements of the Company and those of the Operating Partnership. The limited partners of the Operating Partnership are accounted for as partners' capital in the Operating Partnership's financial statements and as noncontrolling interests in the Company's financial statements. The noncontrolling interests in the Operating Partnership's financial statements include the interests of unaffiliated partners in various consolidated partnerships and development joint venture partners. The noncontrolling interests in the Company's financial statements include the same noncontrolling interests at the Operating Partnership level and limited partner OP Unit holders of the Operating Partnership. The differences between shareholders' equity and partners' capital result from differences in the equity issued at the Company and Operating Partnership levels.

To help investors understand the differences between the Company and the Operating Partnership, this report provides separate consolidated financial statements for the Company and the Operating Partnership; a single set of consolidated notes to such financial statements that includes separate discussions of each entity's debt, noncontrolling interests and shareholders' equity or partners' capital, as applicable; and a combined Management's Discussion and Analysis of Financial Condition and Results of Operations section that includes discrete information related to each entity.

This report also includes separate Part II, Item 9A. Controls and Procedures sections and separate Exhibits 31 and 32 certifications for each of the Company and the Operating Partnership in order to establish that the requisite certifications have been made and that the Company and the Operating Partnership are compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934 and 18 U.S.C. §1350.

In order to highlight the differences between the Company and the Operating Partnership, the separate sections in this report for the Company and the Operating Partnership specifically refer to the Company and the Operating Partnership. In the sections that combine disclosure of the Company and the Operating Partnership, this report refers to actions or holdings as being actions or holdings of the Company. Although the Operating Partnership is generally the entity that directly or indirectly enters into contracts and joint ventures and holds assets and debt, reference to the Company is appropriate because the Company is one business and the Company operates that business through the Operating Partnership.

As general partner with control of ERPOP, EQR consolidates ERPOP for financial reporting purposes, and EQR essentially has no assets or liabilities other than its investment in ERPOP. Therefore, the assets and liabilities of the Company and the Operating Partnership are the same on their respective financial statements. The separate discussions of the Company and the Operating Partnership in this report should be read in conjunction with each other to understand the results of the Company on a consolidated basis and how management operates the Company.

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EQUITY RESIDENTIAL

ERP OPERATING LIMITED PARTNERSHIP

TABLE OF CONTENTS

		PAGE
PART I.
Item 1.	Business	7
Item 1A.	Risk Factors	12
Item 1B.	Unresolved Staff Comments	31
Item 2.	Properties	31
Item 3.	Legal Proceedings	33
Item 4.	Mine Safety Disclosures	33
PART II.
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	34
Item 6.	Selected Financial Data	35
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	38
Item 7A.	Quantitative and Qualitative Disclosures about Market Risk	67
Item 8.	Financial Statements and Supplementary Data	68
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	68
Item 9A.	Controls and Procedures	68
Item 9B.	Other Information	69
PART III.
Item 10.	Trustees, Executive Officers and Corporate Governance	70
Item 11.	Executive Compensation	70
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	70
Item 13.	Certain Relationships and Related Transactions, and Trustee Independence	70
Item 14.	Principal Accounting Fees and Services	70
PART IV.
Item 15.	Exhibits and Financial Statement Schedules	71
EX-10.18
EX-12
EX-21
EX-23.1
EX-23.2
EX-31.1
EX-31.2
EX-31.3
EX 31.4
EX-32.1
EX-32.2
EX-32.3
EX-32.4
EX-101 INSTANCE DOCUMENT
EX-101 SCHEMA DOCUMENT
EX-101 CALCULATION LINKBASE DOCUMENT
EX-101 LABELS LINKBASE DOCUMENT
EX-101 PRESENTATION LINKBASE DOCUMENT
EX-101 DEFINITION LINKBASE DOCUMENT

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PART I

Item 1. Business

General

Equity Residential (“EQR”), a Maryland real estate investment trust (“REIT”) formed in March 1993, is an S&P 500 company focused on the acquisition, development and management of rental apartment properties in urban and high-density suburban coastal gateway markets where today's affluent renters want to live, work and play. ERP Operating Limited Partnership ("ERPOP"), an Illinois limited partnership, was formed in May 1993 to conduct the multifamily residential property business of Equity Residential. EQR has elected to be taxed as a REIT. References to the "Company," "we," "us" or "our" mean collectively EQR, ERPOP and those entities/subsidiaries owned or controlled by EQR and/or ERPOP. References to the "Operating Partnership" mean collectively ERPOP and those entities/subsidiaries owned or controlled by ERPOP.

EQR is the general partner of, and as of December 31, 2016 owned an approximate 96.2% ownership interest in, ERPOP. All of the Company's property ownership, development and related business operations are conducted through the Operating Partnership and EQR has no material assets or liabilities other than its investment in ERPOP. EQR issues public equity from time to time, the net proceeds of which it is obligated to contribute to ERPOP, but does not have any indebtedness as all debt is incurred by the Operating Partnership. The Operating Partnership holds substantially all of the assets of the Company, including the Company's ownership interests in its joint ventures. The Operating Partnership conducts the operations of the business and is structured as a partnership with no publicly traded equity.

As of December 31, 2016, the Company, directly or indirectly through investments in title holding entities, owned all or a portion of 302 properties located in 10 states and the District of Columbia consisting of 77,458 apartment units. The ownership breakdown includes (table does not include various uncompleted development properties):

	Properties	Apartment Units
Wholly Owned Properties	280	72,445
Master-Leased Properties – Consolidated	3	853
Partially Owned Properties – Consolidated	17	3,215
Partially Owned Properties – Unconsolidated	2	945
	302	77,458

The Company’s corporate headquarters is located in Chicago, Illinois and the Company also operates property management offices in each of its six core coastal markets. As of December 31, 2016, the Company had approximately 2,700 employees who provided real estate operations, leasing, legal, financial, accounting, acquisition, disposition, development and other support functions.

Certain capitalized terms used herein are defined in the Notes to Consolidated Financial Statements. See also Note 17 in the Notes to Consolidated Financial Statements for additional discussion regarding the Company’s segment disclosures.

Available Information

You may access our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, our Current Reports on Form 8-K and any amendments to any of those reports we file with the SEC free of charge at our website, www.equityapartments.com. These reports are made available at our website as soon as reasonably practicable after we file them with the SEC. The information contained on our website, including any information referred to in this report as being available on our website, is not a part of or incorporated into this report.

Business Objectives and Operating and Investing Strategies

The Company invests in apartment communities located in strategically targeted markets with the goal of maximizing our risk adjusted total return (operating income plus capital appreciation) on invested capital.

We seek to maximize the income and capital appreciation of our properties by investing in markets that are characterized by conditions favorable to multifamily property operations and appreciation. We are focused on the six coastal markets of Boston, New York, Washington D.C., Southern California (including Los Angeles, Orange County and San Diego), San Francisco and Seattle. These markets generally feature one or more of the following characteristics that allow us to increase rents:

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▪ High home ownership costs;

▪ Strong economic growth leading to job growth and household formation, which in turn leads to high demand for our apartments;

▪ Urban core and high-density suburban locations with an attractive quality of life leading to high resident demand and retention;

▪ Favorable demographics contributing to a larger pool of target residents with a high propensity to rent apartments; and

▪ Higher barriers to entry where, because of land scarcity or government regulation, it is typically more difficult or costly to build new apartment properties, creating limits on new supply.

We believe our strategy also capitalizes on the increasing preference of renters of all ages to live in the urban core of cities or dense suburban locations near transit, entertainment and cultural amenities. Millennials, the 83 million people between ages 18 and 34, are a prime apartment rental demographic. Reports also show a growing trend among aging Baby Boomers, a demographic of more than 76 million people between the ages of 53 and 71, toward apartment rentals. We believe that both groups appreciate the locational values described above as well as the flexibility that rental apartments offer.

Our operating focus is on balancing occupancy and rental rates to maximize our revenue while exercising tight cost control to generate the highest possible return to our shareholders. Revenue is maximized by attracting qualified prospects to our properties, cost-effectively converting these prospects into new residents and keeping our residents satisfied so they will renew their leases upon expiration. While we believe that it is our high-quality, well-located assets that bring our customers to us, it is the customer service and superior value provided by our on-site personnel that keeps them renting with us and recommending us to their friends.

We use technology to engage our customers in the way that they want to be engaged. Many of our residents utilize our web-based resident portal which allows them to sign and renew their leases, review their accounts and make payments, provide feedback and make service requests on-line.

Acquisitions and developments may be financed from various sources of capital, which may include retained cash flow, issuance of additional equity and debt, sales of properties and joint venture agreements. In addition, the Company may acquire properties in transactions that include the issuance of partnership interests in the Operating Partnership (“OP Units”) as consideration for the acquired properties. Such transactions may, in certain circumstances, enable the sellers to defer, in whole or in part, the recognition of taxable income or gain that might otherwise result from the sales. As part of its strategy, the Company purchases completed and fully occupied apartment properties, partially completed or partially occupied properties and may acquire land parcels to hold and/or sell based on market opportunities as well as options to buy more land in the future. The Company may also seek to acquire properties by purchasing defaulted or distressed debt that encumbers desirable properties in the hope of obtaining title to property through foreclosure or deed-in-lieu of foreclosure proceedings.

Over the past several years, the Company has done an extensive repositioning of its portfolio into urban and highly walkable, close-in suburban assets. Since 2005, the Company has sold nearly 198,000 apartment units primarily located in the less dense portions of suburban markets for an aggregate sales price of approximately $23.5 billion, acquired nearly 69,000 apartment units primarily located in urban and high-density suburban markets for approximately $20.0 billion and began approximately $5.7 billion of development projects primarily located in urban and high-density suburban markets. We are currently seeking to acquire and develop assets in the following six core coastal metropolitan areas: Boston, New York, Washington D.C., Southern California, San Francisco and Seattle. The sale of the Starwood Portfolio (as defined below) combined with the other 2016 dispositions has resulted in the Company's exit from the South Florida, Denver and New England (excluding Boston) markets and has substantially completed the Company's portfolio transformation which started approximately ten years ago. See further discussion below regarding the Company's 2016 disposition activity.

We endeavor to attract and retain the best employees by providing them with the education, resources and opportunities to succeed. We have a commitment to diversity in all of its forms and strive to promote and maintain a work environment where all employees are treated with dignity and respect, offered opportunities for professional development and valued for their unique contributions to the Company's success. We provide many classroom and on-line training courses to assist our employees in interacting with prospects and residents as well as extensively train our customer service specialists in maintaining our properties and improvements, equipment and appliances. We actively promote from within and many senior corporate and property leaders have risen from entry level or junior positions. We monitor our employees' engagement by surveying them annually and have consistently received high engagement scores.

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We have a commitment to sustainability and consider the environmental impacts of our business activities. Sustainability and social responsibility are key drivers of our focus on creating the best apartment communities for residents to live, work and play. We have a dedicated in-house team that initiates and applies sustainable practices in all aspects of our business, including investment activities, development, property operations and property management activities. With its high density, multifamily housing is, by its nature, an environmentally friendly property type. Our recent acquisition and development activities have been primarily concentrated in pedestrian-friendly urban and close-in suburban locations near public transportation. When developing and renovating our properties, we strive to reduce energy and water usage by investing in energy saving technology while positively impacting the experience of our residents and the value of our assets. We continue to implement a combination of irrigation, lighting, HVAC and renewable energy improvements at our properties that will reduce energy and water consumption. The Company was named the 2016 Global Residential Listed Sector Leader in Sustainability by GRESB, a globally recognized analysis of the sustainability indicators of more than 750 real estate portfolios worldwide. The Company was also recently awarded the Residential Leader in the Light award for sustainability by the National Association of Real Estate Investment Trusts ("NAREIT"). For additional information regarding our sustainability efforts, see our December 2016 Corporate Social Responsibility and Sustainability Report at our website, www.equityapartments.com. For 2017, we continue to have an express company-wide goal regarding enhanced sustainability efforts. Employees, including our executives, will have their performance against our various social responsibility goals evaluated as part of our annual performance review process.

Competition

All of the Company's properties are located in developed areas that include other multifamily properties. The number of competitive multifamily properties in a particular area could have a material effect on the Company's ability to lease apartment units at its properties and on the rents charged. The Company may be competing with other entities that have greater resources than the Company and whose managers have more experience than the Company's managers. In addition, other forms of rental properties and single family housing provide housing alternatives to potential residents of multifamily properties. See Item 1A. Risk Factors for additional information with respect to competition.

Starwood Transaction

Following the approval by the Company's Board of Trustees, the Company executed an agreement with controlled affiliates of Starwood Capital Group ("Starwood") on October 23, 2015 to sell a portfolio of 72 operating properties consisting of 23,262 apartment units located in five markets across the United States for $5.365 billion (the "Starwood Transaction" or "Starwood Portfolio"). On January 26 and 27, 2016, the Company closed on the sale of the entire portfolio described above. The sale of the Starwood Portfolio, combined with the other 2016 dispositions, has resulted in the Company's exit from the South Florida, Denver and New England (excluding Boston) markets and has substantially completed the Company's portfolio transformation which started approximately ten years ago. These sales have narrowed the Company's focus, which is now entirely directed towards our six coastal markets. We believe the assets sold will have lower long-term returns (as compared to investments in our six coastal markets) and that we sold them for prices that are favorable. Given the strong demand for multifamily assets in our six coastal markets from institutional investors and the challenge in recycling $6.8 billion of capital in this competitive marketplace, the Company believed the best risk-adjusted use of the sale proceeds was to distribute a portion to our shareholders and use the remainder to repay outstanding debt (see further discussion below).

The Company used the majority of the proceeds from the Starwood Transaction and other 2016 dispositions to pay two special dividends to its shareholders and holders of OP Units of $11.00 per share/unit in the aggregate. The Company paid special dividends of $8.00 per share/unit (approximately $3.0 billion) on March 10, 2016 and $3.00 per share/unit (approximately $1.1 billion) on October 14, 2016. The Company used the majority of the remaining proceeds to reduce aggregate indebtedness in order to make the transaction leverage neutral. The Company retired approximately $2.0 billion in secured and unsecured debt, the majority of which was scheduled to mature in 2016 and 2017, improving the Company's already strong credit metrics.

Debt and Equity Activity

EQR issues public equity from time to time and guarantees certain debt of ERPOP. EQR does not have any indebtedness as all debt is incurred by the Operating Partnership. In addition, ERPOP issues OP Units and preference interests ("Preference Units") from time to time.

Please refer to Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, for the Company’s and the Operating Partnership's Capital Structure charts as of December 31, 2016.

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Major Debt and Equity Activities for the Years Ended December 31, 2016, 2015 and 2014

During 2016:

• The Company repaid $440.8 million of 6.256% mortgage debt held in a Fannie Mae loan pool maturing in 2017 and incurred a prepayment penalty of approximately $29.3 million;

• The Company repaid $65.5 million of various tax-exempt mortgage bonds maturing in 2026 through 2037 and incurred a prepayment penalty of approximately $0.2 million

• The Company repaid $75.9 million of conventional fixed-rate mortgage loans and incurred prepayment penalties of approximately $2.2 million;

• The Company repaid $0.9 million of conventional floating-rate mortgage loans;

• The Company repaid $8.5 million of scheduled principal repayments on various mortgage debt;

• The Company assumed $43.4 million of mortgage debt on one acquired property;

• The Company repaid $228.9 million of 5.125% unsecured notes maturing in 2016 and incurred a prepayment penalty of approximately $1.4 million and repaid the remaining $271.1 million of 5.125% unsecured notes at maturity;

• The Company repaid $400.0 million of 5.375% unsecured notes maturing in 2016 and incurred a prepayment penalty of approximately $9.5 million;

• The Company repaid $255.9 million of 5.750% unsecured notes maturing in 2017 and incurred a prepayment penalty of approximately $16.5 million;

• The Company repaid $46.1 million of 7.125% unsecured notes maturing in 2017 and incurred a prepayment penalty of approximately $4.6 million;

• The Company repaid $250.0 million of 4.625% unsecured notes maturing in 2021 and incurred a prepayment penalty of approximately $31.6 million;

• The Company repaid $48.0 million of 7.570% unsecured notes maturing in 2026 and incurred a prepayment penalty of approximately $19.3 million;

• The Company issued $500.0 million of ten-year 2.85% fixed rate public notes, receiving net proceeds of $496.7 million before underwriting fees, hedge termination costs and other expenses, at an all-in effective interest rate of approximately 3.10% after termination of a forward starting swap in conjunction with the issuance (see Note 9 in the Notes to Consolidated Financial Statements for further discussion);

• The Company issued 815,044 Common Shares pursuant to its Share Incentive Plans and received net proceeds of approximately $35.8 million; and

• The Company issued 63,909 Common Shares pursuant to its Employee Share Purchase Plan and received net proceeds of approximately $3.7 million.

During 2015:

• The Company repaid $368.5 million of mortgage debt;

• The Company repaid $300.0 million of 6.584% unsecured notes at maturity;

• The Company issued $450.0 million of ten-year 3.375% fixed rate public notes, receiving net proceeds of $447.5 million before underwriting fees, hedge termination costs and other expenses, at an all-in effective interest rate of 3.81% after termination of various forward starting swaps in conjunction with the issuance (see Note 9 in the Notes to Consolidated Financial Statements for further discussion);

• The Company issued $300.0 million of thirty-year 4.50% fixed rate public notes, receiving net proceeds of $298.9 million before underwriting fees and other expenses, at an all-in effective interest rate of 4.55%;

• The Company issued 1,456,363 Common Shares pursuant to its Share Incentive Plans and received net proceeds of approximately $59.5 million;

• The Company issued 68,462 Common Shares pursuant to its Employee Share Purchase Plan and received net proceeds of approximately $4.4 million; and

• The Company repurchased and retired 254,400 of its Series K Cumulative Redeemable Preferred Shares with a par value of $12.7 million for total cash consideration of approximately $16.3 million inclusive of premiums and accrued dividends through the redemption date.

During 2014:

• The Company assumed $28.9 million of mortgage debt on one property;

• The Company repaid $100.7 million of mortgage debt;

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• The Company repaid $500.0 million of 5.250% unsecured notes at maturity;

• The Company repaid its $750.0 million unsecured term loan facility in conjunction with the note issuances discussed below;

• The Company issued $450.0 million of five-year 2.375% fixed rate public notes, receiving net proceeds of $449.6 million before underwriting fees and other expenses, at an all-in effective interest rate of 2.52% and swapped the notes to a floating interest rate in conjunction with the issuance (see Note 9 in the Notes to Consolidated Financial Statements for further discussion);

• The Company issued $750.0 million of thirty-year 4.50% fixed rate public notes, receiving net proceeds of $744.7 million before underwriting fees, hedge termination costs and other expenses, at an all-in effective interest rate of 4.57% after termination of various forward starting swaps in conjunction with the issuance (see Note 9 in the Notes to Consolidated Financial Statements for further discussion);

• The Company issued 2,086,380 Common Shares pursuant to its Share Incentive Plans and received net proceeds of approximately $82.6 million;

• The Company issued 68,807 Common Shares pursuant to its Employee Share Purchase Plan and received net proceeds of approximately $3.4 million; and

• The Company repurchased and retired 31,240 of its Common Shares at a price of $56.87 per share for total consideration of $1.8 million (all related to the vesting of employee restricted shares). See Note 3 in the Notes to Consolidated Financial Statements for further discussion.

EQR and ERPOP currently have an active universal shelf registration statement for the issuance of equity and debt securities that automatically became effective upon filing with the SEC on June 28, 2016 and expires on June 28, 2019. Per the terms of ERPOP’s partnership agreement, EQR contributes the net proceeds of all equity offerings to the capital of ERPOP in exchange for additional OP Units (on a one-for-one Common Share per OP Unit basis) or preference units (on a one-for-one preferred share per preference unit basis).

Credit Facilities

EQR does not have any indebtedness as all debt is incurred by the Operating Partnership. EQR guarantees the Operating Partnership’s revolving credit facility up to the maximum amount and for the full term of the facility.

On November 3, 2016, the Company replaced its existing $2.5 billion facility with a $2.0 billion unsecured revolving credit facility maturing January 10, 2022. The Company has the ability to increase available borrowings by an additional $750.0 million by adding additional banks to the facility or obtaining the agreement of existing banks to increase their commitments. The interest rate on advances under the facility will generally be LIBOR plus a spread (currently 0.825%), or based on bids received from the lending group, and the Company pays an annual facility fee (currently 12.5 basis points). Both the spread and the facility fee are dependent on the credit rating of the Company's long-term debt.

The Company's previous $2.5 billion unsecured revolving credit facility was set to mature on April 2, 2018. The Company had the ability to increase available borrowings by an additional $500.0 million by adding additional banks to the facility or obtaining the agreement of existing banks to increase their commitments. The interest rate on advances under the facility was generally LIBOR plus a spread (was 0.95% at termination), or based on bids received from the lending group, and the Company paid an annual facility fee (was 15 basis points at termination). Both the spread and the facility fee were dependent on the credit rating of the Company's long-term debt.

On February 2, 2015, the Company entered into an unsecured commercial paper note program in the United States. The Company may borrow up to a maximum of $500.0 million under this program subject to market conditions. The notes will be sold under customary terms in the United States commercial paper note market and will rank pari passu with all of the Company's other unsecured senior indebtedness. The Company does not intend to borrow more than $2.0 billion on the commercial paper program and new revolving credit facility combined. As of February 17, 2017, there was a balance of $100.0 million outstanding on the commercial paper program. As of December 31, 2016, there was a balance of $20.0 million outstanding on the commercial paper program. As of December 31, 2015, there was a balance of $387.3 million on the commercial paper program ($387.5 million in principal outstanding net of an unamortized discount of $0.2 million). The notes bear interest at various floating rates with a weighted average of 0.90% and 0.56% for the years ended December 31, 2016 and 2015, respectively, and a weighted average maturity of 4 days and 19 days as of December 31, 2016 and 2015, respectively.

As of February 17, 2017, no amounts were outstanding and the amount available on the revolving credit facility was $1.88 billion (net of $20.6 million which was restricted/dedicated to support letters of credit and net of the $100.0 million outstanding

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on the commercial paper program). As of December 31, 2016, the amount available on the revolving credit facility was $1.96 billion (net of $20.6 million which was restricted/dedicated to support letters of credit and net of the $20.0 million outstanding on the commercial paper program). During the year ended December 31, 2016, the weighted average interest rate on the revolving credit facility was 1.37%. As of December 31, 2015, the amount available on the revolving credit facility was $2.07 billion (net of $45.1 million which was restricted/dedicated to support letters of credit and net of the $387.5 million outstanding on the commercial paper program). During the year ended December 31, 2015, the weighted average interest rate on the revolving credit facility was 1.07%.

Environmental Considerations

See Item 1A. Risk Factors for information concerning the potential effects of environmental regulations on our operations.

Item 1A. Risk Factors

General

References to "EQR" mean Equity Residential, a Maryland real estate investment trust ("REIT"), and references to "ERPOP" mean ERP Operating Limited Partnership, an Illinois limited partnership. Unless otherwise indicated, when used in this section, the terms “Company,” “we,” “us” or “our” mean collectively EQR, ERPOP and those entities/subsidiaries owned or controlled by EQR and/or ERPOP and the term “Operating Partnership” means collectively ERPOP and those entities/subsidiaries owned or controlled by ERPOP. This Item 1A. includes forward-looking statements. You should refer to our discussion of the qualifications and limitations on forward-looking statements included in Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations.

The occurrence of the events discussed in the following risk factors could adversely affect, possibly in a material manner, our business, financial condition or results of operations, which could adversely affect the value of our common shares of beneficial interest or preferred shares of beneficial interest (which we refer to collectively as “Shares”), Preference Units, OP Units, restricted units and our public unsecured debt. In this section, we refer to the Shares, Preference Units, OP Units, restricted units and public unsecured debt together as our “securities” and the investors who own such securities as our “security holders”.

Our performance and securities value are subject to risks associated with the real estate industry.

General

Real property investments are subject to varying degrees of risk and are relatively illiquid. Numerous factors may adversely affect the economic performance and value of our properties and the ability to realize that value. These factors include changes in the global, national, regional and local political and economic climates, local conditions such as an oversupply of multifamily properties or a reduction in demand for our multifamily properties, the attractiveness of our properties to residents, competition from other multifamily properties and single family homes (both as rentals and owned housing) and changes in market rental rates. Our performance also depends on our ability to collect rent from residents and to pay for adequate maintenance, insurance and other operating costs, including real estate taxes, all of which could increase over time. These operating expenses could rise faster than our revenues causing our income to decline. In circumstances where we buy or sell properties, including large portfolios of properties, overhead (property management expense and general and administrative expense) may not increase/decrease proportionally with the associated changes in revenue. Costs of labor and materials required for maintenance, repair, capital expenditure or development may be more expensive than anticipated. Also, the expenses of owning and operating a property are not necessarily reduced when circumstances such as market factors and competition cause a reduction in income from the property.

We may be unable to renew leases or relet units as leases expire.

When our residents decide to leave our apartments, we may not be able to relet their apartment units. Even if the residents do renew or we can relet the apartment units, the terms of renewal or reletting may be less favorable than current lease terms. If we are unable to promptly renew the leases or relet the apartment units, or if the rental rates upon renewal or reletting are significantly lower than expected rates, then our results of operations and financial condition will be adversely affected. If residents do not experience increases in their income, we may be unable to increase rent and/or delinquencies may increase. Occupancy levels and market rents may be adversely affected by national and local political, economic and market conditions including, without limitation, new construction and excess inventory of multifamily and owned housing/condominiums, increasing portions of owned housing/condominium stock being converted to rental use, rental housing subsidized by the government, other government programs that favor single family rental housing or owner occupied housing over multifamily rental housing, governmental

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regulations, slow or negative employment growth and household formation, the availability of low-interest mortgages or the availability of mortgages requiring little or no down payment for single family home buyers, changes in social preferences and the potential for geopolitical instability, all of which are beyond our control. In addition, various state and local municipalities have enacted and may continue to enact rent control legislation or take other actions which could limit our ability to raise rents. Finally, the federal government's policies, many of which may encourage home ownership, can increase competition and possibly limit our ability to raise rents. Consequently, our cash flow and ability to service debt and make distributions to security holders could be reduced.

The retail/commercial space at our properties primarily serves as an additional amenity for our residents and neighbors. The long term nature of our retail/commercial leases (generally five to ten years with market based renewal options) and the characteristics of many of our tenants (generally small, local businesses) may subject us to certain risks. We may not be able to lease new space for rents that are consistent with our projections or for market rates. Also, when leases for our existing retail/commercial space expire, the space may not be relet or the terms of reletting, including the cost of allowances and concessions to tenants, may be less favorable than the current lease terms. Our properties compete with other properties with retail/commercial space. The presence of competitive alternatives may affect our ability to lease space and the level of rents we can obtain. If our retail/commercial tenants experience financial distress or bankruptcy, they may fail to comply with their contractual obligations, seek concessions in order to continue operations or cease their operations which could adversely impact our results of operations and financial condition. The revenues from our retail/commercial space represent approximately 4.5% of our total rental income.

We have increased our concentration of properties in our core markets, which could have an adverse effect on our operations if a particular market is adversely affected by economic or other conditions.

Over the past ten years, the Company has exited its non-core markets as part of its strategy to reposition its portfolio, leaving the Company highly concentrated in its six core coastal markets. If any one or more of our core markets (Boston, New York, Washington D.C., Southern California, San Francisco and Seattle) is adversely affected by local or regional economic conditions (such as business layoffs, industry slowdowns, changing demographics and other factors) or local real estate conditions (such as oversupply of or reduced demand for multifamily properties), such conditions may have an increased adverse impact on our results of operations than if our portfolio were more geographically diverse.

Because real estate investments are illiquid, we may not be able to sell properties when appropriate.

Real estate investments generally cannot be sold quickly. We may not be able to reconfigure our portfolio promptly in response to economic or other conditions. We may be unable to consummate such dispositions in a timely manner, on attractive terms, or at all. This inability to reallocate our capital promptly could adversely affect our financial condition and ability to make distributions to our security holders.

New acquisitions, development projects and/or rehabs may fail to perform as expected and competition for acquisitions may result in increased prices for properties that we would like to acquire.

We intend to actively acquire, develop and rehab multifamily properties for rental operations as market conditions dictate. We may also acquire multifamily properties that are unoccupied or in the early stages of lease up. We may be unable to lease up these apartment properties on schedule, resulting in decreases in expected rental revenues and/or lower yields due to lower occupancy and rental rates as well as higher than expected concessions or higher than expected operating expenses. We may not be able to achieve rents that are consistent with expectations for acquired, developed or rehabbed properties. We may underestimate the costs necessary to bring an acquired property up to standards established for its intended market position, to complete a development property or to complete a rehab. Additionally, we expect that other real estate investors with capital will compete with us for attractive investment opportunities or may also develop properties in markets where we focus our development and acquisition efforts. This competition (or lack thereof) may increase (or depress) prices for multifamily properties. We may not be in a position or have the opportunity in the future to make suitable property acquisitions on favorable terms. We have acquired in the past and intend to continue to pursue the acquisition of properties, including large portfolios of properties, that could increase our size and result in alterations to our capital structure. The total number of apartment units under development, costs of development and estimated completion dates are subject to uncertainties arising from changing economic conditions (such as the cost of labor and construction materials), competition and local government regulation.

In connection with such government regulation, we may incur liability if our properties are not constructed and operated in compliance with the accessibility provisions of the Americans with Disabilities Act, the Fair Housing Act or other federal, state or local requirements. Noncompliance could result in fines, subject us to lawsuits and require us to remediate or repair the noncompliance.

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Development and construction risks could affect our profitability.

We intend to continue to develop multifamily properties. These activities can include long planning and entitlement timelines and can involve complex and costly activities, including significant environmental remediation or construction work in high-density urban and close-in suburban areas. We may abandon opportunities (including land that we have optioned for purchase) that we have already begun to explore for a number of reasons, including changes in local market conditions or increases in construction or financing costs, and, as a result, we may fail to recover expenses or option payments already incurred in exploring those opportunities. The occupancy rates and rents at a property may fail to meet our original expectations for a number of reasons, including changes in market and economic conditions beyond our control and the development by competitors of competing properties. We may be unable to obtain, or experience delays in obtaining, necessary zoning, occupancy, or other required governmental or third party permits and authorizations, which could result in increased costs or the delay or abandonment of opportunities.

We own certain properties subject to ground leases that may limit our use of the properties, restrict our ability to finance, sell or otherwise transfer our interests in these properties and expose us to loss of the properties if such agreements are breached by us or terminated.

The Company owns the building and improvements and leases the land underlying the improvements under several long-term ground leases. These ground leases may impose limitations on our use of the properties, restrict our ability to finance, sell or otherwise transfer our interests in the properties or restrict the leasing of the properties. These restrictions may limit our ability to timely sell or exchange the properties, impair the properties' value or negatively impact our ability to find suitable residents for the properties. In addition, we could lose our interests in the properties if the ground leases are breached by us or terminated. Certain of these ground leases have payments subject to annual escalations and/or periodic fair market value adjustments which could adversely affect our financial condition or results of operations.

Our investments in joint ventures could be adversely affected by our lack of sole decision-making authority regarding major decisions, our reliance on our joint venture partners' financial condition, any disputes that may arise between us and our joint venture partners and our exposure to potential losses from the actions of our joint venture partners.

We currently do and may continue in the future to develop and acquire properties in joint ventures with other persons or entities when we believe circumstances warrant the use of such structures. We have several joint ventures with other real estate investors. Joint venture investments involve risks not present with respect to our wholly owned properties, including the following:

• our joint venture partners might experience financial distress, become bankrupt or fail to fund their share of required capital contributions, which may delay construction or development of a property or increase our financial commitment to the joint venture;

• we may be responsible to our partners for indemnifiable losses;

• our joint venture partners may have business interests or goals with respect to a property that conflict with our business interests and goals, which could increase the likelihood of disputes regarding the ownership, management or disposition of the property;

• we may be unable to take actions that are opposed by our joint venture partners under arrangements that require us to share decision-making authority over major decisions affecting the ownership or operation of the joint venture and any property owned by the joint venture, such as the sale or financing of the property or the making of additional capital contributions for the benefit of the property;

• our joint venture partners may take actions that we oppose;

• our ability to sell or transfer our interest in a joint venture to a third party may be restricted without prior consent of our joint venture partners;

• we may disagree with our joint venture partners about decisions affecting a property or the joint venture, which could result in litigation or arbitration that increases our expenses, distracts our officers and disrupts the day-to-day operations of the property, including by delaying important decisions until the dispute is resolved; and

• we may suffer losses as a result of actions taken by our joint venture partners with respect to our joint venture investments.

At times we have entered into agreements providing for joint and several liability with our partners. We also have in the past and could choose in the future to guarantee part of or all of certain joint venture debt. Frequently, we and our partners may each have the right to trigger a buy-sell arrangement, which could cause us to sell our interest, or acquire our partners' interest, at a time when we otherwise would not have initiated such a transaction. Any of these risks could materially and adversely affect

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our ability to generate and recognize attractive returns on our joint venture investments, which could have a material adverse effect on our results of operations, financial condition and distributions to our shareholders.

Several of the assets we acquired in the Archstone transaction along with certain preferred interests acquired in joint ventures as part of the Archstone transaction, as well as certain other tax protected properties we have acquired over the years, are subject to tax protection agreements, which could limit our flexibility with respect to our ownership of such assets or cause us to incur material costs.

Several of the assets we acquired from Archstone Enterprise LP ("Archstone") in February 2013 were contributed to Archstone subject to various agreements limiting the ability of the owner of the property to take actions that would trigger income tax liability for the contributing owner of the property, including a taxable disposition of the property. In addition, we will also be required to maintain a certain amount of qualified nonrecourse financing on the tax protected properties during their respective restricted periods. Our obligations relating to these tax protected properties (as well as certain other tax protected properties we have acquired over the years) may affect the way in which we conduct our business, including whether, when and under what circumstances we sell properties or interests therein and the timing and nature of our financings and refinancing transactions. As a result, we may not be able to dispose of or refinance the tax protected properties when to do so may have otherwise been favorable to us and our shareholders, which could have a material adverse effect on our results of operations and financial condition. Certain preferred interests acquired in joint ventures as part of the Archstone transaction have complex tax requirements that, if violated, may cause us to be required to indemnify the preferred stockholders or our joint venture partner for certain tax protection costs.

Changes in market conditions and volatility of share prices could adversely affect the market price of our Common Shares.

The stock markets, including the New York Stock Exchange, on which we list our Common Shares, have experienced significant price and volume fluctuations over time. As a result, the market price of our Common Shares could be similarly volatile, and investors in our Common Shares may experience a decrease in the value of their shares, including decreases unrelated to our operating performance or prospects. The market price of our Common Shares may decline or fluctuate significantly in response to many factors, including but not limited to the following:

• general political, market and economic conditions;

• actual or anticipated variations in our guidance, quarterly operating results or dividends;

• changes in our net operating income ("NOI"), earnings, funds from operations or normalized funds from operations estimates;

• difficulties or inability to access capital or extend or refinance debt;

• large portfolio acquisitions or dispositions;

• decreasing (or uncertainty in) real estate valuations;

• rising crime rates in markets where our primarily urban and close-in suburban portfolio is concentrated;

• a change in analyst and/or credit ratings;

• adverse market reaction to any additional debt we incur in the future;

• governmental regulatory action, including changes or proposed changes to the mandates of Fannie Mae or Freddie Mac, and changes in tax laws;

• the payment of any special dividends;

• the issuance of additional Common Shares, or the perception that such issuances might occur, including under EQR's At-The-Market ("ATM") share offering program; and

• the resale of substantial amounts of our common shares, or the anticipation of the resale of such shares, by large holders of our securities.

Issuances or sales of our Common Shares may be dilutive.

The issuance or sale of substantial amounts of our Common Shares, whether directly by us or in the secondary market, the perception that such issuances or sales of our Common Shares could occur or the availability for future issuance or sale of our Common Shares or securities convertible into or exchangeable or exercisable for our Common Shares could have a dilutive effect on our actual and expected earnings per share, funds from operations (“FFO”) per share and Normalized FFO per share.  The actual amount of dilution cannot be determined at this time and would be dependent upon numerous factors which are not currently known to us.

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We may not have sufficient cash flows from operations after capital expenditures to cover our distributions and our dividend policy may lead to quicker dividend reductions.

We generally consider our cash flows provided by operating activities after capital expenditures to be adequate to meet operating requirements and payment of regular distributions to our security holders. While our current dividend policy makes it less likely that we will over distribute, it will also lead to a dividend reduction more quickly should operating results deteriorate or large portfolio sales occur. However, whether due to changes in the dividend policy or otherwise, there may be times when we experience shortfalls in our coverage of distributions, which may cause us to consider reducing our distributions and/or using the proceeds from property dispositions or additional financing transactions to make up the difference. Should these shortfalls occur for lengthy periods of time or be material in nature, our financial condition may be adversely affected and we may not be able to maintain our current distribution levels. See Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations, for additional discussion regarding our dividend policy.

The value of investment securities could result in losses to the Company.

From time to time, the Company holds investment securities and/or cash investments that have various levels of repayment and liquidity risk, including government obligations and bond funds, money market funds or bank deposits. On occasion we also may purchase securities of companies in our own industry as a means to invest funds. There may be times when we experience declines in the value of these investment securities, which may result in losses to the Company and our financial condition or results of operations could be adversely affected. Sometimes the cash we deposit at a bank substantially exceeds the FDIC insurance limit or we invest cash in money market or similar type funds with investment management institutions that may be subject to, now or in the future, liquidity and/or withdrawal restrictions, resulting in risk to the Company of loss or lack of immediate availability of funds if these banks or institutions fail to meet their obligations.

Any weaknesses identified in our internal control over financial reporting could have an adverse effect on our share price.

Section 404 of the Sarbanes-Oxley Act of 2002 requires us to evaluate and report on our internal control over financial reporting. If we identify one or more material weaknesses in our internal control over financial reporting, we could lose investor confidence in the accuracy and completeness of our financial reports, which in turn could have an adverse effect on our share price.

The occurrence of cyber incidents, or a deficiency in our cybersecurity, could negatively impact our business by causing a disruption to our operations, a compromise or corruption of our confidential information, and/or damage to our reputation and business relationships, all of which could negatively impact our financial results.

A cyber incident is considered to be any adverse event that threatens the confidentiality, integrity or availability of our information resources. More specifically, a cyber incident is an intentional attack or an unintentional event that can include gaining unauthorized access to systems to disrupt operations, corrupt data or steal confidential information, including information regarding our residents and employees. As our reliance on technology has increased, so have the risks posed to our systems, both internal and those we have outsourced to third party service providers. In addition, information security risks have generally increased in recent years due to the rise in new technologies and the increased sophistication and activities of perpetrators of cyber attacks. Our primary risks that could directly result from the occurrence of a cyber incident include operational interruption, damage to our reputation, damage to our business relationships and private data exposure. We have implemented processes, procedures and controls to help mitigate these risks, but these measures, as well as our increased awareness of a risk of a cyber incident, do not guarantee that our financial results will not be negatively impacted by such an incident.

Changes in laws and litigation risk could affect our business.

We are generally not able to pass through to our residents under existing leases any real estate or other federal, state or local taxes. Consequently, any such tax increases may adversely affect our financial condition and limit our ability to make distributions to our security holders.

We may become involved in legal proceedings, including but not limited to, proceedings related to consumer, shareholder, securities, employment, environmental, development, condominium conversion, tort and commercial legal issues that, if decided adversely to or settled by us, could result in liability material to our financial condition or results of operations.

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Environmental problems are possible and can be costly.

Federal, state and local laws and regulations relating to the protection of the environment may require a current or previous owner or operator of real estate to investigate and clean up hazardous or toxic substances or petroleum product releases at such property. The owner or operator may have to pay a governmental entity or third parties for property damage and for investigation and clean-up costs incurred by such parties in connection with the contamination. These laws typically impose clean-up responsibility and liability without regard to whether the owner or operator knew of or caused the presence of the contaminants. Even if more than one person may have been responsible for the contamination, each person covered by the environmental laws may be held responsible for all of the clean-up costs incurred. In addition, third parties may sue the owner or operator of a site for damages and costs resulting from environmental contamination emanating from that site.

Substantially all of our properties have been the subject of environmental assessments completed by qualified independent environmental consulting companies. While these environmental assessments have not revealed, nor are we aware of, any environmental liability that our management believes would have a material adverse effect on our business, results of operations, financial condition or liquidity, there can be no assurance that we will not incur such liabilities in the future.

We are aware that some of our properties have lead paint and have implemented an operations and maintenance program at each of those properties. While we do not currently anticipate that we will incur any material liabilities as a result of the presence of lead paint at our properties, there can be no assurance that we will not incur such liabilities in the future.

There have been a number of lawsuits against owners and managers of multifamily properties alleging personal injury and property damage caused by the presence of mold in residential real estate. While we have adopted programs designed to minimize the existence of mold in any of our properties as well as guidelines for promptly addressing and resolving reports of mold to minimize any impact mold might have on our residents or the property, should mold become an issue in the future, our financial condition or results of operations may be adversely affected.

We cannot be assured that existing environmental assessments of our properties reveal all environmental liabilities, that any prior owner of any of our properties did not create a material environmental condition not known to us, or that a material environmental condition does not otherwise exist as to any of our properties.

Insurance policies can be costly and may not cover all losses, which may adversely affect our financial condition or results of operations.

As of December 31, 2016, the Company's property insurance policies provide for a per occurrence deductible of $250,000. Earthquake losses are subject to a 2% deductible in the state of Washington and a 5% deductible in California, applied to the values of the buildings involved in the loss. The Company also typically self-insures a substantial portion of the first $50 million of a property loss in excess of these base deductibles. Should a claim exceed these amounts, it would be 100% covered by insurance. Furthermore, the Company purchased additional coverage in the event that the Company suffers multiple non-catastrophic occurrences with losses from $25 million to $50 million within the same policy year. The Company's general liability and worker's compensation policies at December 31, 2016 provide for a $2.0 million and $1.0 million per occurrence deductible, respectively. These higher deductible and self-insured retention amounts do expose the Company to greater potential for uninsured losses. The Company also has become more susceptible to large losses as it has transformed its portfolio, becoming more concentrated in fewer, more valuable assets over a smaller geographical footprint. Furthermore, the potential impact of climate change, increased severe weather or earthquakes could cause a significant increase in insurance premiums and deductibles, or a decrease in the availability of coverage, either of which could expose the Company to even greater uninsured losses which may adversely affect our financial condition or results of operations.

The Company also has $750.0 million in terrorism insurance coverage, with a $100,000 deductible. This coverage excludes losses from nuclear, biological and chemical attacks. In the event of a terrorist attack impacting one or more of our properties, we could lose the revenues from the property, our capital investment in the property and possibly face liability claims from residents or others suffering injuries or losses.

As of December 31, 2016, the Company's cyber liability insurance policy provides for a $5.0 million policy aggregate limit and a per occurrence deductible of $250,000. Cyber liability insurance generally covers costs associated with the wrongful release, through inadvertent breach or network attack, of personally identifiable information such as social security or credit card numbers. This cyber policy would cover the cost of victim notification, credit monitoring and other crisis response expenses.

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The Company relies on third party insurance providers for its property, general liability and worker's compensation insurance. While there has yet to be any non-performance by these major insurance providers, should any of them experience liquidity issues or other financial distress, it could negatively impact the Company. In addition, the Company annually assesses its insurance needs based on the cost of coverage and other factors. We may choose to self insure a greater portion of this risk in the future or may choose to have higher deductibles or lesser policy terms.

Damage from catastrophic weather and other natural events and climate change could result in losses to the Company.

Certain of our properties are located in areas that may experience catastrophic weather and other natural events from time to time, including fires, snow or ice storms, windstorms or hurricanes, earthquakes, flooding or other severe weather. These adverse weather and natural events could cause substantial damages or losses to our properties which could exceed our insurance coverage. In the event of a loss in excess of insured limits, we could lose our capital invested in the affected property, as well as anticipated future revenue from that property. We could also continue to be obligated to repay any mortgage indebtedness or other obligations related to the property. Any such loss could materially and adversely affect our business and our financial condition and results of operations.

To the extent that significant changes in the climate occur in areas where our properties are located, we may experience extreme weather and changes in precipitation and temperature, all of which may result in physical damage to or a decrease in demand for properties located in these areas or affected by these conditions. Should the impact of climate change be material in nature, including destruction of our properties, or occur for lengthy periods of time, our financial condition or results of operations may be adversely affected.

In addition, changes in federal and state legislation and regulation on climate change could result in increased capital expenditures to improve the energy efficiency of our existing properties and could also require us to spend more on our new development properties without a corresponding increase in revenue.

The inability of Lehman to fulfill its indemnification obligations to us under the purchase agreement for the Archstone transaction could increase our liabilities and adversely affect our results of operations and financial condition.

In addition to certain indemnification obligations of each party to the purchase agreement for the Archstone transaction relating to breaches of fundamental representations and warranties and breaches of covenants and certain other specified matters, we negotiated as a term in the purchase agreement that Lehman Brothers Holdings Inc. ("Lehman") retain responsibility for and indemnify us against damages resulting from certain third-party claims or other liabilities. These third-party claims and other liabilities include, without limitation, costs associated with various litigation matters. Lehman filed for bankruptcy protection under Chapter 11 of the Bankruptcy Code in September 2008 and is currently in the process of post-petition liquidation. If Lehman completes its liquidation prior to the termination of their indemnity obligations to us under the purchase agreement, or otherwise distributes substantially all of its assets to its creditors prior to such time, Lehman may not be able to satisfy its obligations with respect to claims and retained liabilities covered by the purchase agreement. The failure of Lehman to satisfy such obligations could have a material adverse effect on our results of operations and financial condition because claimants may successfully assert that we are liable for those claims and/or retained liabilities. In addition, we expect that certain obligations of Lehman to indemnify us will terminate upon expiration of the applicable indemnification period (generally no more than four years following the closing, which will be February 27, 2017). The assertion of third-party claims after the expiration of the applicable indemnification period, or the failure of Lehman to satisfy its indemnification obligations, could have a material adverse effect on our results of operations and financial condition. 

Non-performance by our operating counterparties could adversely affect our performance.

We have relationships with and, from time to time, we execute transactions with or receive services from many counterparties. As a result, defaults by counterparties could result in services not being provided, or volatility in the financial markets could affect counterparties' ability to complete transactions with us as intended, both of which could result in disruptions to our operations that may adversely affect our business and results of operations.

Debt financing and preferred shares/preference units could adversely affect our performance.

General

Please refer to Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations, for the Company's total debt and unsecured debt summaries as of December 31, 2016.

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In addition to debt, we have a liquidation value of $37.3 million of outstanding preferred shares of beneficial interest/preference units with a dividend preference of 8.29% per annum as of December 31, 2016. Our use of debt and preferred equity financing creates certain risks, including the following:

Disruptions in the financial markets could adversely affect our ability to obtain debt financing and impact our acquisitions and dispositions.

Dislocations and liquidity disruptions in capital and credit markets could impact liquidity in the debt markets, resulting in financing terms that are less attractive to us and/or the unavailability of certain types of debt financing. Should the capital and credit markets experience volatility and the availability of funds again become limited, or be available only on unattractive terms, we will incur increased costs associated with issuing debt instruments. In addition, it is possible that our ability to access the capital and credit markets may be limited or precluded by these or other factors at a time when we would like, or need, to do so, which would adversely impact our ability to refinance maturing debt and/or react to changing economic and business conditions. Uncertainty in the credit markets could negatively impact our ability to make acquisitions and make it more difficult or not possible for us to sell properties or may adversely affect the price we receive for properties that we do sell, as prospective buyers may experience increased costs of debt financing or difficulties in obtaining debt financing. Potential continued disruptions in the financial markets could also have other unknown adverse effects on us or the economy generally and may cause the price of our securities to fluctuate significantly and/or to decline.

Potential reforms to Fannie Mae and Freddie Mac could adversely affect our performance.

Through their lender originator networks, Fannie Mae and Freddie Mac (the "Government Sponsored Enterprises" or "GSEs") are significant lenders and enhancers of tax-exempt bonds both to the Company and to buyers of the Company's properties. The GSEs have a mandate to support multifamily housing through their financing activities. Any changes to their mandates, reductions in their size or the scale of their activities or loss of key personnel could have an impact on the Company and may, among other things, lead to lower values for our assets and higher interest rates on our secured borrowings. Disruptions in the floating rate tax-exempt bond market (where interest rates reset weekly) and in the credit market's perception of the GSEs, which guarantee and provide liquidity for many of these bonds, have been experienced in the past and may be experienced in the future and could result in an increase in interest rates on our tax-exempt debt obligations. These bonds could also be put to our consolidated subsidiaries if the GSEs fail to satisfy their guaranty obligations. While this obligation is in almost all cases non-recourse to us, this could cause the Company to have to repay these obligations on short notice or risk foreclosure actions on the collateralized assets.

Non-performance by our financial counterparties could adversely affect our performance.

Although we have not experienced any material counterparty non-performance, disruptions in financial and credit markets could, among other things, impede the ability of our counterparties to perform on their contractual obligations. There are multiple financial institutions that are individually committed to lend us varying amounts as part of our revolving credit facility. Should any of these institutions fail to fund their committed amounts when contractually required, our financial condition could be adversely affected. Should several of these institutions fail to fund, we could experience significant financial distress.

The Company also has developed assets with joint venture partners which were financed by financial institutions that have experienced varying degrees of distress in the past and could experience similar distress as economic conditions change. If one or more of these lenders fail to fund when contractually required, the Company or its joint venture partner may be unable to complete construction of its development properties.

A significant downgrade in our credit ratings could adversely affect our performance.

A significant downgrade in our credit ratings, while not affecting our ability to draw proceeds under the revolving credit facility, would cause our borrowing costs to increase under the revolving credit facility, impact our ability to borrow secured and unsecured debt, impair our ability to access the commercial paper market or otherwise limit our access to capital. In addition, a downgrade below investment grade would require us to post cash collateral and/or letters of credit in favor of some of our secured lenders to cover our self-insured property and liability insurance deductibles or to obtain lower deductible insurance compliant with the lenders' requirements at the lower ratings level.

Scheduled debt payments could adversely affect our financial condition.

In the future, our cash flow could be insufficient to meet required payments of principal and interest or to pay distributions on our securities at expected levels.

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We may not be able to refinance existing debt, including joint venture indebtedness (which in virtually all cases requires substantial principal payments at maturity) and, if we can, the terms of such refinancing might not be as favorable as the terms of existing indebtedness. If principal payments due at maturity cannot be refinanced, extended or paid with proceeds of other capital transactions, such as new equity capital, our operating cash flow will not be sufficient in all years to repay all maturing debt. As a result, certain of our other debt may cross default, we may be forced to postpone capital expenditures necessary for the maintenance of our properties, we may have to dispose of one or more properties on terms that would otherwise be unacceptable to us or we may be forced to allow the mortgage holder to foreclose on a property. Foreclosure on mortgaged properties or an inability to refinance existing indebtedness would likely have a negative impact on our financial condition and results of operations.

Please refer to Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations, for the Company's debt maturity schedule as of December 31, 2016.

Financial covenants could adversely affect the Company's financial condition.

The mortgages on our properties may contain customary negative covenants that, among other things, limit our ability, without the prior consent of the lender, to further mortgage the property and to reduce or change insurance coverage. In addition, our revolving credit facility contains certain restrictions, requirements and other limitations on our ability to incur debt. The indentures under which a substantial portion of our unsecured debt was issued also contain certain financial and operating covenants including, among other things, maintenance of certain financial ratios, as well as limitations on our ability to incur secured and unsecured debt (including acquisition financing), and to sell all or substantially all of our assets. Our revolving credit facility and indentures are cross-defaulted and also contain cross default provisions with other material debt. While the Company believes it was in compliance with its unsecured public debt covenants for both the years ended December 31, 2016 and 2015, should it fall out of compliance, it would likely have a negative impact on our financial condition and results of operations.

Some of the properties were financed with tax-exempt bonds or otherwise contain certain restrictive covenants or deed restrictions, including affordability requirements. The Company, and from time to time its consultants, monitor compliance with the restrictive covenants and deed restrictions that affect these properties. If these compliance requirements restrict our ability to increase our rental rates to low or moderate-income residents, or eligible/qualified residents, then our income from these properties may be limited. While we generally believe that the interest rate benefit attendant to properties with tax-exempt bonds more than outweighs any loss of income due to restrictive covenants or deed restrictions, this may not always be the case. Some of these requirements are complex and our failure to comply with them may subject us to material fines or liabilities.

Our degree of leverage could limit our ability to obtain additional financing.

Our degree of leverage could have important consequences to security holders. For example, the degree of leverage could affect our ability to obtain additional financing in the future for working capital, capital expenditures, acquisitions, development or other general corporate purposes, making us more vulnerable to a downturn in business or the economy in general. Our consolidated debt-to-total market capitalization ratio was 26.8% as of December 31, 2016. In addition, our most restrictive unsecured public debt covenants are as follows:

	December 31, 2016		December 31, 2015
Total Debt to Adjusted Total Assets (not to exceed 60%)	35.4	%	38.5	%
Secured Debt to Adjusted Total Assets (not to exceed 40%)	16.2	%	16.5	%
Consolidated Income Available for Debt Service to
Maximum Annual Service Charges
(must be at least 1.5 to 1)	3.73		3.67
Total Unsecured Assets to Unsecured Debt
(must be at least 150%)	390.8	%	336.8	%

Rising interest rates could adversely affect cash flow.

Advances under our revolving credit facility bear interest at a variable rate based upon LIBOR at various interest periods, plus a spread dependent upon the Operating Partnership's credit rating, or based upon bids received from the lending group. Borrowings under our commercial paper program also bear interest at variable rates. Certain public issuances of our senior unsecured debt instruments may also, from time to time, bear interest at floating rates or be swapped to a floating rate of interest.

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We may also borrow additional money with variable interest rates in the future. Increases in interest rates would increase our interest expense under these debt instruments and would increase the costs of refinancing existing debt and of issuing new debt. Accordingly, higher interest rates could adversely affect cash flow and our ability to service our debt and make distributions to security holders.

Derivatives and hedging activity could adversely affect cash flow.

In the normal course of business, we use derivatives to manage our exposure to interest rate volatility on debt instruments, including hedging for future debt issuances. At other times we may utilize derivatives to increase our exposure to floating interest rates. We may also use derivatives to manage commodity prices in the daily operations of our business. There can be no assurance that these hedging arrangements will have the desired beneficial impact. These arrangements, which can include a number of counterparties, may expose us to additional risks, including failure of any of our counterparties to perform under these contracts, and may involve extensive costs, such as transaction fees or breakage costs, if we terminate them. No strategy can completely insulate us from the risks associated with interest rate or commodity pricing fluctuations.

We depend on our key personnel.

We depend on the efforts of the Chairman of our Board of Trustees, Samuel Zell, and our executive officers, particularly David J. Neithercut, our President and Chief Executive Officer (“CEO”). If they resign or otherwise cease to be employed by us, our operations could be temporarily adversely affected. Mr. Zell has entered into retirement benefit and noncompetition agreements with the Company.

Shareholders' ability to effect changes in control of the Company is limited.

Provisions of our declaration of trust and bylaws could inhibit changes in control.

Certain provisions of our Declaration of Trust and Bylaws may delay or prevent a change in control of the Company or other transactions that could provide the security holders with a premium over the then-prevailing market price of their securities or which might otherwise be in the best interest of our security holders. This includes the 5% Ownership Limit described below. While our existing preferred shares/preference units do not have these provisions, any future series of preferred shares/preference units may have certain voting provisions that could delay or prevent a change in control or other transactions that might otherwise be in the interest of our security holders. Our Bylaws require certain information to be provided by any security holder, or persons acting in concert with such security holder, who proposes business or a nominee at an annual meeting of shareholders, including disclosure of information related to hedging activities and investment strategies with respect to our securities. These requirements could delay or prevent a change in control or other transactions that might otherwise be in the interest of our security holders.

We have a share ownership limit for REIT tax purposes.

To remain qualified as a REIT for federal income tax purposes, not more than 50% in value of our outstanding Shares may be owned, directly or indirectly, by five or fewer individuals at any time during the last half of any year. To facilitate maintenance of our REIT qualification, our Declaration of Trust, subject to certain exceptions, prohibits ownership by any single shareholder of more than 5% of the lesser of the number or value of any outstanding class of common or preferred shares. We refer to this restriction as the “Ownership Limit.” Absent any exemption or waiver granted by our Board of Trustees, securities acquired or held in violation of the Ownership Limit will be transferred to a trust for the exclusive benefit of a designated charitable beneficiary, and the security holder's rights to distributions and to vote would terminate. A transfer of Shares may be void if it causes a person to violate the Ownership Limit. The Ownership Limit could delay or prevent a change in control and, therefore, could adversely affect our security holders' ability to realize a premium over the then-prevailing market price for their Shares. To reduce the ability of the Board to use the Ownership Limit as an anti-takeover device, the Company's Ownership Limit requires, rather than permits, the Board to grant a waiver of the Ownership Limit if the individual seeking a waiver demonstrates that such ownership would not jeopardize the Company's status as a REIT. We have issued several of these waivers in the past.

Our preferred shares may affect changes in control.

Our Declaration of Trust authorizes the Board of Trustees to issue up to 100 million preferred shares, and to establish the preferences and rights (including the right to vote and the right to convert into common shares) of any preferred shares issued. The Board of Trustees may use its powers to issue preferred shares and to set the terms of such securities to delay or prevent a change in control of the Company, even if a change in control were in the interest of security holders.

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Inapplicability of Maryland law limiting certain changes in control.

Certain provisions of Maryland law applicable to real estate investment trusts prohibit “business combinations” (including certain issuances of equity securities) with any person who beneficially owns ten percent or more of the voting power of outstanding securities, or with an affiliate who, at any time within the two-year period prior to the date in question, was the beneficial owner of ten percent or more of the voting power of the Company's outstanding voting securities (an “Interested Shareholder”), or with an affiliate of an Interested Shareholder. These prohibitions last for five years after the most recent date on which the Interested Shareholder became an Interested Shareholder. After the five-year period, a business combination with an Interested Shareholder must be approved by two super-majority shareholder votes unless, among other conditions, holders of common shares receive a minimum price for their shares and the consideration is received in cash or in the same form as previously paid by the Interested Shareholder for its common shares. As permitted by Maryland law, however, the Board of Trustees of the Company has opted out of these restrictions with respect to any business combination involving Mr. Zell and certain of his affiliates and persons acting in concert with them. Consequently, the five-year prohibition and the super-majority vote requirements will not apply to a business combination involving us and/or any of them. Such business combinations may not be in the best interest of our security holders.

Our status as a REIT is dependent on compliance with federal income tax requirements.

Our failure to qualify as a REIT would have serious adverse consequences to our security holders.

We believe that we have qualified for taxation as a REIT for federal income tax purposes since our taxable year ended December 31, 1992 based, in part, upon opinions of tax counsel received whenever we have issued equity securities or engaged in significant merger transactions. We plan to continue to meet the requirements for taxation as a REIT. Many of these requirements, however, are highly technical and complex. We cannot, therefore, guarantee that we have qualified or will qualify as a REIT in the future. The determination that we are a REIT requires an analysis of various factual matters that may not be totally within our control. For example, to qualify as a REIT, our gross income must generally come from rental and other real estate or passive related sources that are itemized in the REIT tax laws. We are also required to distribute to security holders at least 90% of our REIT taxable income excluding net capital gains. The fact that we hold our assets through the Operating Partnership further complicates the application of the REIT requirements. In addition, certain of our subsidiary entities have elected to be taxed as REITs. As such, each must separately satisfy all of the requirements to qualify for REIT status. Our failure to comply with the complex REIT rules at the subsidiary REIT level can materially and adversely impact EQR's REIT status.

Even a technical or inadvertent mistake could jeopardize our REIT status; however, the REIT qualification rules permit REITs in certain circumstances to pay a monetary penalty for inadvertent mistakes rather than lose REIT status. There is also risk that Congress and the IRS might make changes to the tax laws and regulations, and the courts might issue new rulings that make it more difficult, or impossible, for us to remain qualified as a REIT. We do not believe, however, that any pending or proposed tax law changes would jeopardize our REIT status.

If we fail to qualify as a REIT, we would be subject to federal income tax at regular corporate rates. Also, unless the IRS granted us relief under certain statutory provisions, we would remain disqualified from taxation as a REIT for four years following the year in which we failed to qualify as a REIT. If we fail to qualify as a REIT, we would have to pay significant income taxes. We therefore would have less money available for investments or for distributions to security holders. This would likely have a significant adverse effect on the value of our securities. In addition, we would no longer be required to make any distributions to security holders. Even if we qualify as a REIT, we are and will continue to be subject to certain federal, state and local taxes on our income and property. In addition, various business activities which generate income that is not qualifying income for a REIT are conducted through taxable REIT subsidiaries and will be subject to federal and state income tax at regular corporate rates to the extent they generate taxable income.

We could be disqualified as a REIT or have to pay taxes if our merger partners did not qualify as REITs.

If any of our prior merger partners had failed to qualify as a REIT throughout the duration of their existence, then they might have had undistributed “Subchapter C corporation earnings and profits” at the time of their merger with us. If that were the case and we did not distribute those earnings and profits prior to the end of the year in which the merger took place, we might not qualify as a REIT. We believe, based in part upon opinions of legal counsel received pursuant to the terms of our merger agreements as well as our own investigations, among other things, that each of our prior merger partners qualified as a REIT and that, in any event, none of them had any undistributed “Subchapter C corporation earnings and profits” at the time of their merger with us. If any of our prior merger partners failed to qualify as a REIT, an additional concern would be that they could have been required to recognize taxable gain at the time they merged with us. We would be liable for the tax on such gain. We also could

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have to pay corporate income tax on any gain existing at the time of the applicable merger on assets acquired in the merger if the assets are sold within ten years of the merger.

Compliance with REIT distribution requirements may affect our financial condition and our shareholders' liquidity.

Distribution requirements may increase the indebtedness of the Company.

We may be required from time to time, under certain circumstances, to accrue as income for tax purposes interest and rent earned but not yet received. In such event, or upon our repayment of principal on debt, we could have taxable income without sufficient cash to enable us to meet the distribution requirements of a REIT. Accordingly, we could be required to borrow funds or liquidate investments on adverse terms in order to meet these distribution requirements.

Tax elections regarding distributions may impact future liquidity of the Company or our shareholders.

Under certain circumstances we have made and/or may consider making again in the future, a tax election to treat future distributions to shareholders as distributions in the current year. This election, which is provided for in the Internal Revenue Code, may allow us to avoid increasing our dividends or paying additional income taxes in the current year. However, this could result in a constraint on our ability to decrease our dividends in future years without creating risk of either violating the REIT distribution requirements or generating additional income tax liability.

The Internal Revenue Service has published several rulings that allow REITs to offer shareholders the choice of stock or cash with respect to the receipt of a dividend (an "elective stock dividend"). However, REITs are also permitted to limit the amount of cash paid to all shareholders to 20% of the total dividend paid. Therefore, it is possible that the total tax burden to shareholders resulting from an elective stock dividend may exceed the amount of cash received by the shareholder.

Federal Income Tax Considerations

General

The following discussion summarizes the federal income tax considerations material to a holder of common shares. It is not exhaustive of all possible tax considerations. For example, it does not give a detailed discussion of any state, local or foreign tax considerations. The following discussion also does not address all tax matters that may be relevant to prospective shareholders in light of their particular circumstances. Moreover, it does not address all tax matters that may be relevant to shareholders who are subject to special treatment under the tax laws, such as insurance companies, tax-exempt entities, financial institutions or broker-dealers, foreign corporations, persons who are not citizens or residents of the United States and persons who own shares through a partnership or other entity treated as a flow-through entity for federal income tax purposes.

The specific tax attributes of a particular shareholder could have a material impact on the tax considerations associated with the purchase, ownership and disposition of common shares. Therefore, it is essential that each prospective shareholder consult with his or her own tax advisors with regard to the application of the federal income tax laws to the shareholder's personal tax situation, as well as any tax consequences arising under the laws of any state, local or foreign taxing jurisdiction.

The information in this section is based on the current Internal Revenue Code, current, temporary and proposed Treasury regulations, the legislative history of the Internal Revenue Code, current administrative interpretations and practices of the Internal Revenue Service, including its practices and policies as set forth in private letter rulings, which are not binding on the Internal Revenue Service, and existing court decisions. Future legislation, regulations, administrative interpretations and court decisions could change current law or adversely affect existing interpretations of current law. Any change could apply retroactively. Thus, it is possible that the Internal Revenue Service could challenge the statements in this discussion, which do not bind the Internal Revenue Service or the courts, and that a court could agree with the Internal Revenue Service.

Comprehensive tax reform

The potential enactment of comprehensive U.S. federal tax reform legislation may adversely impact the taxation of the REIT, its subsidiaries or its shareholders. Tax reform legislation could result in a material increase in both our federal and state tax liabilities and may change the size and tax character of our distributions in a way that increases our shareholders' tax liabilities as compared to current law or requires the Company to distribute more than it otherwise would have. In addition, comprehensive tax reform could increase the complexity of our compliance efforts and increase tax compliance costs and could have a material impact on our operations.

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Our taxation

We elected REIT status beginning with the year that ended December 31, 1992. In any year in which we qualify as a REIT, we generally will not be subject to federal income tax on the portion of our REIT taxable income or capital gain that we distribute to our shareholders. This treatment substantially eliminates the double taxation that applies to most corporations, which pay a tax on their income and then distribute dividends to shareholders who are in turn taxed on the amount they receive. We elected taxable REIT subsidiary status for certain of our corporate subsidiaries engaged in activities which cannot be performed directly by a REIT, such as condominium conversion and sale activities. As a result, we will be subject to federal income tax on the taxable income generated by these activities in our taxable REIT subsidiaries.

We will be subject to federal income tax at regular corporate rates upon our REIT taxable income or capital gains that we do not distribute to our shareholders. In addition, we will be subject to a 4% excise tax if we do not satisfy specific REIT distribution requirements. We could also be subject to the “alternative minimum tax” on our items of tax preference. In addition, any net income from “prohibited transactions” (i.e., dispositions of property, other than property held by a taxable REIT subsidiary, held primarily for sale to customers in the ordinary course of business) will be subject to a 100% tax. We could also be subject to a 100% penalty tax on certain payments received from or on certain expenses deducted by a taxable REIT subsidiary if any such transaction is not respected by the Internal Revenue Service. If we fail to satisfy the 75% gross income test or the 95% gross income test (described below) but have maintained our qualification as a REIT because we satisfied certain other requirements, we will still generally be subject to a 100% penalty tax on the taxable income attributable to the gross income that caused the income test failure. If we fail to satisfy any of the REIT asset tests (described below) by more than a de minimis amount, due to reasonable cause, and we nonetheless maintain our REIT qualification because of specified cure provisions, we will be required to pay a tax equal to the greater of $50,000 or the highest marginal corporate tax rate multiplied by the net income generated by the non-qualifying assets. If we fail to satisfy any provision of the Internal Revenue Code that would result in our failure to qualify as a REIT (other than a violation of the REIT gross income or asset tests described below) and the violation is due to reasonable cause, we may retain our REIT qualification but we will be required to pay a penalty of $50,000 for each such failure. Moreover, we may be subject to taxes in certain situations and on certain transactions that we do not presently contemplate.

We believe that we have qualified as a REIT for all of our taxable years beginning with 1992. We also believe that our current structure and method of operation is such that we will continue to qualify as a REIT. However, given the complexity of the REIT qualification requirements, we cannot provide any assurance that the actual results of our operations have satisfied or will satisfy the requirements under the Internal Revenue Code for a particular year.

If we fail to qualify for taxation as a REIT in any taxable year and the relief provisions described herein do not apply, we will be subject to tax on our taxable income at regular corporate rates. We also may be subject to the corporate “alternative minimum tax.” As a result, our failure to qualify as a REIT would significantly reduce the cash we have available to distribute to our shareholders. Unless entitled to statutory relief, we would not be able to re-elect to be taxed as a REIT until our fifth taxable year after the year of disqualification. It is not possible to state whether we would be entitled to statutory relief.

Our qualification and taxation as a REIT depend on our ability to satisfy various requirements under the Internal Revenue Code. We are required to satisfy these requirements on a continuing basis through actual annual operating and other results. Accordingly, there can be no assurance that we will be able to continue to operate in a manner so as to remain qualified as a REIT.

Ownership of Taxable REIT Subsidiaries by Us. The Internal Revenue Code provides that REITs may own greater than ten percent of the voting power and value of the securities of a “taxable REIT subsidiary” or “TRS”, provided that the aggregate value of all of the TRS securities held by the REIT does not exceed 25% of the REIT's total asset value (20% for taxable years beginning January 1, 2018). TRSs are corporations subject to tax as a regular “C” corporation that have elected, jointly with a REIT, to be a TRS. Generally, a taxable REIT subsidiary may own assets that cannot otherwise be owned by a REIT and can perform impermissible tenant services (discussed below), which would otherwise taint our rental income under the REIT income tests. However, the REIT will be obligated to pay a 100% penalty tax on some payments that we receive or on certain expenses deducted by our TRSs if the economic arrangements between us, our tenants and the TRS are not comparable to similar arrangements among unrelated parties. A TRS may also receive income from prohibited transactions without incurring the 100% federal income tax liability imposed on REITs. Income from prohibited transactions may include the purchase and sale of land, the purchase and sale of completed development properties and the sale of condominium units.

TRSs pay federal and state income tax at the full applicable corporate rates. The amount of taxes paid on impermissible tenant services income and the sale of real estate held primarily for sale to customers in the ordinary course of business may be

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material in amount. The TRSs will attempt to reduce, if possible, the amount of these taxes, but we cannot guarantee whether, or the extent to which, measures taken to reduce these taxes will be successful. To the extent that these companies are required to pay taxes, less cash may be available for distributions to shareholders.

Share Ownership Test and Organizational Requirement. In order to qualify as a REIT, our shares of beneficial interest must be held by a minimum of 100 persons for at least 335 days of a taxable year that is 12 months, or during a proportionate part of a taxable year of less than 12 months. Also, not more than 50% in value of our shares of beneficial interest may be owned directly or indirectly by applying certain constructive ownership rules, by five or fewer individuals during the last half of each taxable year. In addition, we must meet certain other organizational requirements, including, but not limited to, that (i) the beneficial ownership in us is evidenced by transferable shares and (ii) we are managed by one or more trustees. We believe that we have satisfied all of these tests and all other organizational requirements and that we will continue to do so in the future. In order to ensure compliance with the 100 person test and the 50% share ownership test discussed above, we have placed certain restrictions on the transfer of our shares that are intended to prevent further concentration of share ownership. However, such restrictions may not prevent us from failing these requirements, and thereby failing to qualify as a REIT.

Gross Income Tests. To qualify as a REIT, we must satisfy two gross income tests:

(1) At least 75% of our gross income for each taxable year must generally be derived directly or indirectly from rents from real property, interest on obligations secured by mortgages on real property or on interests in real property, gain from the sale or other disposition of non-dealer real property and shares of REIT stock, dividends paid by another REIT and from some types of temporary investments (excluding certain hedging income).

(2) At least 95% of our gross income for each taxable year must generally be derived from sources qualifying under the 75% test described in (1) above, non-REIT dividends, non-real estate mortgage interest and gain from the sale or disposition of non-REIT stock or securities (excluding certain hedging income).

To qualify as rents from real property for the purpose of satisfying the gross income tests, rental payments must generally be received from unrelated persons and not be based on the net income of the resident. Also, the rent attributable to personal property must not exceed 15% of the total rent. We may generally provide services to residents without “tainting” our rental income only if such services are “usually or customarily rendered” in connection with the rental of real property and not otherwise considered “impermissible services”. If such services are impermissible, then we may generally provide them only if they are considered de minimis in amount, or are provided through an independent contractor from whom we derive no revenue and that meets other requirements, or through a taxable REIT subsidiary. We believe that services provided to residents by us either are usually or customarily rendered in connection with the rental of real property and not otherwise considered impermissible, or, if considered impermissible services, will meet the de minimis test or will be provided by an independent contractor or taxable REIT subsidiary. However, we cannot provide any assurance that the Internal Revenue Service will agree with these positions.

If we fail to satisfy one or both of the gross income tests for any taxable year, we may nevertheless qualify as a REIT for the year if we are entitled to relief under certain provisions of the Internal Revenue Code. In this case, a penalty tax would still be applicable as discussed above. Generally, it is not possible to state whether in all circumstances we would be entitled to the benefit of these relief provisions and in the event these relief provisions do not apply, we will not qualify as a REIT.

Asset Tests. In general, on the last day of each quarter of our taxable year, we must satisfy five tests relating to the nature of our assets:

(1) At least 75% of the value of our total assets must consist of real estate assets (which include for this purpose shares in other real estate investment trusts) and certain cash related items;

(2) Not more than 25% of the value of our total assets may consist of securities other than those in the 75% asset class;

(3) Except for securities included in item 1 above, equity investments in other REITs, qualified REIT subsidiaries (i.e., corporations owned 100% by a REIT that are not TRSs or REITs), or taxable REIT subsidiaries: (a) the value of any one issuer's securities owned by us may not exceed 5% of the value of our total assets and (b) we may not own securities representing more than 10% of the voting power or value of the outstanding securities of any one issuer;

(4) Not more than 25% of the value of our total assets may consist of securities of one or more taxable REIT subsidiaries (20% for taxable years beginning January 1, 2018); and

(5) Not more than 25% of the value of our total assets may be represented by nonqualified publicly offered REIT debt instruments.

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The 10% value test described in clause (3)(b) above does not apply to nonqualified publicly offered REIT debt instruments or to certain securities that fall within a safe harbor under the Code. Under the safe harbor, the following are not considered “securities” held by us for purposes of this 10% value test: (i) straight debt securities, (ii) any loan of an individual or an estate, (iii) certain rental agreements for the use of tangible property, (iv) any obligation to pay rents from real property, (v) any security issued by a state or any political subdivision thereof, foreign government or Puerto Rico only if the determination of any payment under such security is not based on the profits of another entity or payments on any obligation issued by such other entity, or (vi) any security issued by a REIT. The timing and payment of interest or principal on a security qualifying as straight debt may be subject to a contingency provided that (A) such contingency does not change the effective yield to maturity, not considering a de minimis change which does not exceed the greater of ¼ of 1% or 5% of the annual yield to maturity or we own $1,000,000 or less of the aggregate issue price or value of the particular issuer's debt and not more than 12 months of unaccrued interest can be required to be prepaid or (B) the contingency is consistent with commercial practice and the contingency is effective upon a default or the exercise of a prepayment right by the issuer of the debt. If we hold indebtedness from any issuer, including a REIT, the indebtedness will be subject to, and may cause a violation of, the asset tests, unless it is a qualifying real estate asset or otherwise satisfies the above safe harbor. We currently own equity interests in certain entities that have elected to be taxed as REITs for federal income tax purposes and are not publicly traded. If any such entity were to fail to qualify as a REIT, we would not meet the 10% voting stock limitation and the 10% value limitation and we would, unless certain relief provisions applied, fail to qualify as a REIT. We believe that we and each of the REITs we own an interest in have and will comply with the foregoing asset tests for REIT qualification. However, we cannot provide any assurance that the Internal Revenue Service will agree with our determinations.

If we fail to satisfy the 5% or 10% asset tests described above after a 30-day cure period provided in the Internal Revenue Code, we will be deemed to have met such tests if the value of our non-qualifying assets is de minimis (i.e., does not exceed the lesser of 1% of the total value of our assets at the end of the applicable quarter or $10,000,000) and we dispose of the non-qualifying assets within six months after the last day of the quarter in which the failure to satisfy the asset tests is discovered. For violations due to reasonable cause and not willful neglect that are in excess of the de minimis exception described above, we may avoid disqualification as a REIT under any of the asset tests, after the 30-day cure period, by disposing of sufficient assets to meet the asset test within such six month period, paying a tax equal to the greater of $50,000 or the highest corporate tax rate multiplied by the net income generated by the non-qualifying assets and disclosing certain information to the Internal Revenue Service. If we cannot avail ourselves of these relief provisions, or if we fail to timely cure any noncompliance with the asset tests, we would cease to qualify as a REIT.

Annual Distribution Requirements. To qualify as a REIT, we are generally required to distribute dividends, other than capital gain dividends, to our shareholders each year in an amount at least equal to 90% of our REIT taxable income. These distributions must be paid either in the taxable year to which they relate, or in the following taxable year if declared before we timely file our tax return for the prior year and if paid with or before the first regular dividend payment date after the declaration is made. We intend to make timely distributions sufficient to satisfy our annual distribution requirements. To the extent that we do not distribute all of our net capital gain or distribute at least 90%, but less than 100% of our REIT taxable income, as adjusted, we are subject to tax on these amounts at regular corporate rates. We will be subject to a 4% excise tax on the excess of the required distribution over the sum of amounts actually distributed and amounts retained for which federal income tax was paid, if we fail to distribute during each calendar year at least the sum of: (1) 85% of our REIT ordinary income for the year; (2) 95% of our REIT capital gain net income for the year; and (3) any undistributed taxable income from prior taxable years. A REIT may elect to retain rather than distribute all or a portion of its net capital gains and pay the tax on the gains. In that case, a REIT may elect to have its shareholders include their proportionate share of the undistributed net capital gains in income as long-term capital gains and receive a credit for their share of the tax paid by the REIT. For purposes of the 4% excise tax described above, any retained amounts would be treated as having been distributed.

Ownership of Partnership Interests By Us. As a result of our ownership of the Operating Partnership, we will be considered to own and derive our proportionate share of the assets and items of income of the Operating Partnership, respectively, for purposes of the REIT asset and income tests, including its share of assets and items of income of any subsidiaries that are partnerships or limited liability companies.

State and Local Taxes. We may be subject to state or local taxation in various jurisdictions, including those in which we transact business or reside. Generally REITs have seen increases in state and local taxes in recent years. Our state and local tax treatment may not conform to the federal income tax treatment discussed above and any changes in the federal tax code may not be adopted by the states, potentially leading to material tax liabilities for the Company and its shareholders. Consequently, prospective shareholders should consult their own tax advisors regarding the effect of state and local tax laws on an investment in common shares.

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Taxation of domestic shareholders subject to U.S. tax

General. If we qualify as a REIT, distributions made to our taxable domestic shareholders with respect to their common shares, other than capital gain distributions and distributions attributable to taxable REIT subsidiaries, will be treated as ordinary income to the extent that the distributions come out of earnings and profits. These distributions will not be eligible for the dividends received deduction for shareholders that are corporations nor will they constitute “qualified dividend income” under the Internal Revenue Code, meaning that such dividends will be taxed at marginal rates applicable to ordinary income rather than the special capital gain rates currently applicable to qualified dividend income distributed to shareholders who satisfy applicable holding period requirements. In determining whether distributions are out of earnings and profits, we will allocate our earnings and profits first to preferred shares and second to the common shares. The portion of ordinary dividends which represent ordinary dividends we receive from a TRS, will be designated as “qualified dividend income” to REIT shareholders. These qualified dividends are eligible for preferential tax rates if paid to our non-corporate shareholders.

To the extent we make distributions to our taxable domestic shareholders in excess of our earnings and profits, such distributions will be considered a return of capital. Such distributions will be treated as a tax-free distribution and will reduce the tax basis of a shareholder's common shares by the amount of the distribution so treated. To the extent such distributions cumulatively exceed a taxable domestic shareholder's tax basis, such distributions are taxable as gain from the sale of shares. Shareholders may not include in their individual income tax returns any of our net operating losses or capital losses.

Dividends declared by a REIT in October, November, or December are deemed to have been paid by the REIT and received by its shareholders on December 31 of that year, so long as the dividends are actually paid during January of the following year. However, this treatment only applies to the extent of the REIT's earnings and profits existing on December 31. To the extent the shareholder distribution paid in January exceeds available earnings and profits as of December 31, the excess will be treated as a distribution taxable to shareholders in the year paid. As such, for tax reporting purposes, January distributions paid to our shareholders may be split between two tax years.

A REIT may make an election under the Internal Revenue Code to treat certain dividends that are paid in a taxable year, as being made by the REIT in the previous taxable year. A shareholder is required to include the amount of the dividend in the taxable year that it is paid by the REIT.

Distributions made by us that we properly designate as capital gain dividends will be taxable to taxable domestic shareholders as gain from the sale or exchange of a capital asset held for more than one year. This treatment applies only to the extent that the designated distributions do not exceed our actual net capital gain for the taxable year or the amount of distributions treated as dividends for the taxable year. It applies regardless of the period for which a domestic shareholder has held his or her common shares. Despite this general rule, corporate shareholders may be required to treat up to 20% of certain capital gain dividends as ordinary income.

Generally, our designated capital gain dividends will be broken out into net capital gains distributions (which are taxable to taxable domestic shareholders that are individuals, estates or trusts at a maximum rate of 20% for individual taxpayers in the highest tax bracket) and unrecaptured Section 1250 gain distributions (which are taxable to taxable domestic shareholders that are individuals, estates or trusts at a maximum rate of 25%).

Certain U.S. shareholders that are taxed as individuals, estates or trusts may also be required to pay an additional 3.8% tax on, among other things, dividends on and capital gains from the sale or other disposition of shares.

If, for any taxable year, we elect to designate as capital gain dividends any portion of the dividends paid or made available for the year to holders of all classes of shares of beneficial interest, then the portion of the capital gains dividends that will be allocable to the holders of common shares will be the total capital gain dividends multiplied by a fraction. The numerator of the fraction will be the total dividends paid or made available to the holders of the common shares for the year. The denominator of the fraction will be the total dividends paid or made available to holders of all classes of shares of beneficial interest.

We may elect to retain (rather than distribute as is generally required) net capital gain for a taxable year and pay the income tax on that gain. If we make this election, shareholders must include in income, as long-term capital gain, their proportionate share of the undistributed net capital gain. Shareholders will be treated as having paid their proportionate share of the tax paid by us on these gains. Accordingly, they will receive a tax credit or refund for the amount. Shareholders will increase the basis in their common shares by the difference between the amount of capital gain included in their income and the amount of the tax they are treated as having paid. Our earnings and profits will be adjusted appropriately.

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In general, a shareholder will recognize gain or loss for federal income tax purposes on the sale or other disposition of common shares in an amount equal to the difference between:

(a) the amount of cash and the fair market value of any property received in the sale or other disposition; and

(b) the shareholder's adjusted tax basis in the common shares.

The gain or loss will be capital gain or loss if the common shares were held as a capital asset. Generally, the capital gain or loss will be long-term capital gain or loss if the common shares were held for more than one year.

In general, a loss recognized by a shareholder upon the sale of common shares that were held for six months or less, determined after applying certain holding period rules, will be treated as long-term capital loss to the extent that the shareholder received distributions that were treated as long-term capital gains. For shareholders who are individuals, trusts and estates, the long-term capital loss will be apportioned among the applicable long-term capital gain rates to the extent that distributions received by the shareholder were previously so treated.

Taxation of domestic tax-exempt shareholders

Most tax-exempt organizations are not subject to federal income tax except to the extent of their unrelated business taxable income, which is often referred to as UBTI. Unless a tax-exempt shareholder holds its common shares as debt financed property or uses the common shares in an unrelated trade or business, distributions to the shareholder should not constitute UBTI. Similarly, if a tax-exempt shareholder sells common shares, the income from the sale should not constitute UBTI unless the shareholder held the shares as debt financed property or used the shares in a trade or business.

However, for tax-exempt shareholders that are social clubs, voluntary employee benefit associations, supplemental unemployment benefit trusts, and qualified group legal services plans, income from owning or selling common shares will constitute UBTI unless the organization is able to properly deduct amounts set aside or placed in reserve so as to offset the income generated by its investment in common shares. These shareholders should consult their own tax advisors concerning these set aside and reserve requirements which are set forth in the Internal Revenue Code.

In addition, certain pension trusts that own more than 10% of a “pension-held REIT” must report a portion of the distributions that they receive from the REIT as UBTI. We have not been and do not expect to be treated as a pension-held REIT for purposes of this rule.

Taxation of foreign shareholders

The following is a discussion of certain anticipated United States federal income tax consequences of the ownership and disposition of common shares applicable to a foreign shareholder. For purposes of this discussion, a “foreign shareholder” is any person other than:

(a) a citizen or resident of the United States;

(b) a corporation or partnership created or organized in the United States or under the laws of the United States or of any state thereof; or

(c) an estate or trust whose income is includable in gross income for United States federal income tax purposes regardless of its source.

Distributions by Us. Distributions by us to a foreign shareholder that are neither attributable to gain from sales or exchanges by us of United States real property interests nor designated by us as capital gains dividends will be treated as dividends of ordinary income to the extent that they are made out of our earnings and profits. These distributions ordinarily will be subject to withholding of United States federal income tax on a gross basis at a 30% rate, or a lower treaty rate, unless the dividends are treated as effectively connected with the conduct by the foreign shareholder of a United States trade or business. Please note that under certain treaties lower withholding rates generally applicable to dividends do not apply to dividends from REITs. Dividends that are effectively connected with a United States trade or business will be subject to tax on a net basis at graduated rates, and are generally not subject to withholding. Certification and disclosure requirements must be satisfied before a dividend is exempt from withholding under this exemption. A foreign shareholder that is a corporation also may be subject to an additional branch profits tax at a 30% rate or a lower treaty rate.

We expect to withhold United States income tax at the rate of 30% on any such distributions made to a foreign shareholder unless:

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(a) a lower treaty rate applies and any required form or certification evidencing eligibility for that reduced rate is filed with us; or

(b) the foreign shareholder files an IRS Form W-8ECI with us claiming that the distribution is effectively connected income.

If such distribution is in excess of our current or accumulated earnings and profits, it will not be taxable to a foreign shareholder to the extent that the distribution does not exceed the adjusted basis of the shareholder's common shares. Instead, the distribution will reduce the adjusted basis of the common shares. To the extent that the distribution exceeds the adjusted basis of the common shares, it will give rise to gain from the sale or exchange of the shareholder's common shares. The tax treatment of this gain is described below.

We intend to withhold at a rate of 30%, or a lower applicable treaty rate, on the entire amount of any distribution not designated as a capital gain distribution. In such event, a foreign shareholder may seek a refund of the withheld amount from the IRS if it is subsequently determined that the distribution was, in fact, in excess of our earnings and profits, and the amount withheld exceeded the foreign shareholder's United States tax liability with respect to the distribution.

Distributions to a foreign shareholder that we designate at the time of the distributions as capital gain dividends, other than those arising from the disposition of a United States real property interest, generally will not be subject to United States federal income taxation unless:

(a) the investment in the common shares is effectively connected with the foreign shareholder's United States trade or business, in which case the foreign shareholder will be subject to the same treatment as domestic shareholders, except that a shareholder that is a foreign corporation may also be subject to the branch profits tax, as discussed above; or

(b) the foreign shareholder is a nonresident alien individual who is present in the United States for 183 days or more during the taxable year and has a “tax home” in the United States, in which case the nonresident alien individual will be subject to a 30% tax on the individual's capital gains.

Under the Foreign Investment in Real Property Tax Act, which is known as FIRPTA, distributions to a foreign shareholder (other than certain qualified shareholders and qualified foreign pension funds discussed below) that are attributable to gain from sales or exchanges of United States real property interests will cause the foreign shareholder to be treated as recognizing the gain as income effectively connected with a United States trade or business. This rule applies whether or not a distribution is designated as a capital gain dividend. Accordingly, foreign shareholders generally would be taxed on these distributions at the same rates applicable to U.S. shareholders, subject to a special alternative minimum tax in the case of nonresident alien individuals. In addition, a foreign corporate shareholder might be subject to the branch profits tax discussed above, as well as U.S. federal income tax return filing requirements. We are required to withhold 35% of these distributions. The withheld amount can be credited against the foreign shareholder's United States federal income tax liability.

Although the law is not entirely clear on the matter, it appears that amounts we designate as undistributed capital gains in respect of the common shares held by U.S. shareholders would be treated with respect to foreign shareholders in the same manner as actual distributions of capital gain dividends. Under that approach, foreign shareholders would be able to offset as a credit against their United States federal income tax liability their proportionate share of the tax paid by us on these undistributed capital gains. In addition, if timely requested, foreign shareholders might be able to receive from the IRS a refund to the extent their proportionate share of the tax paid by us were to exceed their actual United States federal income tax liability.

Foreign Shareholders' Sales of Common Shares. Gain recognized by a foreign shareholder upon the sale or exchange of common shares generally will not be subject to United States taxation unless the shares constitute a “United States real property interest” within the meaning of FIRPTA. The common shares will not constitute a United States real property interest so long as we are a domestically controlled REIT. A domestically controlled REIT is a REIT in which at all times during a specified testing period less than 50% in value of its stock is held directly or indirectly by foreign shareholders. We believe that we are a domestically controlled REIT. Therefore, we believe that the sale of common shares will not be subject to taxation under FIRPTA. However, because common shares and preferred shares are publicly traded, we cannot guarantee that we will continue to be a domestically controlled REIT. In any event, gain from the sale or exchange of common shares not otherwise subject to FIRPTA will be subject to U.S. tax, if either:

(a) the investment in the common shares is effectively connected with the foreign shareholder's United States trade or business, in which case the foreign shareholder will be subject to the same treatment as domestic shareholders with respect to the gain; or

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(b) the foreign shareholder is a nonresident alien individual who is present in the United States for 183 days or more during the taxable year and has a tax home in the United States, in which case the nonresident alien individual will be subject to a 30% tax on the individual's capital gains.

Even if we do not qualify as or cease to be a domestically controlled REIT, gain arising from the sale or exchange by a foreign shareholder of common shares still would not be subject to United States taxation under FIRPTA as a sale of a United States real property interest if:

(a) the class or series of shares being sold is “regularly traded,” as defined by applicable IRS regulations, on an established securities market such as the New York Stock Exchange; and

(b) the selling foreign shareholder owned 10% or less of the value of the outstanding class or series of shares being sold throughout the five-year period ending on the date of the sale or exchange.

If gain on the sale or exchange of common shares were subject to taxation under FIRPTA, the foreign shareholder would be subject to regular United States income tax with respect to the gain in the same manner as a taxable U.S. shareholder, subject to any applicable alternative minimum tax, a special alternative minimum tax in the case of nonresident alien individuals and the possible application of the branch profits tax in the case of foreign corporations. The purchaser of the common shares would be required to withhold and remit to the IRS 15% of the purchase price.

Exception to FIRPTA for Qualified Shareholders. For dispositions and distributions after December 18, 2015, stock of a REIT held (directly or through partnerships) by a “qualified shareholder” will not be treated as United States real property interest, and capital gain dividends from such a REIT will not be treated as gain from the sale of a United States real property interest. This exception does not apply to persons that hold an interest, taking into account applicable constructive ownership rules, more than 10% of the stock of the REIT (unless that interest is solely as a creditor (an “applicable investor”)). If the qualified shareholder has such an “applicable investor,” the portion of REIT stock indirectly owned through the qualified shareholder by the applicable investor will be treated as gains from the sale of United States real property interests. For these purposes, a “qualified shareholder” is a foreign person which is in a treaty jurisdiction and satisfies certain publicly traded requirements, is a “qualified collective investment vehicle” and maintains records on the identity of certain 5% owners. A “qualified collective investment vehicle” is a foreign person that is eligible for a reduced withholding rate with respect to ordinary REIT dividends even if such person holds more than 10% of the REIT’s stock, a publicly traded partnership that is a withholding foreign partnership that would be a United States real property holding corporation if it were a United States corporation, or is designated as a qualified collective investment vehicle by the Secretary of the Treasury and is either fiscally transparent within the meaning of the Code or required to include dividends in its gross income but entitled to a deduction for distribution to its investors. Finally, capital gain dividends and nondividend redemption and liquidating distributions to a qualified shareholder that are not allocable to an applicable investor will be treated as ordinary dividends.

Exception to FIRPTA Withholding for Qualified Foreign Pension Funds. For distributions or disposition of REIT stock after December 18, 2015, “qualified foreign pension funds” and entities that are wholly owned by a qualified foreign pension fund are exempted from FIRPTA withholding. For these purposes, a “qualified foreign pension fund” is any trust, corporation, or other organization or arrangement if (i) it was created or organized under foreign law, (ii) it was established to provide retirement or pension benefits to participants or beneficiaries that are current or former employees (or persons designated by such employees) of one or more employers in consideration for services rendered, (iii) it does not have a single participant or beneficiary with a right to more than 5% of its assets or income, (iv) it is subject to government regulation and provides annual information reporting about its beneficiaries to the relevant tax authorities in the country in which it is established or operates, and (v) under the laws of the country in which it is established or operates, either contributions to such fund which would otherwise be subject to tax under such laws are deductible or excluded from the gross income of such fund or taxed at a reduced rate, or taxation of any investment income of such fund is deferred or such income is taxed at a reduced rate.

Information reporting requirement and backup withholding

We will report to our domestic shareholders and the Internal Revenue Service the amount of distributions paid during each calendar year and the amount of tax withheld, if any. Under certain circumstances, domestic shareholders may be subject to backup withholding. Backup withholding will apply only if such domestic shareholder fails to furnish certain information to us or the Internal Revenue Service. Backup withholding will not apply with respect to payments made to certain exempt recipients, such as corporations and tax-exempt organizations. Domestic shareholders should consult their own tax advisors regarding their qualification for exemption from backup withholding and the procedure for obtaining such an exemption. Backup withholding is not an additional tax. Rather, the amount of any backup withholding with respect to a payment to a domestic shareholder will be allowed as a credit against such person's United States federal income tax liability and may entitle such person to a refund,

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provided that the required information is timely furnished to the Internal Revenue Service.

Withholding on foreign financial institutions and non-U.S. shareholders

The Foreign Account Tax Compliance Act (“FATCA”) imposes a U.S. withholding tax at a 30% rate on dividends and on proceeds from the sale of our shares paid beginning January 1, 2019 to “foreign financial institutions” (as defined under FATCA) and certain other foreign entities if certain due diligence and disclosure requirements related to U.S. accounts with, or ownership of, such entities are not satisfied or an exemption does not apply. If FATCA withholding is imposed, non-U.S. beneficial owners that are otherwise eligible for an exemption from, or a reduction of, U.S. withholding tax with respect to such distributions and sale proceeds would be required to seek a refund from the Internal Revenue Service to obtain the benefit of such exemption or reduction. Any payment made by us that is subject to withholding under FATCA or otherwise will be net of the amount required to be withheld.

Item 1B. Unresolved Staff Comments

None.

Item 2. Properties

As of December 31, 2016, the Company, directly or indirectly through investments in title holding entities, owned all or a portion of 302 properties located in 10 states and the District of Columbia consisting of 77,458 apartment units. See Note 4 in the Notes to Consolidated Financial Statements for discussion of the Starwood Transaction and the significant dispositions which occurred during 2016. See also Item 1, Business, for additional information regarding the Comapany's properties and the markets/metro areas upon which we are focused.The Company’s properties are summarized by building type in the following table:

Type	Properties	Apartment Units	Average Apartment Units
Garden	110	27,769	252
Mid/High-Rise	192	49,689	259
	302	77,458	256

The Company’s properties are summarized by ownership type in the following table:

	Properties	Apartment Units
Wholly Owned Properties	280	72,445
Master-Leased Properties – Consolidated	3	853
Partially Owned Properties – Consolidated	17	3,215
Partially Owned Properties – Unconsolidated	2	945
	302	77,458

The following table sets forth certain information by market relating to the Company's properties at December 31, 2016:

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Portfolio Summary
Markets/Metro Areas	Properties	Apartment Units	% of Stabilized NOI (A)		Average Rental Rate (B)
Los Angeles	70	15,857	18.3	%	$	2,382
Orange County	12	3,684	3.9	%	2,028
San Diego	13	3,505	3.9	%	2,198
Subtotal – Southern California	95	23,046	26.1	%	2,295
San Francisco	54	12,959	19.7	%	3,064
New York	40	10,632	17.9	%	3,751
Washington D.C.	47	15,637	17.6	%	2,341
Boston	26	7,007	10.7	%	2,819
Seattle	37	7,096	8.0	%	2,161
Other Markets	1	136	—	%	1,146
Total	300	76,513	100.0	%	2,674
Unconsolidated Properties	2	945	—		—
Grand Total	302	77,458	100.0	%	$	2,674

Note: Projects under development are not included in the Portfolio Summary until construction has been completed.

(A) % of Stabilized NOI - Represents budgeted 2017 NOI for stabilized properties and projected annual NOI at stabilization (defined as having achieved 90% occupancy for three consecutive months) for properties that are in lease-up.

(B) Average Rental Rate - Total residential rental revenues divided by the weighted average occupied apartment units for the reporting period presented.

The Company’s properties had an average occupancy of approximately 94.6% (95.7% on a same store basis) at December 31, 2016. Certain of the Company’s properties are encumbered by mortgages and additional detail can be found on Schedule III – Real Estate and Accumulated Depreciation. Resident leases are generally for twelve months in length and can require security deposits. The garden-style properties are generally defined as properties with two and/or three story buildings while the mid-rise/high-rise are defined as properties with greater than three story buildings. These two property types typically provide residents with amenities, such as rooftop decks and swimming pools, exercise rooms and community rooms. Certain of these properties offer additional amenities such as saunas, whirlpools, spas, sports courts and exercise rooms or other amenities. In addition, many of our urban properties have parking garage and/or retail components.

The consolidated properties currently in various stages of development and lease-up at December 31, 2016 are included in the following table:

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Development and Lease-Up Projects as of December 31, 2016
(Amounts in thousands except for project and apartment unit amounts)
Projects		Location	No. of Apartment Units	Total Capital Cost (1)		Total Book Value to Date		Total Book Value Not Placed in Service		Total Debt		Percentage Completed		Percentage Leased		Percentage Occupied		Estimated Completion Date	Estimated Stabilization Date
Projects Under Development:
The Alton (formerly Millikan)		Irvine, CA	344	$	102,331	$	101,907	$	39,993	$	—	96	%	23	%	17	%	Q1 2017	Q1 2018
455 Eye Street		Washington, DC	174	73,157		58,558		58,558		—		72	%	—		—		Q3 2017	Q2 2018
855 Brannan (formerly 801 Brannan)		San Francisco, CA	449	304,035		208,268		208,268		—		66	%	—		—		Q3 2017	Q1 2019
Helios (formerly 2nd & Pine)		Seattle, WA	398	215,787		180,505		180,505		—		81	%	—		—		Q3 2017	Q2 2019
Cascade		Seattle, WA	477	176,378		123,462		123,462		—		68	%	—		—		Q3 2017	Q2 2019
100 K Street		Washington, DC	222	88,023		26,382		26,382		—		9	%	—		—		Q4 2018	Q4 2019
Projects Under Development			2,064	959,711		699,082		637,168		—
Completed Not Stabilized (2):
Potrero 1010		San Francisco, CA	453	224,474		219,668		—		—				97	%	96	%	Completed	Q1 2017
340 Fremont (formerly Rincon Hill)		San Francisco, CA	348	292,054		286,996		—		—				80	%	73	%	Completed	Q2 2017
One Henry Adams		San Francisco, CA	241	172,337		162,647		—		—				26	%	22	%	Completed	Q4 2017
Altitude (formerly Village at Howard Hughes)		Los Angeles, CA	545	193,231		191,702		—		—				54	%	52	%	Completed	Q1 2018
Projects Completed Not Stabilized			1,587	882,096		861,013		—		—
Completed and Stabilized During the Quarter:
Vista 99 (formerly Tasman)		San Jose, CA	554	204,223		202,884		—		—				94	%	93	%	Completed	Stabilized
Projects Completed and Stabilized During the Quarter			554	204,223		202,884		—		—
Total Development Projects			4,205	$	2,046,030	$	1,762,979	$	637,168	$	—
Land Held for Development			N/A	N/A		$	118,816	$	118,816	$	—
Note: All development projects listed are wholly owned by the Company.
(1)	Total Capital Cost - Estimated cost for projects under development and/or developed and all capitalized costs incurred to date plus any estimates of costs remaining to be funded for all projects, including land acquisition costs, construction costs, capitalized real estate taxes and insurance, capitalized interest and loan fees, permits, professional fees, allocated development overhead and other regulatory fees, all in accordance with GAAP.
(2)	Properties included here are substantially complete. However, they may still require additional exterior and interior work for all apartment units to be available for leasing.

Item 3. Legal Proceedings

The Company was party to a housing discrimination lawsuit brought by a non-profit civil rights organization in April 2006 in the U.S. District Court for the District of Maryland.  The suit alleged that the Company designed and built many of its properties in violation of the accessibility requirements of the Fair Housing Act (“FHA”) and Americans With Disabilities Act (“ADA”).  The suit sought actual and punitive damages, injunctive relief (including modification of non-compliant properties), costs and attorneys’ fees.  On March 31, 2016, the Court found that certain features at seven of the Company’s properties did not satisfy the accessibility requirements of the FHA. During the fourth quarter of 2016, the Company settled the lawsuit for $3.1 million, net of insurance recoveries already received. The Company also agreed to undertake the remediation of certain inaccessible features at a limited number of properties.

The Company does not believe there is any other litigation pending or threatened against it that, individually or in the aggregate, may reasonably be expected to have a material adverse effect on the Company.

Item 4. Mine Safety Disclosures

Not applicable.

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PART II

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Common Share Market Prices and Dividends (Equity Residential)

The following table sets forth, for the years indicated, the high, low and closing sales prices for and the distributions declared on the Company’s Common Shares, which trade on the New York Stock Exchange under the trading symbol EQR.

	Sales Price
	High		Low		Closing		Distributions
2016
Fourth Quarter Ended December 31, 2016	$	65.14	$	58.28	$	64.36	$	0.50375
Third Quarter Ended September 30, 2016	$	71.53	$	62.39	$	64.33	$	3.50375
Second Quarter Ended June 30, 2016	$	75.49	$	63.11	$	68.88	$	0.50375
First Quarter Ended March 31, 2016	$	81.76	$	66.62	$	75.03	$	8.50375
2015
Fourth Quarter Ended December 31, 2015	$	82.39	$	74.38	$	81.59	$	0.55250
Third Quarter Ended September 30, 2015	$	81.98	$	61.90	$	75.12	$	0.55250
Second Quarter Ended June 30, 2015	$	79.23	$	69.94	$	70.17	$	0.55250
First Quarter Ended March 31, 2015	$	82.53	$	72.06	$	77.86	$	0.55250

Note: In addition to the regular quarterly dividends, the Company paid special dividends of $8.00 per share/unit (approximately $3.0 billion) on March 10, 2016 and $3.00 per share/unit (approximately $1.1 billion) on October 14, 2016.

The number of record holders of Common Shares at February 17, 2017 was approximately 2,400. The number of outstanding Common Shares as of February 17, 2017 was 367,097,667.

Unit Dividends (ERP Operating Limited Partnership)

There is no established public market for the Units (OP Units and restricted units).

The following table sets forth, for the years indicated, the distributions declared on the Operating Partnership's Units.

	Distributions
	2016		2015
Fourth Quarter Ended December 31,	$	0.50375	$	0.55250
Third Quarter Ended September 30,	$	3.50375	$	0.55250
Second Quarter Ended June 30,	$	0.50375	$	0.55250
First Quarter Ended March 31,	$	8.50375	$	0.55250

Note: In addition to the regular quarterly dividends, the Company paid special dividends of $8.00 per share/unit (approximately $3.0 billion) on March 10, 2016 and $3.00 per share/unit (approximately $1.1 billion) on October 14, 2016.

The number of record holders of Units in the Operating Partnership at February 17, 2017 was approximately 500. The number of outstanding Units as of February 17, 2017 was 380,926,413.

Unregistered Common Shares Issued in the Quarter Ended December 31, 2016 (Equity Residential)

During the quarter ended December 31, 2016, EQR issued 1,670 Common Shares in exchange for 1,670 OP Units held by various limited partners of ERPOP. OP Units are generally exchangeable into Common Shares on a one-for-one basis or, at the option of ERPOP, the cash equivalent thereof, at any time one year after the date of issuance. These shares were either registered under the Securities Act of 1933, as amended (the “Securities Act”), or issued in reliance on an exemption from registration under Section 4(2) of the Securities Act and the rules and regulations promulgated thereunder, as these were transactions by an issuer not involving a public offering. In light of the manner of the sale and information obtained by EQR from the limited partners in

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connection with these transactions, EQR believes it may rely on these exemptions.

Equity Compensation Plan Information

The following table provides information as of December 31, 2016 with respect to the Company's Common Shares that may be issued under its existing equity compensation plans.

	Number of securities to be issued upon exercise of outstanding options, warrants and rights	Weighted average exercise price of outstanding options, warrants and rights	Number of securities remaining available for future issuance under equity compensation plans (excluding securities in column (a))
Plan Category
	(a) (1)	(b) (1)	(c) (2)
Equity compensation plans approved by shareholders	6,023,101	$42.05	11,501,716
Equity compensation plans not approved by shareholders	N/A	N/A	N/A

(1) The amounts shown in columns (a) and (b) of the above table do not include 452,034 outstanding Common Shares (all of which are restricted and subject to vesting requirements) that were granted under the Company's 2011 Share Incentive Plan, as amended (the "2011 Plan") and outstanding Common Shares that have been purchased by employees and trustees under the Company's ESPP.

(2) Includes 8,595,553 Common Shares that may be issued under the 2011 Plan, of which only 33% may be in the form of restricted shares/units, and 2,906,163 Common Shares that may be sold to employees and trustees under the ESPP.

Any Common Shares issued pursuant to EQR's incentive equity compensation and employee share purchase plans will result in ERPOP issuing OP Units to EQR on a one-for-one basis, with ERPOP receiving the net cash proceeds of such issuances.

Item 6. Selected Financial Data

The following tables set forth selected financial and operating information on a historical basis for the Company and the Operating Partnership. The following information should be read in conjunction with all of the financial statements and notes thereto included elsewhere in this Form 10-K. The historical operating and balance sheet data have been derived from the historical financial statements of the Company and the Operating Partnership. Selected balance sheet amounts have also been restated in accordance with the new deferred financing cost guidance effective January 1, 2016 (see Note 2 in the Notes to Consolidated Financial Statements for further discussion). Certain capitalized terms as used herein are defined in the Notes to Consolidated Financial Statements.

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EQUITY RESIDENTIAL
CONSOLIDATED HISTORICAL FINANCIAL INFORMATION
(Financial information in thousands except for per share and property data)
	Year Ended December 31,
	2016			2015			2014			2013			2012
OPERATING DATA:
Total revenues from continuing operations	$	2,425,800		$	2,744,965		$	2,614,748		$	2,387,702		$	1,747,502
Interest and other income	$	65,773		$	7,372		$	4,462		$	5,283		$	151,060
Net gain on sales of real estate properties	$	4,044,055		$	335,134		$	212,685		$	—		$	—
Income (loss) from continuing operations	$	4,479,586		$	907,621		$	657,101		$	(168,174	)	$	160,298
Discontinued operations, net	$	518		$	397		$	1,582		$	2,073,527		$	720,906
Net income	$	4,480,104		$	908,018		$	658,683		$	1,905,353		$	881,204
Net income available to Common Shares	$	4,289,072		$	863,277		$	627,163		$	1,826,468		$	826,212
Earnings per share – basic:
Income (loss) from continuing operations     available to Common Shares	$	11.75		$	2.37		$	1.73		$	(0.47	)	$	0.45
Net income available to Common Shares	$	11.75		$	2.37		$	1.74		$	5.16		$	2.73
Weighted average Common Shares outstanding	365,002			363,498			361,181			354,305			302,701
Earnings per share – diluted:
Income (loss) from continuing operations     available to Common Shares	$	11.68		$	2.36		$	1.72		$	(0.47	)	$	0.45
Net income available to Common Shares	$	11.68		$	2.36		$	1.73		$	5.16		$	2.70
Weighted average Common Shares outstanding	381,992			380,620			377,735			354,305			319,766
Distributions declared per Common Share     outstanding	$	13.015		$	2.21		$	2.00		$	1.85		$	1.78
BALANCE SHEET DATA (at end of period):
Real estate, before accumulated depreciation	$	25,386,425		$	25,182,352		$	27,675,383		$	26,800,948		$	21,008,429
Real estate, after accumulated depreciation	$	20,026,036		$	20,276,946		$	22,242,578		$	21,993,239		$	16,096,208
Real estate held for sale	$	—		$	2,181,135		$	—		$	—		$	—
Total assets	$	20,704,148		$	23,110,196		$	22,902,160		$	22,789,040		$	17,161,709
Total debt	$	8,987,258		$	10,921,366		$	10,796,407		$	10,720,749		$	8,489,953
Redeemable Noncontrolling Interests –    Operating Partnership	$	442,092		$	566,783		$	500,733		$	363,144		$	398,372
Total shareholders’ equity	$	10,229,078		$	10,470,368		$	10,368,456		$	10,507,201		$	7,289,813
Total Noncontrolling Interests	$	231,906		$	225,987		$	339,320		$	337,995		$	237,294
OTHER DATA:
Total properties (at end of period)	302			394			391			390			403
Total apartment units (at end of period)	77,458			109,652			109,225			109,855			115,370
Funds from operations available to Common    Shares and Units – basic (1) (3) (4)	$	1,123,530		$	1,323,786		$	1,190,915		$	872,421		$	993,217
Normalized funds from operations available to    Common Shares and Units – basic (2) (3) (4)	$	1,179,650		$	1,317,802		$	1,196,446		$	1,057,073		$	883,269
Cash flow provided by (used for):
Operating activities	$	1,111,489		$	1,356,499		$	1,324,073		$	868,916		$	1,046,155
Investing activities	$	5,871,973		$	(678,471	)	$	(644,666	)	$	(6,977	)	$	(261,155	)
Financing activities	$	(6,948,531	)	$	(675,832	)	$	(692,861	)	$	(1,420,995	)	$	(556,331	)

36

ERP OPERATING LIMITED PARTNERSHIP
CONSOLIDATED HISTORICAL FINANCIAL INFORMATION
(Financial information in thousands except for per Unit and property data)
	Year Ended December 31,
	2016			2015			2014			2013			2012
OPERATING DATA:
Total revenues from continuing operations	$	2,425,800		$	2,744,965		$	2,614,748		$	2,387,702		$	1,747,502
Interest and other income	$	65,773		$	7,372		$	4,462		$	5,283		$	151,060
Net gain on sales of real estate properties	$	4,044,055		$	335,134		$	212,685		$	—		$	—
Income (loss) from continuing operations	$	4,479,586		$	907,621		$	657,101		$	(168,174	)	$	160,298
Discontinued operations, net	$	518		$	397		$	1,582		$	2,073,527		$	720,906
Net income	$	4,480,104		$	908,018		$	658,683		$	1,905,353		$	881,204
Net income available to Units	$	4,460,583		$	897,518		$	651,994		$	1,901,746		$	864,853
Earnings per Unit – basic:
Income (loss) from continuing operations    available to Units	$	11.75		$	2.37		$	1.73		$	(0.47	)	$	0.45
Net income available to Units	$	11.75		$	2.37		$	1.74		$	5.16		$	2.73
Weighted average Units outstanding	378,829			377,074			374,899			368,038			316,554
Earnings per Unit – diluted:
Income (loss) from continuing operations    available to Units	$	11.68		$	2.36		$	1.72		$	(0.47	)	$	0.45
Net income available to Units	$	11.68		$	2.36		$	1.73		$	5.16		$	2.70
Weighted average Units outstanding	381,992			380,620			377,735			368,038			319,766
Distributions declared per Unit outstanding	$	13.015		$	2.21		$	2.00		$	1.85		$	1.78
BALANCE SHEET DATA (at end of period):
Real estate, before accumulated depreciation	$	25,386,425		$	25,182,352		$	27,675,383		$	26,800,948		$	21,008,429
Real estate, after accumulated depreciation	$	20,026,036		$	20,276,946		$	22,242,578		$	21,993,239		$	16,096,208
Real estate held for sale	$	—		$	2,181,135		$	—		$	—		$	—
Total assets	$	20,704,148		$	23,110,196		$	22,902,160		$	22,789,040		$	17,161,709
Total debt	$	8,987,258		$	10,921,366		$	10,796,407		$	10,720,749		$	8,489,953
Redeemable Limited Partners	$	442,092		$	566,783		$	500,733		$	363,144		$	398,372
Total partners' capital	$	10,450,375		$	10,691,747		$	10,582,867		$	10,718,613		$	7,449,419
Noncontrolling Interests – Partially Owned    Properties	$	10,609		$	4,608		$	124,909		$	126,583		$	77,688
OTHER DATA:
Total properties (at end of period)	302			394			391			390			403
Total apartment units (at end of period)	77,458			109,652			109,225			109,855			115,370
Funds from operations available to Units –    basic (1) (3) (4)	$	1,123,530		$	1,323,786		$	1,190,915		$	872,421		$	993,217
Normalized funds from operations available to    Units – basic (2) (3) (4)	$	1,179,650		$	1,317,802		$	1,196,446		$	1,057,073		$	883,269
Cash flow provided by (used for):
Operating activities	$	1,111,489		$	1,356,499		$	1,324,073		$	868,916		$	1,046,155
Investing activities	$	5,871,973		$	(678,471	)	$	(644,666	)	$	(6,977	)	$	(261,155	)
Financing activities	$	(6,948,531	)	$	(675,832	)	$	(692,861	)	$	(1,420,995	)	$	(556,331	)

(1) The National Association of Real Estate Investment Trusts (“NAREIT”) defines funds from operations (“FFO”) (April 2002 White Paper) as net income (computed in accordance with accounting principles generally accepted in the United States (“GAAP”)), excluding gains (or losses) from sales and impairment write-downs of depreciable operating properties, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures will be calculated to reflect funds from operations on the same basis. The April 2002 White Paper states that gain or loss on sales of property is excluded from FFO for previously depreciated operating properties only.

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(2) Normalized funds from operations (“Normalized FFO”) begins with FFO and excludes:

• the impact of any expenses relating to non-operating asset impairment and valuation allowances;

• property acquisition and other transaction costs related to mergers and acquisitions and pursuit cost write-offs;

• gains and losses from early debt extinguishment, including prepayment penalties, preferred share/preference unit redemptions and the cost related to the implied option value of non-cash convertible debt discounts;

• gains and losses on the sales of non-operating assets, including gains and losses from land parcel sales, net of the effect of income tax benefits or expenses; and

• other miscellaneous items.

(3) The Company believes that FFO and FFO available to Common Shares and Units / Units are helpful to investors as supplemental measures of the operating performance of a real estate company, because they are recognized measures of performance by the real estate industry and by excluding gains or losses related to dispositions of depreciable property and excluding real estate depreciation (which can vary among owners of identical assets in similar condition based on historical cost accounting and useful life estimates), FFO and FFO available to Common Shares and Units / Units can help compare the operating performance of a company’s real estate between periods or as compared to different companies. The Company also believes that Normalized FFO and Normalized FFO available to Common Shares and Units / Units are helpful to investors as supplemental measures of the operating performance of a real estate company because they allow investors to compare the Company’s operating performance to its performance in prior reporting periods and to the operating performance of other real estate companies without the effect of items that by their nature are not comparable from period to period and tend to obscure the Company’s actual operating results. FFO, FFO available to Common Shares and Units / Units, Normalized FFO and Normalized FFO available to Common Shares and Units / Units do not represent net income, net income available to Common Shares / Units or net cash flows from operating activities in accordance with GAAP. Therefore, FFO, FFO available to Common Shares and Units / Units, Normalized FFO and Normalized FFO available to Common Shares and Units / Units should not be exclusively considered as alternatives to net income, net income available to Common Shares / Units or net cash flows from operating activities as determined by GAAP or as a measure of liquidity. The Company’s calculation of FFO, FFO available to Common Shares and Units / Units, Normalized FFO and Normalized FFO available to Common Shares and Units / Units may differ from other real estate companies due to, among other items, variations in cost capitalization policies for capital expenditures and, accordingly, may not be comparable to such other real estate companies.

(4) FFO available to Common Shares and Units / Units and Normalized FFO available to Common Shares and Units / Units are calculated on a basis consistent with net income available to Common Shares / Units and reflects adjustments to net income for preferred distributions and premiums on redemption of preferred shares/preference units in accordance with GAAP. The equity positions of various individuals and entities that contributed their properties to the Operating Partnership in exchange for OP Units are collectively referred to as the “Noncontrolling Interests – Operating Partnership”. Subject to certain restrictions, the Noncontrolling Interests – Operating Partnership may exchange their OP Units for Common Shares on a one-for-one basis.

Note: See Item 7 for a reconciliation of net income to FFO, FFO available to Common Shares and Units / Units, Normalized FFO and Normalized FFO available to Common Shares and Units / Units.

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of the results of operations and financial condition of the Company and the Operating Partnership should be read in connection with the Consolidated Financial Statements and Notes thereto. Due to the Company's ability to control the Operating Partnership and its subsidiaries, the Operating Partnership and each such subsidiary entity has been consolidated with the Company for financial reporting purposes, except for two unconsolidated operating properties. Capitalized terms used herein and not defined are as defined elsewhere in this Annual Report on Form 10-K for the year ended December 31, 2016.

Forward-Looking Statements

Forward-looking statements in this Item 7 as well as elsewhere in this Annual Report on Form 10-K are intended to be made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations, estimates, projections and assumptions made by management. While the Company's management believes the assumptions underlying its forward-looking statements are reasonable, such information is inherently subject to uncertainties and may involve certain risks, which could cause actual results, performance or achievements of the Company to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements. Many of these uncertainties and risks are difficult to predict and beyond management's control. Forward-looking statements are not guarantees of future performance, results or events. The forward-looking statements contained herein are made as of the date hereof and the Company undertakes no obligation to update or supplement these forward-looking statements. Factors that might cause such differences include, but are not limited to the following:

• We intend to actively acquire, develop and rehab multifamily properties for rental operations as market conditions dictate. We may also acquire multifamily properties that are unoccupied or in the early stages of lease up. We may

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be unable to lease up these apartment properties on schedule, resulting in decreases in expected rental revenues and/or lower yields due to lower occupancy and rental rates as well as higher than expected concessions or higher than expected operating expenses. We may not be able to achieve rents that are consistent with expectations for acquired, developed or rehabbed properties. We may underestimate the costs necessary to bring an acquired property up to standards established for its intended market position, to complete a development property or to complete a rehab. Additionally, we expect that other real estate investors with capital will compete with us for attractive investment opportunities or may also develop properties in markets where we focus our development and acquisition efforts. This competition (or lack thereof) may increase (or depress) prices for multifamily properties. We may not be in a position or have the opportunity in the future to make suitable property acquisitions on favorable terms. We have acquired in the past and intend to continue to pursue the acquisition of properties, including large portfolios of properties, that could increase our size and result in alterations to our capital structure. The total number of apartment units under development, costs of development and estimated completion dates are subject to uncertainties arising from changing economic conditions (such as the cost of labor and construction materials), competition and local government regulation;

• Debt financing and other capital required by the Company may not be available or may only be available on adverse terms;

• Labor and materials required for maintenance, repair, capital expenditure or development may be more expensive than anticipated;

• Occupancy levels and market rents may be adversely affected by national and local political, economic and market conditions including, without limitation, new construction and excess inventory of multifamily and owned housing/condominiums, increasing portions of owned housing/condominium stock being converted to rental use, rental housing subsidized by the government, other government programs that favor single family rental housing or owner occupied housing over multifamily rental housing, governmental regulations, slow or negative employment growth and household formation, the availability of low-interest mortgages or the availability of mortgages requiring little or no down payment for single family home buyers, changes in social preferences and the potential for geopolitical instability, all of which are beyond the Company's control; and

• Additional factors as discussed in Part I of this Annual Report on Form 10-K, particularly those under “Item 1A. Risk Factors”.

Forward-looking statements and related uncertainties are also included in the Notes to Consolidated Financial Statements in this report.

Overview

Equity Residential (“EQR”), a Maryland real estate investment trust (“REIT”) formed in March 1993, is an S&P 500 company focused on the acquisition, development and management of rental apartment properties in urban and high-density suburban coastal gateway markets where today's affluent renters want to live, work and play. ERP Operating Limited Partnership (“ERPOP”), an Illinois limited partnership, was formed in May 1993 to conduct the multifamily residential property business of Equity Residential. EQR has elected to be taxed as a REIT. References to the “Company,” “we,” “us” or “our” mean collectively EQR, ERPOP and those entities/subsidiaries owned or controlled by EQR and/or ERPOP. References to the “Operating Partnership” mean collectively ERPOP and those entities/subsidiaries owned or controlled by ERPOP.

EQR is the general partner of, and as of December 31, 2016 owned an approximate 96.2% ownership interest in, ERPOP. All of the Company’s property ownership, development and related business operations are conducted through the Operating Partnership and EQR has no material assets or liabilities other than its investment in ERPOP. EQR issues equity from time to time, the net proceeds of which it is obligated to contribute to ERPOP, but does not have any indebtedness as all debt is incurred by the Operating Partnership. The Operating Partnership holds substantially all of the assets of the Company, including the Company’s ownership interests in its joint ventures. The Operating Partnership conducts the operations of the business and is structured as a partnership with no publicly traded equity.

The Company’s corporate headquarters is located in Chicago, Illinois and the Company also operates property management offices in each of its six core coastal markets. As of December 31, 2016, the Company had approximately 2,700 employees who provided real estate operations, leasing, legal, financial, accounting, acquisition, disposition, development and other support functions.

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Business Objectives and Operating and Investing Strategies

The Company invests in apartment communities located in strategically targeted markets with the goal of maximizing our risk adjusted total return (operating income plus capital appreciation) on invested capital.

We seek to maximize the income and capital appreciation of our properties by investing in markets that are characterized by conditions favorable to multifamily property operations and appreciation. We are focused on the six coastal markets of Boston, New York, Washington D.C., Southern California (including Los Angeles, Orange County and San Diego), San Francisco and Seattle. These markets generally feature one or more of the following characteristics that allow us to increase rents:

• High home ownership costs;

• Strong economic growth leading to job growth and household formation, which in turn leads to high demand for our apartments;

• Urban core and high-density suburban locations with an attractive quality of life leading to high resident demand and retention;

• Favorable demographics contributing to a larger pool of target residents with a high propensity to rent apartments; and

• Higher barriers to entry where, because of land scarcity or government regulation, it is typically more difficult or costly to build new apartment properties, creating limits on new supply.

We believe our strategy also capitalizes on the increasing preference of renters of all ages to live in the urban core of cities or dense suburban locations near transit, entertainment and cultural amenities. Millennials, the 83 million people between ages 18 and 34, are a prime apartment rental demographic. Reports also show a growing trend among aging Baby Boomers, a demographic of more than 76 million people between the ages of 53 and 71, toward apartment rentals. We believe that both groups appreciate the locational values described above as well as the flexibility that rental apartments offer.

Our operating focus is on balancing occupancy and rental rates to maximize our revenue while exercising tight cost control to generate the highest possible return to our shareholders. Revenue is maximized by attracting qualified prospects to our properties, cost-effectively converting these prospects into new residents and keeping our residents satisfied so they will renew their leases upon expiration. While we believe that it is our high-quality, well-located assets that bring our customers to us, it is the customer service and superior value provided by our on-site personnel that keeps them renting with us and recommending us to their friends.

We use technology to engage our customers in the way that they want to be engaged. Many of our residents utilize our web-based resident portal which allows them to sign and renew their leases, review their accounts and make payments, provide feedback and make service requests on-line.

Acquisitions and developments may be financed from various sources of capital, which may include retained cash flow, issuance of additional equity and debt, sales of properties and joint venture agreements. In addition, the Company may acquire properties in transactions that include the issuance of partnership interests in the Operating Partnership (“OP Units”) as consideration for the acquired properties. Such transactions may, in certain circumstances, enable the sellers to defer, in whole or in part, the recognition of taxable income or gain that might otherwise result from the sales. As part of its strategy, the Company purchases completed and fully occupied apartment properties, partially completed or partially occupied properties and may acquire land parcels to hold and/or sell based on market opportunities as well as options to buy more land in the future. The Company may also seek to acquire properties by purchasing defaulted or distressed debt that encumbers desirable properties in the hope of obtaining title to property through foreclosure or deed-in-lieu of foreclosure proceedings.

Over the past several years, the Company has done an extensive repositioning of its portfolio into urban and highly walkable, close-in suburban assets. Since 2005, the Company has sold nearly 198,000 apartment units primarily located in the less dense portion of suburban markets for an aggregate sales price of approximately $23.5 billion, acquired nearly 69,000 apartment units primarily located in urban and high-density suburban markets for approximately $20.0 billion and began approximately $5.7 billion of development projects primarily located in urban and high-density suburban markets. We are currently seeking to acquire and develop assets in the following six core coastal metropolitan areas: Boston, New York, Washington D.C., Southern California, San Francisco and Seattle. The sale of the Starwood Portfolio combined with the other 2016 dispositions has resulted in the Company's exit from the South Florida, Denver and New England (excluding Boston) markets and has substantially completed the Company's portfolio transformation which started approximately ten years ago. See further discussion below regarding the Company's 2016 disposition activity.

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We endeavor to attract and retain the best employees by providing them with the education, resources and opportunities to succeed. We have a commitment to diversity in all of its forms and strive to promote and maintain a work environment where all employees are treated with dignity and respect, offered opportunities for professional development and valued for their unique contributions to the Company's success. We provide many classroom and on-line training courses to assist our employees in interacting with prospects and residents as well as extensively train our customer service specialists in maintaining our properties and improvements, equipment and appliances. We actively promote from within and many senior corporate and property leaders have risen from entry level or junior positions. We monitor our employees' engagement by surveying them annually and have consistently received high engagement scores.

We have a commitment to sustainability and consider the environmental impacts of our business activities. Sustainability and social responsibility are key drivers of our focus on creating the best apartment communities for residents to live, work and play. We have a dedicated in-house team that initiates and applies sustainable practices in all aspects of our business, including investment activities, development, property operations and property management activities. With its high density, multifamily housing is, by its nature, an environmentally friendly property type. Our recent acquisition and development activities have been primarily concentrated in pedestrian-friendly urban and close-in suburban locations near public transportation. When developing and renovating our properties, we strive to reduce energy and water usage by investing in energy saving technology while positively impacting the experience of our residents and the value of our assets. We continue to implement a combination of irrigation, lighting, HVAC and renewable energy improvements at our properties that will reduce energy and water consumption. The Company was named the 2016 Global Residential Listed Sector Leader in Sustainability by GRESB, a globally recognized analysis of the sustainability indicators of more than 750 real estate portfolios worldwide. The Company was also recently awarded the Residential Leader in the Light award for sustainability by NAREIT. For additional information regarding our sustainability efforts, see our December 2016 Corporate Social Responsibility and Sustainability Report at our website, www.equityapartments.com. For 2017, we continue to have an express company-wide goal regarding enhanced sustainability efforts. Employees, including our executives, will have their performance against our various social responsibility goals evaluated as part of our annual performance review process.

Current Environment

Following the approval by the Company's Board of Trustees, the Company executed an agreement with controlled affiliates of Starwood Capital Group ("Starwood") on October 23, 2015 to sell a portfolio of 72 operating properties consisting of 23,262 apartment units located in five markets across the United States for $5.365 billion (the "Starwood Transaction" or "Starwood Portfolio"). On January 26 and 27, 2016, the Company closed on the sale of the entire portfolio described above. The sale of the Starwood Portfolio, combined with the other 2016 dispositions, has resulted in the Company's exit from the South Florida, Denver and New England (excluding Boston) markets and has substantially completed the Company's portfolio transformation which started approximately ten years ago. These sales have narrowed the Company's focus, which is now entirely directed towards our six coastal markets. We believe the assets sold will have lower long-term returns (as compared to investments in our six coastal markets) and that we sold them for prices that are favorable. Given the strong demand for multifamily assets in our six coastal markets from institutional investors and the challenge in recycling $6.8 billion of capital in this competitive marketplace, the Company believed the best risk-adjusted use of the sale proceeds was to distribute a portion to our shareholders and use the remainder to repay outstanding debt (see further discussion below).

The Company used the majority of the proceeds from the Starwood Transaction and other 2016 dispositions to pay two special dividends to its shareholders and holders of OP Units of $11.00 per share/unit in the aggregate. The Company paid special dividends of $8.00 per share/unit (approximately $3.0 billion) on March 10, 2016 and $3.00 per share/unit (approximately $1.1 billion) on October 14, 2016. The Company used the majority of the remaining proceeds to reduce aggregate indebtedness in order to make the transaction leverage neutral. The Company retired approximately $2.0 billion in secured and unsecured debt, the majority of which was scheduled to mature in 2016 and 2017, improving the Company's already strong credit metrics.

As a result of the Starwood Transaction and the other 2016 completed dispositions, the Company's portfolio has changed significantly from the portfolio summary included in the Company's 2015 Annual Report on Form 10-K. The following table sets forth certain information by market relating to the Company's properties at December 31, 2016 as compared to December 31, 2015:

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	Portfolio Summary as of December 31, 2015						Portfolio Summary as of December 31, 2016
			% of		Average				% of		Average
		Apartment	Stabilized		Rental			Apartment	Stabilized		Rental
Markets/Metro Areas	Properties	Units	NOI (A)		Rate (B)		Properties	Units	NOI (A)		Rate (B)
Los Angeles	70	16,064	14.5	%	$	2,209	70	15,857	18.3	%	$	2,382
Orange County	12	3,684	3.1	%	1,918		12	3,684	3.9	%	2,028
San Diego	13	3,505	3.1	%	2,097		13	3,505	3.9	%	2,198
Subtotal – Southern California	95	23,253	20.7	%	2,144		95	23,046	26.1	%	2,295
San Francisco	52	13,212	14.9	%	2,661		54	12,959	19.7	%	3,064
New York	40	10,835	17.3	%	3,835		40	10,632	17.9	%	3,751
Washington D.C.	57	18,656	17.1	%	2,182		47	15,637	17.6	%	2,341
Boston	35	8,018	9.6	%	2,632		26	7,007	10.7	%	2,819
Seattle	44	8,756	7.6	%	1,955		37	7,096	8.0	%	2,161
South Florida	34	10,934	7.2	%	1,682		—	—	—		—
Denver	19	6,935	4.6	%	1,556		—	—	—		—
Other Markets	13	2,633	1.0	%	1,183		1	136	—	%	1,146
Total	389	103,232	100.0	%	2,306		300	76,513	100.0	%	2,674
Unconsolidated Properties	3	1,281	—		—		2	945	—		—
Military Housing	2	5,139	—		—		—	—	—		—
Grand Total	394	109,652	100.0	%	$	2,306	302	77,458	100.0	%	$	2,764
Note: Projects under development are not included in the Portfolio Summary until construction has been completed.
(A) % of Stabilized NOI – For the December 31, 2016 Portfolio Summary, represents budgeted 2017 NOI for stabilized properties and projected annual NOI at stabilization (defined as having achieved 90% occupancy for three consecutive months) for properties that are in lease-up. For the December 31, 2015 Portfolio Summary, represents actual 2015 NOI for stabilized properties and projected annual NOI at stabilization (defined as having achieved 90% occupancy for three consecutive months) for properties that are in lease-up.
(B) Average Rental Rate – Total residential rental revenues divided by the weighted average occupied apartment units for the reporting period presented.

During the year ended December 31, 2016, the Company acquired four consolidated rental properties consisting of 573 apartment units for $249.3 million. The Company acquired these properties primarily in order to protect the tax status of certain unaffiliated third parties arising from the Starwood Transaction. During the year ended December 31, 2016, the Company sold 98 consolidated rental properties consisting of 29,440 apartment units for $6.8 billion, which includes the sale of the Starwood Portfolio described above. The Company also sold one unconsolidated rental property consisting of 336 apartment units for $74.5 million, with the Company's share of the net sales proceeds approximating $12.4 million. In addition, the Company sold three land parcels for $57.5 million during the year ended December 31, 2016. The Company currently budgets consolidated rental acquisitions of approximately $500.0 million during the year ending December 31, 2017 to be funded with proceeds from rental dispositions. The Company currently budgets consolidated rental dispositions of approximately $500.0 million during the year ending December 31, 2017.

The Company has been reducing its development spending and starts in response to high land prices and low projected returns on investment. During the year ended December 31, 2016, the Company started construction on one project representing 222 apartment units totaling approximately $88.0 million of development costs and substantially completed construction on five projects representing 2,141 apartment units totaling approximately $1.1 billion of development costs. The Company currently budgets no development starts during the year ending December 31, 2017. We currently budget spending approximately $300.0 million on development costs during the year ending December 31, 2017, primarily for projects currently under construction. We currently anticipate having only $40.0 million remaining to spend during the year ending December 31, 2018 for projects currently under construction. We expect that this capital will be primarily sourced with excess operating cash flow, future debt offerings and borrowings on our revolving credit facility and/or commercial paper program.

We currently have access to multiple sources of capital including the equity markets as well as both the secured and unsecured debt markets. In February 2015, the Company entered into a $500.0 million commercial paper program, which allows for daily, weekly or monthly borrowings at low floating rates of interest. We believe this commercial paper program allows the

42

Company to continue to reduce its already low cost of capital and we generally use the program to replace a portion of the amount that otherwise would have been outstanding under our revolving line of credit (see further discussion below). In October 2016, the Company completed a $500.0 million unsecured ten year note offering with a coupon of 2.85% and an all-in effective interest rate of approximately 3.10%. The Company has budgeted $300.0 million to $500.0 million of secured or unsecured debt offerings during 2017, excluding usage of the commercial paper program.

On November 3, 2016, the Company replaced its existing $2.5 billion facility with a $2.0 billion unsecured revolving credit facility maturing January 10, 2022. The Company has the ability to increase available borrowings by an additional $750.0 million by adding additional banks to the facility or obtaining the agreement of existing banks to increase their commitments. The interest rate on advances under the facility will generally be LIBOR plus a spread (currently 0.825%), or based on bids received from the lending group, and the Company pays an annual facility fee (currently 12.5 basis points). Both the spread and the facility fee are dependent on the credit rating of the Company's long-term debt. We reduced the size of the facility to reflect the reduction in the size of the Company and the prepayment of a significant amount of debt during the first quarter of 2016. In the process, we were able to reduce the borrowing costs associated with this facility.

We believe that cash and cash equivalents, securities readily convertible to cash, excess operating cash flow, current availability on our revolving credit facility and commercial paper program, future debt offerings and disposition proceeds for 2017 will provide sufficient liquidity to meet our funding obligations relating to asset acquisitions, debt maturities and/or prepayments and existing development projects through 2017. We expect that our remaining longer-term funding requirements will be met through some combination of new borrowings, equity issuances, property dispositions, joint ventures and cash generated from operations.

Through their lender originator networks, Fannie Mae and Freddie Mac (the “Government Sponsored Enterprises” or “GSEs”) are significant lenders and enhancers of tax-exempt bonds both to the Company and to buyers of the Company's properties. The GSEs have a mandate to support multifamily housing through their financing activities. Any changes to their mandates, reductions in their size or the scale of their activities or loss of key personnel could have an impact on the Company and may, among other things, lead to lower values for our assets and higher interest rates on our secured borrowings. The Company has access to multiple other forms of public and private capital and over time, we would expect that other lenders, including banks, the commercial mortgage-backed securities market and life insurance companies, will become larger sources of secured debt capital to the multifamily market, particularly as it relates to the Company's high quality apartment properties.

Same store revenues increased 3.7% during the year ended December 31, 2016 as compared to the same period in 2015. The full year 2016 results were below our original expectations due primarily to elevated levels of new luxury supply combined with slower job growth in the financial services and technology sectors in the New York and San Francisco markets, which made up approximately 38% of our NOI. We anticipate these trends continuing into 2017 and as a result currently estimate same store revenue increases ranging from 1.00% to 2.25% for 2017 as compared to 2016. Although occupancy rates remain strong across our portfolio, increased supply and slowing growth in higher paying jobs in many of our markets causes the Company to anticipate revenue growth in 2017 will be lower than 2016.

Washington D.C. continues to slowly and steadily improve, driven primarily by strong job growth. While the new administration issued a federal hiring freeze, we remain confident that demographics will continue to drive strong demand for apartments. Though new supply levels remain elevated, only about one-third of that supply is located in our submarkets. We expect continued slow improvement and expect to produce same store revenue growth of approximately 1.8% in this market in 2017.

In the New York market, elevated deliveries of new luxury supply in the Upper West Side and Brooklyn submarkets are having an impact on our ability to raise rents as renters trend towards affordability over neighborhood loyalty. There has also been a reduction in the rate of job growth in the financial services sector and technology sector, which are important demand drivers in the market. In order to remain competitive with this new supply, we offered rent concessions and increased leasing and advertising expenses throughout 2016 and will likely continue to do so during 2017. As a result, we expect there to be a decline in same store revenues of approximately 1.5% in 2017.

We have a cautious outlook for Boston as the market continues to feel the impact from an elevated level of deliveries of new supply in the downtown and Cambridge submarkets with approximately 75% of this new supply competing with our properties. Job growth has continued to improve in the market which is a positive sign that the additional supply may be absorbed without significant disruption. We expect to produce same store revenue growth of approximately 1.5% in this market in 2017.

Seattle is producing solid rental rate growth. Strong demand is being driven by the continued growth in technology jobs in the market. While new supply remains elevated in this market, the strong job growth has enabled that supply to be fully absorbed with little disruption. Therefore, we would expect Seattle to perform well through 2017, producing same store revenue growth of

43

approximately 4.25%.

San Francisco experienced significant volatility during peak leasing season as certain submarkets experienced elevated levels of new luxury supply combined with slower job growth in the technology sector. Currently, the market seems relatively stable, though with minimal pricing power on new leases. The market still features good demand as evidenced by how rapidly our newly completed development projects are leasing up. However, consumers have more choices as new supply continues to be delivered into most of our submarkets during 2017, limiting our pricing power. As a result, we expect to produce same store revenue growth of approximately 1.0% in this market in 2017.

Los Angeles is performing well and is positioned to be one of our better performing markets in 2017. Widely dispersed new supply, very good economic growth and a high level of job growth in the market are driving strong revenue growth. We expect to produce same store revenue growth of approximately 3.6% in this market in 2017. We expect our remaining markets in Southern California (Orange County and San Diego) to perform slightly better than Los Angeles.

Same store expenses increased 3.3% during the year ended December 31, 2016 as compared to the same period in 2015. The full year 2016 results were slightly worse than our original expectations due to the following items:

• Real estate taxes increased 5.9% for the full year 2016 primarily due to rate and value increases in certain states and municipalities, reflecting those states' and municipalities' continued economic challenges and the dramatic improvement in apartment values and fundamentals, the contractual annual reduction in the benefits of 421-a tax abatements in New York City and an adverse legal decision regarding the calculation of property taxes for certain properties in New Jersey; and

• Payroll costs increased by 3.1% in 2016 over 2015 primarily due to an increase in on-site staffing to remain competitive within challenging markets, as well as higher on-site wages due to competition from new supply.

We anticipate same store expense increases ranging from 3.0% to 4.0% for 2017 as compared to 2016 due to the following items:

• Real estate taxes are estimated to increase between 4.0% and 5.0% due primarily to increased values in most markets partially offset by declining rates. We expect 1.8 percentage points of the increase coming from 421-a tax abatement benefits expiring in New York;

• Payroll costs are estimated to increase between 4.0% and 5.0% primarily due to an increase in on-site staffing to remain competitive within challenging markets, as well as higher on-site wages due to competition from new supply;

• Utilities are estimated to increase approximately 2.0% primarily due to moderate increases in natural gas costs; and

• Repair and maintenance expenses are estimated to be approximately $1.0 million higher due to increases in the minimum wage that impact our outside cleaning and landscaping vendors.

We anticipate same store NOI increases ranging from 0.0% to 2.0% for 2017 as compared to 2016 as a result of the above same store revenue and expense expectations.

The Company expects total overhead costs (property management expense and general and administrative expense) to decline approximately $3.0 million in 2017 over 2016 as we have largely completed right sizing our overhead platform to our smaller asset size. As certain of the Company's overhead costs are fixed and/or not quickly scalable, the Company anticipates overhead costs as a percentage of total revenues will remain elevated as compared to 2015 levels, though slightly lower as compared to 2016 levels.

We believe that the Company is well-positioned in the long-term as a result of favorable demographics and increasing consumer preferences for the flexibility of rental housing. As of December 31, 2016, the Company's same store occupancy was 95.7% and its total portfolio-wide occupancy was 94.6%. We believe our markets/metro areas will continue to see increased luxury multifamily supply, especially in our urban core locations, and there will continue to be periods of disruption as new development projects lease up. We believe over the longer term that our markets will absorb future supply because of the strong long-term demand in these markets as exhibited by our current high occupancy levels and increasing household formations. We have seen evidence of this in Seattle as elevated levels of new supply have been absorbed and rental rates continue to grow. We also anticipate supply declining in our markets beginning in 2018, with the possible exception of New York, because of high construction costs, lower revenue growth and development lenders materially reducing their lending activities due to regulatory pressures and concerns over markets being overbuilt.

The current environment information presented above is based on current expectations and is forward-looking.

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Results of Operations

In conjunction with our business objectives and operating strategy, the Company continued to invest in apartment properties located in our six coastal markets and sell apartment properties located primarily in the less dense portion of suburban markets during the years ended December 31, 2016 and December 31, 2015. In summary, we:

Year Ended December 31, 2016:

• Acquired four consolidated apartment properties consisting of 573 apartment units for $249.3 million at a weighted average Acquisition Cap Rate (see definition below) of 4.8%;

• Sold 98 consolidated apartment properties consisting of 29,440 apartment units for $6.8 billion, which includes the sale of the Starwood Portfolio consisting of 72 consolidated rental properties containing 23,262 apartment units for $5.365 billion, at a weighted average Disposition Yield (see definition below) of 5.4% and generating an Unlevered IRR (see definition below) of 11.8%;

• Sold one unconsolidated property consisting of 336 apartments units for $74.5 million (our share of the net sales proceeds approximated $12.4 million), generating a Disposition Yield of 5.6%;

• Sold our entire interest in the management contracts and related rights associated with the military housing ventures at Joint Base Lewis McChord consisting of 5,161 apartment units for approximately $63.3 million and sold three land parcels for $57.5 million; and

• Started the construction on one project consisting of 222 apartment units totaling approximately $88.0 million of development costs and substantially completed construction on five projects consisting of 2,141 apartment units totaling approximately $1.1 billion of development costs.

Year Ended December 31, 2015:

• Acquired four consolidated apartment properties consisting of 625 apartment units for $296.0 million at a weighted average Acquisition Cap Rate of 4.5% and three contiguous land parcels for $27.8 million;

• Sold eight consolidated apartment properties consisting of 1,857 apartments units as well as a 193,230 square foot medical office building for $513.3 million at a weighted average Disposition Yield of 5.3% and generating an Unlevered IRR of 13.4%; and

• Started construction on two projects consisting of 623 apartment units totaling approximately $377.2 million of development costs and substantially completed construction on seven projects consisting of 1,546 apartments units totaling approximately $831.7 million of development costs.

The Company's primary financial measure for evaluating each of its apartment communities is net operating income (“NOI”). NOI represents rental income less direct property operating expenses (including real estate taxes and insurance). The Company believes that NOI is helpful to investors as a supplemental measure of its operating performance because it is a direct measure of the actual operating results of the Company's apartment properties.

The definitions of certain terms described above are as follows:

• Acquisition Cap Rate – NOI that the Company anticipates receiving in the next 12 months (or the year two or three stabilized NOI for properties that are in lease-up at acquisition) less an estimate of property management costs/management fees allocated to the project (generally ranging from 2.0% to 4.0% of revenues depending on the size and income streams of the asset) and less an estimate for in-the-unit replacement capital expenditures (generally ranging from $100-$450 per apartment unit depending on the age and condition of the asset) divided by the gross purchase price of the asset. The weighted average Acquisition Cap Rate for acquired properties is weighted based on the projected NOI streams and the relative purchase price for each respective property.

• Disposition Yield – NOI that the Company anticipates giving up in the next 12 months less an estimate of property management costs/management fees allocated to the project (generally ranging from 2.0% to 4.0% of revenues depending on the size and income streams of the asset) and less an estimate for in-the-unit replacement capital expenditures (generally ranging from $100-$450 per apartment unit depending on the age and condition of the asset) divided by the gross sale price of the asset. The weighted average Disposition Yield for sold properties is weighted based on the projected NOI streams and the relative sales price for each respective property.

• Unlevered Internal Rate of Return (“IRR”) – The Unlevered IRR on sold properties refers to the internal rate of return calculated by the Company based on the timing and amount of (i) total revenue earned during the period owned by the

45

Company and (ii) the gross sales price net of selling costs, offset by (iii) the undepreciated capital cost of the properties at the time of sale and (iv) total direct property operating expenses (including real estate taxes and insurance) incurred during the period owned by the Company. Each of the items (i), (ii), (iii) and (iv) is calculated in accordance with GAAP.

Properties that the Company owned and were stabilized (see definition below) for all of both 2016 and 2015 (the “2016 Same Store Properties”), which represented 69,879 apartment units, impacted the Company's results of operations. Properties that the Company owned for all of both 2015 and 2014 (the “2015 Same Store Properties”), which represented 96,286 apartment units, also impacted the Company's results of operations. Both the 2016 Same Store Properties and 2015 Same Store Properties are discussed in the following paragraphs.

The following tables provide a rollforward of the apartment units included in Same Store Properties and a reconciliation of apartment units included in Same Store Properties to those included in Total Properties for the year ended December 31, 2016:

	Year Ended
	December 31, 2016
	Properties		Apartment Units
Same Store Properties at December 31, 2015	358		96,286
2014 acquisitions	4		1,011
2016 dispositions	(98	)	(29,440	)
2016 dispositions not yet included in same store	2		396
Lease-up properties stabilized	7		1,690
Properties removed from same store (1)	(1	)	(71	)
Other	—		7
Same Store Properties at December 31, 2016	272		69,879

	Year Ended
	December 31, 2016
	Properties	Apartment Units
Same Store	272	69,879
Non-Same Store:
2016 acquisitions	4	573
2015 acquisitions	4	625
Properties removed from same store (1)	2	356
Master-Leased properties (2)	3	853
Lease-up properties not yet stabilized (3)	14	4,226
Other	1	1
Total Non-Same Store	28	6,634
Unconsolidated properties	2	945
Total Properties and Apartment Units	302	77,458

Note: Properties are considered "stabilized" when they have achieved 90% occupancy for three consecutive months. Properties are included in Same Store when they are stabilized for all of the current and comparable periods presented.

(1) Includes one property containing 285 apartment units (Playa Pacifica in Hermosa Beach, California) which was removed from the same store portfolio in 2015 due to a major renovation in which significant portions of the property were taken offline for extended time periods and one property containing 71 apartment units (Acton Courtyard in Berkeley, California) which was removed from the same store portfolio in 2016 due to an affordable housing dispute which required significant portions of the property to be vacant for an extended releasing period. As of December 31, 2016, Playa Pacifica had an occupancy of only 66.2% and Acton Courtyard had an occupancy of 69.0%. These properties will not return to the same store portfolio until they are stabilized for all of the current and comparable periods presented.

(2) Includes three properties containing 853 apartment units that are owned by the Company but the entire projects are master leased to a third party corporate housing provider and the Company earns monthly net rental income.

(3) Includes properties in various stages of lease-up and properties where lease-up has been completed but the properties were not stabilized for the comparable periods presented.

The Company's acquisition, disposition and completed development activities also impacted overall results of operations for the years ended December 31, 2016 and 2015. The impacts of these activities are discussed in greater detail in the following

46

paragraphs.

Comparison of the year ended December 31, 2016 to the year ended December 31, 2015

For the year ended December 31, 2016, the Company reported diluted earnings per share/unit of $11.68 compared to $2.36 per share/unit for the year ended December 31, 2015. The difference is primarily due to approximately $3.7 billion in higher gains on property sales and lower depreciation expense in 2016 compared to the same period in 2015 as a direct result of the significant sales activity in 2016, partially offset by significantly higher debt extinguishment costs in 2016 compared to 2015.

For the year ended December 31, 2016, income from continuing operations increased approximately $3.6 billion when compared to the year ended December 31, 2015. The increase in continuing operations is discussed below.

For the year ended December 31, 2016, consolidated rental income decreased 11.5%, consolidated operating expenses (comprising of property and maintenance and real estate taxes and insurance) decreased 11.6% and consolidated NOI decreased 11.5% when compared to the year ended December 31, 2015. The declines are all primarily a result of the Company's significant disposition activity in 2016.

Revenues from the 2016 Same Store Properties increased $78.1 million primarily as a result of an increase in average rental rates charged to residents. Expenses from the 2016 Same Store Properties increased $20.2 million primarily as a result of an increase in real estate taxes, on-site payroll costs, repairs and maintenance expenses and leasing and advertising expenses, partially offset by lower utility costs. The following tables provide comparative same store results and statistics for the 2016 Same Store Properties:

2016 vs. 2015
Same Store Results/Statistics for 69,879 Same Store Apartment Units
$ in thousands (except for Average Rental Rate)
	Results									Statistics
										Average Rental Rate (1)
Description	Revenues			Expenses			NOI						Physical Occupancy (2)		Turnover (3)
2016	$	2,177,304		$	634,120		$	1,543,184		$	2,597		96.0	%	54.4	%
2015	$	2,099,166		$	613,924		$	1,485,242		$	2,504		96.1	%	54.5	%
Change	$	78,138		$	20,196		$	57,942		$	93		(0.1	%)	(0.1	%)
Change	3.7		%	3.3		%	3.9		%	3.7		%

Note: Same store operating expenses and same store NOI no longer include an allocation of property management expenses either in the current or comparable periods.

(1)Average Rental Rate – Total residential rental revenues divided by the weighted average occupied apartment units for the reporting period

presented.

(2)Physical Occupancy – The weighted average occupied apartment units for the reporting period divided by the average of total apartment

units available for rent for the reporting period.

(3)Turnover – Total residential move-outs divided by total residential apartment units, including inter-property and intra-property transfers.

The following table provides comparative same store operating expenses for the 2016 Same Store Properties:

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2016 vs. 2015
Same Store Operating Expenses for 69,879 Same Store Apartment Units
$ in thousands
										% of Actual 2016 Operating Expenses
	Actual 2016		Actual 2015		$ Change			% Change
Real estate taxes	$	264,689	$	249,916	$	14,773		5.9	%	41.7	%
On-site payroll (1)	141,996		137,731		4,265			3.1	%	22.4	%
Utilities (2)	88,261		91,586		(3,325		)	(3.6	%)	13.9	%
Repairs and maintenance (3)	81,600		79,366		2,234			2.8	%	12.9	%
Insurance	17,055		16,428		627			3.8	%	2.7	%
Leasing and advertising	9,928		8,341		1,587			19.0	%	1.6	%
Other on-site operating expenses (4)	30,591		30,556		35			0.1	%	4.8	%
Same store operating expenses	$	634,120	$	613,924	$	20,196		3.3	%	100.0	%

Note: Same store operating expenses and same store NOI no longer include an allocation of property management expenses either in the current or comparable periods.

(1)On-site payroll – Includes payroll and related expenses for on-site personnel including property managers, leasing consultants and

maintenance staff.

(2)Utilities – Represents gross expenses prior to any recoveries under the Resident Utility Billing System (“RUBS”). Recoveries are reflected

in rental income.

(3)Repairs and maintenance – Includes general maintenance costs, apartment unit turnover costs including interior painting, routine landscaping,

security, exterminating, fire protection, snow removal, elevator, roof and parking lot repairs and other miscellaneous building repair and

maintenance costs.

(4)Other on-site operating expenses – Includes ground lease costs and administrative costs such as office supplies, telephone and data charges

and association and business licensing fees.

The following tables present reconciliations of operating income per the consolidated statements of operations to NOI, along with rental income, operating expenses and NOI per the consolidated statements of operations allocated between same store and non-same store results:

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	Year Ended December 31,
	2016			2015
	(Amounts in thousands)
Operating income	$	856,086		$	1,009,238
Adjustments:
Fee and asset management revenue	(3,567		)	(8,387		)
Property management	82,015			86,206
General and administrative	57,840			64,664
Depreciation	705,649			765,895
Total NOI	$	1,698,023		$	1,917,616
Rental income:
Same store	$	2,177,304		$	2,099,166
Non-same store	244,929			637,412
Total rental income	2,422,233			2,736,578
Operating expenses:
Same store	634,120			613,924
Non-same store	90,090			205,038
Total operating expenses	724,210			818,962
NOI:
Same store	1,543,184			1,485,242
Non-same store	154,839			432,374
Total NOI	$	1,698,023		$	1,917,616

For properties that the Company acquired or completed that were stabilized prior to January 1, 2016 and that the Company expects to continue to own through December 31, 2017, the Company anticipates the following same store results for the full year ending December 31, 2017:

2017 Same Store Assumptions
Physical occupancy	95.7%
Revenue change	1.0% to 2.25%
Expense change	3.0% to 4.0%
NOI change	0.0% to 2.0%

The Company anticipates consolidated rental acquisitions of $500.0 million and consolidated rental dispositions of $500.0 million and expects that the Acquisition Cap Rate will be 0.75% lower than the Disposition Yield for the full year ending December 31, 2017.

These 2017 assumptions are based on current expectations and are forward-looking.

Non-same store NOI results decreased approximately $277.5 million compared to the same period in 2015 and consist primarily of properties acquired in calendar years 2015 and 2016, operations from the Company’s development properties and operations prior to disposition from 2016 sold properties (including the Starwood Portfolio). This decrease primarily resulted from:

• The lost NOI from 2015 and 2016 dispositions of $333.2 million;

• A decrease in operating activities from other miscellaneous properties (including three master-leased properties) of $1.2 million;

• A decrease in operating activities from other miscellaneous operations; and

• A partial offset from development and newly stabilized development properties in lease-up of $50.8 million and

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operating properties acquired in 2015 and 2016 of $15.2 million.

See also Note 17 in the Notes to Consolidated Financial Statements for additional discussion regarding the Company’s segment disclosures.

Fee and asset management revenues decreased approximately $4.8 million or 57.5% primarily as a result of lower revenue earned on management of the Company's military housing ventures at Joint Base Lewis McChord due to the sale of the Company's entire interest in the management contracts and related rights associated with these ventures in the second quarter of 2016 as well as lower fees earned on management of the Company's unconsolidated joint ventures.

Property management expenses from continuing operations include off-site expenses associated with the self-management of the Company’s properties as well as management fees paid to any third party management companies. These expenses decreased approximately $4.2 million or 4.9%. This decrease is primarily attributable to a decrease in payroll-related costs, office rent and education conference fees, partially offset by increases in computer operations costs. The Company anticipates that property management expenses will approximate $83.0 million to $85.0 million for the year ending December 31, 2017. The above assumption is based on current expectations and is forward-looking.

General and administrative expenses from continuing operations, which include corporate operating expenses, decreased approximately $6.8 million or 10.6% primarily due to a decrease in payroll-related costs, partially offset by an increase in directors fees and office rent. The Company anticipates that general and administrative expenses will approximate $50.0 million to $52.0 million for the year ending December 31, 2017, excluding charges of approximately $0.4 million related to the Company's current executive compensation program. The above assumption is based on current expectations and is forward-looking.

Depreciation expense from continuing operations, which includes depreciation on non-real estate assets, decreased approximately $60.2 million or 7.9% primarily as a result of no depreciation or a partial period of depreciation expense during the year ended December 31, 2016 related to the significant property sales in 2016 (including the Starwood Portfolio), partially offset by additional depreciation expense on properties acquired in 2016 and development properties placed in service.

Interest and other income from continuing operations increased approximately $58.4 million primarily due to the approximate $52.4 million gain from the sale of the Company's entire interest in the management contracts and related rights associated with the military housing ventures at Joint Base Lewis McChord and approximate $6.0 million gain from the sale of 421-a real estate tax certificates during the year ended December 31, 2016, neither of which occurred in 2015. The Company anticipates that interest and other income will approximate $0.5 million for the year ending December 31, 2017. The above assumption is based on current expectations and is forward-looking.

Other expenses from continuing operations increased approximately $7.4 million primarily due to increases in litigation/environmental reserve and/or settlement costs, property acquisition costs incurred in conjunction with the Company's 2016 acquisitions and the expensing of overhead (pursuit cost write-offs) as a result of fewer new development opportunities.

Interest expense from continuing operations, including amortization of deferred financing costs, increased approximately $39.6 million or 8.7% primarily as a result of prepayment penalties and debt extinguishment costs associated with the repayment of approximately $1.7 billion in debt principal prior to scheduled maturity, partially offset by lower interest expense as a result of these repayments. During the year ended December 31, 2016, the Company capitalized interest costs of approximately $51.5 million as compared to $59.9 million for the year ended December 31, 2015. This capitalization of interest relates to consolidated projects under development. The effective interest cost on all indebtedness for the year ended December 31, 2016 was 4.68% as compared to 4.72% for the year ended December 31, 2015. The Company anticipates that interest expense from continuing operations, excluding debt extinguishment costs/prepayment penalties, will approximate $362.6 million to $379.0 million and capitalized interest will approximate $23.0 million to $28.0 million for the year ending December 31, 2017. The above assumptions are based on current expectations and are forward-looking.

Income and other tax expense from continuing operations increased approximately $0.7 million or 75.9% primarily due to increases in various state and local taxes related to the Company's elevated disposition activity in 2016 vs. 2015. The Company anticipates that income and other tax expense will approximate $0.5 million to $1.5 million for the year ending December 31, 2017. The above assumption is based on current expectations and is forward-looking.

Income from investments in unconsolidated entities decreased approximately $10.2 million or 68.0% primarily due to $18.6 million in favorable litigation settlements which occurred during the year ended December 31, 2015, partially offset by a gain on the sale of one unconsolidated apartment property totaling $8.8 million which occurred during the year ended December 31, 2016.

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Net gain on sales of real estate properties increased approximately $3.7 billion as a result of the sale of 98 consolidated apartment properties (including the Starwood Portfolio) during the year ended December 31, 2016 as compared to only eight consolidated apartment property sales during the year ended December 31, 2015, all of which did not meet the new criteria for reporting discontinued operations. See Note 11 in the Notes to Consolidated Financial Statements for further discussion.

Net gain on sales of land parcels increased approximately $15.7 million due to the gain on sale of three land parcels during the year ended December 31, 2016 as compared to no land sales during the year ended December 31, 2015.

Discontinued operations, net increased approximately $0.1 million or 30.5% between the periods under comparison. This increase is primarily due to the timing of trailing activity for properties sold in 2013 and prior years. The Company adopted the new discontinued operations standard effective January 1, 2014 and as a result, none of the properties sold during the year ended December 31, 2016 and 2015 met the new criteria for reporting discontinued operations.  See Note 11 in the Notes to Consolidated Financial Statements for further discussion.

Comparison of the year ended December 31, 2015 to the year ended December 31, 2014

For the year ended December 31, 2015, the Company reported diluted earnings per share/unit of $2.36 compared to $1.73 per share/unit for the year ended December 31, 2014. The difference is primarily due to approximately $122.3 million in higher gains on property sales as well as improved operations in 2015 vs. 2014.

For the year ended December 31, 2015, income from continuing operations increased approximately $250.5 million when compared to the year ended December 31, 2014. The increase in continuing operations is discussed below.

Revenues from the 2015 Same Store Properties increased $125.3 million primarily as a result of an increase in average rental rates charged to residents, higher occupancy and a decrease in turnover. Expenses from the 2015 Same Store Properties increased $20.5 million primarily due to increases in real estate taxes, repairs and maintenance expenses and payroll/property management costs, partially offset by lower utility costs. The following tables provide comparative same store results and statistics for the 2015 Same Store Properties:

2015 vs. 2014
Same Store Results/Statistics for 96,286 Same Store Apartment Units
$ in thousands (except for Average Rental Rate)
	Results									Statistics
										Average Rental Rate (1)
Description	Revenues			Expenses			NOI						Occupancy		Turnover
2015	$	2,566,705		$	837,880		$	1,728,825		$	2,314		96.1	%	54.5	%
2014	$	2,441,390		$	817,337		$	1,624,053		$	2,208		95.8	%	54.9	%
Change	$	125,315		$	20,543		$	104,772		$	106		0.3	%	(0.4	%)
Change	5.1		%	2.5		%	6.5		%	4.8		%

(1)Average rental rate is defined as total rental revenues divided by the weighted average occupied apartment units for the period.

The following table provides comparative same store operating expenses for the 2015 Same Store Properties:

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2015 vs. 2014
Same Store Operating Expenses for 96,286 Same Store Apartment Units
$ in thousands
										% of Actual 2015 Operating Expenses
	Actual 2015		Actual 2014		$ Change			% Change
Real estate taxes	$	296,484	$	282,487	$	13,997		5.0	%	35.4	%
On-site payroll (1)	174,950		171,706		3,244			1.9	%	20.9	%
Utilities (2)	118,986		123,296		(4,310		)	(3.5	%)	14.2	%
Repairs and maintenance (3)	104,033		98,168		5,865			6.0	%	12.4	%
Property management costs (4)	77,001		73,242		3,759			5.1	%	9.2	%
Insurance	21,335		23,909		(2,574		)	(10.8	%)	2.6	%
Leasing and advertising	10,370		10,605		(235		)	(2.2	%)	1.2	%
Other on-site operating expenses (5)	34,721		33,924		797			2.3	%	4.1	%
Same store operating expenses	$	837,880	$	817,337	$	20,543		2.5	%	100.0	%

(1) On-site payroll – Includes payroll and related expenses for on-site personnel including property managers, leasing consultants and maintenance staff.

(2) Utilities – Represents gross expenses prior to any recoveries under the Resident Utility Billing System (“RUBS”). Recoveries are reflected in rental income.

(3) Repairs and maintenance – Includes general maintenance costs, apartment unit turnover costs including interior painting, routine landscaping, security, exterminating, fire protection, snow removal, elevator, roof and parking lot repairs and other miscellaneous building repair costs.

(4) Property management costs – Includes payroll and related expenses for departments, or portions of departments, that directly support on-site management. These include such departments as regional and corporate property management, property accounting, human resources, training, marketing and revenue management, procurement, real estate tax, property legal services and information technology.

(5) Other on-site operating expenses – Includes ground lease costs and administrative costs such as office supplies, telephone and data charges and association and business licensing fees.

The following table presents a reconciliation of operating income per the consolidated statements of operations and comprehensive income to NOI for the 2015 Same Store Properties:

	Year Ended December 31,
	2015			2014
	(Amounts in thousands)
Operating income	$	1,009,238		$	921,644
Adjustments:
Non-same store operating results	(107,606		)	(103,123		)
Fee and asset management revenue	(8,387		)	(9,437		)
Fee and asset management expense	5,021			5,429
Depreciation	765,895			758,861
General and administrative	64,664			50,679
Same store NOI	$	1,728,825		$	1,624,053

Non-same store operating results increased approximately $4.5 million and consist primarily of properties acquired in calendar years 2014 and 2015 as well as operations from the Company’s completed development properties. This increase primarily resulted from:

• Development and newly stabilized development properties in lease-up of $27.8 million;

• Operating properties acquired in 2014 and 2015 of $18.1 million;

• Operating activities from other miscellaneous operations; and

• Was mostly offset by lost NOI from 2014 and 2015 dispositions of $41.8 million as well as a decrease in operating activities from other miscellaneous properties (including three master-leased properties) of $2.2 million.

See also Note 17 in the Notes to Consolidated Financial Statements for additional discussion regarding the Company’s segment disclosures.

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Fee and asset management revenues decreased approximately $1.1 million or 11.1% primarily as a result of lower revenue earned on management of the Company's military housing ventures at Joint Base Lewis McChord and lower fees earned on management of the Company's unconsolidated development joint ventures.

Property management expenses from continuing operations include off-site expenses associated with the self-management of the Company’s properties as well as management fees paid to any third party management companies. These expenses increased approximately $1.1 million or 1.3%. This increase is primarily attributable to an increase in payroll-related costs and education/conferences fees.

General and administrative expenses from continuing operations, which include corporate operating expenses, increased approximately $14.0 million or 27.6% primarily due to an increase in payroll-related costs, including an additional $8.0 million related to the Company's revised executive compensation program.

Depreciation expense from continuing operations, which includes depreciation on non-real estate assets, increased approximately $7.0 million or 0.9% primarily as a result of additional depreciation expense on properties acquired in 2014 and 2015, development properties placed in service and capital expenditures for all properties owned, partially offset by no depreciation or a partial period of depreciation expense during the year ended December 31, 2015 for properties sold in 2015 and 2014 and properties classified as held for sale at December 31, 2015.

Interest and other income from continuing operations increased approximately $2.9 million or 65.2% primarily due to the settlement of various litigation/insurance claims during the year ended December 31, 2015.

Other expenses from continuing operations decreased approximately $6.1 million or 67.6% primarily due to litigation settlement costs recorded during the year ended December 31, 2014 that did not reoccur in 2015 as well as a reduction in the reserve for a litigation matter recorded during the year ended December 31, 2015, partially offset by an increase in the expensing of overhead (pursuit cost write-offs) as a result of a more active focus on sourcing new development opportunities.

Interest expense from continuing operations, including amortization of deferred financing costs, decreased approximately $13.3 million or 2.8% primarily as a result of the repayment of $300.0 million of 6.584% unsecured notes in April 2015, the repayment of $500.0 million of 5.25% unsecured notes in September 2014, the repayment of the Company's $750.0 million unsecured term loan facility in June 2014, mortgage payoffs and higher capitalized interest, partially offset by interest expense on $750.0 million of unsecured notes that closed in May 2015 and $1.2 billion of unsecured notes that closed in June 2014. During the year ended December 31, 2015, the Company capitalized interest costs of approximately $59.9 million as compared to $52.8 million for the year ended December 31, 2014. This capitalization of interest primarily relates to consolidated projects under development. The effective interest cost on all indebtedness for the year ended December 31, 2015 was 4.72% as compared to 4.74% for the year endedDecember 31, 2014.

Income and other tax expense from continuing operations decreased approximately $0.5 million or 34.2% primarily due to decreases in estimated taxes related to properties sold and/or operated by the Company's TRS in 2015 vs. 2014.

Income from investments in unconsolidated entities increased approximately $23.0 million primarily due to gains on the sale of certain assets owned by the Company's joint ventures with a joint venture partner and due to $18.6 million in favorable litigation settlements, neither of which occurred during the year ended December 31, 2014.

Net gain on sales of real estate properties increased approximately $122.4 million or 57.6% as a result of higher gains on the sale of eight consolidated apartment properties during the year ended December 31, 2015 as compared to ten consolidated property sales during the year ended December 31, 2014, all of which did not meet the new criteria for reporting discontinued operations. See Note 11 in the Notes to Consolidated Financial Statements for further discussion.

Net gain on sales of land parcels decreased approximately $5.3 million due to the gain on sale of three land parcels during the year ended December 31, 2014 as compared to no land sales during the year ended December 31, 2015.

Discontinued operations, net decreased approximately $1.2 million or 74.9% between the periods under comparison. This decrease is primarily due to the Company's adoption of the new discontinued operations standard effective January 1, 2014. None of the properties sold during the years ended December 31, 2015 and 2014 met the new criteria for reporting discontinued operations and as a result, the amounts included in discontinued operations for the years ended December 31, 2015 and 2014 represent trailing activity for properties sold in 2013 and prior years.  See Note 11 in the Notes to Consolidated Financial Statements for further discussion.

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Liquidity and Capital Resources

EQR issues public equity from time to time and guarantees certain debt of the Operating Partnership. EQR does not have any indebtedness as all debt is incurred by the Operating Partnership.

As of January 1, 2016, the Company had approximately $42.3 million of cash and cash equivalents and the amount available on its revolving credit facility was $2.07 billion (net of $45.1 million which was restricted/dedicated to support letters of credit and net of $387.5 million outstanding on the commercial paper program). After taking into effect the various transactions discussed in the following paragraphs and the net cash provided by operating activities, the Company’s cash and cash equivalents balance at December 31, 2016 was approximately $77.2 million and the amount available on its revolving credit facility was $1.96 billion (net of $20.6 million which was restricted/dedicated to support letters of credit and net of the $20.0 million outstanding on the commercial paper program).

During the year ended December 31, 2016, the Company generated proceeds from various transactions, which included the following:

• Disposed of 98 consolidated rental properties (including the Starwood Portfolio) and three land parcels, receiving net proceeds of approximately $6.8 billion;

• Disposed of one unconsolidated rental property, receiving net proceeds of approximately $12.4 million;

• Disposed of its entire interest in the management contracts and related rights associated with the military housing ventures at Joint Base Lewis McChord along with the sale of certain 421-a real estate tax certificates, receiving net proceeds of approximately $72.8 million;

• Issued $500.0 million of ten-year 2.85% fixed rate public notes, receiving net proceeds of $496.7 million before underwriting fees, hedge termination costs and other expenses, at an all-in effective interest rate of approximately 3.10%; and

• Issued approximately 0.9 million Common Shares related to share option exercises and ESPP purchases and received net proceeds of $39.5 million, which were contributed to the capital of the Operating Partnership in exchange for additional OP Units (on a one-for-one Common Share per OP Unit basis).

During the year ended December 31, 2016 , the above proceeds along with net cash flow from operations and availability on the Company's revolving line of credit and commercial paper program were primarily utilized to:

• Acquire four consolidated rental properties for approximately $205.9 million in cash;

• Invest $566.8 million primarily in development projects;

• Pay a special dividend of $8.00 per share/unit (approximately $3.0 billion) on March 10, 2016 to shareholders/unitholders of record as of March 3, 2016 and a special dividend of $3.00 per share/unit (approximately $1.1 billion) on October 14, 2016 to shareholders/unitholders of record as of September 26, 2016;

• Repay $591.7 million of mortgage loans and incur a prepayment penalty of approximately $31.7 million;

• Repay $500.0 million of 5.125% unsecured notes maturing in 2016 and incur a prepayment penalty of approximately $1.4 million;

• Repay $400.0 million of 5.375% unsecured notes maturing in 2016 and incur a prepayment penalty of approximately $9.5 million;

• Repay $255.9 million of 5.750% unsecured notes maturing in 2017 and incur a prepayment penalty of approximately $16.5 million;

• Repay $46.1 million of 7.125% unsecured notes maturing in 2017 and incur a prepayment penalty of approximately $4.6 million;

• Repay $250.0 million of 4.625% unsecured notes maturing in 2021 and incur a prepayment penalty of approximately $31.6 million; and

• Repay $48.0 million of 7.570% unsecured notes maturing in 2026 and incur a prepayment penalty of approximately $19.3 million.

In September 2009, EQR announced the establishment of an At-The-Market (“ATM”) share offering program which would allow EQR to sell Common Shares from time to time into the existing trading market at current market prices as well as through negotiated transactions. Per the terms of ERPOP’s partnership agreement, EQR contributes the net proceeds from all equity offerings to the capital of ERPOP in exchange for additional OP Units (on a one-for-one Common Share per OP Unit basis). EQR may, but shall have no obligation to, sell Common Shares through the ATM share offering program in amounts and at times to be determined by EQR. Actual sales will depend on a variety of factors to be determined by EQR from time to time, including (among others) market conditions, the trading price of EQR’s Common Shares and determinations of the appropriate sources of funding for EQR. The program currently has a maturity of June 2019. EQR has the authority to issue 13.0 million shares but has

54

not issued any shares under this program since September 2012. Through February 17, 2017, EQR has cumulatively issued approximately 16.7 million Common Shares at an average price of $48.53 per share for total consideration of approximately $809.9 million.

Depending on its analysis of market prices, economic conditions and other opportunities for the investment of available capital, EQR may repurchase its Common Shares pursuant to its existing share repurchase program authorized by the Board of Trustees. The Company may repurchase up to 13.0 million Common Shares under this program. EQR repurchased approximately $1.8 million (31,240 shares at a price of $56.87 per share) of its Common Shares (all related to the vesting of employees' restricted shares) during the year ended December 31, 2014. No open market repurchases have occurred since 2008. As of February 17, 2017, EQR has remaining authorization to repurchase up to 13.0 million of its shares. See Note 3 in the Notes to Consolidated Financial Statements for further discussion.

Depending on its analysis of prevailing market conditions, liquidity requirements, contractual restrictions and other factors, the Company may from time to time seek to repurchase and retire its outstanding debt in open market or privately negotiated transactions.

The Company’s total debt summary and debt maturity schedules as of December 31, 2016 are as follows:

Debt Summary as of December 31, 2016
($ in thousands)
							Weighted Average Maturities (years)
					Weighted Average Rates (1)
	Amounts (1)		% of Total
Secured	$	4,119,181	45.8	%	4.34	%	6.0
Unsecured	4,868,077		54.2	%	4.48	%	10.0
Total	$	8,987,258	100.0	%	4.42	%	8.2
Fixed Rate Debt:
Secured – Conventional	$	3,483,389	38.7	%	4.95	%	4.9
Unsecured – Public	4,397,829		49.0	%	4.90	%	10.8
Fixed Rate Debt	7,881,218		87.7	%	4.92	%	8.2
Floating Rate Debt:
Secured – Conventional	7,042		0.1	%	0.56	%	16.9
Secured – Tax Exempt	628,750		7.0	%	1.06	%	11.8
Unsecured – Public (2)	450,250		5.0	%	1.28	%	2.5
Unsecured – Revolving Credit Facility	—		—		1.37	%	5.0
Unsecured – Commercial Paper Program (3)	19,998		0.2	%	0.90	%	—
Floating Rate Debt	1,106,040		12.3	%	1.13	%	8.0
Total	$	8,987,258	100.0	%	4.42	%	8.2

(1) Net of the effect of any derivative instruments. Weighted average rates are for the year ended December 31, 2016.

(2) Fair value interest rate swaps convert the $450.0 million 2.375% notes due July 1, 2019 to a floating interest rate of 90-Day LIBOR plus 0.61%.

(3) As of December 31, 2016, the weighted average maturity on the Company's outstanding commercial paper was 4 days.

Note: The Company capitalized interest of approximately $51.5 million and $59.9 million during the years ended December 31, 2016 and 2015, respectively.

Note: The Company recorded approximately $24.3 and $8.6 million of net debt discount/deferred derivative settlement amortization as additional interest expense during the years ended December 31, 2016 and 2015, respectively.

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Debt Maturity Schedule as of December 31, 2016
($ in thousands)
													Weighted Average Rates on Fixed Rate Debt (1)		Weighted Average Rates on Total Debt (1)
	Fixed Rate (1)			Floating Rate (1)
Year								Total			% of Total
2017	$	605,158		$	23,300		(2)	$	628,458		6.9	%	6.19	%	5.99	%
2018	83,634			100,735				184,369			2.0	%	5.57	%	3.24	%
2019	807,680			478,357				1,286,037			14.1	%	5.47	%	3.96	%
2020	1,679,590			10,500				1,690,090			18.6	%	5.49	%	5.46	%
2021	928,557			12,600				941,157			10.3	%	4.64	%	4.59	%
2022	266,447			13,800				280,247			3.1	%	3.27	%	3.14	%
2023	1,327,965			15,300				1,343,265			14.8	%	3.74	%	3.71	%
2024	2,498			17,100				19,598			0.2	%	4.97	%	1.23	%
2025	452,625			19,600				472,225			5.2	%	3.38	%	3.27	%
2026	594,783			21,700				616,483			6.8	%	3.59	%	3.49	%
2027+	1,177,033			457,665				1,634,698			18.0	%	4.54	%	3.46	%
Subtotal	7,925,970			1,170,657				9,096,627			100.0	%	4.72	%	4.20	%
Deferred Financing Costs	(33,605		)	(9,012		)		(42,617		)	N/A		N/A		N/A
Premium/(Discount)	(11,147		)	(55,605		)		(66,752		)	N/A		N/A		N/A
Total	$	7,881,218		$	1,106,040			$	8,987,258		100.0	%	4.72	%	4.20	%

(1) Net of the effect of any derivative instruments. Weighted average rates are as of December 31, 2016.

(2) Includes $20.0 million in principal outstanding on the Company's unsecured commercial paper program. The company may borrow up to a maximum of $500.0 million on the program subject to market conditions.

The following table provides a summary of the Company’s unsecured debt as of December 31, 2016:

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Unsecured Debt Summary as of December 31, 2016
($ in thousands)
	Interest Rate	Due Date	Amount
Fixed Rate Notes:
	5.750%	06/15/17	$	394,077
	7.125%	10/15/17	103,898
	4.750%	07/15/20	600,000
	4.625%	12/15/21	750,000
	3.000%	04/15/23	500,000
	3.375%	06/01/25	450,000
	7.570%	08/15/26	92,025
	2.850%	11/01/26	500,000
	4.500%	07/01/44	750,000
	4.500%	06/01/45	300,000
Deferred Financing Costs and Unamortized (Discount)			(42,171		)
			4,397,829
Floating Rate Notes:
	(1)	07/01/19	450,000
Fair Value Derivative Adjustments	(1)	07/01/19	1,857
Deferred Financing Costs and Unamortized (Discount)			(1,607		)
			450,250
Line of Credit and Commercial Paper:
Revolving Credit Facility (2) (3)	LIBOR+0.825%	01/10/22	—
Commercial Paper Program (2) (4)			20,000
Unamortized Commercial Paper (Discount)			(2		)
			19,998
Total Unsecured Debt			$	4,868,077

(1) Fair value interest rate swaps convert the $450.0 million 2.375% notes due July 1, 2019 to a floating interest rate of 90-Day LIBOR plus 0.61%.

(2) Facility/program is private. All other unsecured debt is public.

(3) On November 3, 2016, the Company replaced its existing $2.5 billion facility with a new $2.0 billion unsecured revolving credit facility maturing January 10, 2022. The interest rate on advances under the new credit facility will generally be LIBOR plus a spread (currently 0.825%) and an annual facility fee (currently 12.5 basis points). Both the spread and the facility fee are dependent on the credit rating of the Company's long term debt. As of December 31, 2016, there was approximately $1.96 billion available on the Company's unsecured revolving credit facility (net of $20.6 million which was restricted/dedicated to support letters of credit and $20.0 million outstanding on the commercial paper program).

(4) The Company may borrow up to a maximum of $500.0 million on the commercial paper program subject to market conditions. The notes bear interest at various floating rates with a weighted average of 0.90% for the year ended December 31, 2016 and a weighted average maturity of 4 days as of December 31, 2016.

EQR and ERPOP currently have an active universal shelf registration statement for the issuance of equity and debt securities that automatically became effective upon filing with the SEC on June 28, 2016 and expires on June 28, 2019. Per the terms of ERPOP's partnership agreement, EQR contributes the net proceeds of all equity offerings to the capital of ERPOP in exchange for additional OP Units (on a one-for-one Common Share per OP Unit basis) or preference units (on a one-for-one preferred share per preference unit basis).

The Company’s “Consolidated Debt-to-Total Market Capitalization Ratio” as of December 31, 2016 is presented in the following table. The Company calculates the equity component of its market capitalization as the sum of (i) the total outstanding Common Shares and assumed conversion of all Units at the equivalent market value of the closing price of the Company’s Common Shares on the New York Stock Exchange and (ii) the liquidation value of all perpetual preferred shares outstanding.

57

Equity Residential
Capital Structure as of December 31, 2016
(Amounts in thousands except for share/unit and per share amounts)
Secured Debt					$	4,119,181	45.8	%
Unsecured Debt					4,868,077		54.2	%
Total Debt					8,987,258		100.0	%	26.8	%
Common Shares (includes Restricted Shares)	365,870,924		96.2	%
Units (includes OP Units and Restricted Units)	14,626,075		3.8	%
Total Shares and Units	380,496,999		100.0	%
Common Share Price at December 31, 2016	$	64.36
					24,488,787		99.8	%
Perpetual Preferred Equity (see below)					37,280		0.2	%
Total Equity					24,526,067		100.0	%	73.2	%
Total Market Capitalization					$	33,513,325			100.0	%

Equity Residential
Perpetual Preferred Equity as of December 31, 2016
(Amounts in thousands except for share and per share amounts)
					Annual Dividend Per Share		Annual Dividend Amount
	Redemption Date	Outstanding Shares	Liquidation Value
Series
Preferred Shares:
8.29% Series K	12/10/26	745,600	$	37,280	$	4.145	$	3,091
Total Perpetual Preferred Equity		745,600	$	37,280			$	3,091

The Operating Partnership’s “Consolidated Debt-to-Total Market Capitalization Ratio” as of December 31, 2016 is presented in the following table. The Operating Partnership calculates the equity component of its market capitalization as the sum of (i) the total outstanding Units at the equivalent market value of the closing price of the Company’s Common Shares on the New York Stock Exchange and (ii) the liquidation value of all perpetual preference units outstanding.

ERP Operating Limited Partnership
Capital Structure as of December 31, 2016
(Amounts in thousands except for unit and per unit amounts)
Secured Debt			$	4,119,181	45.8	%
Unsecured Debt			4,868,077		54.2	%
Total Debt			8,987,258		100.0	%	26.8	%
Total Outstanding Units	380,496,999
Common Share Price at December 31, 2016	$	64.36
			24,488,787		99.8	%
Perpetual Preference Units (see below)			37,280		0.2	%
Total Equity			24,526,067		100.0	%	73.2	%
Total Market Capitalization			$	33,513,325			100.0	%

ERP Operating Limited Partnership
Perpetual Preference Units as of December 31, 2016
(Amounts in thousands except for unit and per unit amounts)
					Annual Dividend Per Unit		Annual Dividend Amount
	Redemption Date	Outstanding Units	Liquidation Value
Series
Preference Units:
8.29% Series K	12/10/26	745,600	$	37,280	$	4.145	$	3,091
Total Perpetual Preference Units		745,600	$	37,280			$	3,091

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The Company generally expects to meet its short-term liquidity requirements, including capital expenditures related to maintaining its existing properties and scheduled unsecured note and mortgage note repayments, through its working capital, net cash provided by operating activities and borrowings under the Company’s revolving credit facility and commercial paper program. Under normal operating conditions, the Company considers its cash provided by operating activities to be adequate to meet operating requirements and payments of distributions.

The Company has a flexible dividend policy which it believes will generate payouts closely aligned with the actual annual operating results of the Company’s core business and provide transparency to investors. Beginning in 2014, the Company began paying its annual dividend based on 65% of the midpoint of the range of Normalized FFO guidance customarily provided as part of the Company's fourth quarter earnings release. The Company's 2016 regular annual dividend payout was $2.015 per share/unit and the Company paid four regular quarterly dividends of $0.50375 per share/unit in 2016. In addition to the regular quarterly dividends, the Company paid two special dividends to its shareholders and holders of OP Units of $11.00 per share/unit in the aggregate. The Company paid special dividends of $8.00 per share/unit (approximately $3.0 billion) on March 10, 2016 and $3.00 per share/unit (approximately $1.1 billion) on October 14, 2016. All future dividends remain subject to the discretion of the Board of Trustees.

While our current dividend policy makes it less likely that we will over distribute, it will also lead to a dividend reduction more quickly should operating results deteriorate or large portfolio sales occur. However, whether due to changes in the dividend policy or otherwise, there may be times when the Company experiences shortfalls in its coverage of distributions, which may cause the Company to consider reducing its distributions and/or using the proceeds from property dispositions or additional financing transactions to make up the difference. Should these shortfalls occur for lengthy periods of time or be material in nature, the Company's financial condition may be adversely affected and it may not be able to maintain its current distribution levels. The Company believes that its expected 2017 operating cash flow will be sufficient to cover capital expenditures and regular dividends/distributions.

The Company also expects to meet its long-term liquidity requirements, such as lump sum unsecured note and mortgage debt maturities, property acquisitions, financing of construction and development activities through the issuance of secured and unsecured debt and equity securities, including additional OP Units, proceeds received from the disposition of certain properties and joint ventures and cash generated from operations after all distributions. In addition, the Company has significant unencumbered properties available to secure additional mortgage borrowings in the event that the public capital markets are unavailable or the cost of alternative sources of capital is too high. The fair value of and cash flow from these unencumbered properties are in excess of the requirements the Company must maintain in order to comply with covenants under its unsecured notes, line of credit and commercial paper program. Of the $25.4 billion in investment in real estate on the Company’s balance sheet at December 31, 2016, $18.7 billion or 73.8% was unencumbered. However, there can be no assurances that these sources of capital will be available to the Company in the future on acceptable terms or otherwise.

ERPOP's long-term senior debt ratings and short-term commercial paper ratings as well as EQR's long-term preferred equity ratings as of February 17, 2017 are as follows:

	Standard & Poor's	Moody's	Fitch
ERPOP's long-term senior debt rating	A-	Baa1 (1)	A-
ERPOP's short-term commercial paper rating	A-2	P-2	F-2
EQR's long-term preferred equity rating	BBB	Baa2 (2)	BBB

(1) Moody's rated ERPOP's long-term senior debt with a positive outlook.

(2) Moody's rated EQR's long-term preferred equity with a positive outlook.

The long-term ratings listed above were reaffirmed following the Company's announcement of the Starwood Transaction and other 2016 dispositions.

On November 3, 2016, the Company replaced its existing $2.5 billion facility with a $2.0 billion unsecured revolving credit facility maturing January 10, 2022. The Company has the ability to increase available borrowings by an additional $750.0 million by adding additional banks to the facility or obtaining the agreement of existing banks to increase their commitments. The interest rate on advances under the facility will generally be LIBOR plus a spread (currently 0.825%), or based on bids received from the lending group, and the Company pays an annual facility fee (currently 12.5 basis points). Both the spread and the facility fee are dependent on the credit rating of the Company's long-term debt.

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The Company's previous $2.5 billion unsecured revolving credit facility was set to mature on April 2, 2018. The Company had the ability to increase available borrowings by an additional $500.0 million by adding additional banks to the facility or obtaining the agreement of existing banks to increase their commitments. The interest rate on advances under the facility was generally LIBOR plus a spread (was 0.95% at termination), or based on bids received from the lending group, and the Company paid an annual facility fee (was 15 basis points at termination). Both the spread and the facility fee were dependent on the credit rating of the Company’s long-term debt.

On February 2, 2015, the Company entered into an unsecured commercial paper note program in the United States. The Company may borrow up to a maximum of $500.0 million under this program subject to market conditions. The notes will be sold under customary terms in the United States commercial paper note market and will rank pari passu with all of the Company's other unsecured senior indebtedness. The Company does not intend to borrow more than $2.0 billion on the commercial paper program and new revolving credit facility combined. As of February 17, 2017, there was a balance of $100.0 million outstanding on the commercial paper program.

As of February 17, 2017, no amounts were outstanding and the amount available on the revolving credit facility was $1.88 billion (net of $20.6 million which was restricted/dedicated to support letters of credit and net of the $100.0 million outstanding on the commercial paper program). This facility may, among other potential uses, be used to fund property acquisitions, costs for certain properties under development and short-term liquidity requirements.

See Note 18 in the Notes to Consolidated Financial Statements for discussion of the events which occurred subsequent to December 31, 2016.

Capitalization of Fixed Assets and Improvements to Real Estate

Our policy with respect to capital expenditures is generally to capitalize expenditures that improve the value of the property or extend the useful life of the component asset of the property. We track improvements to real estate in two major categories and several subcategories:

▪ Replacements (inside the apartment unit). These include:

• flooring such as carpets, hardwood, vinyl or tile;

• appliances;

• mechanical equipment such as individual furnace/air units, hot water heaters, etc;

• furniture and fixtures such as kitchen/bath cabinets, light fixtures, ceiling fans, sinks, tubs, toilets, mirrors, countertops, etc; and

• blinds.

All replacements are depreciated over a five to ten-year estimated useful life. We expense as incurred all make-ready maintenance and turnover costs such as cleaning, interior painting of individual apartment units and the repair of any replacement item noted above.

▪ Building improvements (outside the apartment unit). These include:

• roof replacement and major repairs;

• paving or major resurfacing of parking lots, curbs and sidewalks;

• amenities and common areas such as pools, exterior sports and playground equipment, lobbies, clubhouses, laundry rooms, alarm and security systems and offices;

• major building mechanical equipment systems;

• interior and exterior structural repair and exterior painting and siding;

• major landscaping and grounds improvement; and

• vehicles and office and maintenance equipment.

All building improvements are depreciated over a five to fifteen-year estimated useful life. We capitalize building improvements and upgrades only if the item: (i) exceeds $2,500 (selected projects must exceed $10,000); (ii) extends the useful life of the asset; and (iii) improves the value of the asset.

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For the year ended December 31, 2016, our actual improvements to real estate totaled approximately $172.2 million. This includes the following (amounts in thousands except for apartment unit and per apartment unit amounts):

Capital Expenditures to Real Estate
For the Year Ended December 31, 2016
	Total Apartment Units (1)	Replacements  (2)		Avg. Per Apartment Unit		Building Improvements (3)		Avg. Per Apartment Unit		Total		Avg. Per Apartment Unit
Same Store Properties (4)	69,879	$	75,298	$	1,077	$	80,890	$	1,158	$	156,188	$	2,235
Non-Same Store Properties (5)	6,634	4,494		851		7,685		1,456		12,179		2,307
Other (6)	—	2,744				1,066				3,810
Total	76,513	$	82,536			$	89,641			$	172,177

(1) Total Apartment Units – Excludes 945 unconsolidated apartment units for which capital expenditures to real estate are self-funded and do not consolidate into the Company's results.

(2) Replacements – Includes new expenditures inside the apartment units such as appliances, mechanical equipment, fixtures and flooring, including carpeting. Replacements for same store properties also include $47.0 million spent during 2016 on apartment unit renovations/rehabs (primarily kitchens and baths) on approximately 4,200 same store apartment units (equating to approximately $11,200 per apartment unit rehabbed) designed to reposition these units for higher rental levels in their respective markets.

(3) Building Improvements – Includes roof replacement, paving, amenities and common areas, building mechanical equipment systems, exterior painting and siding, major landscaping, vehicles and office and maintenance equipment.

(4) Same Store Properties – Primarily includes all properties acquired or completed that are stabilized prior to January 1, 2015, less properties subsequently sold.

(5) Non-Same Store Properties – Primarily includes all properties acquired during 2015 and 2016, plus any properties in lease-up and not stabilized as of January 1, 2015. Per apartment unit amounts are based on a weighted average of 5,279 apartment units.

(6) Other – Primarily includes expenditures for properties sold and properties under development.

For the year ended December 31, 2015, our actual improvements to real estate totaled approximately $182.1 million. This includes the following (amounts in thousands except for apartment unit and per apartment unit amounts):

Capital Expenditures to Real Estate
For the Year Ended December 31, 2015
	Total Apartment Units (1)	Replacements (2)		Avg. Per Apartment Unit		Building Improvements (3)		Avg. Per Apartment Unit		Total		Avg. Per Apartment Unit
Same Store Properties (4)	96,286	$	98,120	$	1,019	$	75,294	$	782	$	173,414	$	1,801
Non-Same Store Properties (5)	6,946	1,870		335		6,293		1,127		8,163		1,462
Other (6)	—	302				234				536
Total	103,232	$	100,292			$	81,821			$	182,113

(1) Total Apartment Units – Excludes 1,281 unconsolidated apartment units and 5,139 military housing apartment units for which capital expenditures to real estate are self-funded and do not consolidate into the Company's results.

(2) Replacements – Includes new expenditures inside the apartment units such as appliances, mechanical equipment, fixtures and flooring, including carpeting. Replacements for same store properties also include $60.6 million spent in 2015 on apartment unit renovations/rehabs (primarily kitchens and baths) on 6,499 same store apartment units (equating to about $9,300 per apartment unit rehabbed) designed to reposition these assets for higher rental levels in their respective markets.

(3) Building Improvements – Includes roof replacement, paving, amenities and common areas, building mechanical equipment systems, exterior painting and siding, major landscaping, vehicles and office and maintenance equipment.

(4) Same Store Properties – Primarily includes all properties acquired or completed and stabilized prior to January 1, 2014, less properties subsequently sold.

(5) Non-Same Store Properties – Primarily includes all properties acquired during 2014 and 2015, plus any properties in lease-up and not stabilized as of January 1, 2014. Per apartment unit amounts are based on a weighted average of 5,582 apartment units.

(6) Other – Primarily includes expenditures for properties sold and properties under development.

The Company estimates that during 2017 it will spend approximately $2,600 per apartment unit of capital expenditures, inclusive of apartment unit renovation/rehab costs, or $1,900 per apartment unit excluding apartment unit renovation/rehab costs. During 2017, the Company expects to spend approximately $50.0 million for all unit renovation/rehab costs (primarily on same store properties) at a weighted average cost of $11,000 per apartment unit rehabbed. These anticipated amounts represent an

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increase as a percentage of rental revenues, in the cost per unit and in the absolute dollar amounts over 2016. These increases include approximately $17.0 million of additional estimated expenditures for resident focused renovation projects such as common areas and exercise rooms in order to remain competitive with the new luxury supply being delivered in many of our markets. We will continue to create value from our properties by doing those rehabs that meet our investment parameters. The above assumptions are based on current expectations and are forward-looking.

During the year ended December 31, 2016, the Company’s total non-real estate capital additions, such as computer software, computer equipment, and furniture and fixtures and leasehold improvements to the Company’s property management offices and its corporate offices, were approximately $5.7 million. The Company expects to fund approximately $3.1 million in total non-real estate capital additions in 2017. These anticipated fundings represent a decrease over 2016, which is primarily driven by the substantial completion of the implementation of new systems during 2016. The above assumption is based on current expectations and is forward-looking.

Capital expenditures to real estate and non-real estate capital additions are generally funded from net cash provided by operating activities and from investment cash flow.

Derivative Instruments

In the normal course of business, the Company is exposed to the effect of interest rate changes. The Company seeks to manage these risks by following established risk management policies and procedures including the use of derivatives to hedge interest rate risk on debt instruments. The Company may also use derivatives to manage commodity prices in the daily operations of the business.

The Company has a policy of only entering into contracts with major financial institutions based upon their credit ratings and other factors. When viewed in conjunction with the underlying and offsetting exposure that the derivatives are designed to hedge, the Company has not sustained a material loss from these instruments nor does it anticipate any material adverse effect on its net income or financial position in the future from the use of derivatives it currently has in place.

See Note 9 in the Notes to Consolidated Financial Statements for additional discussion of derivative instruments at December 31, 2016.

Other

Total distributions paid in January 2017 amounted to $192.3 million (excluding distributions on Partially Owned Properties), which included certain distributions declared during the fourth quarter ended December 31, 2016.

Off-Balance Sheet Arrangements and Contractual Obligations

The Company has various unconsolidated interests in certain joint ventures. The Company does not believe that these unconsolidated investments have a materially different impact on its liquidity, cash flows, capital resources, credit or market risk than its consolidated operating and/or other activities.

Operating Properties

The Company has a 75% equity interest in the Wisconsin Place joint venture. The project contains a mixed-use site located in Chevy Chase, Maryland consisting of residential, retail, office and accessory uses, including underground parking facilities. The joint venture owns the 432 unit residential component, but has no ownership interest in the retail and office components. The joint venture also retains an unconsolidated interest in an entity that owns the land underlying the entire project and owns and operates the parking facility. At December 31, 2016, the basis of this investment was $46.9 million. The joint venture, as a limited partner, does not have substantive kick-out or participating rights in the entity. As a result, the entity qualifies as a VIE. The joint venture does not have a controlling financial interest in the VIE and is not the VIE's primary beneficiary. The joint venture does not have the power to direct the activities of the VIE that most significantly impact the VIE's economic performance or the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. As a result, the entity that owns the land and owns and operates the parking facility is unconsolidated and recorded using the equity method of accounting.

The Company has a 20% equity interest in each of the Nexus Sawgrass and Domain joint ventures. The Nexus Sawgrass joint venture owns a 501 unit apartment property located in Sunrise, Florida and the Company's interest had a basis of $5.0 million at December 31, 2016. The Domain joint venture owns a 444 unit apartment property located in San Jose, California and the

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Company's interest had a basis of $9.3 million at December 31, 2016. Nexus Sawgrass and Domain were completed and stabilized during the quarters ended September 30, 2014 and March 31, 2015, respectively. Construction on both properties was predominantly funded with long-term, non-recourse secured loans from the partner. The mortgage loan on Nexus Sawgrass has a current unconsolidated outstanding balance of $48.6 million, bears interest at 5.60% and matures January 1, 2021. The mortgage loan on Domain has a current unconsolidated outstanding balance of $96.8 million, bears interest at 5.75% and matures January 1, 2022. While the Company is the managing member of both of the joint ventures, was responsible for constructing both of the properties and gave certain construction cost overrun guarantees, the joint venture partner has significant participating rights and has active involvement in and oversight of the operations. As a result, the entities do not qualify as VIEs. The Company alone does not have the power to direct the activities of the entities that most significantly impact the entities' economic performance and as a result, the entities are unconsolidated and recorded using the equity method of accounting. The Company currently has no further funding obligations related to these properties.

Other

On February 27, 2013, in connection with the acquisition of Archstone, subsidiaries of the Company entered into three limited liability company agreements (collectively, the “Residual JV”). The Residual JV owned certain Archstone assets and succeeded to certain residual Archstone liabilities/litigation. The Residual JV is owned 60% by the Company and 40% by its joint venture partner. The Company's initial investment was $147.6 million and the Company's basis at December 31, 2016 was a net obligation of $1.1 million. The Residual JV is managed by a Management Committee consisting of two members from each of the Company and its joint venture partner. Both partners have equal participation in the Management Committee and all significant participating rights are shared by both partners. As a result, the Residual JV does not qualify as a VIE. The Company alone does not have the power to direct the activities of the Residual JV that most significantly impact the Residual JV's economic performance and as a result, the Residual JV is unconsolidated and recorded using the equity method of accounting. The Residual JV has sold all of the real estate assets that were acquired as part of the acquisition of Archstone, including all of the German assets, and is in the process of winding down all remaining activities.

On February 27, 2013, in connection with the acquisition of Archstone, a subsidiary of the Company entered into a limited liability company agreement (the “Legacy JV”), through which they assumed obligations of Archstone in the form of preferred interests, some of which are governed by tax protection arrangements. At December 31, 2016, the remaining preferred interests had an aggregate liquidation value of $39.9 million, our share of which is included in other liabilities in the accompanying consolidated balance sheets. Obligations of the Legacy JV are borne 60% by the Company and 40% by its joint venture partner. The Legacy JV is managed by a Management Committee consisting of two members from each of the Company and its joint venture partner. Both partners have equal participation in the Management Committee and all significant participating rights are shared by both partners. As a result, the Legacy JV does not qualify as a VIE. The Company alone does not have the power to direct the activities of the Legacy JV that most significantly impact the Legacy JV's economic performance and as a result, the Legacy JV is unconsolidated and recorded using the equity method of accounting.

As of December 31, 2016, the Company has six wholly owned projects totaling 2,064 apartment units in various stages of development with estimated completion dates ranging through December 31, 2018, as well as other completed development projects that are in various stages of lease up or are stabilized. See also Note 16 in the Notes to Consolidated Financial Statements for additional discussion regarding the Company's development projects.

See also Notes 2 and 6 in the Notes to Consolidated Financial Statements for additional discussion regarding the Company’s investments in partially owned entities.

The following table summarizes the Company’s contractual obligations for the next five years and thereafter as of December 31, 2016:

Payments Due by Year (in thousands)
Contractual Obligations	2017		2018		2019		2020		2021		Thereafter		Unamortized Cost/Discounts			Total
Debt:
Principal (a)	$	628,458	$	184,369	$	1,286,037	$	1,690,090	$	941,157	$	4,366,516	$	(109,369	)	$	8,987,258
Interest (b)	367,157		331,165		285,074		222,930		188,420		1,471,663		—			2,866,409
Operating Leases:
Minimum Rent Payments (c)	15,917		16,027		15,890		15,489		15,256		826,259		—			904,838
Other Long-Term Liabilities:
Deferred Compensation (d)	1,387		1,723		1,128		1,079		1,079		4,383		—			10,779
Total	$	1,012,919	$	533,284	$	1,588,129	$	1,929,588	$	1,145,912	$	6,668,821	$	(109,369	)	$	12,769,284

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(a) Amounts include aggregate principal payments only.

(b) Amounts include interest expected to be incurred on the Company’s secured and unsecured debt based on obligations outstanding at December 31, 2016 and inclusive of capitalized interest. For floating rate debt, the current rate in effect for the most recent payment through December 31, 2016 is assumed to be in effect through the respective maturity date of each instrument.

(c) Minimum basic rent due for various office space the Company leases and fixed base rent due on ground leases for 11 properties.

(d) Estimated payments to the Company's Chairman, Vice Chairman and one former CEO based on actual and planned retirement dates.

Critical Accounting Policies and Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to use judgment in the application of accounting policies, including making estimates and assumptions. If our judgment or interpretation of the facts and circumstances relating to various transactions had been different or different assumptions were made, it is possible that different accounting policies would have been applied, resulting in different financial results or different presentation of our financial statements.

The Company’significant accounting policies are described in Note 2 in the Notes to Consolidated Financial Statements. These policies were followed in preparing the consolidated financial statements at and for the year ended December 31, 2016 and are consistent with the year ended December 31, 2015.

The Company has identified five significant accounting policies as critical accounting policies. These critical accounting policies are those that have the most impact on the reporting of our financial condition and those requiring significant judgments and estimates. With respect to these critical accounting policies, management believes that the application of judgments and estimates is consistently applied and produces financial information that fairly presents the results of operations for all periods presented. The five critical accounting policies are:

Acquisition of Investment Properties

The Company allocates the purchase price of properties to net tangible and identified intangible assets acquired based on their fair values. In making estimates of fair values for purposes of allocating purchase price, the Company utilizes a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property, our own analysis of recently acquired and existing comparable properties in our portfolio and other market data. The Company also considers information obtained about each property as a result of its pre-acquisition due diligence, marketing and leasing activities in estimating the fair value of the tangible and intangible assets acquired.

Impairment of Long-Lived Assets

The Company periodically evaluates its long-lived assets, including its investments in real estate, for indicators of impairment. The judgments regarding the existence of impairment indicators are based on factors such as operational performance, market conditions and legal and environmental concerns, as well as the Company’s ability to hold and its intent with regard to each asset. Future events could occur which would cause the Company to conclude that impairment indicators exist and an impairment loss is warranted.

Depreciation of Investment in Real Estate

The Company depreciates the building component of its investment in real estate over a 30-year estimated useful life, building improvements over a 5-year to 15-year estimated useful life and both the furniture, fixtures and equipment and replacement components over a 5-year to 10-year estimated useful life, all of which are judgmental determinations.

Cost Capitalization

See the Capitalization of Fixed Assets and Improvements to Real Estate section for a discussion of the Company’s policy with respect to capitalization vs. expensing of fixed asset/repair and maintenance costs. In addition, the Company capitalizes an allocation of the payroll and associated costs of employees directly responsible for and who spend their time on the execution and supervision of major capital and/or renovation projects. These costs are reflected on the balance sheets as increases to depreciable property.

For all development projects, the Company uses its professional judgment in determining whether such costs meet the criteria for capitalization or must be expensed as incurred. The Company capitalizes interest, real estate taxes and insurance and

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payroll and associated costs for those individuals directly responsible for and who spend their time on development activities, with capitalization ceasing no later than 90 days following issuance of the certificate of occupancy. These costs are reflected on the balance sheets as construction-in-progress for each specific property. The Company expenses as incurred all payroll costs of on-site employees working directly at our properties, except as noted above on our development properties prior to certificate of occupancy issuance and on specific major renovations at selected properties when additional incremental employees are hired.

During the years ended December 31, 2016, 2015 and 2014, the Company capitalized $18.7 million, $22.3 million and $22.4 million, respectively, of payroll and associated costs of employees directly responsible for and who spend their time on the execution and supervision of development activities as well as major capital and/or renovation projects.

Fair Value of Financial Instruments, Including Derivative Instruments

The valuation of financial instruments requires the Company to make estimates and judgments that affect the fair value of the instruments. The Company, where possible, bases the fair values of its financial instruments, including its derivative instruments, on listed market prices and third party quotes. Where these are not available, the Company bases its estimates on current instruments with similar terms and maturities or on other factors relevant to the financial instruments.

Funds From Operations and Normalized Funds From Operations

The following is the Company's and the Operating Partnership's reconciliation of net income to FFO available to Common Shares and Units / Units and Normalized FFO available to Common Shares and Units / Units for each of the five years ended December 31, 2016:

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Funds From Operations and Normalized Funds From Operations
(Amounts in thousands)
	Year Ended December 31,
	2016			2015			2014			2013			2012
Net income	$	4,480,104		$	908,018		$	658,683		$	1,905,353		$	881,204
Net (income) loss attributable to Noncontrolling Interests – Partially Owned Properties	(16,430		)	(3,657		)	(2,544		)	538			(844		)
Preferred/preference distributions	(3,091		)	(3,357		)	(4,145		)	(4,145		)	(10,355		)
Premium on redemption of Preferred Shares/Preference Units	—			(3,486		)	—			—			(5,152		)
Net income available to Common Shares and Units / Units	4,460,583			897,518			651,994			1,901,746			864,853
Adjustments:
Depreciation	705,649			765,895			758,861			978,973			560,669
Depreciation – Non-real estate additions	(5,224		)	(4,981		)	(4,643		)	(4,806		)	(5,346		)
Depreciation – Partially Owned Properties	(3,805		)	(4,332		)	(4,285		)	(6,499		)	(3,193		)
Depreciation – Unconsolidated Properties	4,745			4,920			6,754			3,661			—
Net (gain) on sales of unconsolidated entities – operating assets	(8,841		)	(100		)	(4,902		)	(7		)	—
Net (gain) on sales of real estate properties	(4,044,055		)	(335,134		)	(212,685		)	—			—
Noncontrolling Interests share of gain on sales	14,521			—			—			—			—
Discontinued operations:
Depreciation	—			—			—			34,380			124,323
Net (gain) on sales of discontinued operations	(43		)	—			(179		)	(2,036,505		)	(548,278		)
Net incremental gain (loss) on sales of condominium units	—			—			—			8			(11		)
Gain on sale of Equity Corporate Housing (ECH)	—			—			—			1,470			200
FFO available to Common Shares and Units / Units (1) (3) (4)	1,123,530			1,323,786			1,190,915			872,421			993,217
Adjustments:
Asset impairment and valuation allowances	—			—			—			—			—
Property acquisition costs and write-off of pursuit costs	6,478			(11,706		)	8,248			79,365			21,649
Debt extinguishment (gains) losses, including prepayment penalties, preferred share/
preference unit redemptions and non-cash convertible debt discounts	121,694			5,704			(1,110		)	121,730			16,293
(Gains) losses on sales of non-operating assets, net of income and other tax expense
(benefit)	(74,221		)	(2,883		)	(1,866		)	(17,908		)	(255		)
Other miscellaneous non-comparable items	2,169			2,901			259			1,465			(147,635		)
Normalized FFO available to Common Shares and Units / Units (2) (3) (4)	$	1,179,650		$	1,317,802		$	1,196,446		$	1,057,073		$	883,269
FFO (1) (3)	$	1,126,621		$	1,330,629		$	1,195,060		$	876,566		$	1,008,724
Preferred/preference distributions	(3,091		)	(3,357		)	(4,145		)	(4,145		)	(10,355		)
Premium on redemption of Preferred Shares/Preference Units	—			(3,486		)	—			—			(5,152		)
FFO available to Common Shares and Units / Units (1) (3) (4)	$	1,123,530		$	1,323,786		$	1,190,915		$	872,421		$	993,217
Normalized FFO (2) (3)	$	1,182,741		$	1,321,159		$	1,200,591		$	1,061,218		$	893,624
Preferred/preference distributions	(3,091		)	(3,357		)	(4,145		)	(4,145		)	(10,355		)
Normalized FFO available to Common Shares and Units / Units (2) (3) (4)	$	1,179,650		$	1,317,802		$	1,196,446		$	1,057,073		$	883,269

(1) The National Association of Real Estate Investment Trusts (“NAREIT”) defines funds from operations (“FFO”) (April 2002 White Paper) as net income (computed in accordance with accounting principles generally accepted in the United States (“GAAP”)), excluding gains (or losses) from sales and impairment write-downs of depreciable operating properties, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures will be calculated to reflect funds from operations on the same basis. The April 2002 White Paper states that gain or loss on sales of property is excluded from FFO for previously depreciated operating properties only.

(2) Normalized funds from operations (“Normalized FFO”) begins with FFO and excludes:

• the impact of any expenses relating to non-operating asset impairment and valuation allowances;

• property acquisition and other transaction costs related to mergers and acquisitions and pursuit cost write-offs;

• gains and losses from early debt extinguishment, including prepayment penalties, preferred share/preference unit redemptions and the cost related to the implied option value of non-cash convertible debt discounts;

• gains and losses on the sales of non-operating assets, including gains and losses from land parcel sales, net of the effect of income tax benefits or expenses; and

• other miscellaneous items.

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(3) The Company believes that FFO and FFO available to Common Shares and Units / Units are helpful to investors as supplemental measures of the operating performance of a real estate company, because they are recognized measures of performance by the real estate industry and by excluding gains or losses related to dispositions of depreciable property and excluding real estate depreciation (which can vary among owners of identical assets in similar condition based on historical cost accounting and useful life estimates), FFO and FFO available to Common Shares and Units / Units can help compare the operating performance of a company’s real estate between periods or as compared to different companies. The Company also believes that Normalized FFO and Normalized FFO available to Common Shares and Units / Units are helpful to investors as supplemental measures of the operating performance of a real estate company because they allow investors to compare the Company’s operating performance to its performance in prior reporting periods and to the operating performance of other real estate companies without the effect of items that by their nature are not comparable from period to period and tend to obscure the Company’s actual operating results. FFO, FFO available to Common Shares and Units / Units, Normalized FFO and Normalized FFO available to Common Shares and Units / Units do not represent net income, net income available to Common Shares / Units or net cash flows from operating activities in accordance with GAAP. Therefore, FFO, FFO available to Common Shares and Units / Units, Normalized FFO and Normalized FFO available to Common Shares and Units / Units should not be exclusively considered as alternatives to net income, net income available to Common Shares / Units or net cash flows from operating activities as determined by GAAP or as a measure of liquidity. The Company’s calculation of FFO, FFO available to Common Shares and Units / Units, Normalized FFO and Normalized FFO available to Common Shares and Units / Units may differ from other real estate companies due to, among other items, variations in cost capitalization policies for capital expenditures and, accordingly, may not be comparable to such other real estate companies.

(4) FFO available to Common Shares and Units / Units and Normalized FFO available to Common Shares and Units / Units are calculated on a basis consistent with net income available to Common Shares / Units and reflects adjustments to net income for preferred distributions and premiums on redemption of preferred shares/preference units in accordance with GAAP. The equity positions of various individuals and entities that contributed their properties to the Operating Partnership in exchange for OP Units are collectively referred to as the “Noncontrolling Interests – Operating Partnership”. Subject to certain restrictions, the Noncontrolling Interests – Operating Partnership may exchange their OP Units for Common Shares on a one-for-one basis.

Item 7A. Quantitative and Qualitative Disclosures about Market Risk

Market risks relating to the Company’s financial instruments result primarily from changes in short-term LIBOR interest rates and changes in the Securities Industry and Financial Markets Association ("SIFMA") index for tax-exempt debt. The Company’s exposure to market risk for changes in interest rates relates to the unsecured revolving credit facility and commercial paper program, the floating rate tax-exempt debt and the fair value hedges that convert fixed rate debt to floating rate debt as well as exposure on the refinancing of its debt. The Company typically incurs fixed rate debt obligations to finance acquisitions while it typically incurs floating rate debt obligations to finance working capital needs and as a temporary measure in advance of securing long-term fixed rate financing. The Company continuously evaluates its level of floating rate debt with respect to total debt and other factors, including its assessment of the current and future economic environment. To the extent the Company carries substantial cash balances, this will tend to partially counterbalance any increase or decrease in interest rates.

The Company also utilizes certain derivative financial instruments to manage market risk. Interest rate protection agreements are used to convert floating rate debt to a fixed rate basis or vice versa as well as to partially lock in rates on future debt issuances. Derivatives are used for hedging purposes rather than speculation. The Company does not enter into financial instruments for trading purposes. See also Note 9 in the Notes to Consolidated Financial Statements for additional discussion of derivative instruments.

The fair values of the Company’s financial instruments (including such items in the financial statement captions as cash and cash equivalents, other assets, accounts payable and accrued expenses and other liabilities) approximate their carrying or contract values based on their nature, terms and interest rates that approximate current market rates. The fair value of the Company’s mortgage notes payable and unsecured debt (including its commercial paper) were approximately $4.2 billion and $5.0 billion, respectively, at December 31, 2016.

At December 31, 2016, the Company had total outstanding floating rate debt of approximately $1.1 billion, or 12.3% of total debt, net of the effects of any derivative instruments. If market rates of interest on all of the floating rate debt permanently increased by 11 basis points (a 10% increase from the Company’s existing weighted average interest rates), the increase in interest expense on the floating rate debt would decrease future earnings and cash flows by approximately $1.3 million. If market rates of interest on all of the floating rate debt permanently decreased by 11 basis points (a 10% decrease from the Company’s existing weighted average interest rates), the decrease in interest expense on the floating rate debt would increase future earnings and cash flows by approximately $1.3 million.

At December 31, 2016, the Company had total outstanding fixed rate debt of approximately $7.9 billion, or 87.7% of total debt, net of the effects of any derivative instruments. If market rates of interest permanently increased by 49 basis points (a 10% increase from the Company’s existing weighted average interest rates), the estimated fair value of the Company’s fixed rate debt would be approximately $7.2 billion. If market rates of interest permanently decreased by 49 basis points (a 10% decrease

67

from the Company’s existing weighted average interest rates), the estimated fair value of the Company’s fixed rate debt would be approximately $8.8 billion.

At December 31, 2016, the Company’s derivative instruments had a net asset fair value of approximately $1.9 million.If market rates of interest permanently increased by 24 basis points (a 10% increase from the Company’s existing weighted average interest rates), the net asset fair value of the Company’s derivative instruments would be approximately $0.4 million. If market rates of interest permanently decreased by 24 basis points (a 10% decrease from the Company’s existing weighted average interest rates), the net asset fair value of the Company’s derivative instruments would be approximately $3.4 million.

At December 31, 2015, the Company had total outstanding floating rate debt of approximately $1.5 billion, or 14.1% of total debt, net of the effects of any derivative instruments. If market rates of interest on all of the floating rate debt permanently increased by 8 basis points (a 10% increase from the Company’s existing weighted average interest rates), the increase in interest expense on the floating rate debt would decrease future earnings and cash flows by approximately $1.2 million. If market rates of interest on all of the floating rate debt permanently decreased by 8 basis points (a 10% decrease from the Company’s existing weighted average interest rates), the decrease in interest expense on the floating rate debt would increase future earnings and cash flows by approximately $1.2 million.

At December 31, 2015, the Company had total outstanding fixed rate debt of approximately $9.4 billion, or 85.9% of total debt, net of the effects of any derivative instruments. If market rates of interest permanently increased by 51 basis points (a 10% increase from the Company’s existing weighted average interest rates), the estimated fair value of the Company’s fixed rate debt would be approximately $8.6 billion. If market rates of interest permanently decreased by 51 basis points (a 10% decrease from the Company’s existing weighted average interest rates), the estimated fair value of the Company’s fixed rate debt would be approximately $10.5 billion.

At December 31, 2015, the Company’s derivative instruments had a net asset fair value of approximately $3.0 million. If market rates of interest permanently increased by 17 basis points (a 10% increase from the Company’s existing weighted average interest rates), the net asset fair value of the Company’s derivative instruments would be approximately $1.8 million. If market rates of interest permanently decreased by 17 basis points (a 10% decrease from the Company’s existing weighted average interest rates), the net asset fair value of the Company’s derivative instruments would be approximately $4.2 million.

These amounts were determined by considering the impact of hypothetical interest rates on the Company’s financial instruments. The foregoing assumptions apply to the entire amount of the Company’s debt and derivative instruments and do not differentiate among maturities. These analyses do not consider the effects of the changes in overall economic activity that could exist in such an environment. Further, in the event of changes of such magnitude, management would likely take actions to further mitigate its exposure to the changes. However, due to the uncertainty of the specific actions that would be taken and their possible effects, this analysis assumes no changes in the Company’s financial structure or results.

The Company cannot predict the effect of adverse changes in interest rates on its debt and derivative instruments and, therefore, its exposure to market risk, nor can there be any assurance that long-term debt will be available at advantageous pricing. Consequently, future results may differ materially from the estimated adverse changes discussed above.

Item 8. Financial Statements and Supplementary Data

See Index to Consolidated Financial Statements and Schedule on page F-1 of this Form 10-K.

Item 9.     Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

    None.

Item 9A. Controls and Procedures

Equity Residential

(a)  Evaluation of Disclosure Controls and Procedures:

Effective as of December 31, 2016, the Company carried out an evaluation, under the supervision and with the participation of the Company’s management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of the Company’s disclosure controls and procedures pursuant to Exchange Act Rules 13a-15 and 15d-15. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures are effective to ensure that information required to be disclosed by the Company in its Exchange Act filings is recorded, processed, summarized and

68

reported within the time periods specified in the SEC’s rules and forms.

(b)  Management’s Report on Internal Control over Financial Reporting:

Equity Residential’s management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rule 13a-15(f) under the Exchange Act. Under the supervision and with the participation of management, including the Company’s Chief Executive Officer and Chief Financial Officer, management conducted an evaluation of the effectiveness of internal control over financial reporting based on the framework in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework).

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can only provide reasonable assurance with respect to financial statement preparation and presentation.

Based on the Company’s evaluation under the framework in Internal Control – Integrated Framework, management concluded that its internal control over financial reporting was effective as of December 31, 2016. Our internal control over financial reporting has been audited as of December 31, 2016 by Ernst & Young LLP, an independent registered public accounting firm, as stated in their report which is included herein.

(c)   Changes in Internal Control over Financial Reporting:

There were no changes to the internal control over financial reporting of the Company identified in connection with the Company’s evaluation referred to above that occurred during the fourth quarter of 2016 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

ERP Operating Limited Partnership

(a)  Evaluation of Disclosure Controls and Procedures:

Effective as of December 31, 2016, the Operating Partnership carried out an evaluation, under the supervision and with the participation of the Operating Partnership's management, including the Chief Executive Officer and Chief Financial Officer of EQR, of the effectiveness of the Operating Partnership's disclosure controls and procedures pursuant to Exchange Act Rules 13a-15 and 15d-15. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures are effective to ensure that information required to be disclosed by the Operating Partnership in its Exchange Act filings is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms.

(b)  Management’s Report on Internal Control over Financial Reporting:

ERP Operating Limited Partnership's management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rule 13a-15(f) under the Exchange Act. Under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer of EQR, management conducted an evaluation of the effectiveness of internal control over financial reporting based on the framework in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework).

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can only provide reasonable assurance with respect to financial statement preparation and presentation.

Based on the Operating Partnership's evaluation under the framework in Internal Control – Integrated Framework, management concluded that its internal control over financial reporting was effective as of December 31, 2016. Our internal control over financial reporting has been audited as of December 31, 2016 by Ernst & Young LLP, an independent registered public accounting firm, as stated in their report which is included herein.

(c)   Changes in Internal Control over Financial Reporting:

There were no changes to the internal control over financial reporting of the Operating Partnership identified in connection with the Operating Partnership’s evaluation referred to above that occurred during the fourth quarter of 2016 that have materially affected, or are reasonably likely to materially affect, the Operating Partnership’s internal control over financial reporting.

Item 9B. Other Information

None.

69

PART III

Items 10, 11, 12, 13 and 14.

Trustees, Executive Officers and Corporate Governance; Executive Compensation; Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters; Certain Relationships and Related Transactions, and Trustee Independence; and Principal Accounting Fees and Services.

The information required by Item 10, Item 11, Item 12, Item 13 and Item 14 is incorporated by reference to, and will be contained in, Equity Residential's Proxy Statement, which the Company intends to file no later than 120 days after the end of its fiscal year ended December 31, 2016, and thus these items have been omitted in accordance with General Instruction G(3) to Form 10-K. Equity Residential is the general partner and 96.2% owner of ERP Operating Limited Partnership.

70

PART IV

Item 15. Exhibits and Financial Statement Schedules.

(a)  The following documents are filed as part of this Report:

(1) Financial Statements: See Index to Consolidated Financial Statements and Schedule on page F-1 of this Form 10-K.

(2) Exhibits: See the Exhibit Index.

(3) Financial Statement Schedules: See Index to Consolidated Financial Statements and Schedule on page F-1 of this Form 10-K.

71

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, each registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

EQUITY RESIDENTIAL
By:	/s/ David J. Neithercut
	David J. Neithercut President and Chief Executive Officer (Principal Executive Officer)
Date:	February 23, 2017

ERP OPERATING LIMITED PARTNERSHIP BY: EQUITY RESIDENTIAL ITS GENERAL PARTNER
By:	/s/ David J. Neithercut
	David J. Neithercut President and Chief Executive Officer (Principal Executive Officer)
Date:	February 23, 2017

EQUITY RESIDENTIAL

ERP OPERATING LIMITED PARTNERSHIP

POWER OF ATTORNEY

KNOW ALL MEN/WOMEN BY THESE PRESENTS, that each person whose signature appears below, hereby constitutes and appoints David J. Neithercut, Mark J. Parrell and Ian S. Kaufman, or any of them, his or her attorneys-in-fact and agents, with full power of substitution and resubstitution for him or her in any and all capacities, to do all acts and things which said attorneys and agents, or any of them, deem advisable to enable the company to comply with the Securities Exchange Act of 1934, as amended, and any requirements or regulations of the Securities and Exchange Commission in respect thereof, in connection with the company’s filing of an annual report on Form 10-K for the company’s fiscal year 2016, including specifically, but without limitation of the general authority hereby granted, the power and authority to sign his or her name as a trustee or officer, or both, of the company, as indicated below opposite his or her signature, to the Form 10-K, and any amendment thereto; and each of the undersigned does hereby fully ratify and confirm all that said attorneys and agents, or any of them, or the substitute of any of them, shall do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of each registrant and in the capacities set forth below and on the dates indicated:

Name	Title	Date
/s/ David J. Neithercut	President, Chief Executive Officer and Trustee	February 23, 2017
David J. Neithercut	(Principal Executive Officer)
/s/ Mark J. Parrell	Executive Vice President and Chief Financial Officer	February 23, 2017
Mark J. Parrell	(Principal Financial Officer)
/s/ Ian S. Kaufman	Senior Vice President and Chief Accounting Officer	February 23, 2017
Ian S. Kaufman	(Principal Accounting Officer)
/s/ John W. Alexander	Trustee	February 23, 2017
John W. Alexander
/s/ Charles L. Atwood	Trustee	February 23, 2017
Charles L. Atwood
/s/ Linda Walker Bynoe	Trustee	February 23, 2017
Linda Walker Bynoe
/s/ Connie K. Duckworth	Trustee	February 23, 2017
Connie K. Duckworth
/s/ Mary Kay Haben	Trustee	February 23, 2017
Mary Kay Haben
/s/ Bradley A. Keywell	Trustee	February 23, 2017
Bradley A. Keywell
/s/ John E. Neal	Trustee	February 23, 2017
John E. Neal
/s/ Mark S. Shapiro	Trustee	February 23, 2017
Mark S. Shapiro
/s/ Stephen E. Sterrett	Trustee	February 23, 2017
Stephen E. Sterrett
/s/ B. Joseph White	Trustee	February 23, 2017
B. Joseph White
/s/ Gerald A. Spector	Vice Chairman of the Board of Trustees	February 23, 2017
Gerald A. Spector
/s/ Samuel Zell	Chairman of the Board of Trustees	February 23, 2017
Samuel Zell

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS AND SCHEDULE

EQUITY RESIDENTIAL

ERP OPERATING LIMITED PARTNERSHIP

	PAGE
FINANCIAL STATEMENTS FILED AS PART OF THIS REPORT
Report of Independent Registered Public Accounting Firm (Equity Residential)	F-2
Report of Independent Registered Public Accounting Firm (ERP Operating Limited Partnership)	F-3
Report of Independent Registered Public Accounting Firm on Internal Control Over Financial     Reporting (Equity Residential)	F-4
Report of Independent Registered Public Accounting Firm on Internal Control Over Financial     Reporting (ERP Operating Limited Partnership)	F-5
Financial Statements of Equity Residential:
Consolidated Balance Sheets as of December 31, 2016 and 2015	F-6
Consolidated Statements of Operations and Comprehensive Income       for the years ended December 31, 2016, 2015 and 2014	F-7 to F-8
Consolidated Statements of Cash Flows for the years ended       December 31, 2016, 2015 and 2014	F-9 to F-12
Consolidated Statements of Changes in Equity for the years ended       December 31, 2016, 2015 and 2014	F-13 to F-14
Financial Statements of ERP Operating Limited Partnership:
Consolidated Balance Sheets as of December 31, 2016 and 2015	F-15
Consolidated Statements of Operations and Comprehensive Income       for the years ended December 31, 2016, 2015 and 2014	F-16 to F-17
Consolidated Statements of Cash Flows for the years ended       December 31, 2016, 2015 and 2014	F-18 to F-21
Consolidated Statements of Changes in Capital for the years ended       December 31, 2016, 2015 and 2014	F-22 to F-23
Notes to Consolidated Financial Statements of Equity Residential and ERP Operating      Limited Partnership	F-24 to F-63
SCHEDULE FILED AS PART OF THIS REPORT
Schedule III – Real Estate and Accumulated Depreciation of Equity Residential and ERP Operating      Limited Partnership	S-1 to S-11

All other schedules have been omitted because they are inapplicable, not required or the information is included elsewhere in the consolidated financial statements or notes thereto.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees and Shareholders

Equity Residential

We have audited the accompanying consolidated balance sheets of Equity Residential (the “Company”) as of December 31, 2016 and 2015 and the related consolidated statements of operations and comprehensive income, changes in equity and cash flows for each of the three years in the period ended December 31, 2016. Our audits also included the financial statement schedule listed in the Index at Item 15(a). These financial statements and schedule are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements and schedule based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of Equity Residential at December 31, 2016 and 2015 and the consolidated results of its operations and its cash flows for each of the three years in the period ended December 31, 2016, in conformity with U.S. generally accepted accounting principles. Also, in our opinion, the related financial statement schedule, when considered in relation to the basic consolidated financial statements taken as a whole, presents fairly, in all material respects, the information set forth therein.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), Equity Residential’s internal control over financial reporting as of December 31, 2016, based on criteria established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated February 23, 2017 expressed an unqualified opinion thereon.

	/s/  ERNST & YOUNG LLP
	ERNST & YOUNG LLP
Chicago, Illinois
February 23, 2017

F-2

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Partners

ERP Operating Limited Partnership

We have audited the accompanying consolidated balance sheets of ERP Operating Limited Partnership (the “Operating Partnership”) as of December 31, 2016 and 2015 and the related consolidated statements of operations and comprehensive income, changes in capital and cash flows for each of the three years in the period ended December 31, 2016. Our audits also included the financial statement schedule listed in the Index at Item 15(a). These financial statements and schedule are the responsibility of the Operating Partnership's management. Our responsibility is to express an opinion on these financial statements and schedule based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of ERP Operating Limited Partnership at December 31, 2016 and 2015 and the consolidated results of its operations and its cash flows for each of the three years in the period ended December 31, 2016, in conformity with U.S. generally accepted accounting principles. Also, in our opinion, the related financial statement schedule, when considered in relation to the basic consolidated financial statements taken as a whole, presents fairly, in all material respects, the information set forth therein.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), ERP Operating Limited Partnership's internal control over financial reporting as of December 31, 2016, based on criteria established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated February 23, 2017 expressed an unqualified opinion thereon.

	/s/  ERNST & YOUNG LLP
	ERNST & YOUNG LLP
Chicago, Illinois
February 23, 2017

F-3

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

ON INTERNAL CONTROL OVER FINANCIAL REPORTING

To the Board of Trustees and Shareholders

Equity Residential

We have audited Equity Residential’s (the “Company”) internal control over financial reporting as of December 31, 2016, based on criteria established in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO Criteria). Equity Residential’s management is responsible for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management's Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

In our opinion, Equity Residential maintained, in all material respects, effective internal control over financial reporting as of December 31, 2016, based on the COSO Criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheets of Equity Residential as of December 31, 2016 and 2015 and the related consolidated statements of operations and comprehensive income, changes in equity and cash flows for each of the three years in the period ended December 31, 2016 and our report dated February 23, 2017 expressed an unqualified opinion thereon.

	/s/  ERNST & YOUNG LLP
	ERNST & YOUNG LLP
Chicago, Illinois
February 23, 2017

F-4

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

ON INTERNAL CONTROL OVER FINANCIAL REPORTING

To the Partners

ERP Operating Limited Partnership

We have audited ERP Operating Limited Partnership's (the “Operating Partnership”) internal control over financial reporting as of December 31, 2016, based on criteria established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO Criteria). ERP Operating Limited Partnership's management is responsible for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Operating Partnership's internal control over financial reporting based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

In our opinion, ERP Operating Limited Partnership maintained, in all material respects, effective internal control over financial reporting as of December 31, 2016, based on the COSO Criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheets of ERP Operating Limited Partnership as of December 31, 2016 and 2015 and the related consolidated statements of operations and comprehensive income, changes in capital and cash flows for each of the three years in the period ended December 31, 2016 and our report dated February 23, 2017 expressed an unqualified opinion thereon.

	/s/  ERNST & YOUNG LLP
	ERNST & YOUNG LLP
Chicago, Illinois
February 23, 2017

F-5

EQUITY RESIDENTIAL

CONSOLIDATED BALANCE SHEETS

(Amounts in thousands except for share amounts)

	December 31, 2016			December 31, 2015
ASSETS
Investment in real estate
Land	$	5,899,862		$	5,864,046
Depreciable property	18,730,579			18,037,087
Projects under development	637,168			1,122,376
Land held for development	118,816			158,843
Investment in real estate	25,386,425			25,182,352
Accumulated depreciation	(5,360,389		)	(4,905,406		)
Investment in real estate, net	20,026,036			20,276,946
Real estate held for sale	—			2,181,135
Cash and cash equivalents	77,207			42,276
Investments in unconsolidated entities	60,141			68,101
Deposits – restricted	76,946			55,893
Escrow deposits – mortgage	64,935			56,946
Other assets	398,883			428,899
Total assets	$	20,704,148		$	23,110,196
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net	$	4,119,181		$	4,685,134
Notes, net	4,848,079			5,848,956
Line of credit and commercial paper	19,998			387,276
Accounts payable and accrued expenses	147,482			187,124
Accrued interest payable	60,946			85,221
Other liabilities	350,466			366,387
Security deposits	62,624			77,582
Distributions payable	192,296			209,378
Total liabilities	9,801,072			11,847,058
Commitments and contingencies
Redeemable Noncontrolling Interests – Operating Partnership	442,092			566,783
Equity:
Shareholders’ equity:
Preferred Shares of beneficial interest, $0.01 par value; 100,000,000 shares authorized; 745,600 shares issued and outstanding as of December 31, 2016 and December 31, 2015	37,280			37,280
Common Shares of beneficial interest, $0.01 par value; 1,000,000,000 shares authorized; 365,870,924 shares issued and outstanding as of December 31, 2016 and 364,755,444 shares issued and outstanding as of December 31, 2015	3,659			3,648
Paid in capital	8,758,422			8,572,365
Retained earnings	1,543,626			2,009,091
Accumulated other comprehensive (loss)	(113,909		)	(152,016		)
Total shareholders’ equity	10,229,078			10,470,368
Noncontrolling Interests:
Operating Partnership	221,297			221,379
Partially Owned Properties	10,609			4,608
Total Noncontrolling Interests	231,906			225,987
Total equity	10,460,984			10,696,355
Total liabilities and equity	$	20,704,148		$	23,110,196

See accompanying notes

F-6

EQUITY RESIDENTIAL

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(Amounts in thousands except per share data)

	Year Ended December 31,
	2016			2015			2014
REVENUES
Rental income	$	2,422,233		$	2,736,578		$	2,605,311
Fee and asset management	3,567			8,387			9,437
Total revenues	2,425,800			2,744,965			2,614,748
EXPENSES
Property and maintenance	406,823			479,160			473,098
Real estate taxes and insurance	317,387			339,802			325,401
Property management	82,015			86,206			85,065
General and administrative	57,840			64,664			50,679
Depreciation	705,649			765,895			758,861
Total expenses	1,569,714			1,735,727			1,693,104
Operating income	856,086			1,009,238			921,644
Interest and other income	65,773			7,372			4,462
Other expenses	(10,368		)	(2,942		)	(9,073		)
Interest:
Expense incurred, net	(482,246		)	(444,487		)	(457,460		)
Amortization of deferred financing costs	(12,633		)	(10,801		)	(11,088		)
Income before income and other taxes, income (loss) from investments in unconsolidated entities, net gain (loss) on sales of real estate properties and land parcels and discontinued operations	416,612			558,380			448,485
Income and other tax (expense) benefit	(1,613		)	(917		)	(1,394		)
Income (loss) from investments in unconsolidated entities	4,801			15,025			(7,952		)
Net gain on sales of real estate properties	4,044,055			335,134			212,685
Net gain (loss) on sales of land parcels	15,731			(1		)	5,277
Income from continuing operations	4,479,586			907,621			657,101
Discontinued operations, net	518			397			1,582
Net income	4,480,104			908,018			658,683
Net (income) attributable to Noncontrolling Interests:
Operating Partnership	(171,511		)	(34,241		)	(24,831		)
Partially Owned Properties	(16,430		)	(3,657		)	(2,544		)
Net income attributable to controlling interests	4,292,163			870,120			631,308
Preferred distributions	(3,091		)	(3,357		)	(4,145		)
Premium on redemption of Preferred Shares	—			(3,486		)	—
Net income available to Common Shares	$	4,289,072		$	863,277		$	627,163
Earnings per share – basic:
Income from continuing operations available to Common Shares	$	11.75		$	2.37		$	1.73
Net income available to Common Shares	$	11.75		$	2.37		$	1.74
Weighted average Common Shares outstanding	365,002			363,498			361,181
Earnings per share – diluted:
Income from continuing operations available to Common Shares	$	11.68		$	2.36		$	1.72
Net income available to Common Shares	$	11.68		$	2.36		$	1.73
Weighted average Common Shares outstanding	381,992			380,620			377,735
Distributions declared per Common Share outstanding	$	13.015		$	2.21		$	2.00

See accompanying notes

F-7

EQUITY RESIDENTIAL

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Continued)

(Amounts in thousands except per share data)

	Year Ended December 31,
	2016			2015			2014
Comprehensive income:
Net income	$	4,480,104		$	908,018		$	658,683
Other comprehensive income (loss):
Other comprehensive income (loss) – derivative instruments:
Unrealized holding (losses) gains arising during the year	(3,915		)	2,219			(33,306		)
Losses reclassified into earnings from other comprehensive income	41,758			18,244			16,868
Other comprehensive income (loss) – foreign currency:
Currency translation adjustments arising during the year	264			(327		)	(552		)
Other comprehensive income (loss)	38,107			20,136			(16,990		)
Comprehensive income	4,518,211			928,154			641,693
Comprehensive (income) attributable to Noncontrolling Interests	(189,411		)	(38,668		)	(26,728		)
Comprehensive income attributable to controlling interests	$	4,328,800		$	889,486		$	614,965

See accompanying notes

F-8

EQUITY RESIDENTIAL

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in thousands)

	Year Ended December 31,
	2016			2015			2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	4,480,104		$	908,018		$	658,683
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	705,649			765,895			758,861
Amortization of deferred financing costs	12,633			10,801			11,088
Amortization of above/below market leases	3,426			3,382			3,222
Amortization of discounts and premiums on debt	(17,378		)	(9,492		)	(13,520		)
Amortization of deferred settlements on derivative instruments	41,680			18,075			16,334
Write-off of pursuit costs	4,092			3,208			3,607
(Income) loss from investments in unconsolidated entities	(4,801		)	(15,025		)	7,952
Distributions from unconsolidated entities – return on capital	2,863			4,741			5,570
Net (gain) on sales of investment securities and other investments	(58,409		)	(526		)	(57		)
Net (gain) on sales of real estate properties	(4,044,055		)	(335,134		)	(212,685		)
Net (gain) loss on sales of land parcels	(15,731		)	1			(5,277		)
Net (gain) on sales of discontinued operations	(43		)	—			(179		)
Realized/unrealized loss (gain) on derivative instruments	74			3,055			(60		)
Compensation paid with Company Common Shares	30,530			34,607			27,543
Changes in assets and liabilities:
Decrease (increase) in deposits – restricted	11,450			(1,794		)	(1,740		)
(Increase) decrease in mortgage deposits	(26		)	258			1,452
Decrease (increase) in other assets	31,147			(41,803		)	21,773
(Decrease) increase in accounts payable and accrued expenses	(6,061		)	(1,667		)	17,797
(Decrease) increase in accrued interest payable	(24,275		)	(4,319		)	11,231
(Decrease) increase in other liabilities	(26,422		)	12,269			8,437
(Decrease) increase in security deposits	(14,958		)	1,949			4,041
Net cash provided by operating activities	1,111,489			1,356,499			1,324,073
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in real estate – acquisitions	(205,880		)	(331,336		)	(469,989		)
Investment in real estate – development/other	(566,825		)	(653,897		)	(530,387		)
Capital expenditures to real estate	(172,177		)	(182,113		)	(185,957		)
Non-real estate capital additions	(5,731		)	(3,991		)	(5,286		)
Interest capitalized for real estate and unconsolidated entities under development	(51,451		)	(59,885		)	(52,782		)
Proceeds from disposition of real estate, net	6,824,659			504,748			522,647
Investments in unconsolidated entities	(5,266		)	(23,019		)	(15,768		)
Distributions from unconsolidated entities – return of capital	13,798			51,144			103,793
Proceeds from sale of investment securities and other investments	72,815			2,535			57
(Increase) decrease in deposits on real estate acquisitions and investments, net	(32,503		)	17,874			33,004
Decrease (increase) in mortgage deposits	534			(531		)	798
Consolidation of previously unconsolidated properties	—			—			(44,796		)
Net cash provided by (used for) investing activities	5,871,973			(678,471		)	(644,666		)

See accompanying notes

F-9

EQUITY RESIDENTIAL

CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

(Amounts in thousands)

	Year Ended December 31,
	2016			2015			2014
CASH FLOWS FROM FINANCING ACTIVITIES:
Debt financing costs	$	(13,305	)	$	(6,425	)	$	(10,982	)
Mortgage deposits	(8,497		)	(8,588		)	(7,699		)
Mortgage notes payable, net:
Lump sum payoffs	(583,122		)	(359,244		)	(88,788		)
Scheduled principal repayments	(8,544		)	(9,275		)	(11,869		)
Notes, net:
Proceeds	496,705			746,391			1,194,277
Lump sum payoffs	(1,500,000		)	(300,000		)	(1,250,000		)
Line of credit and commercial paper:
Line of credit proceeds	426,000			3,770,000			7,167,000
Line of credit repayments	(426,000		)	(4,103,000		)	(6,949,000		)
Commercial paper proceeds	1,759,586			3,931,227			—
Commercial paper repayments	(2,127,472		)	(3,545,028		)	—
(Payments on) settlement of derivative instruments	(4,662		)	(13,938		)	(758		)
Proceeds from Employee Share Purchase Plan (ESPP)	3,686			4,404			3,392
Proceeds from exercise of options	35,833			59,508			82,573
Common Shares repurchased and retired	—			—			(1,777		)
Redemption of Preferred Shares	—			(12,720		)	—
Premium on redemption of Preferred Shares	—			(3,486		)	—
Payment of offering costs	(314		)	(79		)	(41		)
Other financing activities, net	(49		)	(49		)	(49		)
Acquisition of Noncontrolling Interests – Partially Owned Properties	—			—			(5,501		)
Contributions – Noncontrolling Interests – Partially Owned Properties	—			—			5,684
Contributions – Noncontrolling Interests – Operating Partnership	1			3			3
Distributions:
Common Shares	(4,771,725		)	(784,748		)	(776,659		)
Preferred Shares	(2,318		)	(3,357		)	(4,145		)
Noncontrolling Interests – Operating Partnership	(188,115		)	(30,869		)	(30,744		)
Noncontrolling Interests – Partially Owned Properties	(36,219		)	(6,559		)	(7,778		)
Net cash (used for) financing activities	(6,948,531		)	(675,832		)	(692,861		)
Net increase (decrease) in cash and cash equivalents	34,931			2,196			(13,454		)
Cash and cash equivalents, beginning of year	42,276			40,080			53,534
Cash and cash equivalents, end of year	$	77,207		$	42,276		$	40,080

See accompanying notes

F-10

EQUITY RESIDENTIAL

CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

(Amounts in thousands)

	Year Ended December 31,
	2016			2015			2014
SUPPLEMENTAL INFORMATION:
Cash paid for interest, net of amounts capitalized	$	482,152		$	436,748		$	443,125
Net cash paid for income and other taxes	$	1,494		$	1,264		$	1,517
Real estate acquisitions/dispositions/other:
Mortgage loans assumed	$	43,400		$	—		$	28,910
Amortization of deferred financing costs:
Other assets	$	3,366		$	3,054		$	3,054
Mortgage notes payable, net	$	3,978		$	3,589		$	3,075
Notes, net	$	5,289		$	4,158		$	4,959
Amortization of discounts and premiums on debt:
Mortgage notes payable	$	(21,158	)	$	(13,126	)	$	(15,904	)
Notes, net	$	3,172		$	2,557		$	2,384
Line of credit and commercial paper	$	608		$	1,077		$	—
Amortization of deferred settlements on derivative instruments:
Other liabilities	$	(78	)	$	(169	)	$	(534	)
Accumulated other comprehensive income	$	41,758		$	18,244		$	16,868
Write-off of pursuit costs:
Investment in real estate, net	$	3,586		$	2,804		$	2,541
Deposits – restricted	$	—		$	330		$	—
Other assets	$	402		$	74		$	1,066
Accounts payable and accrued expenses	$	104		$	—		$	—
(Income) loss from investments in unconsolidated entities:
Investments in unconsolidated entities	$	(6,327	)	$	(17,340	)	$	4,610
Other liabilities	$	1,526		$	2,315		$	3,342
Distributions from unconsolidated entities – return on capital:
Investments in unconsolidated entities	$	2,863		$	4,606		$	5,360
Other liabilities	$	—		$	135		$	210
Realized/unrealized loss (gain) on derivative instruments:
Other assets	$	1,798		$	(3,573	)	$	10,160
Notes, net	$	(1,798	)	$	2,058		$	1,597
Other liabilities	$	3,989		$	2,351		$	21,489
Accumulated other comprehensive income	$	(3,915	)	$	2,219		$	(33,306	)
Interest capitalized for real estate and unconsolidated entities under development:
Investment in real estate, net	$	(51,451	)	$	(59,885	)	$	(52,717	)
Investments in unconsolidated entities	$	—		$	—		$	(65	)
Investments in unconsolidated entities:
Investments in unconsolidated entities	$	(2,326	)	$	(1,404	)	$	(6,318	)
Other liabilities	$	(2,940	)	$	(21,615	)	$	(9,450	)

See accompanying notes

F-11

EQUITY RESIDENTIAL

CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

(Amounts in thousands)

	Year Ended December 31,
	2016			2015			2014
SUPPLEMENTAL INFORMATION (continued):
Distributions from unconsolidated entities - return of capital:
Investments in unconsolidated entities	$	14,014		$	51,144		$	103,793
Other assets	$	(216	)	$	—		$	—
Consolidation of previously unconsolidated properties:
Investment in real estate, net	$	—		$	—		$	(64,319	)
Investments in unconsolidated entities	$	—		$	—		$	(847	)
Accounts payable and accrued expenses	$	—		$	—		$	1,987
Other liabilities	$	—		$	—		$	18,383
Debt financing costs:
Other assets	$	(8,553	)	$	—		$	—
Mortgage notes payable, net	$	(507	)	$	(35	)	$	(448	)
Notes, net	$	(4,245	)	$	(6,390	)	$	(10,534	)
(Payments on) settlement of derivative instruments:
Other assets	$	—		$	1,848		$	6,623
Other liabilities	$	(4,662	)	$	(15,786	)	$	(7,381	)
Other:
Foreign currency translation adjustments	$	(264	)	$	327		$	552

See accompanying notes

F-12

EQUITY RESIDENTIAL

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(Amounts in thousands)

	Year Ended December 31,
SHAREHOLDERS’ EQUITY	2016			2015			2014
PREFERRED SHARES
Balance, beginning of year	$	37,280		$	50,000		$	50,000
Partial redemption of 8.29% Series K Cumulative Redeemable	—			(12,720		)	—
Balance, end of year	$	37,280		$	37,280		$	50,000
COMMON SHARES, $0.01 PAR VALUE
Balance, beginning of year	$	3,648		$	3,629		$	3,605
Conversion of OP Units into Common Shares	1			2			1
Exercise of share options	8			14			21
Employee Share Purchase Plan (ESPP)	1			1			—
Share-based employee compensation expense:
Restricted shares	1			2			2
Balance, end of year	$	3,659		$	3,648		$	3,629
PAID IN CAPITAL
Balance, beginning of year	$	8,572,365		$	8,536,340		$	8,561,500
Common Share Issuance:
Conversion of OP Units into Common Shares	3,725			4,964			2,364
Exercise of share options	35,825			59,494			82,552
Employee Share Purchase Plan (ESPP)	3,685			4,403			3,392
Conversion of restricted shares to restricted units	—			(70		)	—
Share-based employee compensation expense:
Restricted shares	15,015			15,064			9,902
Share options	3,432			3,756			7,349
ESPP discount	650			884			859
Common Shares repurchased and retired	—			—			(1,777		)
Offering costs	(314		)	(79		)	(41		)
Supplemental Executive Retirement Plan (SERP)	748			1,380			7,374
Acquisition of Noncontrolling Interests – Partially Owned Properties	—			—			(2,308		)
Change in market value of Redeemable Noncontrolling Interests – Operating Partnership	115,093			(64,378		)	(139,818		)
Adjustment for Noncontrolling Interests ownership in Operating Partnership	8,198			10,607			4,992
Balance, end of year	$	8,758,422		$	8,572,365		$	8,536,340
RETAINED EARNINGS
Balance, beginning of year	$	2,009,091		$	1,950,639		$	2,047,258
Net income attributable to controlling interests	4,292,163			870,120			631,308
Common Share distributions	(4,754,537		)	(804,825		)	(723,782		)
Preferred Share distributions	(3,091		)	(3,357		)	(4,145		)
Premium on redemption of Preferred Shares – cash charge	—			(3,486		)	—
Balance, end of year	$	1,543,626		$	2,009,091		$	1,950,639

See accompanying notes

F-13

EQUITY RESIDENTIAL

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Continued)

(Amounts in thousands)

	Year Ended December 31,
SHAREHOLDERS’ EQUITY (continued)	2016			2015			2014
ACCUMULATED OTHER COMPREHENSIVE (LOSS)
Balance, beginning of year	$	(152,016	)	$	(172,152	)	$	(155,162	)
Accumulated other comprehensive income (loss) – derivative instruments:
Unrealized holding (losses) gains arising during the year	(3,915		)	2,219			(33,306		)
Losses reclassified into earnings from other comprehensive income	41,758			18,244			16,868
Accumulated other comprehensive income (loss) – foreign currency:
Currency translation adjustments arising during the year	264			(327		)	(552		)
Balance, end of year	$	(113,909	)	$	(152,016	)	$	(172,152	)
NONCONTROLLING INTERESTS
OPERATING PARTNERSHIP
Balance, beginning of year	$	221,379		$	214,411		$	211,412
Issuance of restricted units to Noncontrolling Interests	1			3			3
Conversion of OP Units held by Noncontrolling Interests into OP Units held by General Partner	(3,726		)	(4,966		)	(2,365		)
Conversion of restricted shares to restricted units	—			70			—
Equity compensation associated with Noncontrolling Interests	18,180			21,503			11,969
Net income attributable to Noncontrolling Interests	171,511			34,241			24,831
Distributions to Noncontrolling Interests	(187,448		)	(31,604		)	(28,676		)
Change in carrying value of Redeemable Noncontrolling Interests – Operating Partnership	9,598			(1,672		)	2,229
Adjustment for Noncontrolling Interests ownership in Operating Partnership	(8,198		)	(10,607		)	(4,992		)
Balance, end of year	$	221,297		$	221,379		$	214,411
PARTIALLY OWNED PROPERTIES
Balance, beginning of year	$	4,608		$	124,909		$	126,583
Net income attributable to Noncontrolling Interests	16,430			3,657			2,544
Contributions by Noncontrolling Interests	—			—			5,684
Distributions to Noncontrolling Interests	(36,268		)	(6,608		)	(7,827		)
Acquisition of Noncontrolling Interests – Partially Owned Properties	—			—			(2,244		)
Deconsolidation of previously consolidated Noncontrolling Interests	—			(117,350		)	—
Other	25,839			—			169
Balance, end of year	$	10,609		$	4,608		$	124,909

See accompanying notes

F-14

ERP OPERATING LIMITED PARTNERSHIP

CONSOLIDATED BALANCE SHEETS

(Amounts in thousands)

	December 31, 2016			December 31, 2015
ASSETS
Investment in real estate
Land	$	5,899,862		$	5,864,046
Depreciable property	18,730,579			18,037,087
Projects under development	637,168			1,122,376
Land held for development	118,816			158,843
Investment in real estate	25,386,425			25,182,352
Accumulated depreciation	(5,360,389		)	(4,905,406		)
Investment in real estate, net	20,026,036			20,276,946
Real estate held for sale	—			2,181,135
Cash and cash equivalents	77,207			42,276
Investments in unconsolidated entities	60,141			68,101
Deposits – restricted	76,946			55,893
Escrow deposits – mortgage	64,935			56,946
Other assets	398,883			428,899
Total assets	$	20,704,148		$	23,110,196
LIABILITIES AND CAPITAL
Liabilities:
Mortgage notes payable, net	$	4,119,181		$	4,685,134
Notes, net	4,848,079			5,848,956
Line of credit and commercial paper	19,998			387,276
Accounts payable and accrued expenses	147,482			187,124
Accrued interest payable	60,946			85,221
Other liabilities	350,466			366,387
Security deposits	62,624			77,582
Distributions payable	192,296			209,378
Total liabilities	9,801,072			11,847,058
Commitments and contingencies
Redeemable Limited Partners	442,092			566,783
Capital:
Partners' Capital:
Preference Units	37,280			37,280
General Partner	10,305,707			10,585,104
Limited Partners	221,297			221,379
Accumulated other comprehensive (loss)	(113,909		)	(152,016		)
Total partners' capital	10,450,375			10,691,747
Noncontrolling Interests – Partially Owned Properties	10,609			4,608
Total capital	10,460,984			10,696,355
Total liabilities and capital	$	20,704,148		$	23,110,196

See accompanying notes

F-15

ERP OPERATING LIMITED PARTNERSHIP

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(Amounts in thousands except per Unit data)

	Year Ended December 31,
	2016			2015			2014
REVENUES
Rental income	$	2,422,233		$	2,736,578		$	2,605,311
Fee and asset management	3,567			8,387			9,437
Total revenues	2,425,800			2,744,965			2,614,748
EXPENSES
Property and maintenance	406,823			479,160			473,098
Real estate taxes and insurance	317,387			339,802			325,401
Property management	82,015			86,206			85,065
General and administrative	57,840			64,664			50,679
Depreciation	705,649			765,895			758,861
Total expenses	1,569,714			1,735,727			1,693,104
Operating income	856,086			1,009,238			921,644
Interest and other income	65,773			7,372			4,462
Other expenses	(10,368		)	(2,942		)	(9,073		)
Interest:
Expense incurred, net	(482,246		)	(444,487		)	(457,460		)
Amortization of deferred financing costs	(12,633		)	(10,801		)	(11,088		)
Income before income and other taxes, income (loss) from investments in unconsolidated entities, net gain (loss) on sales of real estate properties and land parcels and discontinued operations	416,612			558,380			448,485
Income and other tax (expense) benefit	(1,613		)	(917		)	(1,394		)
Income (loss) from investments in unconsolidated entities	4,801			15,025			(7,952		)
Net gain on sales of real estate properties	4,044,055			335,134			212,685
Net gain (loss) on sales of land parcels	15,731			(1		)	5,277
Income from continuing operations	4,479,586			907,621			657,101
Discontinued operations, net	518			397			1,582
Net income	4,480,104			908,018			658,683
Net (income) attributable to Noncontrolling Interests – Partially Owned Properties	(16,430		)	(3,657		)	(2,544		)
Net income attributable to controlling interests	$	4,463,674		$	904,361		$	656,139
ALLOCATION OF NET INCOME:
Preference Units	$	3,091		$	3,357		$	4,145
Premium on redemption of Preference Units	$	—		$	3,486		$	—
General Partner	$	4,289,072		$	863,277		$	627,163
Limited Partners	171,511			34,241			24,831
Net income available to Units	$	4,460,583		$	897,518		$	651,994
Earnings per Unit – basic:
Income from continuing operations available to Units	$	11.75		$	2.37		$	1.73
Net income available to Units	$	11.75		$	2.37		$	1.74
Weighted average Units outstanding	378,829			377,074			374,899
Earnings per Unit – diluted:
Income from continuing operations available to Units	$	11.68		$	2.36		$	1.72
Net income available to Units	$	11.68		$	2.36		$	1.73
Weighted average Units outstanding	381,992			380,620			377,735
Distributions declared per Unit outstanding	$	13.015		$	2.21		$	2.00

See accompanying notes

F-16

ERP OPERATING LIMITED PARTNERSHIP

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Continued)

(Amounts in thousands except per Unit data)

	Year Ended December 31,
	2016			2015			2014
Comprehensive income:
Net income	$	4,480,104		$	908,018		$	658,683
Other comprehensive income (loss):
Other comprehensive income (loss) – derivative instruments:
Unrealized holding (losses) gains arising during the year	(3,915		)	2,219			(33,306		)
Losses reclassified into earnings from other comprehensive income	41,758			18,244			16,868
Other comprehensive income (loss) – foreign currency:
Currency translation adjustments arising during the year	264			(327		)	(552		)
Other comprehensive income (loss)	38,107			20,136			(16,990		)
Comprehensive income	4,518,211			928,154			641,693
Comprehensive (income) attributable to Noncontrolling Interests – Partially Owned Properties	(16,430		)	(3,657		)	(2,544		)
Comprehensive income attributable to controlling interests	$	4,501,781		$	924,497		$	639,149

See accompanying notes

F-17

ERP OPERATING LIMITED PARTNERSHIP

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in thousands)

	Year Ended December 31,
	2016			2015			2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	4,480,104		$	908,018		$	658,683
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	705,649			765,895			758,861
Amortization of deferred financing costs	12,633			10,801			11,088
Amortization of above/below market leases	3,426			3,382			3,222
Amortization of discounts and premiums on debt	(17,378		)	(9,492		)	(13,520		)
Amortization of deferred settlements on derivative instruments	41,680			18,075			16,334
Write-off of pursuit costs	4,092			3,208			3,607
(Income) loss from investments in unconsolidated entities	(4,801		)	(15,025		)	7,952
Distributions from unconsolidated entities – return on capital	2,863			4,741			5,570
Net (gain) on sales of investment securities and other investments	(58,409		)	(526		)	(57		)
Net (gain) on sales of real estate properties	(4,044,055		)	(335,134		)	(212,685		)
Net (gain) loss on sales of land parcels	(15,731		)	1			(5,277		)
Net (gain) on sales of discontinued operations	(43		)	—			(179		)
Realized/unrealized loss (gain) on derivative instruments	74			3,055			(60		)
Compensation paid with Company Common Shares	30,530			34,607			27,543
Changes in assets and liabilities:
Decrease (increase) in deposits – restricted	11,450			(1,794		)	(1,740		)
(Increase) decrease in mortgage deposits	(26		)	258			1,452
Decrease (increase) in other assets	31,147			(41,803		)	21,773
(Decrease) increase in accounts payable and accrued expenses	(6,061		)	(1,667		)	17,797
(Decrease) increase in accrued interest payable	(24,275		)	(4,319		)	11,231
(Decrease) increase in other liabilities	(26,422		)	12,269			8,437
(Decrease) increase in security deposits	(14,958		)	1,949			4,041
Net cash provided by operating activities	1,111,489			1,356,499			1,324,073
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in real estate – acquisitions	(205,880		)	(331,336		)	(469,989		)
Investment in real estate – development/other	(566,825		)	(653,897		)	(530,387		)
Capital expenditures to real estate	(172,177		)	(182,113		)	(185,957		)
Non-real estate capital additions	(5,731		)	(3,991		)	(5,286		)
Interest capitalized for real estate and unconsolidated entities under development	(51,451		)	(59,885		)	(52,782		)
Proceeds from disposition of real estate, net	6,824,659			504,748			522,647
Investments in unconsolidated entities	(5,266		)	(23,019		)	(15,768		)
Distributions from unconsolidated entities – return of capital	13,798			51,144			103,793
Proceeds from sale of investment securities and other investments	72,815			2,535			57
(Increase) decrease in deposits on real estate acquisitions and investments, net	(32,503		)	17,874			33,004
Decrease (increase) in mortgage deposits	534			(531		)	798
Consolidation of previously unconsolidated properties	—			—			(44,796		)
Net cash provided by (used for) investing activities	5,871,973			(678,471		)	(644,666		)

See accompanying notes

F-18

ERP OPERATING LIMITED PARTNERSHIP

CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

(Amounts in thousands)

	Year Ended December 31,
	2016			2015			2014
CASH FLOWS FROM FINANCING ACTIVITIES:
Debt financing costs	$	(13,305	)	$	(6,425	)	$	(10,982	)
Mortgage deposits	(8,497		)	(8,588		)	(7,699		)
Mortgage notes payable, net:
Lump sum payoffs	(583,122		)	(359,244		)	(88,788		)
Scheduled principal repayments	(8,544		)	(9,275		)	(11,869		)
Notes, net:
Proceeds	496,705			746,391			1,194,277
Lump sum payoffs	(1,500,000		)	(300,000		)	(1,250,000		)
Line of credit and commercial paper:
Line of credit proceeds	426,000			3,770,000			7,167,000
Line of credit repayments	(426,000		)	(4,103,000		)	(6,949,000		)
Commercial paper proceeds	1,759,586			3,931,227			—
Commercial paper repayments	(2,127,472		)	(3,545,028		)	—
(Payments on) settlement of derivative instruments	(4,662		)	(13,938		)	(758		)
Proceeds from EQR's Employee Share Purchase Plan (ESPP)	3,686			4,404			3,392
Proceeds from exercise of EQR options	35,833			59,508			82,573
OP units repurchased and retired	—			—			(1,777		)
Redemption of Preference Units	—			(12,720		)	—
Premium on redemption of Preference Units	—			(3,486		)	—
Payment of offering costs	(314		)	(79		)	(41		)
Other financing activities, net	(49		)	(49		)	(49		)
Acquisition of Noncontrolling Interests – Partially Owned Properties	—			—			(5,501		)
Contributions – Noncontrolling Interests – Partially Owned Properties	—			—			5,684
Contributions – Limited Partners	1			3			3
Distributions:
OP Units – General Partner	(4,771,725		)	(784,748		)	(776,659		)
Preference Units	(2,318		)	(3,357		)	(4,145		)
OP Units – Limited Partners	(188,115		)	(30,869		)	(30,744		)
Noncontrolling Interests – Partially Owned Properties	(36,219		)	(6,559		)	(7,778		)
Net cash (used for) financing activities	(6,948,531		)	(675,832		)	(692,861		)
Net increase (decrease) in cash and cash equivalents	34,931			2,196			(13,454		)
Cash and cash equivalents, beginning of year	42,276			40,080			53,534
Cash and cash equivalents, end of year	$	77,207		$	42,276		$	40,080

See accompanying notes

F-19

ERP OPERATING LIMITED PARTNERSHIP

CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

(Amounts in thousands)

	Year Ended December 31,
	2016			2015			2014
SUPPLEMENTAL INFORMATION:
Cash paid for interest, net of amounts capitalized	$	482,152		$	436,748		$	443,125
Net cash paid for income and other taxes	$	1,494		$	1,264		$	1,517
Real estate acquisitions/dispositions/other:
Mortgage loans assumed	$	43,400		$	—		$	28,910
Amortization of deferred financing costs:
Other assets	$	3,366		$	3,054		$	3,054
Mortgage notes payable, net	$	3,978		$	3,589		$	3,075
Notes, net	$	5,289		$	4,158		$	4,959
Amortization of discounts and premiums on debt:
Mortgage notes payable	$	(21,158	)	$	(13,126	)	$	(15,904	)
Notes, net	$	3,172		$	2,557		$	2,384
Line of credit and commercial paper	$	608		$	1,077		$	—
Amortization of deferred settlements on derivative instruments:
Other liabilities	$	(78	)	$	(169	)	$	(534	)
Accumulated other comprehensive income	$	41,758		$	18,244		$	16,868
Write-off of pursuit costs:
Investment in real estate, net	$	3,586		$	2,804		$	2,541
Deposits – restricted	$	—		$	330		$	—
Other assets	$	402		$	74		$	1,066
Accounts payable and accrued expenses	$	104		$	—		$	—
(Income) loss from investments in unconsolidated entities:
Investments in unconsolidated entities	$	(6,327	)	$	(17,340	)	$	4,610
Other liabilities	$	1,526		$	2,315		$	3,342
Distributions from unconsolidated entities – return on capital:
Investments in unconsolidated entities	$	2,863		$	4,606		$	5,360
Other liabilities	$	—		$	135		$	210
Realized/unrealized loss (gain) on derivative instruments:
Other assets	$	1,798		$	(3,573	)	$	10,160
Notes, net	$	(1,798	)	$	2,058		$	1,597
Other liabilities	$	3,989		$	2,351		$	21,489
Accumulated other comprehensive income	$	(3,915	)	$	2,219		$	(33,306	)
Interest capitalized for real estate and unconsolidated entities under development:
Investment in real estate, net	$	(51,451	)	$	(59,885	)	$	(52,717	)
Investments in unconsolidated entities	$	—		$	—		$	(65	)
Investments in unconsolidated entities:
Investments in unconsolidated entities	$	(2,326	)	$	(1,404	)	$	(6,318	)
Other liabilities	$	(2,940	)	$	(21,615	)	$	(9,450	)

See accompanying notes

F-20

ERP OPERATING LIMITED PARTNERSHIP

CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

(Amounts in thousands)

	Year Ended December 31,
	2016			2015			2014
SUPPLEMENTAL INFORMATION (continued):
Distributions from unconsolidated entities - return of capital:
Investments in unconsolidated entities	$	14,014		$	51,144		$	103,793
Other assets	$	(216	)	$	—		$	—
Consolidation of previously unconsolidated properties:
Investment in real estate, net	$	—		$	—		$	(64,319	)
Investments in unconsolidated entities	$	—		$	—		$	(847	)
Accounts payable and accrued expenses	$	—		$	—		$	1,987
Other liabilities	$	—		$	—		$	18,383
Debt financing costs:
Other assets	$	(8,553	)	$	—		$	—
Mortgage notes payable, net	$	(507	)	$	(35	)	$	(448	)
Notes, net	$	(4,245	)	$	(6,390	)	$	(10,534	)
(Payments on) settlement of derivative instruments:
Other assets	$	—		$	1,848		$	6,623
Other liabilities	$	(4,662	)	$	(15,786	)	$	(7,381	)
Other:
Foreign currency translation adjustments	$	(264	)	$	327		$	552

See accompanying notes

F-21

ERP OPERATING LIMITED PARTNERSHIP

CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL

(Amounts in thousands)

	Year Ended December 31,
PARTNERS' CAPITAL	2016			2015			2014
PREFERENCE UNITS
Balance, beginning of year	$	37,280		$	50,000		$	50,000
Partial redemption of 8.29% Series K Cumulative Redeemable	—			(12,720		)	—
Balance, end of year	$	37,280		$	37,280		$	50,000
GENERAL PARTNER
Balance, beginning of year	$	10,585,104		$	10,490,608		$	10,612,363
OP Unit Issuance:
Conversion of OP Units held by Limited Partners into OP Units held by General Partner	3,726			4,966			2,365
Exercise of EQR share options	35,833			59,508			82,573
EQR's Employee Share Purchase Plan (ESPP)	3,686			4,404			3,392
Conversion of EQR restricted shares to restricted units	—			(70		)	—
Share-based employee compensation expense:
EQR restricted shares	15,016			15,066			9,904
EQR share options	3,432			3,756			7,349
EQR ESPP discount	650			884			859
OP Units repurchased and retired	—			—			(1,777		)
Net income available to Units – General Partner	4,289,072			863,277			627,163
OP Units – General Partner distributions	(4,754,537		)	(804,825		)	(723,782		)
Offering costs	(314		)	(79		)	(41		)
Supplemental Executive Retirement Plan (SERP)	748			1,380			7,374
Acquisition of Noncontrolling Interests – Partially Owned Properties	—			—			(2,308		)
Change in market value of Redeemable Limited Partners	115,093			(64,378		)	(139,818		)
Adjustment for Limited Partners ownership in Operating Partnership	8,198			10,607			4,992
Balance, end of year	$	10,305,707		$	10,585,104		$	10,490,608
LIMITED PARTNERS
Balance, beginning of year	$	221,379		$	214,411		$	211,412
Issuance of restricted units to Limited Partners	1			3			3
Conversion of OP Units held by Limited Partners into OP Units held by General Partner	(3,726		)	(4,966		)	(2,365		)
Conversion of EQR restricted shares to restricted units	—			70			—
Equity compensation associated with Units – Limited Partners	18,180			21,503			11,969
Net income available to Units – Limited Partners	171,511			34,241			24,831
Units – Limited Partners distributions	(187,448		)	(31,604		)	(28,676		)
Change in carrying value of Redeemable Limited Partners	9,598			(1,672		)	2,229
Adjustment for Limited Partners ownership in Operating Partnership	(8,198		)	(10,607		)	(4,992		)
Balance, end of year	$	221,297		$	221,379		$	214,411
ACCUMULATED OTHER COMPREHENSIVE (LOSS)
Balance, beginning of year	$	(152,016	)	$	(172,152	)	$	(155,162	)
Accumulated other comprehensive income (loss) – derivative instruments:
Unrealized holding (losses) gains arising during the year	(3,915		)	2,219			(33,306		)
Losses reclassified into earnings from other comprehensive income	41,758			18,244			16,868
Accumulated other comprehensive income (loss) – foreign currency:
Currency translation adjustments arising during the year	264			(327		)	(552		)
Balance, end of year	$	(113,909	)	$	(152,016	)	$	(172,152	)

See accompanying notes

F-22

ERP OPERATING LIMITED PARTNERSHIP

CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL (Continued)

(Amounts in thousands)

	Year Ended December 31,
	2016			2015			2014
NONCONTROLLING INTERESTS
NONCONTROLLING INTERESTS – PARTIALLY OWNED PROPERTIES
Balance, beginning of year	$	4,608		$	124,909		$	126,583
Net income attributable to Noncontrolling Interests	16,430			3,657			2,544
Contributions by Noncontrolling Interests	—			—			5,684
Distributions to Noncontrolling Interests	(36,268		)	(6,608		)	(7,827		)
Acquisition of Noncontrolling Interests – Partially Owned Properties	—			—			(2,244		)
Deconsolidation of previously consolidated Noncontrolling Interests	—			(117,350		)	—
Other	25,839			—			169
Balance, end of year	$	10,609		$	4,608		$	124,909

See accompanying notes

F-23

EQUITY RESIDENTIAL

ERP OPERATING LIMITED PARTNERSHIP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Business

Equity Residential (“EQR”), a Maryland real estate investment trust (“REIT”) formed in March 1993, is an S&P 500 company focused on the acquisition, development and management of rental apartment properties in urban and high-density suburban coastal gateway markets. ERP Operating Limited Partnership ("ERPOP"), an Illinois limited partnership, was formed in May 1993 to conduct the multifamily residential property business of Equity Residential. EQR has elected to be taxed as a REIT. References to the "Company," "we," "us" or "our" mean collectively EQR, ERPOP and those entities/subsidiaries owned or controlled by EQR and/or ERPOP. References to the "Operating Partnership" mean collectively ERPOP and those entities/subsidiaries owned or controlled by ERPOP. Unless otherwise indicated, the notes to consolidated financial statements apply to both the Company and the Operating Partnership.

EQR is the general partner of, and as of December 31, 2016 owned an approximate 96.2% ownership interest in, ERPOP. All of the Company's property ownership, development and related business operations are conducted through the Operating Partnership and EQR has no material assets or liabilities other than its investment in ERPOP. EQR issues public equity from time to time, the net proceeds of which it is obligated to contribute to ERPOP, but does not have any indebtedness as all debt is incurred by the Operating Partnership. The Operating Partnership holds substantially all of the assets of the Company, including the Company's ownership interests in its joint ventures. The Operating Partnership conducts the operations of the business and is structured as a partnership with no publicly traded equity.

As of December 31, 2016, the Company, directly or indirectly through investments in title holding entities, owned all or a portion of 302 properties located in 10 states and the District of Columbia consisting of 77,458 apartment units. The ownership breakdown includes (table does not include various uncompleted development properties):

	Properties	Apartment Units
Wholly Owned Properties	280	72,445
Master-Leased Properties – Consolidated	3	853
Partially Owned Properties – Consolidated	17	3,215
Partially Owned Properties – Unconsolidated	2	945
	302	77,458

The “Wholly Owned Properties” are accounted for under the consolidation method of accounting. The "Master-Leased Properties – Consolidated" are wholly owned by the Company but the entire project is leased to a third party corporate housing provider. These properties are consolidated and reflected as real estate assets while the master leases are accounted for as operating leases. The “Partially Owned Properties – Consolidated” are controlled by the Company, but have partners with noncontrolling interests and are accounted for under the consolidation method of accounting and qualify as variable interest entities. The “Partially Owned Properties – Unconsolidated” are controlled by the Company's partners but the Company has noncontrolling interests and are accounted for under the equity method of accounting.

The Company maintains long-term ground leases for 13 operating properties. The Company owns the building and improvements and leases the land underlying the improvements under long-term ground leases. The expiration dates for these leases range from 2042 through 2110. These properties are consolidated and reflected as real estate assets while the ground leases are accounted for as operating leases.

2. Summary of Significant Accounting Policies

Basis of Presentation

Due to the Company’s ability as general partner to control either through ownership or by contract the Operating Partnership and its subsidiaries, the Operating Partnership and each such subsidiary has been consolidated with the Company for financial reporting purposes, except for two unconsolidated operating properties.

Real Estate Assets and Depreciation of Investment in Real Estate

An acquiring entity is required to recognize all assets acquired and liabilities assumed in a transaction at the acquisition-

F-24

date fair value with limited exceptions. In addition, an acquiring entity is required to expense acquisition-related costs as incurred, value noncontrolling interests at fair value at the acquisition date and expense restructuring costs associated with an acquired business.

The Company allocates the purchase price of properties to net tangible and identified intangible assets acquired based on their fair values. In making estimates of fair values for purposes of allocating purchase price, the Company utilizes a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property, our own analysis of recently acquired and existing comparable properties in our portfolio and other market data. The Company also considers information obtained about each property as a result of its pre-acquisition due diligence, marketing and leasing activities in estimating the fair value of the tangible and intangible assets/liabilities acquired. The Company allocates the purchase price of acquired real estate to various components as follows:

• Land – Based on actual purchase price adjusted to fair value (as necessary) if acquired separately or market research/comparables if acquired with an operating property.

• Furniture, Fixtures and Equipment – Ranges between $10,000 and $25,000 per apartment unit acquired as an estimate of the fair value of the appliances and fixtures inside an apartment unit. The per-apartment unit amount applied depends on the economic age of the apartment building acquired. Depreciation is calculated on the straight-line method over an estimated useful life of five to ten years.

• Lease Intangibles – The Company considers the value of acquired in-place leases and above/below market leases and the amortization period is the average remaining term of each respective acquired lease. In-place residential leases' average term at acquisition approximates six months. In-place retail leases' term at acquisition approximates the average remaining term of all acquired retail leases. See Note 4 for more information on above and below market leases.

• Other Intangible Assets – The Company considers whether it has acquired other intangible assets, including any customer relationship intangibles and the amortization period is the estimated useful life of the acquired intangible asset.

• Building – Based on the fair value determined on an “as-if vacant” basis. Depreciation is calculated on the straight-line method over an estimated useful life of thirty years.

• Site Improvements – Based on replacement cost, which approximates fair value. Depreciation is calculated on the straight-line method over an estimated useful life of eight years.

• Long-Term Debt – The Company calculates the fair value by discounting the remaining contractual cash flows on each instrument at the current market rate for those borrowings.

Replacements inside an apartment unit such as appliances and carpeting are depreciated over an estimated useful life of five to ten years. Expenditures for ordinary maintenance and repairs are expensed to operations as incurred and significant renovations and improvements that improve and/or extend the useful life of the asset are capitalized over their estimated useful life, generally five to fifteen years. Initial direct leasing costs are expensed as incurred as such expense approximates the deferral and amortization of initial direct leasing costs over the lease terms. Property sales or dispositions are recorded when title transfers to unrelated third parties, contingencies have been removed and sufficient cash consideration has been received by the Company. Upon disposition, the related costs and accumulated depreciation are removed from the respective accounts. Any gain or loss on sale is recognized in accordance with accounting principles generally accepted in the United States.

The Company classifies real estate assets as real estate held for sale when it is probable a property will be disposed of (see below and Note 4 for further discussion).

The Company classifies properties under development and/or expansion and properties in the lease-up phase (including land) as construction-in-progress until construction has been completed and certificates of occupancy permits have been obtained.

Impairment of Long-Lived Assets

The Company periodically evaluates its long-lived assets, including its investments in real estate, for indicators of impairment. The judgments regarding the existence of impairment indicators are based on factors such as operational performance, market conditions and legal and environmental concerns, as well as the Company’s ability to hold and its intent with regard to each asset. Future events could occur which would cause the Company to conclude that impairment indicators exist and an impairment loss is warranted. If impairment indicators exist, the Company performs the following:

F-25

▪ For long-lived assets to be held and used, the Company compares the expected future undiscounted cash flows for the long-lived asset against the carrying amount of that asset. If the sum of the estimated undiscounted cash flows is less than the carrying amount of the asset, the Company would record an impairment loss for the difference between the estimated fair value and the carrying amount of the asset.

▪ For long-lived assets to be disposed of, an impairment loss is recognized when the estimated fair value of the asset, less the estimated cost to sell, is less than the carrying amount of the asset measured at the time that the Company has determined it will sell the asset. Long-lived assets held for sale and the related liabilities are separately reported, with the long-lived assets reported at the lower of their carrying amounts or their estimated fair values, less their costs to sell, and are not depreciated after reclassification to real estate held for sale.

Cost Capitalization

See the Real Estate Assets and Depreciation of Investment in Real Estate section for a discussion of the Company’s policy with respect to capitalization vs. expensing of fixed asset/repair and maintenance costs. In addition, the Company capitalizes an allocation of the payroll and associated costs of employees directly responsible for and who spend their time on the execution and supervision of major capital and/or renovation projects. These costs are reflected on the balance sheets as increases to depreciable property.

For all development projects, the Company uses its professional judgment in determining whether such costs meet the criteria for capitalization or must be expensed as incurred. The Company capitalizes interest, real estate taxes and insurance and payroll and associated costs for those individuals directly responsible for and who spend their time on development activities, with capitalization ceasing no later than 90 days following issuance of the certificate of occupancy. These costs are reflected on the balance sheets as construction-in-progress for each specific property. The Company expenses as incurred all payroll costs of on-site employees working directly at our properties, except as noted above on our development properties prior to certificate of occupancy issuance and on specific major renovations at selected properties when additional incremental employees are hired.

During the years ended December 31, 2016, 2015 and 2014, the Company capitalized $18.7 million, $22.3 million and $22.4 million, respectively, of payroll and associated costs of employees directly responsible for and who spend their time on the execution and supervision of development activities as well as major capital and/or renovation projects.

Cash and Cash Equivalents

The Company considers all demand deposits, money market accounts and investments in certificates of deposit and repurchase agreements purchased with a maturity of three months or less at the date of purchase to be cash equivalents. The Company maintains its cash and cash equivalents at financial institutions. The combined account balances at one or more institutions typically exceed the Federal Depository Insurance Corporation (“FDIC”) insurance coverage, and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company believes that the risk is not significant, as the Company does not anticipate the financial institutions’ non-performance.

Investment Securities

Investment securities are included in other assets in the consolidated balance sheets. These securities are classified as held-to-maturity and carried at amortized cost if management has the positive intent and ability to hold the securities to maturity. Otherwise, the securities are classified as available-for-sale and carried at estimated fair value with unrealized gains and losses included in accumulated other comprehensive (loss), a separate component of shareholders’ equity/partners' capital. As of December 31, 2016 and 2015, the Company did not hold any investment securities.

Fair Value of Financial Instruments, Including Derivative Instruments

The valuation of financial instruments requires the Company to make estimates and judgments that affect the fair value of the instruments. The Company, where possible, bases the fair values of its financial instruments, including its derivative instruments, on listed market prices and third party quotes. Where these are not available, the Company bases its estimates on current instruments with similar terms and maturities or on other factors relevant to the financial instruments.

In the normal course of business, the Company is exposed to the effect of interest rate changes. The Company seeks to manage these risks by following established risk management policies and procedures including the use of derivatives to hedge interest rate risk on debt instruments. The Company may also use derivatives to manage commodity prices in the daily operations of the business.

F-26

The Company has a policy of only entering into contracts with major financial institutions based upon their credit ratings and other factors. When viewed in conjunction with the underlying and offsetting exposure that the derivatives are designed to hedge, the Company has not sustained a material loss from these instruments nor does it anticipate any material adverse effect on its net income or financial position in the future from the use of derivatives it currently has in place.

The Company recognizes all derivatives as either assets or liabilities in the consolidated balance sheets and measures those instruments at fair value. In addition, fair value adjustments will affect either shareholders’ equity/partners' capital or net income depending on whether the derivative instruments qualify as a hedge for accounting purposes and, if so, the nature of the hedging activity. When the terms of an underlying transaction are modified, or when the underlying transaction is terminated or completed, all changes in the fair value of the instrument are marked-to-market with changes in value included in net income each period until the instrument matures. Any derivative instrument used for risk management that does not meet the hedging criteria is marked-to-market each period. The Company does not use derivatives for trading or speculative purposes.

Revenue Recognition

Rental income attributable to residential leases is recorded on a straight-line basis, which is not materially different than if it were recorded when due from residents and recognized monthly as it was earned. Leases entered into between a resident and a property for the rental of an apartment unit are generally year-to-year, renewable upon consent of both parties on an annual or monthly basis. Rental income attributable to retail/commercial leases is also recorded on a straight-line basis. Retail/commercial leases generally have five to ten year lease terms with market based renewal options. Fee and asset management revenue and interest income are recorded on an accrual basis.

Share-Based Compensation

The Company expenses share-based compensation such as restricted shares, restricted units and share options. Any common share of beneficial interest, $0.01 par value per share (the "Common Shares") issued pursuant to EQR's incentive equity compensation and employee share purchase plans will result in ERPOP issuing units of partnership interest ("OP Units") to EQR on a one-for-one basis, with ERPOP receiving the net cash proceeds of such issuances. See Note 12 for further discussion.

The fair value of the option grants are recognized over the requisite service/vesting period of the options. The fair value for the Company's share options was estimated at the time the share options were granted using the Black-Scholes option pricing model with the primary grant in each year having the following weighted average assumptions:

	2016	2015	2014
Expected volatility (1)	26.3%	26.6%	27.0%
Expected life (2)	5 years	5 years	5 years
Expected dividend yield (3)	3.04%	3.13%	3.78%
Risk-free interest rate (4)	1.27%	1.29%	1.50%
Option valuation per share	$13.02	$13.68	$9.12

(1) Expected volatility – Estimated based on the historical ten-year volatility of EQR’s share price measured on a monthly basis.

(2) Expected life – Approximates the actual weighted average life of all share options granted since the Company went public in 1993.

(3) Expected dividend yield – Calculated by averaging the historical annual yield on EQR shares for a period matching the expected life of each grant, with the annual yield calculated by dividing actual regular dividends (excluding any special dividends) by the average price of EQR’s shares in a given year.

(4) Risk-free interest rate – The most current U.S. Treasury rate available prior to the grant date for a period matching the expected life of each grant.

The valuation method and assumptions are the same as those the Company used in accounting for option expense in its consolidated financial statements. The Black-Scholes option valuation model was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable. This model is only one method of valuing options. Because the Company’s share options have characteristics significantly different from those of traded options, and because changes in the subjective input assumptions can materially affect the fair value estimate, the actual value of the options to the recipient may be significantly different.

Income and Other Taxes

Due to the structure of EQR as a REIT and the nature of the operations of its operating properties, no provision for federal

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income taxes has been made at the EQR level. In addition, ERPOP generally is not liable for federal income taxes as the partners recognize their proportionate share of income or loss in their tax returns; therefore no provision for federal income taxes has been made at the ERPOP level. Historically, the Company has generally only incurred certain state and local income, excise and franchise taxes. The Company has elected Taxable REIT Subsidiary (“TRS”) status for certain of its corporate subsidiaries and as a result, these entities will incur both federal and state income taxes on any taxable income of such entities after consideration of any net operating losses.

Deferred tax assets and liabilities applicable to the TRS are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. These assets and liabilities are measured using enacted tax rates for which the temporary differences are expected to be recovered or settled. The effects of changes in tax rates on deferred tax assets and liabilities are recognized in earnings in the period enacted. The Company’s deferred tax assets are generally the result of tax affected suspended interest deductions, net operating losses, differing depreciable lives on capitalized assets and the timing of expense recognition for certain accrued liabilities. As of December 31, 2016, the Company has recorded a deferred tax asset of approximately $38.7 million, which is fully offset by a valuation allowance due to the uncertainty of realization. The company currently anticipates electing REIT status in the third quarter of 2017 for its primary TRS, retroactive to January 1, 2016.

The Company provided for income, franchise and excise taxes allocated as follows in the consolidated statements of operations and comprehensive income for the years ended December 31, 2016, 2015 and 2014 (amounts in thousands):

	Year Ended December 31,
	2016		2015		2014
Income and other tax expense (benefit) (1)	$	1,613	$	917	$	1,394
Discontinued operations, net (2)	12		15		8
Provision for income, franchise and excise taxes (3)	$	1,625	$	932	$	1,402

(1) Primarily includes state and local income, excise and franchise taxes.

(2) Primarily represents state and local income, excise and franchise taxes on operating properties sold prior to January 1, 2014 and included in discontinued operations. The amounts included in discontinued operations for the years ending December 31, 2016, 2015 and 2014 represent trailing activity for properties sold in 2013 and prior years. None of the properties sold during the years ended December 31, 2016, 2015 and 2014 met the new criteria for reporting discontinued operations.

(3) All provisions for income tax amounts are current and none are deferred.

The Company’s TRSs have approximately $16.4 million of net operating loss ("NOL") carryforwards available as of January 1, 2017 that will expire between 2030 and 2032.

During the years ended December 31, 2016, 2015 and 2014, the Company’s tax treatment of dividends and distributions were as follows (unaudited):

	Year Ended December 31,
	2016		2015		2014
Tax treatment of dividends and distributions:
Ordinary dividends	$	0.722	$	1.591	$	1.475
Qualified dividends	—		0.037		0.088
Long-term capital gain	9.176		0.443		0.280
Unrecaptured section 1250 gain	3.117		0.139		0.157
Dividends and distributions declared per
Common Share/Unit outstanding	$	13.015	$	2.210	$	2.000

The unaudited cost of land and depreciable property, net of accumulated depreciation, for federal income tax purposes as of December 31, 2016 and 2015 was approximately $15.8 billion and $17.0 billion, respectively.

Noncontrolling Interests

A noncontrolling interest in a subsidiary (minority interest) is an ownership interest in the consolidated entity that should be reported as equity in the consolidated financial statements and separate from the parent company's equity. In addition, consolidated net income is required to be reported at amounts that include the amounts attributable to both the parent and the noncontrolling interest and the amount of consolidated net income attributable to the parent and the noncontrolling interest are

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required to be disclosed on the face of the consolidated statements of operations and comprehensive income. See Note 3 for further discussion.

Operating Partnership: Net income is allocated to noncontrolling interests based on their respective ownership percentage of the Operating Partnership. The ownership percentage is calculated by dividing the number of OP Units held by the noncontrolling interests by the total OP Units held by the noncontrolling interests and EQR. Issuance of additional Common Shares and OP Units changes the ownership interests of both the noncontrolling interests and EQR. Such transactions and the related proceeds are treated as capital transactions.

Partially Owned Properties: The Company reflects noncontrolling interests in partially owned properties on the balance sheet for the portion of properties consolidated by the Company that are not wholly owned by the Company. The earnings or losses from those properties attributable to the noncontrolling interests are generally based on ownership percentage and are reflected as noncontrolling interests in partially owned properties in the consolidated statements of operations and comprehensive income.

Partners' Capital

The "Limited Partners" of ERPOP include various individuals and entities that contributed their properties to ERPOP in exchange for OP Units. The "General Partner" of ERPOP is EQR. Net income is allocated to the Limited Partners based on their respective ownership percentage of ERPOP. The ownership percentage is calculated by dividing the number of OP Units held by the Limited Partners by the total OP Units held by the Limited Partners and the General Partner. Issuance of additional Common Shares and OP Units changes the ownership interests of both the Limited Partners and EQR. Such transactions and the related proceeds are treated as capital transactions.

Redeemable Noncontrolling Interests – Operating Partnership / Redeemable Limited Partners

The Company classifies Redeemable Noncontrolling Interests – Operating Partnership / Redeemable Limited Partners in the mezzanine section of the consolidated balance sheets for the portion of OP Units that EQR is required, either by contract or securities law, to deliver registered Common Shares to the exchanging OP Unit holder. The redeemable noncontrolling interest units / redeemable limited partner units are adjusted to the greater of carrying value or fair market value based on the Common Share price of EQR at the end of each respective reporting period. See Note 3 for further discussion.

Use of Estimates

In preparation of the Company’s financial statements in conformity with accounting principles generally accepted in the United States, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

Reclassifications

Certain reclassifications considered necessary for a fair presentation have been made to the prior period financial statements in order to conform to the current year presentation. These reclassifications have not changed the results of operations or equity/capital.

Recent Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (the "FASB") issued a comprehensive new revenue recognition standard entitled Revenue from Contracts with Customers that will supersede nearly all existing revenue recognition guidance. The new standard specifically excludes lease revenue. The new standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. Companies will likely need to use more judgment and make more estimates than under current revenue recognition guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration, if any, to include in the transaction price and allocating the transaction price to each separate performance obligation. The new standard will be effective for the Company beginning on January 1, 2018 and early adoption will be permitted beginning on January 1, 2017. The new standard may be applied retrospectively to each prior period presented or prospectively with the cumulative effect recognized as of the date of adoption. The Company anticipates selecting the modified retrospective transition method with a cumulative effect recognized as of the date of adoption and will adopt the new standard effective January 1, 2018. The Company is continuing to evaluate the standard; however, we do not expect

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its adoption to have a significant impact on the consolidated financial statements, as in excess of 90% of total revenues consist of rental income from leasing arrangements, which is specifically excluded from the standard. In addition, the Company's fee and asset management activities are immaterial now that it sold its interest in Joint Base Lewis McChord (see Note 18 for further discussion) and given the nature of its disposition transactions, there should be no changes in accounting under the new standard.

In August 2014, the FASB issued a new standard that will explicitly require management to assess an entity's ability to continue as a going concern and to provide related footnote disclosures in certain circumstances. In connection with each annual and interim period, management will assess whether there is substantial doubt about an entity's ability to continue as a going concern within one year after the issuance date. Disclosures will be required if conditions give rise to substantial doubt. However, to determine the specific disclosures, management will need to assess whether its plans will alleviate substantial doubt. The Company adopted this new standard as required effective for the annual period ending after December 31, 2016. The adoption of this standard did not have a material impact on our consolidated results of operations or financial position.

In February 2015, the FASB issued new consolidation guidance which makes changes to both the variable interest model and the voting model. Among other changes, the new standard specifically eliminated the presumption in the current voting model that a general partner controls a limited partnership or similar entity unless that presumption can be overcome. Generally, only a single limited partner that is able to exercise substantive kick-out rights will consolidate. The Company adopted this new standard as required effective January 1, 2016. While adoption of the new standard did not result in any changes to conclusions about whether a joint venture was consolidated or unconsolidated, the Company has determined that certain of its joint ventures and the Operating Partnership will now qualify as variable interest entities ("VIEs") and therefore will require additional disclosures. See Note 6 for further discussion.

In April 2015, the FASB issued a new standard which requires companies to present debt financing costs as a direct deduction from the carrying amount of the associated debt liability rather than as an asset, consistent with the presentation of debt discounts on the consolidated balance sheets. Companies will be permitted to present debt issuance costs related to line of credit arrangements as an asset and amortize these costs over the term of the arrangement, regardless of whether there are any outstanding borrowings on the arrangement. The new standard must be applied retrospectively to all prior periods presented in the consolidated financial statements.  The Company adopted this standard as required effective January 1, 2016 and other than presentation on the consolidated balance sheets, it did not have a material effect on its consolidated results of operations or financial position. As of December 31, 2016, $12.1 million, $16.3 million and $26.4 million of deferred financing costs were included within other assets, mortgage notes payable, net and notes, net respectively, on the consolidated balance sheets. As of December 31, 2015, the following amounts of deferred financing costs were reclassified (amounts in thousands):

	As Originally Presented		Reclassification Adjustments			As Presented Herein
Deferred financing costs, net	$	54,004	$	(54,004	)	$	—
Other assets	$	422,027	$	6,872		$	428,899
Mortgage notes payable, net	$	4,704,870	$	(19,736	)	$	4,685,134
Notes, net	$	5,876,352	$	(27,396	)	$	5,848,956

In January 2016, the FASB issued a new standard which requires companies to measure all equity securities with readily determinable fair values at fair value on the balance sheet, with changes in fair value recognized in net income. The new standard will be effective for the Company beginning on January 1, 2018. The Company does not expect that this will have a material effect on its consolidated results of operations or financial position.

In February 2016, the FASB issued a new leases standard which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether the lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. The new standard is expected to impact the Company’s consolidated financial statements as, among other things, the Company has certain operating ground lease arrangements for which it is the lessee. The new standard will be effective for the Company beginning on January 1, 2019, with early adoption permitted. The

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Company is currently evaluating the impact of adopting the new standard on its consolidated results of operations and financial position.

In March 2016, the FASB issued a new standard which simplifies several aspects of the accounting for employee share-based payment transactions, including income tax consequences, classification of awards as equity or liability, statement of cash flows classification and policy election options for forfeitures. The new standard was effective for the Company beginning on January 1, 2017. The Company will continue to estimate the number of awards expected to be forfeited and adjust the estimate when it is no longer probable that the employee will fulfill the service condition, as is currently required. The Company does not expect that this will have a material effect on its consolidated results of operations or financial position.

In June 2016, the FASB issued a new standard which requires companies to adopt a new approach for estimating credit losses on certain types of financial instruments, such as trade and other receivables and loans. The standard will require entities to estimate a lifetime expected credit loss for most financial instruments, including lease and other trade receivables. The new standard will be effective for the Company beginning on January 1, 2020, with early adoption permitted beginning January 1, 2019. The Company is currently evaluating the impact of adopting the new standard on its consolidated results of operations and financial position.

In August 2016 and October 2016, the FASB issued new standards to clarify how specific transactions are classified and presented on the statement of cash flows. Among other clarifications, the new standards specifically provide guidance for the following items within the statement of cash flows which have required significant judgment in the past:

• Cash payments related to debt prepayments or extinguishment costs are to be classified within financing activities;

• The portion of the cash payment made to settle a zero-coupon bond or a bond with an insignificant cash coupon attributable to accreted interest related to a debt discount is to be classified as a cash outflow within operating activities, and the portion attributable to the principal is to be classified within financing activities;

• Insurance settlement proceeds are to be classified based on the nature of the loss;

• Companies must elect to classify distributions received from equity method investees using either a cumulative earnings approach or a look-through approach and the election must be disclosed; and

• Restricted cash will be included with cash and cash equivalents on the statement of cash flows. Total cash and cash equivalents and restricted cash are to be reconciled to the related line items on the balance sheet.

The new standards must be applied retrospectively to all periods presented in the consolidated financial statements and they will be effective for the Company beginning on January 1, 2018, with early adoption permitted. The Company is currently evaluating the impact of adopting the new standards on its consolidated results of operations and financial position.

In January 2017, the FASB issued a new standard which clarifies definition of a business. The standard's objective is to add additional guidance that assists companies in determining whether transactions should be accounted for as an asset acquistion or a business combination. The new standard first requires an entity to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. If this threshold is met, the set is not a business. If this threshold is not met, the entity next evaluates whether the set meets the requirement that a business include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. Among other differences, transaction costs associated with asset acquisitions are capitalized while those associated with business combinations are expensed as incurred. In addition, purchase price in an asset acquisition is allocated on a relative fair value basis while in a business combination is generally measured at fair value. The new standard will be applied prospectively to any transactions occurring within the period of adoption. The new standard will be effective for the Company beginning on January 1, 2018, but the Company early adopted it as allowed effective January 1, 2017. The Company anticipates that substantially all of its transactions will now be accounted for as asset acquisitions, which means transaction costs will largely be capitalized as noted above.

Other

The Company is the controlling partner in various consolidated partnerships owning 17 properties and 3,215 apartment units having a noncontrolling interest book value of $10.6 million at December 31, 2016. The Company is required to make certain disclosures regarding noncontrolling interests in consolidated limited-life subsidiaries. Of the consolidated entities described above, the Company is the controlling partner in limited-life partnerships owning four properties having a noncontrolling interest deficit balance of $7.7 million. These four partnership agreements contain provisions that require the partnerships to be liquidated through the sale of their assets upon reaching a date specified in each respective partnership agreement. The Company, as controlling partner, has an obligation to cause the property owning partnerships to distribute the proceeds of liquidation to the Noncontrolling Interests in these Partially Owned Properties only to the extent that the net proceeds received by the partnerships from the sale of

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their assets warrant a distribution based on the partnership agreements. As of December 31, 2016, the Company estimates the value of Noncontrolling Interest distributions for these four properties would have been approximately $62.6 million (“Settlement Value”) had the partnerships been liquidated. This Settlement Value is based on estimated third party consideration realized by the partnerships upon disposition of the four Partially Owned Properties and is net of all other assets and liabilities, including yield maintenance on the mortgages encumbering the properties, that would have been due on December 31, 2016 had those mortgages been prepaid. Due to, among other things, the inherent uncertainty in the sale of real estate assets, the amount of any potential distribution to the Noncontrolling Interests in the Company's Partially Owned Properties is subject to change. To the extent that the partnerships' underlying assets are worth less than the underlying liabilities, the Company has no obligation to remit any consideration to the Noncontrolling Interests in these Partially Owned Properties.

3. Equity, Capital and Other Interests

Equity and Redeemable Noncontrolling Interests of Equity Residential

The following tables present the changes in the Company’s issued and outstanding Common Shares and “Units” (which includes OP Units and restricted units) for the years ended December 31, 2016, 2015 and 2014:

	2016		2015		2014
Common Shares
Common Shares outstanding at January 1,	364,755,444		362,855,454		360,479,260
Common Shares Issued:
Conversion of OP Units	88,838		208,307		94,671
Exercise of share options	815,044		1,456,363		2,086,380
Employee Share Purchase Plan (ESPP)	63,909		68,462		68,807
Restricted share grants, net	147,689		168,142		169,722
Common Shares Other:
Conversion of restricted shares to restricted units	—		(1,284	)	(12,146	)
Repurchased and retired	—		—		(31,240	)
Common Shares outstanding at December 31,	365,870,924		364,755,444		362,855,454
Units
Units outstanding at January 1,	14,427,164		14,298,691		14,180,376
Restricted unit grants, net	287,749		335,496		200,840
Conversion of restricted shares to restricted units	—		1,284		12,146
Conversion of OP Units to Common Shares	(88,838	)	(208,307	)	(94,671	)
Units outstanding at December 31,	14,626,075		14,427,164		14,298,691
Total Common Shares and Units outstanding at December 31,	380,496,999		379,182,608		377,154,145
Units Ownership Interest in Operating Partnership	3.8	%	3.8	%	3.8	%

The equity positions of various individuals and entities that contributed their properties to the Operating Partnership in exchange for OP Units, as well as the equity positions of the holders of restricted units, are collectively referred to as the “Noncontrolling Interests – Operating Partnership”. Subject to certain exceptions (including the “book-up” requirements of restricted units), the Noncontrolling Interests – Operating Partnership may exchange their Units with EQR for Common Shares on a one-for-one basis. The carrying value of the Noncontrolling Interests – Operating Partnership (including redeemable interests) is allocated based on the number of Noncontrolling Interests – Operating Partnership Units in total in proportion to the number of Noncontrolling Interests – Operating Partnership Units in total plus the number of Common Shares. Net income is allocated to the Noncontrolling Interests – Operating Partnership based on the weighted average ownership percentage during the period.    

The Operating Partnership has the right but not the obligation to make a cash payment instead of issuing Common Shares to any and all holders of Noncontrolling Interests – Operating Partnership Units requesting an exchange of their OP Units with EQR. Once the Operating Partnership elects not to redeem the Noncontrolling Interests – Operating Partnership Units for cash, EQR is obligated to deliver Common Shares to the exchanging holder of the Noncontrolling Interests – Operating Partnership Units.

The Noncontrolling Interests – Operating Partnership Units are classified as either mezzanine equity or permanent equity. If EQR is required, either by contract or securities law, to deliver registered Common Shares, such Noncontrolling Interests – Operating Partnership are differentiated and referred to as “Redeemable Noncontrolling Interests – Operating Partnership”.

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Instruments that require settlement in registered shares cannot be classified in permanent equity as it is not always completely within an issuer’s control to deliver registered shares. Therefore, settlement in cash is assumed and that responsibility for settlement in cash is deemed to fall to the Operating Partnership as the primary source of cash for EQR, resulting in presentation in the mezzanine section of the balance sheet. The Redeemable Noncontrolling Interests – Operating Partnership are adjusted to the greater of carrying value or fair market value based on the Common Share price of EQR at the end of each respective reporting period. EQR has the ability to deliver unregistered Common Shares for the remaining portion of the Noncontrolling Interests – Operating Partnership Units that are classified in permanent equity at December 31, 2016 and 2015.

The carrying value of the Redeemable Noncontrolling Interests – Operating Partnership is allocated based on the number of Redeemable Noncontrolling Interests – Operating Partnership Units in proportion to the number of Noncontrolling Interests – Operating Partnership Units in total. Such percentage of the total carrying value of Units which is ascribed to the Redeemable Noncontrolling Interests – Operating Partnership is then adjusted to the greater of carrying value or fair market value as described above. As of December 31, 2016, the Redeemable Noncontrolling Interests – Operating Partnership have a redemption value of approximately $442.1 million, which represents the value of Common Shares that would be issued in exchange with the Redeemable Noncontrolling Interests – Operating Partnership Units.

The following table presents the changes in the redemption value of the Redeemable Noncontrolling Interests – Operating Partnership for the years ended December 31, 2016, 2015 and 2014, respectively (amounts in thousands):

	2016			2015		2014
Balance at January 1,	$	566,783		$	500,733	$	363,144
Change in market value	(115,093		)	64,378		139,818
Change in carrying value	(9,598		)	1,672		(2,229		)
Balance at December 31,	$	442,092		$	566,783	$	500,733

Net proceeds from EQR Common Share and Preferred Share (see definition below) offerings are contributed by EQR to ERPOP. In return for those contributions, EQR receives a number of OP Units in ERPOP equal to the number of Common Shares it has issued in the equity offering (or in the case of a preferred equity offering, a number of preference units in ERPOP equal in number and having the same terms as the Preferred Shares issued in the equity offering). As a result, the net offering proceeds from Common Shares and Preferred Shares are allocated between shareholders’ equity and Noncontrolling Interests – Operating Partnership to account for the change in their respective percentage ownership of the underlying equity of ERPOP.

The Company’s declaration of trust authorizes it to issue up to 100,000,000 preferred shares of beneficial interest, $0.01 par value per share (the “Preferred Shares”), with specific rights, preferences and other attributes as the Board of Trustees may determine, which may include preferences, powers and rights that are senior to the rights of holders of the Company’s Common Shares.

The following table presents the Company’s issued and outstanding Preferred Shares as of December 31, 2016 and 2015:

				Amounts in thousands
	Redemption Date (1)	Annual Dividend per Share (2)		December 31, 2016		December 31, 2015
Preferred Shares of beneficial interest, $0.01 par value; 100,000,000 shares authorized:
8.29% Series K Cumulative Redeemable Preferred; liquidation value $50 per share; 745,600 shares issued and outstanding at December 31, 2016 and 2015	12/10/26	$	4.145	$	37,280	$	37,280
				$	37,280	$	37,280

(1) On or after the redemption date, redeemable preferred shares may be redeemed for cash at the option of the Company, in whole or in part, at a redemption price equal to the liquidation price per share, plus accrued and unpaid distributions, if any.

(2) Dividends on Preferred Shares are payable quarterly.

During 2015, the Company repurchased and retired 254,400 Series K Preferred Shares with a par value of $12.7 million for total cash consideration of approximately $16.3 million. As a result of this partial redemption, the Company incurred a cash charge of approximately $3.5 million which was recorded as a premium on the redemption of Preferred Shares.

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Capital and Redeemable Limited Partners of ERP Operating Limited Partnership

The following tables present the changes in the Operating Partnership's issued and outstanding Units and in the limited partners' Units for the years ended December 31, 2016, 2015 and 2014:

	2016		2015		2014
General and Limited Partner Units
General and Limited Partner Units outstanding at January 1,	379,182,608		377,154,145		374,659,636
Issued to General Partner:
Exercise of EQR share options	815,044		1,456,363		2,086,380
EQR's Employee Share Purchase Plan (ESPP)	63,909		68,462		68,807
EQR's restricted share grants, net	147,689		168,142		169,722
Issued to Limited Partners:
Restricted unit grants, net	287,749		335,496		200,840
OP Units Other:
Repurchased and retired	—		—		(31,240	)
General and Limited Partner Units outstanding at December 31,	380,496,999		379,182,608		377,154,145
Limited Partner Units
Limited Partner Units outstanding at January 1,	14,427,164		14,298,691		14,180,376
Limited Partner restricted unit grants, net	287,749		335,496		200,840
Conversion of EQR restricted shares to restricted units	—		1,284		12,146
Conversion of Limited Partner OP Units to EQR Common Shares	(88,838	)	(208,307	)	(94,671	)
Limited Partner Units outstanding at December 31,	14,626,075		14,427,164		14,298,691
Limited Partner Units Ownership Interest in Operating Partnership	3.8	%	3.8	%	3.8	%

The Limited Partners of the Operating Partnership as of December 31, 2016 include various individuals and entities that contributed their properties to the Operating Partnership in exchange for OP Units, as well as the equity positions of the holders of restricted units. Subject to certain exceptions (including the “book-up” requirements of restricted units), Limited Partners may exchange their Units with EQR for Common Shares on a one-for-one basis. The carrying value of the Limited Partner Units (including redeemable interests) is allocated based on the number of Limited Partner Units in total in proportion to the number of Limited Partner Units in total plus the number of General Partner Units. Net income is allocated to the Limited Partner Units based on the weighted average ownership percentage during the period.

The Operating Partnership has the right but not the obligation to make a cash payment instead of issuing Common Shares to any and all holders of Limited Partner Units requesting an exchange of their OP Units with EQR. Once the Operating Partnership elects not to redeem the Limited Partner Units for cash, EQR is obligated to deliver Common Shares to the exchanging limited partner.

The Limited Partner Units are classified as either mezzanine equity or permanent equity. If EQR is required, either by contract or securities law, to deliver registered Common Shares, such Limited Partner Units are differentiated and referred to as “Redeemable Limited Partner Units”. Instruments that require settlement in registered shares cannot be classified in permanent equity as it is not always completely within an issuer's control to deliver registered shares. Therefore, settlement in cash is assumed and that responsibility for settlement in cash is deemed to fall to the Operating Partnership as the primary source of cash for EQR, resulting in presentation in the mezzanine section of the balance sheet. The Redeemable Limited Partner Units are adjusted to the greater of carrying value or fair market value based on the Common Share price of EQR at the end of each respective reporting period. EQR has the ability to deliver unregistered Common Shares for the remaining portion of the Limited Partner Units that are classified in permanent equity at December 31, 2016 and 2015.

The carrying value of the Redeemable Limited Partner Units is allocated based on the number of Redeemable Limited Partner Units in proportion to the number of Limited Partner Units in total. Such percentage of the total carrying value of Limited Partner Units which is ascribed to the Redeemable Limited Partner Units is then adjusted to the greater of carrying value or fair market value as described above. As of December 31, 2016, the Redeemable Limited Partner Units have a redemption value of approximately $442.1 million, which represents the value of Common Shares that would be issued in exchange with the Redeemable Limited Partner Units.

The following table presents the changes in the redemption value of the Redeemable Limited Partners for the years ended December 31, 2016, 2015 and 2014, respectively (amounts in thousands):

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	2016			2015		2014
Balance at January 1,	$	566,783		$	500,733	$	363,144
Change in market value	(115,093		)	64,378		139,818
Change in carrying value	(9,598		)	1,672		(2,229		)
Balance at December 31,	$	442,092		$	566,783	$	500,733

EQR contributes all net proceeds from its various equity offerings (including proceeds from exercise of options for Common Shares) to ERPOP. In return for those contributions, EQR receives a number of OP Units in ERPOP equal to the number of Common Shares it has issued in the equity offering (or in the case of a preferred equity offering, a number of preference units in ERPOP equal in number and having the same terms as the preferred shares issued in the equity offering).

The following table presents the Operating Partnership's issued and outstanding “Preference Units” as of December 31, 2016 and 2015:

				Amounts in thousands
	Redemption Date (1)	Annual Dividend per Unit (2)		December 31, 2016		December 31, 2015
Preference Units:
8.29% Series K Cumulative Redeemable Preference Units; liquidation value $50 per unit; 745,600 units issued and outstanding at December 31, 2016 and 2015	12/10/26	$	4.145	$	37,280	$	37,280
				$	37,280	$	37,280

(1) On or after the redemption date, redeemable preference units may be redeemed for cash at the option of the Operating Partnership, in whole or in part, at a redemption price equal to the liquidation price per unit, plus accrued and unpaid distributions, if any, in conjunction with the concurrent redemption of the corresponding Company Preferred Shares.

(2) Dividends on Preference Units are payable quarterly.

During 2015, the Operating Partnership repurchased and retired 254,400 Series K Preferred Shares with a par value of $12.7 million for total cash consideration of approximately $16.3 million, in conjunction with the concurrent redemption of the corresponding Company Preferred Shares. As a result of this partial redemption, the Operating Partnership incurred a cash charge of approximately $3.5 million which was recorded as a premium on the redemption of Preference Units.

Other

EQR and ERPOP currently have an active universal shelf registration statement for the issuance of equity and debt securities that automatically became effective upon filing with the SEC on June 28, 2016 and expires on June 28, 2019. Per the terms of ERPOP’s partnership agreement, EQR contributes the net proceeds of all equity offerings to the capital of ERPOP in exchange for additional OP Units (on a one-for-one Common Share per OP Unit basis) or preference units (on a one-for-one preferred share per preference unit basis).

In September 2009, the Company announced the establishment of an At-The-Market (“ATM”) share offering program which would allow EQR to sell Common Shares from time to time into the existing trading market at current market prices as well as through negotiated transactions. Per the terms of ERPOP's partnership agreement, EQR contributes the net proceeds from all equity offerings to the capital of ERPOP in exchange for additional OP Units (on a one-for-one Common Share per OP Unit basis). The program currently has a maturity of June 2019. EQR has the authority to issue 13.0 million shares but has not issued any shares under this program since September 2012.

The Company may repurchase up to 13.0 million Common Shares under its share repurchase program. No shares were repurchased during the years ended December 31, 2016 and 2015. As of December 31, 2016, EQR has authorization to repurchase up to 13.0 million of its shares under the repurchase program.

During the year ended December 31, 2014, EQR repurchased 31,240 of its Common Shares at an average price of $56.87 per share for total consideration of $1.8 million. These shares were retired subsequent to the repurchases. Concurrent with these transactions, ERPOP repurchased and retired 31,240 OP Units previously issued to EQR. All of the shares repurchased during the year ended December 31, 2014 were repurchased from employees at the then current market prices to cover the minimum statutory tax withholding obligations related to the vesting of employees' restricted shares.

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During the year ended December 31, 2014, the Company acquired all of its partners' interests in one consolidated partially owned property consisting of 268 apartment units and one consolidated partially owned land parcel for $5.5 million. In conjunction with these transactions, the Company reduced paid in capital (included in general partner's capital in the Operating Partnership's financial statements) by $2.3 million, Noncontrolling Interests – Partially Owned Properties by $2.2 million and other liabilities by $1.0 million.

4. Real Estate, Real Estate Held for Sale and Lease Intangibles

The following table summarizes the carrying amounts for the Company’s investment in real estate (at cost) as of December 31, 2016 and 2015 (amounts in thousands):

	2016			2015
Land	$	5,899,862		$	5,864,046
Depreciable property:
Buildings and improvements	16,913,430			16,346,829
Furniture, fixtures and equipment	1,346,300			1,207,098
In-Place lease intangibles	470,849			483,160
Projects under development:
Land	115,876			284,995
Construction-in-progress	521,292			837,381
Land held for development:
Land	84,440			120,007
Construction-in-progress	34,376			38,836
Investment in real estate	25,386,425			25,182,352
Accumulated depreciation	(5,360,389		)	(4,905,406		)
Investment in real estate, net	$	20,026,036		$	20,276,946

The following table summarizes the carrying amounts for the Company's above and below market ground and retail lease intangibles as of December 31, 2016 and 2015 (amounts in thousands):

Description	Balance Sheet Location	2016			2015
Assets
Ground lease intangibles – below market	Other Assets	$	178,251		$	178,251
Retail lease intangibles – above market	Other Assets	1,260			1,260
Lease intangible assets		179,511			179,511
Accumulated amortization		(17,972		)	(13,451		)
Lease intangible assets, net		$	161,539		$	166,060
Liabilities
Ground lease intangibles – above market	Other Liabilities	$	2,400		$	2,400
Retail lease intangibles – below market	Other Liabilities	5,270			5,270
Lease intangible liabilities		7,670			7,670
Accumulated amortization		(4,509		)	(3,414		)
Lease intangible liabilities, net		$	3,161		$	4,256

During the years ended December 31, 2016, 2015 and 2014, the Company amortized approximately $4.3 million in each year of above and below market ground lease intangibles which is included (net increase) in property and maintenance expense in the accompanying consolidated statements of operations and comprehensive income. During the years ended December 31, 2016, 2015 and 2014, the Company amortized approximately $0.9 million, $0.9 million and $1.1 million, respectively, of above and below market retail lease intangibles which is included (net increase) in rental income in the accompanying consolidated statements of operations and comprehensive income.

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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):

	2017			2018			2019			2020			2021
Ground lease intangibles	$	4,321		$	4,321		$	4,321		$	4,321		$	4,321
Retail lease intangibles	(540		)	(71		)	(71		)	(71		)	(67		)
Total	$	3,781		$	4,250		$	4,250		$	4,250		$	4,254

Acquisitions and Dispositions

During the year ended December 31, 2016, 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)	4	573	$	249,334
Total	4	573	$	249,334

(1) Purchase price includes an allocation of approximately $98.0 million to land and $151.3 million to depreciable property.

During the year ended December 31, 2015, 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)	4	625	$	296,037
Land Parcels (2)	—	—	27,800
Total	4	625	$	323,837

(1) Purchase price includes an allocation of approximately $44.7 million to land and $251.3 million to depreciable property.

(2) The Company acquired three contiguous land parcels in San Francisco during 2015 which will be combined for future development.

During the year ended December 31, 2016, the Company disposed of the following to unaffiliated parties (sales price in thousands):

	Properties	Apartment Units	Sales Price
Consolidated:
Rental Properties (1)	98	29,440	$	6,811,503
Land Parcels	—	—	57,455
Unconsolidated:
Rental Properties (2)	1	336	74,500
Total	99	29,776	$	6,943,458

(1) Includes the Starwood Portfolio sale (see further discussion below) representing 72 operating properties consisting of 23,262 apartment units for $5.365 billion.

(2) The Company owned a 20% interest in this unconsolidated rental property. Sale price listed is the gross sale price. The Company's share of the net sales proceeds approximated $12.4 million.

The Company recognized a net gain on sales of real estate properties of approximately $4.0 billion (inclusive of $3.2 billion on the Starwood Portfolio sale), a net gain on sales of land parcels of approximately $15.7 million and a net gain on sales of unconsolidated entities of approximately $8.9 million on the above sales.

During the year ended December 31, 2015, the Company disposed of the following to unaffiliated parties (sales price in thousands):

	Properties	Apartment Units	Sales Price
Consolidated:
Rental Properties (1)	8	1,857	$	513,312
Total	8	1,857	$	513,312

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(1) Includes a 193,230 square foot medical office building adjacent to our Longfellow Place property in Boston with a sales price of approximately $123.3 million which is not included in the Company's property and apartment unit counts.

The Company recognized a net gain on sales of real estate properties of approximately $335.1 million on the above sales.

Starwood Disposition

Following the approval by the Company's Board of Trustees, the Company executed an agreement with controlled affiliates of Starwood Capital Group ("Starwood") on October 23, 2015 to sell a portfolio of 72 operating properties consisting of 23,262 apartment units located in five markets across the United States for $5.365 billion (the "Starwood Transaction" or "Starwood Portfolio"). As of December 31, 2015, Starwood had deposited $250.0 million in cash into escrow as earnest money, which was non-refundable unless the Company defaulted on the sales agreement. On January 26 and 27, 2016, the Company closed on the sale of the entire portfolio described above. As a result, the Starwood Transaction met the held for sale criteria at December 31, 2015. In accordance with this classification, the Company ceased depreciation on all assets in the Starwood Portfolio as of November 1, 2015 and the following assets were classified as held for sale in the accompanying consolidated balance sheets at December 31, 2015 (amounts in thousands):

	December 31, 2015
Land	$	602,737
Depreciable property:
Buildings and improvements	2,386,489
Furniture, fixtures and equipment	335,565
In-Place lease intangibles	35,554
Real estate held for sale before accumulated depreciation	3,360,345
Accumulated depreciation	(1,179,210		)
Real estate held for sale	$	2,181,135

The following table provides the operating segments/locations of the properties and apartment units sold in the Starwood Transaction, which represents substantially all of the assets in the Company's South Florida and Denver markets and certain assets in the Washington D.C., Seattle and Los Angeles markets. The sale of these properties represents the continuation of the Company's long-term strategy of investing in six core coastal markets. See Note 11 for further discussion.

Markets/Metro Areas	Properties	Apartment Units
South Florida	33	10,742
Denver	18	6,635
Washington D.C.	10	3,020
Seattle	8	1,721
Los Angeles	3	1,144
Total	72	23,262

The Company used proceeds from the Starwood Transaction and other 2016 sales discussed above to pay special dividends of $8.00 per share/unit (approximately $3.0 billion) on March 10, 2016 and $3.00 per share/unit (approximately $1.1 billion) on October 14, 2016. The Company used the majority of the remaining proceeds to reduce aggregate indebtedness in order to make the transaction leverage neutral. See Note 8 for further discussion.

Other

In December 2011, the Company and Toll Brothers (NYSE: TOL) jointly acquired a vacant land parcel at 400 Park Avenue South in New York City. The Company's and Toll Brothers' allocated portions of the purchase price were approximately $76.1 million and $57.9 million, respectively. The acquisition was financed through contributions by the Company and Toll Brothers of approximately $102.5 million and $75.7 million, respectively, which included the land purchase noted above, restricted deposits and taxes and fees. Until the core and shell of the building were complete, the building and land were owned jointly and were required to be consolidated on the Company's balance sheet as the Company was the managing member and Toll Brothers did not have substantive kick-out or participating rights. In July 2015, the Company recorded the master condominium declaration for this development project and as a result, the Toll Brothers’ portion of the property was deconsolidated from the Company's balance sheet. The Company now solely owns the rental portion of the building (floors 2-22) and the ground floor retail and Toll

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Brothers solely owns the for sale portion of the building (floors 23-40). The joint venture no longer owns any real property. In conjunction with this transaction, the Company reduced investment in real estate by $116.7 million, noncontrolling interests in partially owned properties by $117.3 million and accrued retainage by $1.1 million and increased other liabilities by $1.7 million (to account for Toll Brothers' restricted cash still held by the Company). The deconsolidation of the Toll Brothers' portion of the project had no impact on the consolidated results of operations and comprehensive income.

5. Commitments to Acquire/Dispose of Real Estate

The Company has not entered into any separate agreements to acquire rental properties or land parcels as of February 17, 2017.

The Company has entered into separate agreements to dispose of the following (sales price in thousands):

	Properties	Apartment Units	Sales Price
Rental Properties	2	592	$	98,700
Land Parcels (two)	—	—	36,150
Total	2	592	$	134,850

The closings of these pending transactions are subject to certain conditions and restrictions, therefore, there can be no assurance that these transactions will be consummated or that the final terms will not differ in material respects from those summarized in the preceding paragraphs.

6. Investments in Partially Owned Entities

The Company has co-invested in various properties with unrelated third parties which are either consolidated or accounted for under the equity method of accounting (unconsolidated). The following tables and information summarize the Company’s investments in partially owned entities as of December 31, 2016 (amounts in thousands except for project and apartment unit amounts):

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	Consolidated			Unconsolidated
	(VIE)			(Non-VIE)			(VIE) (1)			Total
Total properties	17			2			—			2
Total apartment units	3,215			945			—			945
Balance sheet information at 12/31/16 (at 100%):
ASSETS
Investment in real estate	$	646,320		$	235,821		$	172,995		$	408,816
Accumulated depreciation	(211,038		)	(32,881		)	(44,544		)	(77,425		)
Investment in real estate, net	435,282			202,940			128,451			331,391
Cash and cash equivalents	30,271			5,287			47			5,334
Investments in unconsolidated entities	46,908			—			—			—
Deposits – restricted	345			262			—			262
Other assets	26,203			157			334			491
Total assets	$	539,009		$	208,646		$	128,832		$	337,478
LIABILITIES AND EQUITY/CAPITAL
Mortgage notes payable, net (2)	$	301,110		$	145,424		$	—		$	145,424
Accounts payable & accrued expenses	1,088			189			135			324
Accrued interest payable	1,037			691			—			691
Other liabilities	600			268			70			338
Security deposits	1,850			493			—			493
Total liabilities	305,685			147,065			205			147,270
Noncontrolling Interests – Partially Owned Properties/Partners' equity	10,609			59,115			86,120			145,235
Company equity/General and Limited Partners' Capital	222,715			2,466			42,507			44,973
Total equity/capital	233,324			61,581			128,627			190,208
Total liabilities and equity/capital	$	539,009		$	208,646		$	128,832		$	337,478

	Consolidated			Unconsolidated
	(VIE)			(Non-VIE)			(VIE) (1)			Total
Operating information for the year ended 12/31/16 (at 100%):
Operating revenue	$	90,634		$	26,615		$	5,214		$	31,829
Operating expenses	21,647			9,088			2,023			11,111
Net operating income	68,987			17,527			3,191			20,718
Property management	3,190			776			75			851
General and administrative/other	328			2			81			83
Depreciation	20,764			10,510			5,501			16,011
Operating income (loss)	44,705			6,239			(2,466		)	3,773
Interest and other income	53			—			—			—
Other expenses	(8		)	—			—			—
Interest:
Expense incurred, net	(13,857		)	(8,289		)	—			(8,289		)
Amortization of deferred financing costs	(345		)	(1		)	—			(1		)
Income (loss) before income and other taxes and (loss) from investments in unconsolidated entities	30,548			(2,051		)	(2,466		)	(4,517		)
Income and other tax (expense) benefit	(73		)	(13		)	—			(13		)
(Loss) from investments in unconsolidated entities	(1,439		)	—			—			—
Net income (loss)	$	29,036		$	(2,064	)	$	(2,466	)	$	(4,530	)

(1) Includes the Company's unconsolidated interest in an entity that owns the land underlying our Wisconsin Place apartment property and owns and operates the parking facility. This entity is excluded from the property and apartment unit count.

(2) All debt is non-recourse to the Company.

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Note: The above tables exclude EQR's ownership interest in ERPOP and the Company's interests in unconsolidated joint ventures established in connection with the acquisition of certain real estate related assets from Archstone Enterprise LP (such assets are referred to herein as "Archstone"). These ventures owned certain Archstone assets and succeeded to certain residual Archstone liabilities/litigation, as well as responsibility for tax protection arrangements and third-party preferred interests in former Archstone subsidiaries. The preferred interests had an aggregate liquidation value of $39.9 million at December 31, 2016. The ventures are owned 60% by the Company. See below for further discussion.

During the year ended December 31, 2016, the Company and its joint venture partners sold two consolidated partially owned properties consisting of 556 apartment units and recognized a net gain on sale of $54.3 million as well as one unconsolidated partially owned property consisting of 336 apartment units and recognized a net gain on the sale of approximately $8.9 million.

Operating Properties

The Company has various equity interests in certain limited partnerships owning 16 properties containing 2,783 apartment units. Each partnership owns a multifamily property. The Company is the general partner of these limited partnerships and is responsible for managing the operations and affairs of the partnerships as well as making all decisions regarding the businesses of the partnerships. The limited partners are not able to exercise substantive kick-out or participating rights. As a result, the partnerships qualify as VIEs. The Company has a controlling financial interest in the VIEs and, thus, is the VIEs' primary beneficiary. The Company has both the power to direct the activities of the VIEs that most significantly impact the VIEs' economic performance as well as the obligation to absorb losses or the right to receive benefits from the VIEs that could potentially be significant to the VIEs. As a result, the partnerships are required to be consolidated on the Company's balance sheet.

The Company has a 75% equity interest in the Wisconsin Place joint venture. The project contains a mixed-use site located in Chevy Chase, Maryland consisting of residential, retail, office and accessory uses, including underground parking facilities. The joint venture owns the 432 unit residential component, but has no ownership interest in the retail and office components. At December 31, 2016, the residential component had a net book value of $170.8 million. The Company is the managing member and is responsible for conducting all administrative day-to-day matters and affairs of the joint venture as well as implementing all decisions with respect to the joint venture. The limited partner is not able to exercise substantive kick-out or participating rights. As a result, the joint venture qualifies as a VIE. The Company has a controlling financial interest in the VIE and, thus, is the VIE's primary beneficiary. The Company has both the power to direct the activities of the VIE that most significantly impact the VIE's economic performance as well as the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. As a result, the entity that owns the residential component is required to be consolidated on the Company's balance sheet.

The Wisconsin Place joint venture also retains an unconsolidated interest in an entity that owns the land underlying the entire project and owns and operates the parking facility. At December 31, 2016, the basis of this investment was $46.9 million. The joint venture, as a limited partner, does not have substantive kick-out or participating rights in the entity. As a result, the entity qualifies as a VIE. The joint venture does not have a controlling financial interest in the VIE and is not the VIE's primary beneficiary. The joint venture does not have the power to direct the activities of the VIE that most significantly impact the VIE's economic performance or the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. As a result, the entity that owns the land and owns and operates the parking facility is unconsolidated and recorded using the equity method of accounting.

The Company has a 20% equity interest in each of the Nexus Sawgrass and Domain joint ventures. The Nexus Sawgrass joint venture owns a 501 unit apartment property located in Sunrise, Florida and the Company's interest had a basis of $5.0 million at December 31, 2016. The Domain joint venture owns a 444 unit apartment property located in San Jose, California and the Company's interest had a basis of $9.3 million at December 31, 2016. Nexus Sawgrass and Domain were completed and stabilized during the quarters ended September 30, 2014 and March 31, 2015, respectively. Construction on both properties was predominantly funded with long-term, non-recourse secured loans from the partner. The mortgage loan on Nexus Sawgrass has a current unconsolidated outstanding balance of $48.6 million, bears interest at 5.60% and matures January 1, 2021. The mortgage loan on Domain has a current unconsolidated outstanding balance of $96.8 million, bears interest at 5.75% and matures January 1, 2022. While the Company is the managing member of both of the joint ventures, was responsible for constructing both of the properties and gave certain construction cost overrun guarantees, the joint venture partner has significant participating rights and has active involvement in and oversight of the operations. As a result, the entities do not qualify as VIEs. The Company alone does not have the power to direct the activities of the entities that most significantly impact the entities' economic performance and as a result, the entities are unconsolidated and recorded using the equity method of accounting. The Company currently has no further funding obligations related to these properties.

F-41

Other

As the sole general partner of ERPOP, EQR has exclusive control of ERPOP's day-to-day management. The limited partners are not able to exercise substantive kick-out or participating rights. As a result, ERPOP qualifies as a VIE. EQR has a controlling financial interest in ERPOP and, thus, is ERPOP's primary beneficiary. EQR has the power to direct the activities of ERPOP that most significantly impact ERPOP's economic performance as well as the obligation to absorb losses or the right to receive benefits from ERPOP that could potentially be significant to ERPOP. As a result, ERPOP is required to be consolidated on EQR's balance sheet.

On February 27, 2013, in connection with the acquisition of Archstone, subsidiaries of the Company entered into three limited liability company agreements (collectively, the “Residual JV”). The Residual JV owned certain Archstone assets and succeeded to certain residual Archstone liabilities/litigation. The Residual JV is owned 60% by the Company and 40% by its joint venture partner. The Company's initial investment was $147.6 million and the Company's basis at December 31, 2016 was a net obligation of $1.1 million. The Residual JV is managed by a Management Committee consisting of two members from each of the Company and its joint venture partner. Both partners have equal participation in the Management Committee and all significant participating rights are shared by both partners. As a result, the Residual JV does not qualify as a VIE. The Company alone does not have the power to direct the activities of the Residual JV that most significantly impact the Residual JV's economic performance and as a reuslt, the Residual JV is unconsolidated and recorded using the equity method of accounting. The Residual JV has sold all of the real estate assets that were acquired as part of the acquisition of Archstone, including all of the German assets, and is in the process of winding down all remaining activities.

On February 27, 2013, in connection with the acquisition of Archstone, a subsidiary of the Company entered into a limited liability company agreement (the “Legacy JV”), through which they assumed obligations of Archstone in the form of preferred interests, some of which are governed by tax protection arrangements. At December 31, 2016, the remaining preferred interests had an aggregate liquidation value of $39.9 million, our share of which is included in other liabilities in the accompanying consolidated balance sheets. Obligations of the Legacy JV are borne 60% by the Company and 40% by its joint venture partner. The Legacy JV is managed by a Management Committee consisting of two members from each of the Company and its joint venture partner. Both partners have equal participation in the Management Committee and all significant participating rights are shared by both partners. As a result, the Legacy JV does not qualify as a VIE. The Company alone does not have the power to direct the activities of the Legacy JV that most significantly impact the Legacy JV's economic performance and as a result, the Legacy JV is unconsolidated and recorded using the equity method of accounting.

7. Deposits –Restricted and Escrow Deposits – Mortgage

The following table presents the Company’s restricted deposits as of December 31, 2016 and 2015 (amounts in thousands):

	December 31, 2016		December 31, 2015
Tax-deferred (1031) exchange proceeds	$	38,847	$	—
Earnest money on pending acquisitions	—		1,000
Restricted deposits on real estate investments	733		6,077
Resident security and utility deposits	37,007		48,458
Other	359		358
Totals	$	76,946	$	55,893

The following table presents the Company’s escrow deposits as of December 31, 2016 and 2015 (amounts in thousands):

	December 31, 2016		December 31, 2015
Real estate taxes and insurance	$	2,003	$	1,977
Replacement reserves	3,428		3,962
Mortgage principal reserves/sinking funds	58,652		50,155
Other	852		852
Totals	$	64,935	$	56,946

8. Debt

EQR does not have any indebtedness as all debt is incurred by the Operating Partnership. EQR guarantees the Operating

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Partnership’s revolving credit facility up to the maximum amount and for the full term of the facility. See Note 2 for a discussion regarding adoption of the new accounting standard impacting deferred financing costs.

Mortgage Notes Payable

As of December 31, 2016, the Company had outstanding mortgage debt of approximately $4.1 billion.

During the year ended December 31, 2016, the Company:

• Repaid $440.8 million of 6.256% mortgage debt held in a Fannie Mae loan pool maturing in 2017 and incurred a prepayment penalty of approximately $29.3 million;

• Repaid $65.5 million of various tax-exempt mortgage bonds maturing in 2026 through 2037 and incurred a prepayment penalty of approximately $0.2 million;

• Repaid $75.9 million of conventional fixed-rate mortgage loans and incurred prepayment penalties of approximately $2.2 million;

• Repaid $0.9 million of conventional floating-rate mortgage loans;

• Repaid $8.5 million of scheduled principal repayments on various mortgage debt; and

• Assumed $43.4 million of mortgage debt on one acquired property.

The Company recorded $1.6 million of write-offs of unamortized deferred financing costs during the year ended December 31, 2016 as additional interest expense related to debt extinguishment of mortgages. The Company also recorded $20.7 million of write-offs of net unamortized premiums during the year ended December 31, 2016 as a reduction of interest expense related to debt extinguishment of mortgages.

As of December 31, 2016, the Company had $601.9 million of secured debt subject to third party credit enhancement.

As of December 31, 2016, scheduled maturities for the Company’s outstanding mortgage indebtedness were at various dates through May 28, 2061. At December 31, 2016, the interest rate range on the Company’s mortgage debt was 0.10% to 7.20%. During the year ended December 31, 2016, the weighted average interest rate on the Company’s mortgage debt was 4.34%.

The historical cost, net of accumulated depreciation, of encumbered properties was $5.0 billion and $6.0 billion at December 31, 2016 and 2015, respectively.

As of December 31, 2015, the Company had outstanding mortgage debt of approximately $4.7 billion.

During the year ended December 31, 2015, the Company repaid $368.5 million of mortgage loans.

The Company recorded $0.6 million of write-offs of unamortized deferred financing costs during the year ended December 31, 2015 as additional interest expense related to debt extinguishment of mortgages. The Company also recorded $1.4 million of write-offs of net unamortized premiums during the year ended December 31, 2015 as a reduction of interest expense related to debt extinguishment of mortgages.

As of December 31, 2015, the Company had $668.8 million of secured debt subject to third party credit enhancement.

As of December 31, 2015, scheduled maturities for the Company’s outstanding mortgage indebtedness were at various dates through May 28, 2061. At December 31, 2015, the interest rate range on the Company’s mortgage debt was 0.01% to 7.25%. During the year ended December 31, 2015, the weighted average interest rate on the Company’s mortgage debt was 4.23%.

Notes

The following tables summarize the Company’s unsecured note balances and certain interest rate and maturity date information as of and for the years ended December 31, 2016 and 2015, respectively:

December 31, 2016 (Amounts in thousands)	Net Principal Balance		Interest Rate Ranges	Weighted Average Interest Rate	Maturity Date Ranges
Fixed Rate Public Notes (1)	$	4,397,829	2.85% - 7.57%	4.90%	2017 - 2045
Floating Rate Public Notes (1)	450,250		(1)	1.28%	2019
Totals	$	4,848,079

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December 31, 2015 (Amounts in thousands)	Net Principal Balance		Interest Rate Ranges	Weighted Average Interest Rate	Maturity Date Ranges
Fixed Rate Public Notes (1)	$	5,397,552	3.00% - 7.57%	5.30%	2016 - 2045
Floating Rate Public Notes (1)	451,404		(1)	0.93%	2019
Totals	$	5,848,956

(1) Fair value interest rate swaps convert the $450.0 million2.375% notes due July 1, 2019 to a floating interest rate of 90-Day LIBOR plus 0.61%.

The Company’s unsecured public debt contains certain financial and operating covenants including, among other things, maintenance of certain financial ratios. The Company was in compliance with its unsecured public debt covenants for both the years ended December 31, 2016 and 2015.

EQR and ERPOP currently have an active universal shelf registration statement for the issuance of equity and debt securities that automatically became effective upon filing with the SEC on June 28, 2016 and expires on June 28, 2019. Per the terms of ERPOP’s partnership agreement, EQR contributes the net proceeds of all equity offerings to the capital of ERPOP in exchange for additional OP Units (on a one-for-one Common Share per OP Unit basis) or preference units (on a one-for-one preferred share per preference unit basis).

During the year ended December 31, 2016, the Company:

• Repaid $228.9 million of 5.125% unsecured notes maturing in 2016 and incurred a prepayment penalty of approximately $1.4 million and repaid the remaining $271.1 million of 5.125% unsecured notes at maturity;

• Repaid $400.0 million of 5.375% unsecured notes maturing in 2016 and incurred a prepayment penalty of approximately $9.5 million;

• Repaid $255.9 million of 5.750% unsecured notes maturing in 2017 and incurred a prepayment penalty of approximately $16.5 million;

• Repaid $46.1 million of 7.125% unsecured notes maturing in 2017 and incurred a prepayment penalty of approximately $4.6 million;

• Repaid $250.0 million of 4.625% unsecured notes maturing in 2021 and incurred a prepayment penalty of approximately $31.6 million;

• Repaid $48.0 million of 7.570% unsecured notes maturing in 2026 and incurred a prepayment penalty of approximately $19.3 million; and

• Issued $500.0 million of ten-year 2.85% fixed rate public notes, receiving net proceeds of $496.7 million before underwriting fees, hedge termination costs and other expenses, at an all-in effective interest rate of approximately 3.10% after termination of a forward starting swap in conjunction with the issuance (see Note 9 for further discussion).

The Company recorded $1.9 million of write-offs of unamortized deferred financing costs during the year ended December 31, 2016 as additional interest expense related to debt extinguishment of unsecured notes. The Company also recorded $25.2 million of write-offs of net unamortized premiums/discounts/OCI/treasury locks during the year ended December 31, 2016 as additional interest expense related to debt extinguishment of unsecured notes.

During the year ended December 31, 2015, the Company:

• Repaid $300.0 million of 6.584% unsecured notes at maturity;

• Issued $450.0 million of ten-year 3.375% fixed rate public notes, receiving net proceeds of $447.5 million before underwriting fees, hedge termination costs and other expenses, at an all-in effective interest rate of 3.81% after termination of various forward starting swaps in conjunction with the issuance (see Note 9 for further discussion); and

• Issued $300.0 million of thirty-year 4.50% fixed rate public notes, receiving net proceeds of $298.9 million before underwriting fees and other expenses, at an all-in effective interest rate of 4.55%.

Line of Credit and Commercial Paper

On November 3, 2016, the Company replaced its existing $2.5 billion facility with a $2.0 billion unsecured revolving credit facility maturing January 10, 2022. The Company has the ability to increase available borrowings by an additional $750.0 million by adding additional banks to the facility or obtaining the agreement of existing banks to increase their commitments. The interest rate on advances under the facility will generally be LIBOR plus a spread (currently 0.825%), or based on bids received from the lending group, and the Company pays an annual facility fee (currently 12.5 basis points). Both the spread and the facility

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fee are dependent on the credit rating of the Company's long-term debt. The Company wrote off $0.4 million in unamortized deferred financing costs related to the old facility.

The Company's previous $2.5 billion unsecured revolving credit facility was set to mature on April 2, 2018. The Company had the ability to increase available borrowings by an additional $500.0 million by adding additional banks to the facility or obtaining the agreement of existing banks to increase their commitments. The interest rate on advances under the facility was generally LIBOR plus a spread (was 0.95% at termination), or based on bids received from the lending group, and the Company paid an annual facility fee (was 15 basis points at termination). Both the spread and the facility fee were dependent on the credit rating of the Company's long-term debt.

On February 2, 2015, the Company entered into an unsecured commercial paper note program in the United States. The Company may borrow up to a maximum of $500.0 million under this program subject to market conditions. The notes will be sold under customary terms in the United States commercial paper note market and will rank pari passu with all of the Company's other unsecured senior indebtedness. As of December 31, 2016, there was a balance of $20.0 million outstanding on the commercial paper program. As of December 31, 2015, there was a balance of $387.3 million on the commercial paper program ($387.5 million in principal outstanding net of an unamortized discount of $0.2 million). The notes bear interest at various floating rates with a weighted average of 0.90% and 0.56% for the years ended December 31, 2016 and 2015, respectively, and a weighted average maturity of 4 days and 19 days as of December 31, 2016 and 2015, respectively.

As of December 31, 2016, the amount available on the revolving credit facility was $1.96 billion (net of $20.6 million which was restricted/dedicated to support letters of credit and net of the $20.0 million outstanding on the commercial paper program). During the year ended December 31, 2016, the weighted average interest rate on the revolving credit facility was 1.37%. As of December 31, 2015, the amount available on the revolving credit facility was $2.07 billion (net of $45.1 million which was restricted/dedicated to support letters of credit and net of the $387.5 million outstanding on the commercial paper program). During the year ended December 31, 2015, the weighted average interest rate on the revolving credit facility was 1.07%.

Other

The following table provides a summary of the aggregate payments of principal on all debt for each of the next five years and thereafter as of December 31, 2016 (amounts in thousands):

Year	Total
2017	$	628,458
2018	184,369
2019	1,286,037
2020	1,690,090
2021	941,157
Thereafter	4,366,516
Deferred Financing Costs	(42,617		)
Net Unamortized (Discount)	(66,752		)
Total	$	8,987,258

9. Derivative and Other Fair Value Instruments

The valuation of financial instruments requires the Company to make estimates and judgments that affect the fair value of the instruments. The Company, where possible, bases the fair values of its financial instruments, including its derivative instruments, on listed market prices and third party quotes. Where these are not available, the Company bases its estimates on current instruments with similar terms and maturities or on other factors relevant to the financial instruments.

In the normal course of business, the Company is exposed to the effect of interest rate changes. The Company seeks to manage these risks by following established risk management policies and procedures including the use of derivatives to hedge interest rate risk on debt instruments. The Company may also use derivatives to manage commodity prices in the daily operations of the business.

A three-level valuation hierarchy exists for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. A financial instrument’s categorization

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within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows:

• Level 1 – Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

• Level 2 – Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

• Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The Company’s derivative positions are valued using models developed by the respective counterparty as well as models developed internally by the Company that use as their basis readily observable market parameters (such as forward yield curves and credit default swap data). Employee holdings other than Common Shares within the supplemental executive retirement plan (the “SERP”) are valued using quoted market prices for identical assets and are included in other assets and other liabilities on the consolidated balance sheets. Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners are valued using the quoted market price of Common Shares. The fair values disclosed for mortgage notes payable and unsecured debt (including its commercial paper) were calculated using indicative rates provided by lenders of similar loans in the case of mortgage notes payable and the private unsecured debt (including its commercial paper) and quoted market prices for each underlying issuance in the case of the public unsecured notes.

The carrying values of the Company’s mortgage notes payable and unsecured debt (including its commercial paper) were approximately $4.1 billion and $4.9 billion, respectively, at December 31, 2016. The fair values of the Company’s mortgage notes payable and unsecured debt (including its commercial paper) were approximately $4.2 billion (Level 2) and $5.0 billion (Level 2), respectively, at December 31, 2016. The carrying values of the Company’s mortgage notes payable and unsecured debt (including its commercial paper) were approximately $4.7 billion and $6.2 billion respectively, at December 31, 2015. The fair values of the Company’s mortgage notes payable and unsecured debt (including its commercial paper) were approximately $4.6 billion (Level 2) and $6.5 billion (Level 2), respectively, at December 31, 2015. The fair values of the Company’s financial instruments (other than mortgage notes payable, unsecured notes, commercial paper and derivative instruments), including cash and cash equivalents and other financial instruments, approximate their carrying or contract values.

The following table summarizes the Company’s consolidated derivative instruments at December 31, 2016 (dollar amounts are in thousands):

	Fair Value Hedges (1)
Current Notional Balance	$	450,000
Indicative Interest Rate	2.375		%
Maturity Date	2019

(1) Fair Value Hedges – Converts outstanding fixed rate unsecured notes ($450.0 million2.375%notes due July 1, 2019) to a floating interest rate of 90-Day LIBOR plus 0.61%.

The following tables provide a summary of the fair value measurements for each major category of assets and liabilities measured at fair value on a recurring basis and the location within the accompanying consolidated balance sheets at December 31, 2016 and 2015, respectively (amounts in thousands):

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				Fair Value Measurements at Reporting Date Using
Description	Balance Sheet Location	12/31/2016		Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Fair Value Hedges	Other Assets	$	1,857	$	—	$	1,857	$	—
Supplemental Executive Retirement Plan	Other Assets	124,420		124,420		—		—
Total		$	126,277	$	124,420	$	1,857	$	—
Liabilities
Supplemental Executive Retirement Plan	Other Liabilities	$	124,420	$	124,420	$	—	$	—
Total		$	124,420	$	124,420	$	—	$	—
Redeemable Noncontrolling Interests –
Operating Partnership/Redeemable
Limited Partners	Mezzanine	$	442,092	$	—	$	442,092	$	—

				Fair Value Measurements at Reporting Date Using
Description	Balance Sheet Location	12/31/2015		Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Fair Value Hedges	Other Assets	$	3,655	$	—	$	3,655	$	—
Supplemental Executive Retirement Plan	Other Assets	105,942		105,942		—		—
Total		$	109,597	$	105,942	$	3,655	$	—
Liabilities
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Forward Starting Swaps	Other Liabilities	$	673	$	—	$	673	$	—
Supplemental Executive Retirement Plan	Other Liabilities	105,942		105,942		—		—
Total		$	106,615	$	105,942	$	673	$	—
Redeemable Noncontrolling Interests –
Operating Partnership/Redeemable
Limited Partners	Mezzanine	$	566,783	$	—	$	566,783	$	—

The following tables provide a summary of the effect of fair value hedges on the Company’s accompanying consolidated statements of operations and comprehensive income for the years ended December 31, 2016, 2015 and 2014, respectively (amounts in thousands):

December 31, 2016 Type of Fair Value Hedge	Location of Gain/(Loss) Recognized in Income on Derivative	Amount of Gain/(Loss) Recognized in Income on Derivative			Hedged Item	Income Statement Location of Hedged Item Gain/(Loss)	Amount of Gain/(Loss) Recognized in Income on Hedged Item
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Interest Rate Swaps	Interest expense	$	(1,798	)	Fixed rate debt	Interest expense	$	1,798
Total		$	(1,798	)			$	1,798

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December 31, 2015 Type of Fair Value Hedge	Location of Gain/(Loss) Recognized in Income on Derivative	Amount of Gain/(Loss) Recognized in Income on Derivative		Hedged Item	Income Statement Location of Hedged Item Gain/(Loss)	Amount of Gain/(Loss)Recognized in Income on Hedged Item
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Interest Rate Swaps	Interest expense	$	2,058	Fixed rate debt	Interest expense	$	(2,058	)
Total		$	2,058			$	(2,058	)

December 31, 2014 Type of Fair Value Hedge	Location of Gain/(Loss) Recognized in Income on Derivative	Amount of Gain/(Loss) Recognized in Income on Derivative		Hedged Item	Income Statement Location of Hedged Item Gain/(Loss)	Amount of Gain/(Loss)Recognized in Income on Hedged Item
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Interest Rate Swaps	Interest expense	$	1,597	Fixed rate debt	Interest expense	$	(1,597	)
Total		$	1,597			$	(1,597	)

The following tables provide a summary of the effect of cash flow hedges on the Company’s accompanying consolidated statements of operations and comprehensive income for the years ended December 31, 2016, 2015 and 2014, respectively (amounts in thousands):

	Effective Portion							Ineffective Portion
December 31, 2016 Type of Cash Flow Hedge	Amount of Gain/(Loss) Recognized in OCI on Derivative			Location of Gain/(Loss) Reclassified from Accumulated OCI into Income	Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income			Location of Gain/(Loss) Recognized in Income on Derivative	Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Forward Starting Swaps	$	(3,989	)	Interest expense	$	(41,758	)	Interest expense	$	(74	)
Total	$	(3,989	)		$	(41,758	)		$	(74	)

	Effective Portion							Ineffective Portion
December 31, 2015 Type of Cash Flow Hedge	Amount of Gain/(Loss) Recognized in OCI on Derivative			Location of Gain/(Loss) Reclassified from Accumulated OCI into Income	Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income			Location of Gain/(Loss) Recognized in Income on Derivative	Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Forward Starting Swaps	$	(814	)	Interest expense	$	(18,244	)	Interest expense	$	(3,033	)
Total	$	(814	)		$	(18,244	)		$	(3,033	)

	Effective Portion							Ineffective Portion
December 31, 2014 Type of Cash Flow Hedge	Amount of Gain/(Loss) Recognized in OCI on Derivative			Location of Gain/(Loss) Reclassified from Accumulated OCI into Income	Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income			Location of Gain/(Loss) Recognized in Income on Derivative	Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Forward Starting Swaps	$	(33,215	)	Interest expense	$	(16,868	)	Interest expense	$	91
Total	$	(33,215	)		$	(16,868	)		$	91

As of December 31, 2016 and 2015, there were approximately $113.9 million and $151.8 million in deferred losses, net, included in accumulated other comprehensive (loss), respectively, related to derivative instruments. Based on the estimated fair values of the net derivative instruments at December 31, 2016, the Company may recognize an estimated $21.9 million of accumulated other comprehensive (loss) as additional interest expense during the year ending December 31, 2017.

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In October 2016, the Company paid $4.7 million to settle a forward starting ten-year swap in conjunction with the issuance of $500.0 million of ten-year fixed rate public notes. The ineffective portion of approximately $74,000 and accrued interest of approximately $9,000 were recorded as increases to interest expense. The remaining amount of approximately $4.6 million will be deferred as a component of accumulated other comprehensive (loss) and recognized as an increase to interest expense over the approximate term of the notes.

In May 2015, the Company paid a net $15.1 million to settle nine forward starting ten-year swaps in conjunction with the issuance of $450.0 million of ten-year fixed rate public notes. The ineffective portion of approximately $30,000 and accrued interest of approximately $1.2 million were recorded as increases to interest expense. The remaining amount of approximately $13.9 million will be deferred as a component of accumulated other comprehensive (loss) and recognized as an increase to interest expense over the first 9 years and 10.5 months of the notes.

During the year ended December 31, 2015, the Company recorded approximately $3.0 million of deferred accumulated other comprehensive (loss) as additional interest expense due to the ineffectiveness of certain forward starting swaps.

In June 2014, the Company paid a net $2.0 million to settle seven forward starting ten-year swaps in conjunction with the issuance of $750.0 million of thirty-year fixed rate public notes. The ineffective portion of approximately $0.1 million was recorded as a decrease to interest expense and accrued interest of approximately $1.3 million was recorded as an increase to interest expense. The remaining amount of approximately $0.8 million will be deferred as a component of accumulated other comprehensive (loss) and recognized as an increase to interest expense over the first nine years and ten months of the notes.

10.Earnings Per Share and Earnings Per Unit

Equity Residential

The following tables set forth the computation of net income per share – basic and net income per share – diluted for the Company (amounts in thousands except per share amounts):

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	Year Ended December 31,
	2016			2015			2014
Numerator for net income per share – basic:
Income from continuing operations	$	4,479,586		$	907,621		$	657,101
Allocation to Noncontrolling Interests – Operating Partnership, net	(171,491		)	(34,226		)	(24,771		)
Net (income) attributable to Noncontrolling Interests – Partially Owned Properties	(16,430		)	(3,657		)	(2,544		)
Preferred distributions	(3,091		)	(3,357		)	(4,145		)
Premium on redemption of Preferred Shares	—			(3,486		)	—
Income from continuing operations available to Common Shares, net of   Noncontrolling Interests	4,288,574			862,895			625,641
Discontinued operations, net of Noncontrolling Interests	498			382			1,522
Numerator for net income per share – basic	$	4,289,072		$	863,277		$	627,163
Numerator for net income per share – diluted:
Income from continuing operations	$	4,479,586		$	907,621		$	657,101
Net (income) attributable to Noncontrolling Interests – Partially Owned Properties	(16,430		)	(3,657		)	(2,544		)
Preferred distributions	(3,091		)	(3,357		)	(4,145		)
Premium on redemption of Preferred Shares	—			(3,486		)	—
Income from continuing operations available to Common Shares	4,460,065			897,121			650,412
Discontinued operations, net	518			397			1,582
Numerator for net income per share – diluted	$	4,460,583		$	897,518		$	651,994
Denominator for net income per share – basic and diluted:
Denominator for net income per share – basic	365,002			363,498			361,181
Effect of dilutive securities:
OP Units	13,827			13,576			13,718
Long-term compensation shares/units	3,163			3,546			2,836
Denominator for net income per share – diluted	381,992			380,620			377,735
Net income per share – basic	$	11.75		$	2.37		$	1.74
Net income per share – diluted	$	11.68		$	2.36		$	1.73
Net income per share – basic:
Income from continuing operations available to Common Shares, net of Noncontrolling Interests	$	11.75		$	2.37		$	1.73
Discontinued operations, net of Noncontrolling Interests	—			—			0.01
Net income per share – basic	$	11.75		$	2.37		$	1.74
Net income per share – diluted:
Income from continuing operations available to Common Shares	$	11.68		$	2.36		$	1.72
Discontinued operations, net	—			—			0.01
Net income per share – diluted	$	11.68		$	2.36		$	1.73

Note: For additional disclosures regarding the employee share options and restricted shares, see Notes 2 and 12.

ERP Operating Limited Partnership

The following tables set forth the computation of net income per Unit – basic and net income per Unit – diluted for the Operating Partnership (amounts in thousands except per Unit amounts):

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	Year Ended December 31,
	2016			2015			2014
Numerator for net income per Unit – basic and diluted:
Income from continuing operations	$	4,479,586		$	907,621		$	657,101
Net (income) attributable to Noncontrolling Interests – Partially Owned Properties	(16,430		)	(3,657		)	(2,544		)
Allocation to Preference Units	(3,091		)	(3,357		)	(4,145		)
Allocation to premium on redemption of Preference Units	—			(3,486		)	—
Income from continuing operations available to Units	4,460,065			897,121			650,412
Discontinued operations, net	518			397			1,582
Numerator for net income per Unit – basic and diluted	$	4,460,583		$	897,518		$	651,994
Denominator for net income per Unit – basic and diluted:
Denominator for net income per Unit – basic	378,829			377,074			374,899
Effect of dilutive securities:
Dilution for Units issuable upon assumed exercise/vesting of the Company's     long-term compensation shares/units	3,163			3,546			2,836
Denominator for net income per Unit – diluted	381,992			380,620			377,735
Net income per Unit – basic	$	11.75		$	2.37		$	1.74
Net income per Unit – diluted	$	11.68		$	2.36		$	1.73
Net income per Unit – basic:
Income from continuing operations available to Units	$	11.75		$	2.37		$	1.73
Discontinued operations, net	—			—			0.01
Net income per Unit – basic	$	11.75		$	2.37		$	1.74
Net income per Unit – diluted:
Income from continuing operations available to Units	$	11.68		$	2.36		$	1.72
Discontinued operations, net	—			—			0.01
Net income per Unit – diluted	$	11.68		$	2.36		$	1.73

Note: For additional disclosures regarding the employee share options and restricted shares, see Notes 2 and 12.

11. Individually Significant Dispositions and Discontinued Operations

In April 2014, the FASB issued new guidance for reporting discontinued operations. Only disposals representing a strategic shift in operations that has a major effect on a company’s operations and financial results will be presented as discontinued operations. Companies are required to expand their disclosures about discontinued operations to provide more information on the assets, liabilities, income and expenses of the discontinued operations. Companies are also required to disclose the pre-tax income attributable to a disposal of a significant part of a company that does not qualify for discontinued operations reporting. Application of this guidance is prospective from the date of adoption and early adoption was permitted, but only for disposals (or classifications as held for sale) that had not been reported in financial statements previously issued. The new standard was effective January 1, 2015, but the Company early adopted it as allowed effective January 1, 2014. Adoption of this standard resulted in and will likely continue to result in substantially fewer of the Company's dispositions meeting the discontinued operations qualifications.

Individually Significant Dispositions

The Company concluded that the Starwood Transaction does not qualify for discontinued operations reporting as it does not represent a strategic shift that will have a major effect on the Company’s operations and financial results. The Company has been investing only in its six coastal markets (Boston, New York, Washington D.C., Southern California, San Francisco and Seattle) and has not been acquiring or developing any new assets in its other markets. Over the past several years, the Company has been repositioning its portfolio by selling its suburban assets located in markets outside its six core coastal markets. However, the Company concluded that the Starwood Transaction does qualify as an individually significant component of the Company as the amount received upon disposal exceeded 10% of total assets and NOI (see definition in Note 17) of the Starwood Portfolio represents approximately 1.2% (for the approximate one-month period owned in 2016), 15.7% and 15.4%, respectively, of consolidated NOI for the Company for the years ended December 31, 2016, 2015 and 2014. In addition, the Starwood Transaction met the held for sale criteria at December 31, 2015 and was classified as held for sale in the accompanying consolidated balance sheets at December 31, 2015 (see Note 4 for further discussion). In accordance with this classification, the Company ceased

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depreciation on all assets in the Starwood Portfolio as of November 1, 2015. As a result, the following table summarizes the results of operations attributable to the Starwood Transaction for the years ended December 31, 2016, 2015 and 2014 (amounts in thousands):

	Year Ended December 31,
	2016			2015			2014
REVENUES
Rental income	$	30,785		$	427,433		$	401,134
Total revenues	30,785			427,433			401,134
EXPENSES (1)
Property and maintenance	7,838			78,189			76,579
Real estate taxes and insurance	2,912			48,403			46,416
Property management	2			11			11
General and administrative	23			38			24
Depreciation	—			87,616			104,104
Total expenses	10,775			214,257			227,134
Operating income	20,010			213,176			174,000
Interest and other income	21			1			1
Other expenses	—			(35		)	(1		)
Interest (2):
Expense incurred, net	(380		)	(680		)	(701		)
Amortization of deferred financing costs	(707		)	(559		)	(98		)
Income and other tax (expense) benefit	(1		)	(1		)	(3		)
Net gain on sales of real estate properties	3,161,097			—			—
Income from operations	3,180,040			211,902			173,198
Income from operations attributable to Noncontrolling Interests – Partially Owned Properties	—			—			(14		)
Income from operations attributable to controlling interests – Operating Partnership	3,180,040			211,902			173,184
Income from operations attributable to Noncontrolling Interests – Operating Partnership	(122,152		)	(8,083		)	(6,598		)
Income from operations attributable to controlling interests – Company	$	3,057,888		$	203,819		$	166,586

(1) Includes expenses paid in the current period for properties held for sale.

(2) Includes only interest expense specific to secured mortgage notes payable for properties held for sale which was repaid at or before closing.

Discontinued Operations

The Company has presented separately as discontinued operations in all periods the results of operations for all consolidated assets disposed of and all properties held for sale, if any, for properties sold in 2013 and prior years. The amounts included in discontinued operations for the years ended December 31, 2016, 2015 and 2014 represent trailing activity for properties sold in 2013 and prior years. None of the properties sold during the years ended December 31, 2016, 2015 and 2014 met the new criteria for reporting discontinued operations.

The components of discontinued operations are outlined below and include the results of operations for the respective periods that the Company owned such assets for properties sold in 2013 and prior years during each of the years ended December 31, 2016, 2015 and 2014 (amounts in thousands).

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	Year Ended December 31,
	2016			2015			2014
REVENUES
Rental income	$	355		$	499		$	1,309
Total revenues	355			499			1,309
EXPENSES (1)
Property and maintenance	(46		)	(60		)	(141		)
Real estate taxes and insurance	(461		)	65			267
General and administrative	119			85			89
Total expenses	(388		)	90			215
Discontinued operating income	743			409			1,094
Interest and other income	24			3			317
Other expenses	(280		)	—			—
Income and other tax (expense) benefit	(12		)	(15		)	(8		)
Discontinued operations	475			397			1,403
Net gain on sales of discontinued operations	43			—			179
Discontinued operations, net	$	518		$	397		$	1,582

(1) Includes expenses paid in the current period for properties sold in prior periods related to the Company’s period of ownership.

11.

12. Share Incentive Plans

Any Common Shares issued pursuant to EQR's incentive equity compensation and employee share purchase plans will result in ERPOP issuing OP Units to EQR on a one-for-one basis with ERPOP receiving the net cash proceeds of such issuances.

On June 16, 2011, the shareholders of EQR approved the Company's 2011 Share Incentive Plan, as amended (the "2011 Plan"). The 2011 Plan originally reserved 12,980,741 Common Shares for issuance, which was subsequently adjusted to 14,725,321 Common Shares in accordance with the provisions of the 2011 Plan as a result of the option adjustments required for the special dividends paid in conjunction with the Starwood Transaction. In conjunction with the approval of the 2011 Plan, no further awards may be granted under the 2002 Share Incentive Plan. The 2011 Plan expires on June 16, 2021. As of December 31, 2016, 8,595,553 shares were available for future issuance.

Pursuant to the 2011 Plan and the 2002 Share Incentive Plan, as restated and amended (collectively the “Share Incentive Plans”), officers, trustees and key employees of the Company may be granted share options to acquire Common Shares (“Options”) including non-qualified share options (“NQSOs”), incentive share options (“ISOs”) and share appreciation rights (“SARs”), or may be granted restricted or non-restricted shares/units (including performance-based awards), subject to conditions and restrictions as described in the Share Incentive Plans. Options, SARs, restricted shares (including performance awards) and restricted units (including performance awards) are sometimes collectively referred to herein as “Awards”.

The Options are generally granted at the fair market value of the Company’s Common Shares at the date of grant, vest in three equal installments over a three-year period, are exercisable upon vesting and expire ten years from the date of grant (see additional valuation discussion in Note 2). The exercise price for all Options under the Share Incentive Plans is equal to the fair market value of the underlying Common Shares at the time the Option is granted. Options exercised result in new Common Shares being issued on the open market. The 2002 Share Incentive Plan, as restated and amended, will terminate at such time as all outstanding Awards have expired or have been exercised/vested. The Board of Trustees may at any time amend or terminate the Share Incentive Plans, but termination will not affect Awards previously granted. Any Options which had vested prior to such a termination would remain exercisable by the holder.

Restricted shares are generally granted at the fair market value of the Company's Common Shares at the date of grant. Restricted shares that have been awarded through December 31, 2016 generally vest three years from the award date. In addition, the Company’s unvested restricted shareholders have the same voting rights as any other Common Share holder. During the three-year period of restriction, the Company’s unvested restricted shareholders receive quarterly dividend payments on their shares at the same rate and on the same date as any other Common Share holder. As a result, dividends paid on unvested restricted shares

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are included as a component of retained earnings (included in general partner's capital in the Operating Partnership's financial statements) and have not been considered in reducing net income available to Common Shares/Units in a manner similar to the Company’s preferred share/preference unit dividends for the earnings per share/Unit calculation. If employment is terminated prior to the lapsing of the restriction, the shares are generally canceled.

Restricted units are a class of partnership interests that under certain conditions, including vesting, are convertible by the holder into an equal number of OP Units, which are redeemable by the holder for Common Shares on a one-for-one basis or the cash value of such shares at the option of the Company. In connection with the grant of long-term incentive compensation for services provided during a year, officers of the Company are allowed to choose between restricted shares and restricted units. In January 2011, March 2014 and June 2015, certain holders of restricted shares converted these shares into restricted units. Similar to restricted shares, restricted units are generally granted at the fair market value of the Company's Common Shares at the date of grant and generally vest three years from the award date. In addition, restricted unit holders receive quarterly dividend payments on their restricted units at the same rate and on the same date as any other OP Unit holder. As a result, dividends paid on restricted units are included as a component of Noncontrolling Interests – Operating Partnership/Limited Partners' capital and have not been considered in reducing net income available to Common Shares/Units in a manner similar to the Company’s preferred share/preference unit dividends for the earnings per share/Unit calculation. If employment is terminated prior to vesting, the restricted units are generally canceled. A restricted unit will automatically convert to an OP Unit when the capital account of each restricted unit increases (“books-up”) to a specified target. If the capital target is not attained within ten years following the date of issuance, the restricted unit will automatically be canceled and no compensation will be payable to the holder of such canceled restricted unit.

In January 2015, the Company revised its executive compensation program for the Chairman, Chief Executive Officer and certain other Executive Officers. The long-term portion of the revised program will allow these individuals to earn from 0% to 200% of the target number of performance awards, payable in the form of restricted shares and/or restricted units, as determined by the Company’s relative and absolute Total Shareholder Return (“TSR”) over a forward-looking three-year performance period. The Company’s TSR will be compared to pre-established quantitative performance metrics. In connection with the grant of long-term incentive compensation, the individuals are allowed to choose between restricted shares and restricted units. The grant date fair value of the awards is estimated using a Monte Carlo model, and the resulting expense is recorded regardless of whether the TSR performance measures are achieved, if the required service is delivered. These awards generally vest three years from the award date. The grant date fair value is amortized into expense over the service period. If the executive is retirement-eligible, the grant date fair value is amortized into expense over the first year. All other awards are amortized into expense over the three year performance/vesting period. In addition, the awards granted as restricted units will receive quarterly partial dividend payments equal to 10% of any common share dividend on the same date as any other OP Unit holder during the three-year performance period. As a result, dividends paid on restricted units are included as a component of Noncontrolling Interests – Operating Partnership/Limited Partners' capital and have not been considered in reducing net income available to Common Shares/Units in a manner similar to the Company’s preferred share/preference unit dividends for the earnings per share/Unit calculation. The awards granted as restricted shares will not receive dividends during the three-year performance period. At the end of the three-year performance period, cumulative dividends will be paid for the three-year performance period for any restricted shares or restricted units actually earned, less any dividends already paid on the restricted units. If employment is terminated prior to vesting, the restricted shares and restricted units are generally canceled. Once the Company's absolute and relative TSR is calculated at the end of the three-year performance period, the executive will earn a certain number of restricted shares and/or restricted units.  No payout would be made for any return below 50% of the target performance metric.

All Trustees, with the exception of the Company's non-executive Chairman and employee Trustees, are granted options, restricted shares and/or restricted units that vest one-year from the grant date that corresponds to the term for which he or she has been elected to serve. The non-executive Chairman's grants vest over the same term or period as all other employees.

The Company's Share Incentive Plans provide for certain benefits upon retirement. For employees hired prior to January 1, 2009, retirement generally means the termination of employment (other than for cause): (i) on or after age 62; or (ii) prior to age 62 after meeting the requirements of the Rule of 70 (described below). For employees hired after January 1, 2009, retirement generally means the termination of employment (other than for cause) after meeting the requirements of the Rule of 70. For Trustees, retirement generally means termination of service on the Board (other than for cause) on or after age 72.

The Rule of 70 is met when an employee’s years of service with the Company (which must be at least 15 years) plus his or her age (which must be at least 55 years) on the date of termination equals or exceeds 70 years. In addition, the employee must give the Company at least 6 months’ advance written notice of his or her intention to retire and sign a release upon termination of employment, releasing the Company from customary claims and agreeing to ongoing non-competition and employee non-solicitation provisions.

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Under the Company's definitions of retirement, several of its executive officers, including its Chief Executive Officer, and its non-executive Chairman, are retirement eligible.

For employees hired prior to January 1, 2009 who retire at or after age 62 (or for Trustees who retire at or after age 72), such employee’s or Trustee's unvested restricted shares, restricted units and share options would immediately vest, and share options would continue to be exercisable for the balance of the applicable ten-year option period, as is provided under the Share Incentive Plans. For all other employees (those hired after January 1, 2009 and those hired before such date who choose to retire prior to age 62), upon such retirement under the Rule of 70 definition of retirement of employees, such employee’s unvested restricted shares, restricted units and share options would continue to vest per the original vesting schedule (subject to immediate vesting upon the occurrence of a subsequent change in control of the Company or the employee’s death), and options would continue to be exercisable for the balance of the applicable ten-year option period, subject to the employee’s compliance with the non-competition and employee non-solicitation provisions. The Rule of 70 does not apply to Trustees. For the individuals mentioned above who receive awards under the executive compensation program and retire at or after age 62 (age 72 for the Chairman of the Board) or under the Rule of 70, the award would be prorated in proportion to the number of days worked in the first year of the three-year performance period and the award would continue to vest per the original vesting schedule, subject to the individual’s compliance with the non-competition and employee non-solicitation provisions. The individual would not receive any payout of shares or units until the final payout is determined at the end of the three-year performance period. If an employee violates the non-competition and employee non-solicitation provisions after such retirement, all unvested restricted shares, unvested restricted units and unvested and vested share options at the time of the violation would be void, unless otherwise determined by the Compensation Committee of the Board of Trustees.

The following tables summarize compensation information regarding the restricted shares, restricted units, share options and Employee Share Purchase Plan (“ESPP”) for the three years ended December 31, 2016, 2015 and 2014 (amounts in thousands):

	Year Ended December 31, 2016
	Compensation Expense		Compensation Capitalized		Restricted Units In-Lieu of Bonus (1)		Compensation Equity		Dividends Incurred
Restricted shares (2)	$	13,539	$	1,477	$	—	$	15,016	$	6,494
Restricted units (2)	13,567		591		4,022		18,180		7,762
Share options	2,839		593		—		3,432		—
ESPP discount	585		65		—		650		—
Total	$	30,530	$	2,726	$	4,022	$	37,278	$	14,256

	Year Ended December 31, 2015
	Compensation Expense		Compensation Capitalized		Restricted Units In-Lieu of Bonus (1)		Compensation Equity		Dividends Incurred
Restricted shares (2)	$	13,755	$	1,311	$	—	$	15,066	$	1,160
Restricted units (2)	17,311		538		3,654		21,503		1,619
Share options	2,746		1,010		—		3,756		—
ESPP discount	795		89		—		884		—
Total	$	34,607	$	2,948	$	3,654	$	41,209	$	2,779

	Year Ended December 31, 2014
	Compensation Expense		Compensation Capitalized		Compensation Equity		Dividends Incurred
Restricted shares	$	9,244	$	660	$	9,904	$	1,012
Restricted units	11,049		920		11,969		1,248
Share options	6,453		896		7,349		—
ESPP discount	797		62		859		—
Total	$	27,543	$	2,538	$	30,081	$	2,260

(1) Beginning in 2015, the Company allows officers the ability to receive immediately vested restricted units (subject to the book-up provisions and two-year hold restriction) in-lieu of any percentage of their annual cash bonus.

(2) Includes performance awards granted under the executive compensation program.

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Compensation expense is generally recognized for Awards as follows:

• Restricted shares, restricted units and share options – Straight-line method over the vesting period of the options, shares or units regardless of cliff or ratable vesting distinctions.

• Performance awards – Target amount is recognized under the straight-line method over the vesting period of the shares or units regardless of cliff or ratable vesting distinctions.

• ESPP discount – Immediately upon the purchase of common shares each quarter.

The Company accelerates the recognition of compensation expense for all Awards for those individuals approaching or meeting the retirement age criteria discussed above. The total compensation expense related to Awards not yet vested at December 31, 2016 is $8.6 million (excluding the accelerated expenses for individuals approaching or meeting the retirement age criteria discussed above), which is expected to be recognized over a weighted average term of 1.31 years.

See Note 2 for additional information regarding the Company’s share-based compensation.

The table below summarizes the Award activity of the Share Incentive Plans for the three years ended December 31, 2016, 2015 and 2014:

	Common Shares Subject to Options		Weighted Average Exercise Price per Option		Restricted Shares		Weighted Average Fair Value per Restricted Share		Restricted Units		Weighted Average Fair Value per Restricted Unit
Balance at December 31, 2013	8,470,532			$43.67	500,234			$55.79	471,256			$55.67
Awards granted (1)	667,877			$56.72	176,457			$56.56	201,507			$53.82
Awards exercised/vested (2) (3) (4)	(2,086,380	)		$39.34	(175,344	)		$53.44	(60,294	)		$53.71
Awards forfeited	(19,022	)		$56.32	(6,735	)		$56.57	(667	)		$52.08
Awards expired	(2,387	)		$55.24	—		—		—		—
Conversion of restricted shares to restricted units	—		—		(12,146	)	—		12,146		—
Balance at December 31, 2014	7,030,620			$46.16	482,466			$56.89	623,948			$53.38
Awards granted (1) (5)	171,150			$80.15	174,112			$79.65	337,505			$81.87
Awards exercised/vested (2) (3) (4)	(1,456,363	)		$42.64	(127,174	)		$60.21	(72,003	)		$57.12
Awards forfeited	(9,550	)		$64.53	(5,970	)		$62.11	(2,009	)		$64.39
Awards expired	(1,492	)		$39.86	—		—		—		—
Conversion of restricted shares to restricted units	—		—		(1,284	)	—		1,284		—
Balance at December 31, 2015	5,734,365			$48.04	522,150			$63.67	888,725			$63.91
Awards granted (1) (5)	154,016			$64.99	154,296			$75.19	289,273			$81.05
Awards exercised/vested (2) (3) (4)	(815,044	)		$38.01	(217,805	)		$57.75	(374,217	)		$52.73
Awards forfeited	(10,512	)		$63.43	(6,607	)		$70.73	(1,524	)		$86.35
Awards expired	(710	)		$68.40	—		—		—		—
Special dividend adjustment (6)	960,986		N/A		—		—		—		—
Balance at December 31, 2016	6,023,101			$42.05	452,034			$70.35	802,257			$75.26

(1) The weighted average grant date fair value for Options granted during the years ended December 31, 2016, 2015 and 2014 was $11.09 per share, $13.67 per share and $9.21 per share, respectively.

(2) The aggregate intrinsic value of options exercised during the years ended December 31, 2016, 2015 and 2014 was $26.2 million, $52.9 million and $50.8 million, respectively. These values were calculated as the difference between the strike price of the underlying awards and the per share price at which each respective award was exercised.

(3) The fair value of restricted shares vested during the years ended December 31, 2016, 2015 and 2014 was $15.6 million, $10.2 million and $10.2 million, respectively.

(4) The fair value of restricted units vested during the years ended December 31, 2016, 2015 and 2014 was $27.2 million, $5.8 million and $3.4 million, respectively.

(5) Includes performance awards granted under the executive compensation program.

(6) In addition to the regular quarterly dividends, the Company paid two special dividends to its shareholders and holders of OP Units of $11.00 per share/unit in the aggregate in 2016. Option holders were not entitled to these special dividends, but pursuant to the terms of the Share Incentive Plans are due equitable adjustments of additional options. The special dividend adjustment's weighted average

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exercise price per option is reflected in the activity for 2016 for the awards granted, awards exercised/vested, and awards forfeited and the balance at December 31, 2016.

The following table summarizes information regarding options outstanding and exercisable at December 31, 2016:

	Options Outstanding (1)				Options Exercisable (2)
Range of Exercise Prices	Options	Weighted Average Remaining Contractual Life in Years	Weighted Average Exercise Price		Options	Weighted Average Exercise Price
$19.67 to $24.93	892,111	2.10		$19.67	892,111		$19.67
$24.94 to $37.39	930,884	2.54		$29.42	930,884		$29.42
$37.40 to $43.62	2,412	3.83		$41.44	2,412		$41.44
$43.63 to $49.86	2,715,880	5.50		$46.59	2,515,401		$46.47
$49.87 to $56.09	1,114,654	5.16		$51.30	1,114,654		$51.30
$56.10 to $62.32	2,761	8.48		$60.80	2,761		$60.80
$62.33 to $68.55	364,399	8.57		$66.77	152,454	67.27
$19.67 to $68.55	6,023,101	4.66		$42.05	5,610,677		$40.91
Vested and expected to vest as of December 31, 2016	6,003,870	4.55		$41.97

(1) The aggregate intrinsic value of options outstanding that are vested and expected to vest as of December 31, 2016 is $135.3 million.

(2) The aggregate intrinsic value and weighted average remaining contractual life in years of options exercisable as of December 31, 2016 is $132.0 million and 4.4 years, respectively.

Note: The aggregate intrinsic values in Notes (1) and (2) above were both calculated as the excess, if any, between the Company’s closing share price of $64.36 per share on December 31, 2016 and the strike price of the underlying awards.

As of December 31, 2015 and 2014, 4,436,990 Options (with a weighted average exercise price of $45.11) and 5,011,784 Options (with a weighted average exercise price of $42.18) were exercisable, respectively.

13. Employee Plans

The Company established an Employee Share Purchase Plan to provide each employee and trustee the ability to annually acquire up to $100,000 of Common Shares of EQR. The Company registered 7,000,000 Common Shares under the ESPP, of which 2,906,163 Common Shares remained available for purchase at December 31, 2016. The Common Shares may be purchased quarterly at a price equal to 85% of the lesser of: (a) the closing price for a share on the last day of such quarter; and (b) the greater of: (i) the closing price for a share on the first day of such quarter, and (ii) the average closing price for a share for all the business days in the quarter. The following table summarizes information regarding the Common Shares issued under the ESPP (the net proceeds noted below were contributed to ERPOP in exchange for OP Units):

	Year Ended December 31,
	2016	2015	2014
	(Amounts in thousands except share and per share amounts)
Shares issued	63,909	68,462	68,807
Issuance price ranges	$51.85 – $63.37	$63.70 – $65.90	$45.90 – $55.95
Issuance proceeds	$3,686	$4,404	$3,392

The Company established a defined contribution plan (the “401(k) Plan”) to provide retirement benefits for employees that meet minimum employment criteria. Prior to 2014, the Company matched dollar for dollar up to the first 3% of eligible compensation that a participant contributed to the 401(k) Plan. Beginning January 1, 2014, the Company increased its match to 4% of eligible compensation that a participant contributes to the 401(k) Plan for all employees except those defined as highly compensated employees, whose match remains at 3%. Participants are vested in the Company’s contributions over five years. The Company recognized an expense in the amount of $4.9 million, $5.5 million and $5.2 million for the years ended December 31, 2016, 2015 and 2014, respectively.

The Company established the SERP to provide certain officers and trustees an opportunity to defer a portion of their eligible compensation in order to save for retirement. The SERP is restricted to investments in Common Shares, certain marketable securities that have been specifically approved and cash equivalents. The deferred compensation liability represented in the SERP

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and the securities issued to fund such deferred compensation liability are consolidated by the Company and carried on the Company’s balance sheet, and the Company’s Common Shares held in the SERP are accounted for as a reduction to paid in capital (included in general partner's capital in the Operating Partnership's financial statements).

14. Distribution Reinvestment Plan

On November 18, 2011, the Company filed with the SEC a Form S-3 Registration Statement to register 4,850,000 Common Shares pursuant to a Distribution Reinvestment and Share Purchase Plan (the "2011 DRIP"), which included the remaining shares available for issuance under a 2008 registration, which terminated as of such date. The registration statement was automatically declared effective the same day and was to expire at the earlier of the date on which all 4,850,000 shares had been issued or November 18, 2014. On September 30, 2014, the Company filed with the SEC a Form S-3 Registration Statement to register 4,790,000 Common Shares under an amended Distribution Reinvestment Plan (the "2014 DRIP"), which included the remaining shares available for issuance under the 2011 DRIP, which terminated as of such date. The registration was automatically declared effective the same day and will expire when all 4,790,000 shares have been issued. The Company has 4,704,608 Common Shares available for issuance under the 2014 DRIP at December 31, 2016.

The 2014 DRIP provides holders of record and beneficial owners of Common Shares and Preferred Shares with a simple and convenient method of reinvesting cash dividends/distributions in additional Common Shares. Common Shares purchased under the 2014 DRIP may, at the option of EQR, be directly issued by EQR or purchased by EQR's transfer agent in the open market using participants' funds. The net proceeds from any Common Share issuances are contributed to ERPOP in exchange for OP Units.

15. Transactions with Related Parties

The Company leases its corporate headquarters from an entity controlled by EQR’s Chairman of the Board of Trustees. The lease terminates on January 31, 2022. Amounts incurred for such office space for the years ended December 31, 2016, 2015 and 2014, respectively, were approximately $2.7 million, $2.6 million and $2.5 million. The Company believes these amounts equal market rates for such rental space.

16. Commitments and Contingencies

The Company, as an owner of real estate, is subject to various Federal, state and local environmental laws. Compliance by the Company with existing laws has not had a material adverse effect on the Company. However, the Company cannot predict the impact of new or changed laws or regulations on its current properties or on properties that it may acquire in the future. During the year ended December 31, 2016, the Company recorded an environmental reserve of $4.7 million related to vacant land that it owns adjacent to one of its operating properties.

The Company was party to a housing discrimination lawsuit brought by a non-profit civil rights organization in April 2006 in the U.S. District Court for the District of Maryland.  The suit alleged that the Company designed and built many of its properties in violation of the accessibility requirements of the Fair Housing Act (“FHA”) and Americans With Disabilities Act (“ADA”).  The suit sought actual and punitive damages, injunctive relief (including modification of non-compliant properties), costs and attorneys’ fees.  On March 31, 2016, the Court found that certain features at seven of the Company’s properties did not satisfy the accessibility requirements of the FHA. During the fourth quarter of 2016, the Company settled the lawsuit for $3.1 million, net of insurance recoveries already received, which was recorded as other expenses in the consolidated statements of operations and comprehensive income. The Company also agreed to undertake the remediation of certain inaccessible features at a limited number of properties.

The Company has established a reserve related to various litigation matters associated with its Massachusetts properties and periodically assesses the adequacy of the reserve and makes adjustments as necessary. During the year ended December 31, 2016, the Company settled one matter, paying approximately $1.5 million, and recorded a reduction to the reserve of approximately $0.5 million, resulting in a total reserve of approximately $1.0 million at December 31, 2016. While no assurances can be given, the Company does not believe that the ultimate resolution of any of these remaining litigation matters, if adversely determined, would have a material adverse effect on the Company.

The Company does not believe there is any other litigation pending or threatened against it that, individually or in the aggregate, may reasonably be expected to have a material adverse effect on the Company.

As of December 31, 2016, the Company has six wholly owned projects totaling 2,064 apartment units in various stages of development with commitments to fund of approximately $260.6 million and estimated completion dates ranging through

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December 31, 2018, as well as other completed development projects that are in various stages of lease up or are stabilized.

As of December 31, 2016, the Company has two completed unconsolidated development properties that are stabilized. Both properties were co-developed with the same third party development partner in different ventures. The development venture agreements with this partner are primarily deal-specific regarding profit-sharing, equity contributions, returns on investment, buy-sell agreements and other customary provisions. The Company currently has no further funding obligations related to these properties. While the Company is the managing member of both of the joint ventures, was responsible for constructing both of the properties and gave certain construction cost overrun guarantees, the joint venture partner has significant participating rights and has active involvement in and oversight of the ongoing operations. The buy-sell arrangements contain provisions that provide the right, but not the obligation, for the Company to acquire the partner’s interests or sell its interests at any time following the occurrence of certain pre-defined events (including at stabilization) described in the development venture agreements. See Note 6 for further discussion.

During the years ended December 31, 2016, 2015 and 2014, total operating lease expense for ground leases and office space, including a portion of real estate taxes, insurance, repairs and utilities, aggregated $26.2 million, $24.5 million and $21.2 million, respectively.

The Company has entered into a retirement benefits agreement with its Chairman of the Board of Trustees and deferred compensation agreements with its Vice Chairman and one former chief executive officer. During the years ended December 31, 2016, 2015 and 2014, the Company recognized compensation expense of $0.3 million, $0.4 million and $0.5 million, respectively, related to these agreements.

The following table summarizes the Company’s contractual obligations for minimum rent payments under operating leases and deferred compensation for the next five years and thereafter as of December 31, 2016:

(Payments)/Receipts Due by Year (in thousands)
	2017			2018			2019			2020			2021			Thereafter			Total
Operating Leases:
Minimum Rent Payments (a)	$	(15,917	)	$	(16,027	)	$	(15,890	)	$	(15,489	)	$	(15,256	)	$	(826,259	)	$	(904,838	)
Minimum Rent Receipts (b)	73,171			60,004			54,486			50,705			46,634			211,853			496,853
Other Long-Term Liabilities:
Deferred Compensation (c)	(1,387		)	(1,723		)	(1,128		)	(1,079		)	(1,079		)	(4,383		)	(10,779		)

(a) Minimum basic rent due for various office space the Company leases and fixed base rent due on ground leases for 11 properties.

(b) Minimum basic rent receipts due for various retail/commercial space where the Company is the lessor.

(c) Estimated payments to the Company's Chairman, Vice Chairman and one former CEO based on actual and planned retirement dates.

17. Reportable Segments

Operating segments are defined as components of an enterprise that engage in business activities from which they may earn revenues and incur expenses and about which discrete financial information is available that is evaluated regularly by the chief operating decision maker. The chief operating decision maker decides how resources are allocated and assesses performance on a recurring basis at least quarterly.

The Company’s primary business is the acquisition, development and management of multifamily residential properties, which includes the generation of rental and other related income through the leasing of apartment units to residents. The chief operating decision maker evaluates the Company's operating performance geographically by market and both on a same store and non-same store basis. The Company’s same store operating segments located in its coastal markets represent its reportable segments. As of January 1, 2016, the Company has revised the presentation of Southern California to show separate results for Los Angeles, San Diego and Orange County, along with a subtotal of the three markets combined, for both the current and comparable periods. The Company's operating segments located in its other markets (Phoenix) that are not material have been included in the tables presented below. See also Note 4 for further discussion of the Starwood Transaction and the operating segments/locations in which properties were sold.

The Company’s fee and asset management and development activities are other business activities that do not constitute an operating segment and as such, have been aggregated in the "Other" category in the tables presented below.

F-59

All revenues are from external customers and there is no customer who contributed 10% or more of the Company’s total revenues during the three years ended December 31, 2016, 2015 or 2014.

The primary financial measure for the Company’s rental real estate segment is net operating income (“NOI”), which represents rental income less: 1) property and maintenance expense and 2) real estate taxes and insurance expense (all as reflected in the accompanying consolidated statements of operations and comprehensive income). As of January 1, 2016, NOI no longer includes an allocation of property management expenses either in the current or comparable periods. The Company believes that NOI is helpful to investors as a supplemental measure of its operating performance because it is a direct measure of the actual operating results of the Company’s apartment properties.

The following table presents a reconciliation of NOI from our rental real estate specific to continuing operations for the years ended December 31, 2016, 2015 and 2014, respectively (amounts in thousands):

	Year Ended December 31,
	2016			2015			2014
Rental income	$	2,422,233		$	2,736,578		$	2,605,311
Property and maintenance expense	(406,823		)	(479,160		)	(473,098		)
Real estate taxes and insurance expense	(317,387		)	(339,802		)	(325,401		)
Total operating expenses	(724,210		)	(818,962		)	(798,499		)
Net operating income	$	1,698,023		$	1,917,616		$	1,806,812

The following tables present NOI for each segment from our rental real estate specific to continuing operations for the years ended December 31, 2016, 2015 and 2014, respectively, as well as total assets and capital expenditures at December 31, 2016 and 2015, respectively (amounts in thousands):

	Year Ended December 31, 2016						Year Ended December 31, 2015						Year Ended December 31, 2014
	Rental Income		Operating Expenses		NOI		Rental Income		Operating Expenses		NOI		Rental Income		Operating Expenses		NOI
Same store (1)
Los Angeles	$	368,734	$	107,138	$	261,596	$	349,285	$	104,614	$	244,671	$	259,437	$	81,972	$	177,465
San Diego	88,049		23,489		64,560		83,491		22,938		60,553		79,217		22,605		56,612
Orange County	79,602		18,931		60,671		75,068		18,550		56,518		71,440		18,211		53,229
Subtotal - Southern California	536,385		149,558		386,827		507,844		146,102		361,742		410,094		122,788		287,306
New York	457,882		160,772		297,110		450,460		152,682		297,778		455,598		156,881		298,717
Washington D.C.	424,055		126,154		297,901		417,985		123,450		294,535		451,973		131,964		320,009
San Francisco	365,019		88,141		276,878		343,089		84,603		258,486		340,252		96,217		244,035
Boston	237,683		66,283		171,400		232,462		67,252		165,210		244,612		70,070		174,542
Seattle	154,482		42,644		111,838		145,646		39,307		106,339		153,197		45,781		107,416
Other Markets	1,798		568		1,230		1,680		528		1,152		385,664		120,395		265,269
Total same store	2,177,304		634,120		1,543,184		2,099,166		613,924		1,485,242		2,441,390		744,096		1,697,294
Non-same store/other (2) (3)
Non-same store	163,768		56,403		107,365		72,123		27,078		45,045		83,715		28,992		54,723
Other (3)	81,161		33,687		47,474		565,289		177,960		387,329		80,206		25,411		54,795
Total non-same store/other	244,929		90,090		154,839		637,412		205,038		432,374		163,921		54,403		109,518
Totals	$	2,422,233	$	724,210	$	1,698,023	$	2,736,578	$	818,962	$	1,917,616	$	2,605,311	$	798,499	$	1,806,812

(1) For the years ended December 31, 2016 and 2015, same store primarily includes all properties acquired or completed that are stabilized prior to January 1, 2015, less properties subsequently sold, which represented 69,879 apartment units. For the year ended December 31, 2014, same store primarily includes all properties acquired or completed that are stabilized prior to January 1, 2014, less properties subsequently sold, which represented 96,286 apartment units.

(2) For the years ended December 31, 2016 and 2015, non-same store primarily includes properties acquired after January 1, 2015, plus any properties in lease-up and not stabilized as of January 1, 2015. For the year ended December 31, 2014, non-same store primarily

F-60

includes properties acquired after January 1, 2014, plus any properties in lease-up and not stabilized as of January 1, 2014.

(3) Other includes development, other corporate operations and operations prior to sale for properties sold in 2014 through 2016 that do not meet the new discontinued operations criteria.

	Year Ended December 31, 2016				Year Ended December 31, 2015
	Total Assets		Capital Expenditures		Total Assets		Capital Expenditures
Same store (1)
Los Angeles	$	2,513,979	$	26,195	$	2,586,859	$	22,015
San Diego	471,937		5,172		488,260		4,608
Orange County	260,918		6,747		268,479		7,336
Subtotal - Southern California	3,246,834		38,114		3,343,598		33,959
New York	4,275,930		25,329		4,383,354		18,170
Washington D.C.	3,916,264		33,867		4,023,474		33,455
San Francisco	2,441,256		24,411		2,506,004		25,104
Boston	1,723,942		20,936		1,774,181		17,355
Seattle	1,031,764		13,464		1,061,351		9,106
Other Markets	12,902		67		13,162		182
Total same store	16,648,892		156,188		17,105,124		137,331
Non-same store/other (2) (3)
Non-same store	2,864,250		12,179		2,441,637		6,341
Other (3)	1,191,006		3,810		3,563,435		38,441
Total non-same store/other	4,055,256		15,989		6,005,072		44,782
Totals	$	20,704,148	$	172,177	$	23,110,196	$	182,113

(1) Same store primarily includes all properties acquired or completed that are stabilized prior to January 1, 2015, less properties subsequently sold, which represented 69,879 apartment units.

(2) Non-same store primarily includes properties acquired after January 1, 2015, plus any properties in lease-up and not stabilized as of January 1, 2015.

(3) Other includes development, other corporate operations and capital expenditures for properties sold.

18. Subsequent Events/Other

Subsequent Events

There have been no material subsequent events occurring since December 31, 2016.

Other

During the year ended December 31, 2014, the Operating Partnership issued the 3.00% Series P Cumulative Redeemable Preference Units with a liquidation value of approximately $18.4 million in conjunction with the buyout of its partner's 95% interest in a previously unconsolidated development property. The Series P Preference Units were classified as a liability due in part to the fact that the holder could put the units back to the Operating Partnership for cash. Dividends were paid quarterly on the Series P Preference Units.During the year ended December 31, 2016, the Company purchased all of the issued and outstanding Series P Preference Units at a par value of $18.4 million and retired these units in conjunction with the purchase. In conjunction with this transaction, the Company reduced other liabilities by $18.4 million.

During the year ended December 31, 2016, the Company sold its entire interest in the management contracts and related rights associated with the military housing ventures at Joint Base Lewis McChord consisting of 5,161 apartment units for approximately $63.3 million and recognized a gain on sale of approximately $52.4 million, which is included in interest and other income in the accompanying consolidated statements of operations and comprehensive income.

F-61

During the years ended December 31, 2016, 2015 and 2014, the Company incurred charges of $1.5 million, $1.0 million and $0.4 million, respectively, related to property acquisition costs, such as survey, title and legal fees, on the acquisition of operating properties and $4.1 million, $3.2 million and $3.6 million, respectively, related to the write-off of various pursuit and out-of-pocket costs for terminated acquisition, disposition and development transactions. These costs, totaling $5.6 million, $4.2 million and $4.0 million, respectively, are included in other expenses in the accompanying consolidated statements of operations and comprehensive income.

During the years ended December 31, 2016, 2015 and 2014 the Company received $3.2 million, $6.0 million and $2.8 million, respectively, for the settlement of various litigation/insurance claims, which are included in interest and other income in the accompanying consolidated statements of operations and comprehensive income.

19. Quarterly Financial Data (Unaudited)

Equity Residential

The following unaudited quarterly data has been prepared on the basis of a December 31 year-end. Amounts are in thousands, except for per share amounts.

	First Quarter			Second Quarter		Third Quarter		Fourth Quarter
2016	3/31			6/30		9/30		12/31
Total revenues	$	619,083		$	595,154	$	606,074	$	605,489
Operating income	216,625			206,018		209,373		224,070
Income from continuing operations	3,731,988			228,365		217,246		301,987
Discontinued operations, net	(157		)	35		246		394
Net income *	3,731,831			228,400		217,492		302,381
Net income available to Common Shares	3,586,985			218,067		207,543		276,477
Earnings per share – basic:
Net income available to Common Shares	$	9.84		$	0.60	$	0.57	$	0.76
Weighted average Common Shares outstanding	364,592			365,047		365,109		365,256
Earnings per share – diluted:
Net income available to Common Shares	$	9.76		$	0.59	$	0.56	$	0.75
Weighted average Common Shares outstanding	382,243			382,065		382,373		381,860

	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
2015	3/31		6/30		9/30		12/31
Total revenues	$	666,371	$	679,112	$	696,289	$	703,193
Operating income	218,331		246,255		257,594		287,058
Income from continuing operations	190,069		298,504		205,375		213,673
Discontinued operations, net	155		114		81		47
Net income *	190,224		298,618		205,456		213,720
Net income available to Common Shares	178,842		285,587		195,859		202,989
Earnings per share – basic:
Net income available to Common Shares	$	0.49	$	0.79	$	0.54	$	0.56
Weighted average Common Shares outstanding	363,098		363,476		363,579		363,828
Earnings per share – diluted:
Net income available to Common Shares	$	0.49	$	0.78	$	0.53	$	0.55
Weighted average Common Shares outstanding	380,327		380,491		380,663		381,220

* The Company did not have any extraordinary items or cumulative effect of change in accounting principle during the years ended December 31, 2016 and 2015. Therefore, income before extraordinary items and cumulative effect of change in accounting principle is not shown as it was equal to the net income amounts disclosed above.

F-62

ERP Operating Limited Partnership

The following unaudited quarterly data has been prepared on the basis of a December 31 year-end. Amounts are in thousands, except for per Unit amounts.

	First Quarter			Second Quarter		Third Quarter		Fourth Quarter
2016	3/31			6/30		9/30		12/31
Total revenues	$	619,083		$	595,154	$	606,074	$	605,489
Operating income	216,625			206,018		209,373		224,070
Income from continuing operations	3,731,988			228,365		217,246		301,987
Discontinued operations, net	(157		)	35		246		394
Net income *	3,731,831			228,400		217,492		302,381
Net income available to Units	3,730,294			226,847		215,896		287,546
Earnings per Unit – basic:
Net income available to Units	$	9.84		$	0.60	$	0.57	$	0.76
Weighted average Units outstanding	378,289			378,934		379,008		379,081
Earnings per Unit – diluted:
Net income available to Units	$	9.76		$	0.59	$	0.56	$	0.75
Weighted average Units outstanding	382,243			382,065		382,373		381,860

	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
2015	3/31		6/30		9/30		12/31
Total revenues	$	666,371	$	679,112	$	696,289	$	703,193
Operating income	218,331		246,255		257,594		287,058
Income from continuing operations	190,069		298,504		205,375		213,673
Discontinued operations, net	155		114		81		47
Net income *	190,224		298,618		205,456		213,720
Net income available to Units	185,901		296,941		203,637		211,039
Earnings per Unit – basic:
Net income available to Units	$	0.49	$	0.79	$	0.54	$	0.56
Weighted average Units outstanding	376,696		377,063		377,147		377,380
Earnings per Unit – diluted:
Net income available to Units	$	0.49	$	0.78	$	0.53	$	0.55
Weighted average Units outstanding	380,327		380,491		380,663		381,220

* The Operating Partnership did not have any extraordinary items or cumulative effect of change in accounting principle during the years ended December 31, 2016 and 2015. Therefore, income before extraordinary items and cumulative effect of change in accounting principle is not shown as it was equal to the net income amounts disclosed above.

F-63

EQUITY RESIDENTIAL

ERP OPERATING LIMITED PARTNERSHIP

Schedule III - Real Estate and Accumulated Depreciation

Overall Summary

December 31, 2016

	Properties (H)	Apartment Units (H)	Investment in Real Estate, Gross		Accumulated Depreciation			Investment in Real Estate, Net		Encumbrances (1)
Wholly Owned Unencumbered	204	52,102	$	18,448,319,778	$	(3,651,990,171	)	$	14,796,329,607	$	—
Wholly Owned Encumbered	79	21,196	6,291,785,512		(1,497,361,379		)	4,794,424,133		3,818,071,013
Wholly Owned Properties	283	73,298	24,740,105,290		(5,149,351,550		)	19,590,753,740		3,818,071,013
Partially Owned Unencumbered	9	1,527	288,230,337		(98,826,978		)	189,403,359		—
Partially Owned Encumbered	8	1,688	358,089,848		(112,210,888		)	245,878,960		301,109,812
Partially Owned Properties	17	3,215	646,320,185		(211,037,866		)	435,282,319		301,109,812
Total Unencumbered Properties	213	53,629	18,736,550,115		(3,750,817,149		)	14,985,732,966		—
Total Encumbered Properties	87	22,884	6,649,875,360		(1,609,572,267		)	5,040,303,093		4,119,180,825
Total Consolidated Investment in Real Estate	300	76,513	$	25,386,425,475	$	(5,360,389,416	)	$	20,026,036,059	$	4,119,180,825

(1) See attached Encumbrances Reconciliation.

S-1

EQUITY RESIDENTIAL

ERP OPERATING LIMITED PARTNERSHIP

Schedule III - Real Estate and Accumulated Depreciation

Encumbrances Reconciliation

December 31, 2016

Portfolio/Entity Encumbrances	Number of Properties Encumbered by	See Properties With Note:	Amount
EQR-Fanwell 2007 LP	4	I	$	299,795,866
EQR-Wellfan 2008 LP (R)	10	J	549,337,934
Archstone Master Property Holdings LLC	13	K	796,845,087
Portfolio/Entity Encumbrances	27		1,645,978,887
Individual Property Encumbrances			2,473,201,938
Total Encumbrances per Financial Statements			$	4,119,180,825

S-2

EQUITY RESIDENTIAL

ERP OPERATING LIMITED PARTNERSHIP

Schedule III – Real Estate and Accumulated Depreciation

(Amounts in thousands)

The changes in total real estate for the years ended December 31, 2016, 2015 and 2014 are as follows:

	2016			2015			2014
Balance, beginning of year	$	28,542,697		$	27,675,383		$	26,800,948
Acquisitions and development	832,803			964,645			1,121,423
Improvements	174,981			186,104			191,243
Dispositions and other	(4,164,056		)	(283,435		)	(438,231		)
Balance, end of year (1)	$	25,386,425		$	28,542,697		$	27,675,383

The changes in accumulated depreciation for the years ended December 31, 2016, 2015 and 2014 are as follows:

	2016			2015			2014
Balance, beginning of year	$	6,084,616		$	5,432,805		$	4,807,709
Depreciation	705,649			765,895			758,861
Dispositions and other	(1,429,876		)	(114,084		)	(133,765		)
Balance, end of year (1)	$	5,360,389		$	6,084,616		$	5,432,805

(1) Balances at December 31, 2015 include assets classified as real estate held for sale.

S-3

EQUITY RESIDENTIAL

ERP OPERATING LIMITED PARTNERSHIP

Schedule III - Real Estate and Accumulated Depreciation

December 31, 2016

Description					Initial Cost to Company				Cost Capitalized Subsequent to Acquisition (Improvements, net) (E)			Gross Amount Carried at Close of Period 12/31/16
Apartment Name	Location	Retail/Commercial Space	Date of Construction	Apartment Units (H)	Land		Building & Fixtures		Building & Fixtures			Land		Building & Fixtures (A)		Total (B)		Accumulated Depreciation (C)				Investment in Real Estate, Net at 12/31/16		Encumbrances
Wholly Owned Unencumbered:
100 K Street	Washington, D.C.	—	(F)	—	$	15,600,000	$	10,782,320	$	—		$	15,600,000	$	10,782,320	$	26,382,320		$	—		$	26,382,320	$	—
140 Riverside Boulevard	New York, NY	G	2003	354	103,539,100		94,082,725		6,750,405			103,539,100		100,833,130		204,372,230			(41,010,422		)	163,361,808		—
160 Riverside Boulevard	New York, NY	G	2001	455	139,933,500		190,964,745		12,780,175			139,933,500		203,744,920		343,678,420			(81,836,307		)	261,842,113		—
170 Amsterdam	New York, NY	G	2015	236	—		111,872,438		60,750			—		111,933,188		111,933,188			(7,014,736		)	104,918,452		—
175 Kent	Brooklyn, NY	G	2011	113	22,037,831		53,962,169		1,396,338			22,037,831		55,358,507		77,396,338			(12,584,288		)	64,812,050		—
180 Montague (fka Brooklyn Heights)	Brooklyn, NY	G	2000	193	32,400,000		92,675,228		2,910,862			32,400,000		95,586,090		127,986,090			(16,638,099		)	111,347,991		—
180 Riverside Boulevard	New York, NY	G	1998	516	144,968,250		138,346,681		11,344,206			144,968,250		149,690,887		294,659,137			(61,661,842		)	232,997,295		—
1111 Belle Pre (fka The Madison)	Alexandria, VA	G	2014	360	18,937,702		94,758,679		101,850			18,937,702		94,860,529		113,798,231			(12,803,962		)	100,994,269		—
1210 Mass	Washington, D.C.	G	2004	144	9,213,513		36,559,189		2,112,056			9,213,513		38,671,245		47,884,758			(15,416,324		)	32,468,434		—
1401 E. Madison	Seattle, WA	—	(F)	—	10,401,958		4,932,954		—			10,401,958		4,932,954		15,334,912			—			15,334,912		—
1500 Mass Ave	Washington, D.C.	G	1951	556	54,638,298		40,361,702		14,505,801			54,638,298		54,867,503		109,505,801			(21,697,139		)	87,808,662		—
1800 Oak (fka Rosslyn)	Arlington, VA	G	2003	314	31,400,000		109,005,734		2,999,587			31,400,000		112,005,321		143,405,321			(19,795,492		)	123,609,829		—
2201 Pershing Drive	Arlington, VA	G	2012	188	11,321,198		49,674,175		2,103,036			11,321,198		51,777,211		63,098,409			(9,394,581		)	53,703,828		—
2201 Wilson	Arlington, VA	G	2000	219	21,900,000		78,724,663		2,390,730			21,900,000		81,115,393		103,015,393			(13,936,506		)	89,078,887		—
2400 M St	Washington, D.C.	G	2006	359	30,006,593		114,013,785		4,082,076			30,006,593		118,095,861		148,102,454			(45,418,266		)	102,684,188		—
315 on A	Boston, MA	G	2013	202	14,450,070		115,824,930		517,562			14,450,070		116,342,492		130,792,562			(10,319,919		)	120,472,643		—
340 Fremont (fka Rincon Hill)	San Francisco, CA	—	2016	348	42,000,000		244,995,446		88			42,000,000		244,995,534		286,995,534			(4,611,169		)	282,384,365		—
3003 Van Ness (fka Van Ness)	Washington, D.C.	—	1970	625	56,300,000		141,191,580		4,018,369			56,300,000		145,209,949		201,509,949			(27,557,126		)	173,952,823		—
45 Worthington (CityView II)	Boston, MA	—	(F)	—	—		2,058,673		—			—		2,058,673		2,058,673			—			2,058,673		—
420 East 80th Street	New York, NY	—	1961	155	39,277,000		23,026,984		4,252,598			39,277,000		27,279,582		66,556,582			(12,559,376		)	53,997,206		—
425 Mass	Washington, D.C.	G	2009	559	28,150,000		138,600,000		3,740,413			28,150,000		142,340,413		170,490,413			(39,542,039		)	130,948,374		—
455 Eye Street	Washington, D.C.	G	(F)	—	12,762,857		45,794,997		—			12,762,857		45,794,997		58,557,854			—			58,557,854		—
4885 Edgemoor Lane	Bethesda, MD	—	(F)	—	—		1,237,673		—			—		1,237,673		1,237,673			—			1,237,673		—
4th and Hill	Los Angeles, CA	—	(F)	—	13,131,456		11,144,682		—			13,131,456		11,144,682		24,276,138			—			24,276,138		—
600 Washington	New York, NY	G	2004	135	32,852,000		43,140,551		734,411			32,852,000		43,874,962		76,726,962			(17,905,409		)	58,821,553		—
660 Washington (fka Boston Common)	Boston, MA	G	2006	420	106,100,000		166,311,679		2,325,428			106,100,000		168,637,107		274,737,107			(29,635,573		)	245,101,534		—
70 Greene	Jersey City, NJ	G	2010	480	28,108,899		236,763,553		1,103,051			28,108,899		237,866,604		265,975,503			(57,907,087		)	208,068,416		—
71 Broadway	New York, NY	G	1997	238	22,611,600		77,492,171		12,799,538			22,611,600		90,291,709		112,903,309			(39,723,414		)	73,179,895		—
77 Bluxome	San Francisco, CA	—	2007	102	5,249,124		18,609,876		264,502			5,249,124		18,874,378		24,123,502			(4,400,965		)	19,722,537		—
77 Park Avenue (fka Hoboken)	Hoboken, NJ	G	2000	301	27,900,000		168,992,440		5,319,200			27,900,000		174,311,640		202,211,640			(28,587,488		)	173,624,152		—
777 Sixth	New York, NY	G	2002	294	65,352,706		65,747,294		1,975,718			65,352,706		67,723,012		133,075,718			(24,056,905		)	109,018,813		—
88 Hillside	Daly City, CA	G	2011	95	7,786,800		31,587,325		1,965,143			7,786,800		33,552,468		41,339,268			(7,400,305		)	33,938,963		—
855 Brannan	San Francisco, CA	G	(F)	—	41,363,921		166,903,627		—			41,363,921		166,903,627		208,267,548			—			208,267,548		—
Acton Courtyard	Berkeley, CA	G	2003	71	5,550,000		15,785,509		199,531			5,550,000		15,985,040		21,535,040			(6,078,896		)	15,456,144		—
Alban Towers	Washington, D.C.	—	1934	229	18,900,000		89,794,201		1,712,897			18,900,000		91,507,098		110,407,098			(15,639,767		)	94,767,331		—
Altitude (fka Village at Howard Hughes, The (Lots 1 & 2))	Los Angeles, CA	—	2016	545	43,783,485		147,918,661		25,744			43,783,485		147,944,405		191,727,890			(2,490,933		)	189,236,957		—
Alton, The (fka Millikan)	Irvine, CA	—	(F)	—	11,049,027		90,857,975		—			11,049,027		90,857,975		101,907,002			—			101,907,002		—
Arbor Terrace	Sunnyvale, CA	—	1979	175	9,057,300		18,483,642		4,162,140			9,057,300		22,645,782		31,703,082			(13,943,284		)	17,759,798		—
Artech Building	Berkeley, CA	G	2002	27	1,642,000		9,152,518		329,292			1,642,000		9,481,810		11,123,810			(3,371,389		)	7,752,421		—
Artisan on Second	Los Angeles, CA	—	2008	118	8,000,400		36,074,600		670,299			8,000,400		36,744,899		44,745,299			(9,258,909		)	35,486,390		—
Artistry Emeryville (fka Emeryville)	Emeryville, CA	—	1994	261	12,300,000		61,466,267		2,277,634			12,300,000		63,743,901		76,043,901			(12,191,117		)	63,852,784		—
Atelier	Brooklyn, NY	—	2015	120	32,401,680		47,135,432		90,854			32,401,680		47,226,286		79,627,966			(3,149,449		)	76,478,517		—
Avenue Two	Redwood City, CA	—	1972	123	7,995,000		18,005,000		1,749,322			7,995,000		19,754,322		27,749,322			(5,134,751		)	22,614,571		—
Azure (fka Mission Bay-Block 13)	San Francisco, CA	—	2015	273	32,855,115		152,254,155		26,494			32,855,115		152,280,649		185,135,764			(7,791,579		)	177,344,185		—
Bay Hill	Long Beach, CA	—	2002	160	7,600,000		27,437,239		2,909,175			7,600,000		30,346,414		37,946,414			(13,103,323		)	24,843,091		—
Beatrice, The	New York, NY	G	2010	302	114,351,405		165,648,595		1,000,140			114,351,405		166,648,735		281,000,140			(35,148,328		)	245,851,812		—
Belle Arts Condominium Homes, LLC	Bellevue, WA	—	2000	1	63,158		248,928		(5,320		)	63,158		243,608		306,766			—			306,766		—

S-4

EQUITY RESIDENTIAL

ERP OPERATING LIMITED PARTNERSHIP

Schedule III - Real Estate and Accumulated Depreciation

December 31, 2016

Description					Initial Cost to Company		Cost Capitalized Subsequent to Acquisition(Improvements, net) (E)	Gross Amount Carried at Close of Period 12/31/16
Apartment Name	Location	Retail/Commercial Space	Date of Construction	Apartment Units (H)	Land	Building & Fixtures	Building & Fixtures	Land	Building & Fixtures (A)	Total (B)	Accumulated Depreciation (C)			Investment in Real Estate, Net at 12/31/16	Encumbrances
Belle Fontaine	Marina Del Rey, CA	—	2003	102	9,098,808	28,701,192	683,777	9,098,808	29,384,969	38,483,777		(6,820,566	)	31,663,211	—
Breakwater at Marina Del Rey	Marina Del Rey, CA	—	1964-1969	224	—	73,189,262	1,050,136	—	74,239,398	74,239,398		(14,067,543	)	60,171,855	—
Briarwood (CA)	Sunnyvale, CA	—	1985	192	9,991,500	22,247,278	3,599,062	9,991,500	25,846,340	35,837,840		(15,933,244	)	19,904,596	—
Bridford Lakes II	Greensboro, NC	—	(F)	—	1,100,564	792,508	—	1,100,564	792,508	1,893,072		—		1,893,072	—
Brooklyner, The (fka 111 Lawrence)	Brooklyn, NY	G	2010	490	40,099,922	221,438,631	1,827,017	40,099,922	223,265,648	263,365,570		(46,337,376	)	217,028,194	—
C on Pico	Los Angeles, CA	—	2014	94	17,125,766	28,074,234	7,841	17,125,766	28,082,075	45,207,841		(978,707	)	44,229,134	—
Cambridge Park	Cambridge, MA	G	2002	312	31,200,000	106,048,587	4,107,045	31,200,000	110,155,632	141,355,632		(19,695,291	)	121,660,341	—
Carlyle Mill	Alexandria, VA	—	2002	317	10,000,000	51,367,913	7,872,672	10,000,000	59,240,585	69,240,585		(28,386,923	)	40,853,662	—
Cascade	Seattle, WA	G	(F)	—	23,751,564	99,710,750	—	23,751,564	99,710,750	123,462,314		—		123,462,314	—
Centennial (fka Centennial Court & Centennial Tower)	Seattle, WA	G	1991/2001	408	9,700,000	70,080,378	10,056,055	9,700,000	80,136,433	89,836,433		(33,705,547	)	56,130,886	—
Centre Club Combined	Ontario, CA	—	1994 & 2002	412	7,436,000	33,014,789	7,413,964	7,436,000	40,428,753	47,864,753		(21,574,006	)	26,290,747	—
Church Corner	Cambridge, MA	G	1987	85	5,220,000	16,744,643	2,266,923	5,220,000	19,011,566	24,231,566		(8,540,355	)	15,691,211	—
City Gate at Cupertino (fka Cupertino)	Cupertino, CA	—	1998	311	40,400,000	95,937,046	5,626,705	40,400,000	101,563,751	141,963,751		(17,548,498	)	124,415,253	—
City Pointe	Fullerton, CA	G	2004	183	6,863,792	36,476,208	857,946	6,863,792	37,334,154	44,197,946		(11,712,818	)	32,485,128	—
City Square Bellevue (fka Bellevue)	Bellevue, WA	G	1998	191	15,100,000	41,876,257	3,126,524	15,100,000	45,002,781	60,102,781		(7,953,824	)	52,148,957	—
CityView at Longwood	Boston, MA	G	1970	295	14,704,898	79,195,102	10,574,412	14,704,898	89,769,514	104,474,412		(25,961,856	)	78,512,556	—
Clarendon, The	Arlington, VA	G	2005	292	30,400,340	103,824,660	2,143,113	30,400,340	105,967,773	136,368,113		(26,624,877	)	109,743,236	—
Cleo, The	Los Angeles, CA	—	1989	92	6,615,467	14,829,335	3,832,717	6,615,467	18,662,052	25,277,519		(8,171,402	)	17,106,117	—
Connecticut Heights	Washington, D.C.	—	1974	518	27,600,000	114,002,295	4,856,602	27,600,000	118,858,897	146,458,897		(20,124,977	)	126,333,920	—
Corcoran House at DuPont Circle (fka DuPont Circle)	Washington, D.C.	G	1961	138	13,500,000	26,913,113	1,796,515	13,500,000	28,709,628	42,209,628		(5,801,661	)	36,407,967	—
Courthouse Plaza	Arlington, VA	G	1990	396	—	87,386,024	4,635,703	—	92,021,727	92,021,727		(17,966,254	)	74,055,473	—
Creekside (San Mateo)	San Mateo, CA	—	1985	192	9,606,600	21,193,231	4,013,129	9,606,600	25,206,360	34,812,960		(15,771,922	)	19,041,038	—
Cronins Landing	Waltham, MA	G	1998	281	32,300,000	85,119,324	3,914,279	32,300,000	89,033,603	121,333,603		(15,979,321	)	105,354,282	—
Crystal Place	Arlington, VA	—	1986	181	17,200,000	47,918,975	3,157,515	17,200,000	51,076,490	68,276,490		(9,260,208	)	59,016,282	—
Eagle Canyon	Chino Hills, CA	—	1985	252	1,808,900	16,274,361	8,800,432	1,808,900	25,074,793	26,883,693		(17,314,590	)	9,569,103	—
Edgemont at Bethesda Metro	Bethesda, MD	—	1989	122	13,092,552	43,907,448	1,125,457	13,092,552	45,032,905	58,125,457		(10,423,583	)	47,701,874	—
Elevé	Glendale, CA	G	2013	208	14,080,560	56,419,440	415,204	14,080,560	56,834,644	70,915,204		(7,584,216	)	63,330,988	—
Emerson Place	Boston, MA	G	1962	444	14,855,000	57,566,636	22,690,975	14,855,000	80,257,611	95,112,611		(52,167,424	)	42,945,187	—
Encinitas Heights (fka Encinitas)	Encinitas, CA	G	2002	120	12,000,000	29,207,497	617,199	12,000,000	29,824,696	41,824,696		(5,889,783	)	35,934,913	—
Encore at Sherman Oaks, The	Sherman Oaks, CA	—	1988	174	8,700,000	25,446,003	1,211,820	8,700,000	26,657,823	35,357,823		(7,869,084	)	27,488,739	—
Fountains at Emerald Park (fka Emerald Park)	Dublin, CA	—	2000	324	25,900,000	83,986,217	927,144	25,900,000	84,913,361	110,813,361		(15,751,998	)	95,061,363	—
Fremont Center	Fremont, CA	G	2002	322	25,800,000	78,753,114	2,733,097	25,800,000	81,486,211	107,286,211		(14,742,488	)	92,543,723	—
Gallery, The	Hermosa Beach, CA	—	1971	169	18,144,000	46,567,941	2,651,435	18,144,000	49,219,376	67,363,376		(19,871,531	)	47,491,845	—
Garden Garage	Boston, MA	—	(F)	—	—	4,917,373	—	—	4,917,373	4,917,373		—		4,917,373	—
Gateway at Malden Center	Malden, MA	G	1988	203	9,209,780	25,722,666	13,834,746	9,209,780	39,557,412	48,767,192		(21,301,983	)	27,465,209	—
Geary Court Yard	San Francisco, CA	—	1990	164	1,722,400	15,471,429	4,477,710	1,722,400	19,949,139	21,671,539		(12,574,169	)	9,097,370	—
Glen Meadow	Franklin, MA	—	1971	288	2,339,331	16,133,588	4,347,422	2,339,331	20,481,010	22,820,341		(12,813,162	)	10,007,179	—
Hampshire Place	Los Angeles, CA	—	1989	259	10,806,000	30,335,330	4,042,761	10,806,000	34,378,091	45,184,091		(15,493,262	)	29,690,829	—
Harbor Steps	Seattle, WA	G	2000	758	59,387,158	158,829,432	20,957,019	59,387,158	179,786,451	239,173,609		(73,216,856	)	165,956,753	—
Helios (fka 2nd & Pine)	Seattle, WA	G	(F)	—	18,061,674	162,443,822	—	18,061,674	162,443,822	180,505,496		—		180,505,496	—
Heritage at Stone Ridge	Burlington, MA	—	2005	180	10,800,000	31,808,335	1,839,852	10,800,000	33,648,187	44,448,187		(14,133,220	)	30,314,967	—
Heritage Ridge	Lynwood, WA	—	1999	197	6,895,000	18,983,597	1,741,466	6,895,000	20,725,063	27,620,063		(9,305,589	)	18,314,474	—
Hesby	North Hollywood, CA	—	2013	308	23,299,892	102,700,108	323,337	23,299,892	103,023,445	126,323,337		(13,208,612	)	113,114,725	—
Highlands at Cherry Hill	Cherry Hills, NJ	—	2002	170	6,800,000	21,459,108	1,219,837	6,800,000	22,678,945	29,478,945		(9,622,596	)	19,856,349	—
Highlands at South Plainfield	South Plainfield, NJ	—	2000	252	10,080,000	37,526,912	1,671,208	10,080,000	39,198,120	49,278,120		(15,870,459	)	33,407,661	—
Hikari	Los Angeles, CA	G	2007	128	9,435,760	32,564,240	623,527	9,435,760	33,187,767	42,623,527		(8,254,511	)	34,369,016	—
Hudson Crossing	New York, NY	G	2003	259	23,420,000	69,977,699	2,182,860	23,420,000	72,160,559	95,580,559		(30,934,660	)	64,645,899	—
Hudson Crossing II	New York, NY	—	(F)	—	10,599,287	3,293,787	—	10,599,287	3,293,787	13,893,074		—		13,893,074	—

S-5

EQUITY RESIDENTIAL

ERP OPERATING LIMITED PARTNERSHIP

Schedule III - Real Estate and Accumulated Depreciation

December 31, 2016

Description					Initial Cost to Company		Cost Capitalized Subsequent to Acquisition (Improvements, net) (E)	Gross Amount Carried at Close of Period 12/31/16
Apartment Name	Location	Retail/Commercial Space	Date of Construction	Apartment Units (H)	Land	Building & Fixtures	Building & Fixtures	Land	Building & Fixtures (A)	Total (B)	Accumulated Depreciation (C)			Investment in Real Estate, Net at 12/31/16	Encumbrances
Hudson Pointe	Jersey City, NJ	—	2003	182	5,350,000	41,114,074	4,844,133	5,350,000	45,958,207	51,308,207		(20,241,451	)	31,066,756	—
Hunt Club II	Charlotte, NC	—	(F)	—	100,000	—	—	100,000	—	100,000		—		100,000	—
Ivory Wood	Bothell, WA	—	2000	144	2,732,800	13,888,282	992,859	2,732,800	14,881,141	17,613,941		(6,865,471	)	10,748,470	—
Jia (fka Chinatown Gateway)	Los Angeles, CA	G	2014	280	14,791,831	76,417,368	160,373	14,791,831	76,577,741	91,369,572		(11,450,392	)	79,919,180	—
Junction 47 (fka West Seattle)	Seattle, WA	G	2015	206	11,726,305	55,592,607	10,285	11,726,305	55,602,892	67,329,197		(2,870,469	)	64,458,728	—
Kelvin, The (fka Modera)	Irvine, CA	—	2015	194	15,521,552	64,853,448	140,201	15,521,552	64,993,649	80,515,201		(5,226,037	)	75,289,164	—
Kendall Square II	Cambridge, MA	—	(F)	—	—	2,361,587	—	—	2,361,587	2,361,587		—		2,361,587	—
Landings at Port Imperial	W. New York, NJ	—	1999	276	27,246,045	37,741,050	8,727,114	27,246,045	46,468,164	73,714,209		(27,123,316	)	46,590,893	—
Lincoln Heights	Quincy, MA	—	1991	336	5,928,400	33,595,262	12,900,751	5,928,400	46,496,013	52,424,413		(32,166,271	)	20,258,142	—
Lindley Apartments	Encino, CA	—	2004	129	5,805,000	25,705,000	927,140	5,805,000	26,632,140	32,437,140		(7,515,112	)	24,922,028	—
Lofts 590	Arlington, VA	—	2005	212	20,100,000	67,909,023	593,626	20,100,000	68,502,649	88,602,649		(11,467,543	)	77,135,106	—
Lofts at Kendall Square (fka Kendall Square)	Cambridge, MA	—	1998	186	23,300,000	78,445,657	4,430,000	23,300,000	82,875,657	106,175,657		(14,293,167	)	91,882,490	—
Longacre House	New York, NY	G	2000	293	73,170,045	53,962,510	1,952,072	73,170,045	55,914,582	129,084,627		(20,862,433	)	108,222,194	—
Longfellow Place	Boston, MA	G	1975	710	47,096,917	150,143,916	77,175,848	47,096,917	227,319,764	274,416,681		(140,185,560	)	134,231,121	—
Mantena	New York, NY	G	2012	98	22,346,513	61,501,158	726,983	22,346,513	62,228,141	84,574,654		(11,547,865	)	73,026,789	—
Marina 41 (fka Marina Del Rey)	Marina Del Rey, CA	—	1973	623	—	168,842,442	5,590,178	—	174,432,620	174,432,620		(34,075,934	)	140,356,686	—
Mariposa at Playa Del Rey (fka Playa Del Rey)	Playa Del Rey, CA	—	2004	354	60,900,000	89,311,482	4,874,252	60,900,000	94,185,734	155,085,734		(17,348,528	)	137,737,206	—
Milano Lofts	Los Angeles, CA	G	1925/2006	99	8,125,216	27,378,784	419,390	8,125,216	27,798,174	35,923,390		(5,879,972	)	30,043,418	—
Mountain View Redevelopment	Mountain View, CA	—	(F)	—	—	11,539	—	—	11,539	11,539		—		11,539	—
Mozaic at Union Station	Los Angeles, CA	—	2007	272	8,500,000	52,529,446	1,742,611	8,500,000	54,272,057	62,772,057		(20,324,720	)	42,447,337	—
Murray Hill Tower (fka Murray Hill)	New York, NY	G	1974	270	75,800,000	102,705,401	5,632,060	75,800,000	108,337,461	184,137,461		(21,534,636	)	162,602,825	—
Northglen	Valencia, CA	—	1988	234	9,360,000	20,778,553	3,216,250	9,360,000	23,994,803	33,354,803		(13,232,302	)	20,122,501	—
Northpark	Burlingame, CA	—	1972	510	38,607,000	77,472,217	12,538,178	38,607,000	90,010,395	128,617,395		(29,143,721	)	99,473,674	—
Northridge	Pleasant Hill, CA	—	1974	221	5,524,000	14,691,705	10,511,874	5,524,000	25,203,579	30,727,579		(17,391,149	)	13,336,430	—
Oak Park Combined	Agoura Hills, CA	—	1989 & 1990	444	3,390,700	30,517,274	9,746,651	3,390,700	40,263,925	43,654,625		(28,656,591	)	14,998,034	—
Oakwood Boston	Boston, MA	G	1901	94	22,200,000	28,672,979	1,529,010	22,200,000	30,201,989	52,401,989		(5,884,677	)	46,517,312	—
Oakwood Crystal City	Arlington, VA	—	1987	162	15,400,000	35,474,336	2,425,184	15,400,000	37,899,520	53,299,520		(6,786,525	)	46,512,995	—
Oakwood Marina Del Rey	Marina Del Rey, CA	—	1969	597	—	120,795,359	2,437,138	—	123,232,497	123,232,497		(24,113,286	)	99,119,211	—
Oaks	Santa Clarita, CA	—	2000	520	23,400,000	61,020,438	5,042,217	23,400,000	66,062,655	89,462,655		(31,804,000	)	57,658,655	—
Ocean Crest	Solana Beach, CA	—	1986	146	5,111,200	11,910,438	3,961,557	5,111,200	15,871,995	20,983,195		(9,843,174	)	11,140,021	—
Odin (fka Tallman)	Seattle, WA	—	2015	301	16,807,519	63,703,105	4,853	16,807,519	63,707,958	80,515,477		(3,220,384	)	77,295,093	—
Old Town Lofts	Redmond, WA	G	2014	149	7,740,467	44,146,181	615,810	7,740,467	44,761,991	52,502,458		(3,368,591	)	49,133,867	—
One Henry Adams	San Francisco, CA	G	2016	241	30,224,393	132,422,943	—	30,224,393	132,422,943	162,647,336		—		162,647,336	—
Pacific Place	Los Angeles, CA	—	2008	430	32,250,000	110,750,000	1,114,418	32,250,000	111,864,418	144,114,418		(18,609,682	)	125,504,736	—
Packard Building	Seattle, WA	G	2010	61	5,911,041	19,954,959	25,690	5,911,041	19,980,649	25,891,690		(1,315,590	)	24,576,100	—
Parc 77	New York, NY	G	1903	137	40,504,000	18,025,679	5,639,147	40,504,000	23,664,826	64,168,826		(11,317,834	)	52,850,992	—
Parc Cameron	New York, NY	G	1927	166	37,600,000	9,855,597	6,917,858	37,600,000	16,773,455	54,373,455		(9,519,277	)	44,854,178	—
Parc Coliseum	New York, NY	G	1910	177	52,654,000	23,045,751	8,635,413	52,654,000	31,681,164	84,335,164		(15,575,683	)	68,759,481	—
Parc East Towers	New York, NY	G	1977	324	102,163,000	108,989,402	8,841,139	102,163,000	117,830,541	219,993,541		(44,109,145	)	175,884,396	—
Parc on Powell (fka Parkside at Emeryville)	Emeryville, CA	G	2015	173	16,667,059	67,690,072	48,612	16,667,059	67,738,684	84,405,743		(4,037,098	)	80,368,645	—
Park at Pentagon Row (fka Pentagon City)	Arlington, VA	G	1990	298	28,300,000	78,838,184	1,353,525	28,300,000	80,191,709	108,491,709		(14,341,704	)	94,150,005	—
Park Connecticut	Washington, D.C.	—	2000	142	13,700,000	59,087,519	1,138,671	13,700,000	60,226,190	73,926,190		(10,132,810	)	63,793,380	—
Park Hacienda (fka Hacienda)	Pleasanton, CA	—	2000	540	43,200,000	128,753,359	1,303,861	43,200,000	130,057,220	173,257,220		(24,868,371	)	148,388,849	—
Park West (CA)	Los Angeles, CA	—	1987/1990	444	3,033,500	27,302,383	9,833,303	3,033,500	37,135,686	40,169,186		(26,282,067	)	13,887,119	—
Parkside	Union City, CA	—	1979	208	6,246,700	11,827,453	4,057,554	6,246,700	15,885,007	22,131,707		(11,039,298	)	11,092,409	—
Pearl, The	Seattle, WA	G	2008	80	6,972,585	26,527,415	86,236	6,972,585	26,613,651	33,586,236		(1,802,018	)	31,784,218	—
Pegasus	Los Angeles, CA	G	1949/2003	322	18,094,052	81,905,948	4,353,371	18,094,052	86,259,319	104,353,371		(23,034,817	)	81,318,554	—

S-6

EQUITY RESIDENTIAL

ERP OPERATING LIMITED PARTNERSHIP

Schedule III - Real Estate and Accumulated Depreciation

December 31, 2016

Description					Initial Cost to Company		Cost Capitalized Subsequent to Acquisition(Improvements, net) (E)	Gross Amount Carried at Close of Period 12/31/16
Apartment Name	Location	Retail/Commercial Space	Date of Construction	Apartment Units (H)	Land	Building & Fixtures	Building & Fixtures	Land	Building & Fixtures (A)	Total (B)	Accumulated Depreciation (C)			Investment in Real Estate, Net at 12/31/16	Encumbrances
Playa Pacifica	Hermosa Beach, CA	—	1972	285	35,100,000	33,473,822	21,252,912	35,100,000	54,726,734	89,826,734		(22,557,639	)	67,269,095	—
Portofino	Chino Hills, CA	—	1989	176	3,572,400	14,660,994	3,619,935	3,572,400	18,280,929	21,853,329		(12,064,192	)	9,789,137	—
Portofino (Val)	Valencia, CA	—	1989	216	8,640,000	21,487,126	4,531,435	8,640,000	26,018,561	34,658,561		(14,294,138	)	20,364,423	—
Portside Towers	Jersey City, NJ	G	1992-1997	527	22,487,006	96,842,913	20,261,246	22,487,006	117,104,159	139,591,165		(75,662,868	)	63,928,297	—
Potrero 1010	San Francisco, CA	G	2016	453	40,830,011	178,838,375	2,685	40,830,011	178,841,060	219,671,071		(4,297,727	)	215,373,344	—
Prado (fka Glendale)	Glendale, CA	—	1988	264	—	67,977,313	2,474,023	—	70,451,336	70,451,336		(12,649,164	)	57,802,172	—
Prime, The	Arlington, VA	—	2002	256	32,000,000	64,436,539	1,366,624	32,000,000	65,803,163	97,803,163		(25,533,405	)	72,269,758	—
Prism at Park Avenue South (fka 400 Park Avenue South)	New York, NY	G	2015	269	76,292,169	171,532,416	40,159	76,292,169	171,572,575	247,864,744		(12,053,844	)	235,810,900	—
Promenade at Town Center I & II	Valencia, CA	—	2001	564	28,200,000	69,795,915	6,603,855	28,200,000	76,399,770	104,599,770		(35,742,052	)	68,857,718	—
Quarry Hills	Quincy, MA	—	2006	316	26,900,000	84,411,162	1,276,264	26,900,000	85,687,426	112,587,426		(15,916,309	)	96,671,117	—
Red 160 (fka Redmond Way)	Redmond, WA	G	2011	250	15,546,376	65,320,010	1,069,525	15,546,376	66,389,535	81,935,911		(13,743,779	)	68,192,132	—
Redmond Court	Bellevue, WA	—	1977	206	10,300,000	33,488,745	828,734	10,300,000	34,317,479	44,617,479		(6,900,171	)	37,717,308	—
Regency Palms	Huntington Beach, CA	—	1969	310	1,857,400	16,713,254	5,843,205	1,857,400	22,556,459	24,413,859		(16,685,572	)	7,728,287	—
Renaissance Villas	Berkeley, CA	G	1998	34	2,458,000	4,542,000	157,541	2,458,000	4,699,541	7,157,541		(1,716,722	)	5,440,819	—
Reserve at Mountain View (fka Mountain View)	Mountain View, CA	—	1965	180	27,000,000	33,029,605	3,985,141	27,000,000	37,014,746	64,014,746		(7,098,473	)	56,916,273	—
Reserve at Potomac Yard	Alexandria, VA	—	2002	588	11,918,917	68,862,641	10,012,055	11,918,917	78,874,696	90,793,613		(34,843,070	)	55,950,543	—
Reserve at Town Center I-III (WA)	Mill Creek, WA	G	2001, 2009, 2014	584	16,769,205	77,511,523	2,904,720	16,769,205	80,416,243	97,185,448		(27,282,993	)	69,902,455	—
Residences at Westgate I (fka Westgate II)	Pasadena, CA	G	2014	252	17,859,785	108,596,287	152,142	17,859,785	108,748,429	126,608,214		(11,706,631	)	114,901,583	—
Residences at Westgate II (fka Westgate III)	Pasadena, CA	G	2015	88	12,118,248	40,458,283	28,122	12,118,248	40,486,405	52,604,653		(2,670,021	)	49,934,632	—
Rianna I	Seattle, WA	G	2000	78	2,268,160	14,864,482	570,971	2,268,160	15,435,453	17,703,613		(4,912,805	)	12,790,808	—
Ridgewood Village I&II	San Diego, CA	—	1997	408	11,809,500	34,004,048	5,443,381	11,809,500	39,447,429	51,256,929		(23,108,949	)	28,147,980	—
Riva Terra I (fka Redwood Shores)	Redwood City, CA	—	1986	304	34,963,355	84,587,658	1,530,506	34,963,355	86,118,164	121,081,519		(16,714,984	)	104,366,535	—
Riva Terra II (fka Harborside)	Redwood City, CA	—	1986	149	17,136,645	40,536,531	1,833,334	17,136,645	42,369,865	59,506,510		(7,532,830	)	51,973,680	—
Riverpark	Redmond, WA	G	2009	319	14,355,000	80,894,049	1,100,173	14,355,000	81,994,222	96,349,222		(18,616,561	)	77,732,661	—
Rolling Green (Milford)	Milford, MA	—	1970	304	2,012,350	13,452,150	7,325,804	2,012,350	20,777,954	22,790,304		(12,541,523	)	10,248,781	—
Rosecliff II	Quincy, MA	—	2005	130	4,922,840	30,202,160	873,630	4,922,840	31,075,790	35,998,630		(7,963,684	)	28,034,946	—
Sakura Crossing	Los Angeles, CA	G	2009	230	14,641,990	42,858,010	703,088	14,641,990	43,561,098	58,203,088		(11,836,842	)	46,366,246	—
Seventh & James	Seattle, WA	—	1992	96	663,800	5,974,803	3,798,267	663,800	9,773,070	10,436,870		(7,029,871	)	3,406,999	—
Sheffield Court	Arlington, VA	—	1986	597	3,342,381	31,337,332	14,316,432	3,342,381	45,653,764	48,996,145		(33,910,069	)	15,086,076	—
Skycrest	Valencia, CA	—	1999	264	10,560,000	25,574,457	3,079,215	10,560,000	28,653,672	39,213,672		(16,045,953	)	23,167,719	—
Skylark	Union City, CA	—	1986	174	1,781,600	16,731,916	4,194,009	1,781,600	20,925,925	22,707,525		(12,497,731	)	10,209,794	—
Skyline Terrace	Burlingame, CA	—	1967 & 1987	138	16,836,000	35,414,000	4,638,329	16,836,000	40,052,329	56,888,329		(11,663,739	)	45,224,590	—
Skyline Towers	Falls Church, VA	G	1971	939	78,278,200	91,485,591	39,225,721	78,278,200	130,711,312	208,989,512		(66,807,948	)	142,181,564	—
SoMa II	San Francisco, CA	—	(F)	—	29,406,606	3,589,891	—	29,406,606	3,589,891	32,996,497		—		32,996,497	—
Sonterra at Foothill Ranch	Foothill Ranch, CA	—	1997	300	7,503,400	24,048,507	4,962,421	7,503,400	29,010,928	36,514,328		(17,403,278	)	19,111,050	—
South City Station (fka South San Francisco)	San Francisco, CA	G	2007	360	68,900,000	79,476,861	2,331,779	68,900,000	81,808,640	150,708,640		(15,596,819	)	135,111,821	—
Southwood	Palo Alto, CA	—	1985	100	6,936,600	14,324,069	3,202,676	6,936,600	17,526,745	24,463,345		(11,356,629	)	13,106,716	—
Springbrook Estates	Riverside, CA	—	(F)	—	18,200,000	—	—	18,200,000	—	18,200,000		—		18,200,000	—
Summerset Village II	Chatsworth, CA	—	(F)	—	260,646	—	—	260,646	—	260,646		—		260,646	—
Summit at Sausalito (fka Sausalito)	Sausalito, CA	—	1978	198	26,000,000	28,435,024	3,586,242	26,000,000	32,021,266	58,021,266		(7,628,434	)	50,392,832	—
Ten23 (fka 500 West 23rd Street)	New York, NY	G	2011	111	—	58,881,873	165,340	—	59,047,213	59,047,213		(10,287,817	)	48,759,396	—
Terraces, The	San Francisco, CA	G	1975	117	14,087,610	16,314,151	982,446	14,087,610	17,296,597	31,384,207		(5,171,269	)	26,212,938	—
Third Square	Cambridge, MA	G	2008/2009	471	26,767,171	218,822,728	5,396,605	26,767,171	224,219,333	250,986,504		(62,174,271	)	188,812,233	—
Three20	Seattle, WA	G	2013	134	7,030,766	29,005,762	703,110	7,030,766	29,708,872	36,739,638		(4,264,421	)	32,475,217	—
Town Center South Commercial Tract	St. Charles, MD	—	(F)	—	1,500,000	9,394	—	1,500,000	9,394	1,509,394		—		1,509,394	—

S-7

EQUITY RESIDENTIAL

ERP OPERATING LIMITED PARTNERSHIP

Schedule III - Real Estate and Accumulated Depreciation

December 31, 2016

Description					Initial Cost to Company		Cost Capitalized Subsequent to Acquisition(Improvements, net) (E)	Gross Amount Carried at Close of Period 12/31/16
Apartment Name	Location	Retail/Commercial Space	Date of Construction	Apartment Units (H)	Land	Building & Fixtures	Building & Fixtures	Land	Building & Fixtures (A)	Total (B)	Accumulated Depreciation (C)			Investment in Real Estate, Net at 12/31/16	Encumbrances
Town Square at Mark Center II	Alexandria, VA	—	2001	272	15,568,464	55,029,607	2,117,754	15,568,464	57,147,361	72,715,825		(17,050,654	)	55,665,171	—
Urbana (fka Market Street Landing)	Seattle, WA	G	2014	287	12,542,418	75,766,505	283,439	12,542,418	76,049,944	88,592,362		(10,215,162	)	78,377,200	—
Uwajimaya Village	Seattle, WA	—	2002	176	8,800,000	22,188,288	724,720	8,800,000	22,913,008	31,713,008		(10,116,792	)	21,596,216	—
Vantage Pointe	San Diego, CA	G	2009	679	9,403,960	190,596,040	8,156,057	9,403,960	198,752,097	208,156,057		(52,465,809	)	155,690,248	—
Veloce	Redmond, WA	G	2009	322	15,322,724	76,176,594	750,251	15,322,724	76,926,845	92,249,569		(14,412,958	)	77,836,611	—
Verde Condominium Homes (fka Mission Verde, LLC)	San Jose, CA	—	1986	108	5,190,700	9,679,109	4,206,652	5,190,700	13,885,761	19,076,461		(9,342,080	)	9,734,381	—
Veridian (fka Silver Spring)	Silver Spring, MD	G	2009	457	18,539,817	130,407,365	1,921,459	18,539,817	132,328,824	150,868,641		(34,495,297	)	116,373,344	—
Villa Solana	Laguna Hills, CA	—	1984	272	1,665,100	14,985,678	9,397,116	1,665,100	24,382,794	26,047,894		(18,569,428	)	7,478,466	—
Village at Del Mar Heights, The (fka Del Mar Heights)	San Diego, CA	—	1986	168	15,100,000	40,859,396	814,553	15,100,000	41,673,949	56,773,949		(7,931,652	)	48,842,297	—
Virginia Square	Arlington, VA	G	2002	231	—	85,940,003	2,598,732	—	88,538,735	88,538,735		(15,463,270	)	73,075,465	—
Vista 99 (fka Tasman)	San Jose, CA	—	2016	554	27,709,329	175,174,600	15,853	27,709,329	175,190,453	202,899,782		(5,630,074	)	197,269,708	—
Vista Del Lago	Mission Viejo, CA	—	1986-1988	608	4,525,800	40,736,293	16,333,057	4,525,800	57,069,350	61,595,150		(43,829,076	)	17,766,074	—
Vista on Courthouse	Arlington, VA	—	2008	220	15,550,260	69,449,740	1,412,841	15,550,260	70,862,581	86,412,841		(21,083,205	)	65,329,636	—
Walden Park	Cambridge, MA	—	1966	232	12,448,888	52,044,448	4,033,426	12,448,888	56,077,874	68,526,762		(15,551,486	)	52,975,276	—
Water Park Towers	Arlington, VA	—	1989	362	34,400,000	108,485,859	6,380,938	34,400,000	114,866,797	149,266,797		(20,648,479	)	128,618,318	—
Watertown Square	Watertown, MA	G	2005	134	16,800,000	34,074,056	1,145,350	16,800,000	35,219,406	52,019,406		(6,303,140	)	45,716,266	—
West 96th	New York, NY	G	1987	207	84,800,000	67,055,502	4,128,963	84,800,000	71,184,465	155,984,465		(15,247,357	)	140,737,108	—
West End Apartments (fka Emerson Place/CRP II)	Boston, MA	G	2008	310	469,546	163,123,022	2,430,837	469,546	165,553,859	166,023,405		(50,041,771	)	115,981,634	—
Westchester at Rockville	Rockville, MD	—	2009	192	10,600,000	44,135,207	467,221	10,600,000	44,602,428	55,202,428		(8,102,186	)	47,100,242	—
Westmont	New York, NY	G	1986	163	64,900,000	61,143,259	2,222,721	64,900,000	63,365,980	128,265,980		(12,146,404	)	116,119,576	—
Westside	Los Angeles, CA	—	2004	204	34,200,000	56,962,630	2,395,974	34,200,000	59,358,604	93,558,604		(10,435,607	)	83,122,997	—
Westside Barrington (fka Westside Villas III)	Los Angeles, CA	—	1999	36	3,060,000	5,538,871	839,038	3,060,000	6,377,909	9,437,909		(3,354,957	)	6,082,952	—
Westside Barry (Westside Villas VI)	Los Angeles, CA	—	1989	18	1,530,000	3,023,523	547,484	1,530,000	3,571,007	5,101,007		(1,914,301	)	3,186,706	—
Westside Beloit (fka Westside Villas I)	Los Angeles, CA	—	1999	21	1,785,000	3,233,254	589,475	1,785,000	3,822,729	5,607,729		(2,090,807	)	3,516,922	—
Westside Bundy (fka Westside Villas II)	Los Angeles, CA	—	1999	23	1,955,000	3,541,435	542,370	1,955,000	4,083,805	6,038,805		(2,154,240	)	3,884,565	—
Westside Butler (fka Westside Villas IV)	Los Angeles, CA	—	1999	36	3,060,000	5,539,390	838,212	3,060,000	6,377,602	9,437,602		(3,356,464	)	6,081,138	—
Westside Villas (fka Westside Villas V &VII)	Los Angeles, CA	—	1999 & 2001	113	9,605,000	19,983,385	2,301,916	9,605,000	22,285,301	31,890,301		(11,417,791	)	20,472,510	—
Windridge (CA)	Laguna Niguel, CA	—	1989	344	2,662,900	23,985,497	9,609,243	2,662,900	33,594,740	36,257,640		(24,492,262	)	11,765,378	—
Wood Creek I	Pleasant Hill, CA	—	1987	256	9,729,900	23,009,768	6,948,103	9,729,900	29,957,871	39,687,771		(20,466,696	)	19,221,075	—
Management Business	Chicago, IL	—	(D)	—	—	—	110,281,527	—	110,281,527	110,281,527		(86,786,203	)	23,495,324	—
Operating Partnership	Chicago, IL	—	(F)	—	—	25,724	—	—	25,724	25,724		—		25,724	—
Other	N/A	—	—	—	—	—	51,888	—	51,888	51,888		(3,279	)	48,609	—
Wholly Owned Unencumbered				52,102	4,477,036,244	13,029,648,911	941,634,623	4,477,036,244	13,971,283,534	18,448,319,778		(3,651,990,171	)	14,796,329,607	—
Wholly Owned Encumbered:
101 West End	New York, NY	G	2000	506	190,600,000	131,374,708	3,789,525	190,600,000	135,164,233	325,764,233		(29,116,644	)	296,647,589	105,541,770
1401 Joyce on Pentagon Row	Arlington, VA	—	2004	326	9,780,000	89,668,165	4,067,409	9,780,000	93,735,574	103,515,574		(28,321,732	)	75,193,842	57,324,952
2501 Porter	Washington, D.C.	—	1988	202	13,000,000	75,271,179	2,836,196	13,000,000	78,107,375	91,107,375		(13,691,308	)	77,416,067	(K)
300 East 39th (fka East 39th)	New York, NY	G	2001	254	48,900,000	96,174,639	2,284,116	48,900,000	98,458,755	147,358,755		(18,157,350	)	129,201,405	59,763,098
303 East 83rd (fka Camargue)	New York, NY	G	1976	261	79,400,000	79,122,624	2,200,064	79,400,000	81,322,688	160,722,688		(16,079,870	)	144,642,818	(K)
425 Broadway	Santa Monica, CA	G	2001	101	12,600,000	34,394,772	2,855,350	12,600,000	37,250,122	49,850,122		(6,449,425	)	43,400,697	(K)
4701 Willard	Chevy Chase, MD	G	1966	517	76,921,130	153,947,682	29,256,068	76,921,130	183,203,750	260,124,880		(41,887,641	)	218,237,239	92,377,799
55 West Fifth I & II (fka Townhouse Plaza and Gardens)	San Mateo, CA	—	1964/1972	241	21,041,710	71,931,323	11,437,590	21,041,710	83,368,913	104,410,623		(17,523,868	)	86,886,755	27,229,091
800 Sixth Ave (fka Chelsea)	New York, NY	G	2003	266	59,900,000	155,861,605	1,300,274	59,900,000	157,161,879	217,061,879		(27,296,410	)	189,765,469	76,708,911
929 Mass (fka 929 House)	Cambridge, MA	G	1975	127	3,252,993	21,745,595	6,246,692	3,252,993	27,992,287	31,245,280		(16,141,485	)	15,103,795	1,007,468
Academy Village	North Hollywood, CA	—	1989	248	25,000,000	23,593,194	8,049,828	25,000,000	31,643,022	56,643,022		(16,858,183	)	39,784,839	19,946,425
Acappella	Pasadena, CA	—	2002	143	5,839,548	29,360,452	1,816,839	5,839,548	31,177,291	37,016,839		(8,938,860	)	28,077,979	19,213,624

S-8

EQUITY RESIDENTIAL

ERP OPERATING LIMITED PARTNERSHIP

Schedule III - Real Estate and Accumulated Depreciation

December 31, 2016

Description					Initial Cost to Company		Cost Capitalized Subsequent to Acquisition(Improvements, net) (E)	Gross Amount Carried at Close of Period 12/31/16
Apartment Name	Location	Retail/Commercial Space	Date of Construction	Apartment Units (H)	Land	Building & Fixtures	Building & Fixtures	Land	Building & Fixtures (A)	Total (B)	Accumulated Depreciation (C)			Investment in Real Estate, Net at 12/31/16	Encumbrances
Alborada	Fremont, CA	—	1999	442	24,310,000	59,214,129	7,336,822	24,310,000	66,550,951	90,860,951		(36,408,710	)	54,452,241	(I)
Alcyone	Seattle, WA	G	2004	161	11,379,497	49,360,503	560,007	11,379,497	49,920,510	61,300,007		(5,595,873	)	55,704,134	28,675,325
Arches, The	Sunnyvale, CA	—	1974	410	26,650,000	62,850,000	1,319,564	26,650,000	64,169,564	90,819,564		(18,676,294	)	72,143,270	(J)
Artisan Square	Northridge, CA	—	2002	140	7,000,000	20,537,359	1,314,168	7,000,000	21,851,527	28,851,527		(10,748,443	)	18,103,084	22,749,081
Avanti	Anaheim, CA	—	1987	162	12,960,000	18,497,682	2,706,778	12,960,000	21,204,460	34,164,460		(8,619,700	)	25,544,760	25,005,850
Avenir Apartments	Boston, MA	G	2009	241	—	114,321,618	1,416,319	—	115,737,937	115,737,937		(20,055,604	)	95,682,333	90,544,765
Bella Vista I, II, III Combined	Woodland Hills, CA	—	2003-2007	579	31,682,754	121,095,786	4,165,480	31,682,754	125,261,266	156,944,020		(49,400,072	)	107,543,948	57,848,455
Berkeleyan	Berkeley, CA	G	1998	56	4,377,000	16,022,110	360,831	4,377,000	16,382,941	20,759,941		(6,147,451	)	14,612,490	8,188,077
Calvert Woodley	Washington, D.C.	—	1962	136	12,600,000	43,527,379	1,869,918	12,600,000	45,397,297	57,997,297		(8,314,350	)	49,682,947	(K)
Carmel Terrace	San Diego, CA	—	1988-1989	384	2,288,300	20,596,281	11,662,759	2,288,300	32,259,040	34,547,340		(25,490,481	)	9,056,859	(J)
Chelsea Square	Redmond, WA	—	1991	113	3,397,100	9,289,074	2,167,212	3,397,100	11,456,286	14,853,386		(7,244,601	)	7,608,785	9,205,288
Citrus Suites	Santa Monica, CA	—	1978	70	9,000,000	16,950,326	1,623,844	9,000,000	18,574,170	27,574,170		(3,264,484	)	24,309,686	(K)
Cleveland House	Washington, D.C.	—	1953	214	18,300,000	66,392,414	3,359,210	18,300,000	69,751,624	88,051,624		(12,463,465	)	75,588,159	(K)
Columbia Crossing	Arlington, VA	—	1991	247	23,500,000	53,045,073	2,467,048	23,500,000	55,512,121	79,012,121		(10,603,755	)	68,408,366	(K)
Deerwood (SD)	San Diego, CA	—	1990	316	2,082,095	18,739,815	14,552,126	2,082,095	33,291,941	35,374,036		(26,781,646	)	8,592,390	(J)
Del Mar Ridge	San Diego, CA	—	1998	181	7,801,824	36,948,176	3,554,417	7,801,824	40,502,593	48,304,417		(13,227,515	)	35,076,902	39,472,029
Estancia at Santa Clara (fka Santa Clara)	Santa Clara, CA	—	2000	450	—	123,759,804	907,589	—	124,667,393	124,667,393		(22,844,872	)	101,822,521	(K)
Fairchase	Fairfax, VA	—	2007	392	23,500,000	87,722,321	791,751	23,500,000	88,514,072	112,014,072		(15,478,802	)	96,535,270	(K)
Fairfield	Stamford, CT	G	1996	263	6,510,200	39,690,120	7,374,368	6,510,200	47,064,488	53,574,688		(30,942,121	)	22,632,567	31,281,223
Fine Arts Building	Berkeley, CA	G	2004	100	7,817,000	26,462,772	335,849	7,817,000	26,798,621	34,615,621		(9,960,485	)	24,655,136	16,055,441
Flats at DuPont Circle	Washington, D.C.	—	1967	306	35,200,000	108,768,198	891,807	35,200,000	109,660,005	144,860,005		(18,523,867	)	126,336,138	(K)
Gaia Building	Berkeley, CA	G	2000	91	7,113,000	25,623,826	253,313	7,113,000	25,877,139	32,990,139		(9,605,521	)	23,384,618	14,492,793
Gaithersburg Station	Gaithersburg, MD	G	2013	389	17,500,000	74,678,917	580,456	17,500,000	75,259,373	92,759,373		(12,410,304	)	80,349,069	96,542,458
Glo	Los Angeles, CA	G	2008	201	16,047,022	48,650,963	1,928,600	16,047,022	50,579,563	66,626,585		(12,285,651	)	54,340,934	31,863,038
Hathaway	Long Beach, CA	—	1987	385	2,512,500	22,611,912	8,822,118	2,512,500	31,434,030	33,946,530		(23,107,759	)	10,838,771	46,464,853
Heights on Capitol Hill	Seattle, WA	G	2006	104	5,425,000	21,138,028	561,221	5,425,000	21,699,249	27,124,249		(8,325,174	)	18,799,075	25,879,145
Kelvin Court (fka Alta Pacific)	Irvine, CA	—	2008	132	10,752,145	34,628,115	487,960	10,752,145	35,116,075	45,868,220		(10,739,451	)	35,128,769	26,218,004
Kenwood Mews	Burbank, CA	—	1991	141	14,100,000	24,662,883	3,432,035	14,100,000	28,094,918	42,194,918		(11,624,548	)	30,570,370	(J)
La Terrazza at Colma Station	Colma, CA	G	2005	153	—	41,251,044	759,840	—	42,010,884	42,010,884		(15,478,760	)	26,532,124	24,976,920
Laguna Clara	Santa Clara, CA	—	1972	264	13,642,420	29,707,475	4,774,728	13,642,420	34,482,203	48,124,623		(17,151,836	)	30,972,787	(J)
Liberty Park	Braintree, MA	—	2000	202	5,977,504	26,749,111	5,895,100	5,977,504	32,644,211	38,621,715		(15,657,977	)	22,963,738	24,947,516
Liberty Tower	Arlington, VA	G	2008	235	16,382,822	83,817,078	1,647,551	16,382,822	85,464,629	101,847,451		(23,410,128	)	78,437,323	44,696,782
Longview Place	Waltham, MA	—	2004	348	20,880,000	90,255,509	4,693,142	20,880,000	94,948,651	115,828,651		(38,397,081	)	77,431,570	70,777,791
Market Street Village	San Diego, CA	—	2006	229	13,740,000	40,757,301	1,957,762	13,740,000	42,715,063	56,455,063		(16,545,350	)	39,909,713	(J)
Metro on First	Seattle, WA	G	2002	102	8,540,000	12,209,981	1,040,629	8,540,000	13,250,610	21,790,610		(5,406,375	)	16,384,235	22,622,379
Mill Creek	Milpitas, CA	—	1991	516	12,858,693	57,168,503	9,258,516	12,858,693	66,427,019	79,285,712		(30,949,901	)	48,335,811	69,242,252
Moda	Seattle, WA	G	2009	251	12,649,228	36,842,012	875,933	12,649,228	37,717,945	50,367,173		(11,291,703	)	39,075,470	(L)
Montierra (CA)	San Diego, CA	—	1990	272	8,160,000	29,360,938	7,732,818	8,160,000	37,093,756	45,253,756		(22,969,702	)	22,284,054	(J)
Mosaic at Metro	Hyattsville, MD	—	2008	260	—	59,580,898	813,248	—	60,394,146	60,394,146		(17,426,612	)	42,967,534	42,327,373
North Pier at Harborside	Jersey City, NJ	—	2003	297	4,000,159	94,290,590	3,486,749	4,000,159	97,777,339	101,777,498		(42,656,500	)	59,120,998	(I)
Olympus Towers	Seattle, WA	G	2000	328	14,752,034	73,335,425	8,245,007	14,752,034	81,580,432	96,332,466		(36,690,596	)	59,641,870	49,754,197
Park Place at San Mateo (fka San Mateo)	San Mateo, CA	G	2001	575	71,900,000	211,907,141	9,695,764	71,900,000	221,602,905	293,502,905		(39,044,321	)	254,458,584	(K)
Providence	Bothell, WA	—	2000	200	3,573,621	19,055,505	1,328,617	3,573,621	20,384,122	23,957,743		(9,481,448	)	14,476,295	(I)
Reserve at Clarendon Centre, The	Arlington, VA	G	2003	252	10,500,000	52,812,935	4,133,203	10,500,000	56,946,138	67,446,138		(26,559,665	)	40,886,473	(J)
Reserve at Eisenhower, The	Alexandria, VA	—	2002	226	6,500,000	34,585,060	2,771,158	6,500,000	37,356,218	43,856,218		(17,817,428	)	26,038,790	(J)
Reserve at Empire Lakes	Rancho Cucamonga, CA	—	2005	467	16,345,000	73,080,670	2,674,707	16,345,000	75,755,377	92,100,377		(31,075,305	)	61,025,072	(I)
Reserve at Fairfax Corner	Fairfax, VA	—	2001	652	15,804,057	63,129,051	10,544,380	15,804,057	73,673,431	89,477,488		(35,713,995	)	53,763,493	84,636,440
Rianna II	Seattle, WA	G	2002	78	2,161,840	14,433,614	335,207	2,161,840	14,768,821	16,930,661		(4,665,753	)	12,264,908	9,179,918
Siena Terrace	Lake Forest, CA	—	1988	356	8,900,000	24,083,024	6,960,564	8,900,000	31,043,588	39,943,588		(18,827,023	)	21,116,565	64,374,172
Skyview	Rancho Santa Margarita, CA	—	1999	260	3,380,000	21,952,863	5,142,411	3,380,000	27,095,274	30,475,274		(15,457,341	)	15,017,933	47,170,890

S-9

EQUITY RESIDENTIAL

ERP OPERATING LIMITED PARTNERSHIP

Schedule III - Real Estate and Accumulated Depreciation

December 31, 2016

Description					Initial Cost to Company				Cost Capitalized Subsequent to Acquisition(Improvements, net) (E)		Gross Amount Carried at Close of Period 12/31/16
Apartment Name	Location	Retail/Commercial Space	Date of Construction	Apartment Units (H)	Land		Building & Fixtures		Building & Fixtures		Land		Building & Fixtures (A)		Total (B)		Accumulated Depreciation (C)				Investment in Real Estate, Net at 12/31/16		Encumbrances
SoMa Square Apartments (fka South Market)	San Francisco, CA	G	1986	410	79,900,000		177,316,977		5,784,763		79,900,000		183,101,740		263,001,740			(31,584,442		)	231,417,298		(K)
Square One	Seattle, WA	—	2014	112	7,222,544		26,277,456		18,949		7,222,544		26,296,405		33,518,949			(3,222,469		)	30,296,480		(L)
Summerset Village	Chatsworth, CA	—	1985	280	2,629,804		23,670,889		7,407,026		2,629,804		31,077,915		33,707,719			(21,189,393		)	12,518,326		37,994,251
Talleyrand	Tarrytown, NY	—	1997-1998	300	12,000,000		49,838,160		5,280,338		12,000,000		55,118,498		67,118,498			(29,826,719		)	37,291,779		34,794,181
Teresina	Chula Vista, CA	—	2000	440	28,600,000		61,916,670		3,924,692		28,600,000		65,841,362		94,441,362			(27,199,505		)	67,241,857		39,353,690
Toscana	Irvine, CA	—	1991/1993	563	39,410,000		50,806,072		13,015,608		39,410,000		63,821,680		103,231,680			(35,049,666		)	68,182,014		98,021,589
Touriel Building	Berkeley, CA	G	2004	35	2,736,000		7,810,027		178,396		2,736,000		7,988,423		10,724,423			(3,056,587		)	7,667,836		4,965,054
Town Square at Mark Center I (fka Millbrook I)	Alexandria, VA	—	1996	406	24,360,000		86,178,714		5,090,465		24,360,000		91,269,179		115,629,179			(37,802,676		)	77,826,503		60,195,391
Vantage Hollywood	Los Angeles, CA	—	1987	298	42,580,326		56,014,674		126,527		42,580,326		56,141,201		98,721,527			(5,287,978		)	93,433,549		42,297,038
Versailles	Woodland Hills, CA	—	1991	253	12,650,000		33,656,292		6,676,131		12,650,000		40,332,423		52,982,423			(19,770,723		)	33,211,700		30,337,321
Versailles (K-Town)	Los Angeles, CA	—	2008	225	10,590,975		44,409,025		1,443,140		10,590,975		45,852,165		56,443,140			(14,149,083		)	42,294,057		45,950,109
Victor on Venice	Los Angeles, CA	G	2006	115	10,350,000		35,433,437		651,436		10,350,000		36,084,873		46,434,873			(13,516,691		)	32,918,182		(J)
Vintage	Ontario, CA	—	2005-2007	300	7,059,230		47,677,762		991,090		7,059,230		48,668,852		55,728,082			(18,740,063		)	36,988,019		32,972,257
Vintage at 425 Broadway (fka Promenade)	Santa Monica, CA	G	1934/2001	58	9,000,000		13,961,523		1,059,233		9,000,000		15,020,756		24,020,756			(2,968,658		)	21,052,098		(K)
West 54th	New York, NY	G	2001	222	60,900,000		48,193,837		1,803,032		60,900,000		49,996,869		110,896,869			(10,859,764		)	100,037,105		47,159,623
Westgate (fka Westgate I)	Pasadena, CA	—	2010	480	22,898,848		133,559,573		1,626,531		22,898,848		135,186,104		158,084,952			(27,829,027		)	130,255,925		95,942,439
Woodleaf	Campbell, CA	—	1984	178	8,550,600		16,988,183		4,564,556		8,550,600		21,552,739		30,103,339			(13,279,360		)	16,823,979		17,803,590
Portfolio/Entity Encumbrances (1)																							1,645,978,887
Wholly Owned Encumbered				21,196	1,542,126,523		4,432,306,521		317,352,468		1,542,126,523		4,749,658,989		6,291,785,512			(1,497,361,379		)	4,794,424,133		3,818,071,013
Partially Owned Unencumbered:
2300 Elliott	Seattle, WA	—	1992	92	796,800		7,173,725		6,364,098		796,800		13,537,823		14,334,623			(10,501,930		)	3,832,693		—
Canyon Ridge	San Diego, CA	—	1989	162	4,869,448		11,955,064		3,764,545		4,869,448		15,719,609		20,589,057			(9,906,118		)	10,682,939		—
Country Oaks	Agoura Hills, CA	—	1985	256	6,105,000		29,561,865		6,382,976		6,105,000		35,944,841		42,049,841			(18,330,095		)	23,719,746		—
Harrison Square (fka Elliot Bay)	Seattle, WA	G	1992	166	7,600,000		35,844,345		4,889,669		7,600,000		40,734,014		48,334,014			(7,462,882		)	40,871,132		—
Monterra in Mill Creek	Mill Creek, WA	—	2003	139	2,800,000		13,255,123		935,693		2,800,000		14,190,816		16,990,816			(6,101,965		)	10,888,851		—
Rosecliff	Quincy, MA	—	1990	156	5,460,000		15,721,570		3,246,786		5,460,000		18,968,356		24,428,356			(11,421,082		)	13,007,274		—
Strayhorse at Arrowhead Ranch	Glendale, AZ	—	1998	136	4,400,000		12,968,002		699,374		4,400,000		13,667,376		18,067,376			(5,724,191		)	12,343,185		—
Via Ventura (CA) (fka Ventura)	Ventura, CA	—	2002	192	8,600,000		44,308,202		703,519		8,600,000		45,011,721		53,611,721			(9,035,652		)	44,576,069		—
Wood Creek II (fka Willow Brook (CA))	Pleasant Hill, CA	—	1985	228	5,055,000		38,388,672		6,380,861		5,055,000		44,769,533		49,824,533			(20,343,063		)	29,481,470		—
Partially Owned Unencumbered				1,527	45,686,248		209,176,568		33,367,521		45,686,248		242,544,089		288,230,337			(98,826,978		)	189,403,359		—
Partially Owned Encumbered:
Bellevue Meadows	Bellevue, WA	—	1983	180	4,507,100		12,574,814		5,224,512		4,507,100		17,799,326		22,306,426			(12,054,134		)	10,252,292		16,493,902
Canyon Creek (CA)	San Ramon, CA	—	1984	268	5,425,000		18,812,120		7,124,649		5,425,000		25,936,769		31,361,769			(14,964,999		)	16,396,770		28,108,382
Lantern Cove	Foster City, CA	—	1985	232	6,945,000		23,064,976		6,190,412		6,945,000		29,255,388		36,200,388			(16,167,257		)	20,033,131		36,395,508
Schooner Bay I	Foster City, CA	—	1985	168	5,345,000		20,390,618		5,003,636		5,345,000		25,394,254		30,739,254			(14,020,421		)	16,718,833		28,811,122
Schooner Bay II	Foster City, CA	—	1985	144	4,550,000		18,064,764		4,440,120		4,550,000		22,504,884		27,054,884			(12,562,453		)	14,492,431		26,116,380
Surrey Downs	Bellevue, WA	—	1986	122	3,057,100		7,848,618		2,931,955		3,057,100		10,780,573		13,837,673			(6,893,799		)	6,943,874		9,801,248
Virgil Square	Los Angeles, CA	—	1979	142	5,500,000		15,216,613		2,761,807		5,500,000		17,978,420		23,478,420			(7,925,733		)	15,552,687		9,869,581
Wisconsin Place	Chevy Chase, MD	—	2009	432	—		172,089,355		1,021,679		—		173,111,034		173,111,034			(27,622,092		)	145,488,942		145,513,689
Partially Owned Encumbered				1,688	35,329,200		288,061,878		34,698,770		35,329,200		322,760,648		358,089,848			(112,210,888		)	245,878,960		301,109,812
Total Consolidated Investment in Real Estate				76,513	$	6,100,178,215	$	17,959,193,878	$	1,327,053,382	$	6,100,178,215	$	19,286,247,260	$	25,386,425,475		$	(5,360,389,416	)	$	20,026,036,059	$	4,119,180,825

(1) See attached Encumbrances Reconciliation.

S-10

EQUITY RESIDENTIAL

ERP OPERATING LIMITED PARTNERSHIP

Schedule III - Real Estate and Accumulated Depreciation

December 31, 2016

NOTES:

(A) The balance of furniture & fixtures included in the total investment in real estate amount was $1,346,300,284 as of December 31, 2016.

(B) The cost, net of accumulated depreciation, for Federal Income Tax purposes as of December 31, 2016 was approximately $15.8 billion (unaudited).

(C) The life to compute depreciation for building is 30 years, for building improvements ranges from 5 to 15 years, for furniture & fixtures and replacements is 5 to 10 years and for lease intangibles is the average remaining term of each respective lease.

(D) This asset consists of various acquisition dates and largely represents furniture, fixtures and equipment, leasehold improvements and capitalized software costs owned by the Management Business, which are generally depreciated over periods ranging from 3 to 7 years.

(E) Primarily represents capital expenditures for major maintenance and replacements incurred subsequent to each property’s acquisition date.

(F) Represents land and/or construction-in-progress on projects either held for future development or projects currently under development.

(G) A portion of these properties includes and/or will include retail/commercial space.

(H) Total properties and apartment units exclude two unconsolidated properties containing 945 apartment units.

(I) Through (K) See Encumbrances Reconciliation schedule.

(L) Boot property for Bond Partnership mortgage pool.

S-11

EXHIBIT INDEX

The exhibits listed below are filed as part of this report. References to exhibits or other filings under the caption “Location” indicate that the exhibit or other filing has been filed, that the indexed exhibit and the exhibit referred to are the same and that the exhibit referred to is incorporated by reference. The Commission file numbers for our Exchange Act filings referenced below are 1-12252 (Equity Residential) and 0-24920 (ERP Operating Limited Partnership).

Exhibit		Description	Location
3.1		Articles of Restatement of Declaration of Trust of Equity Residential dated December 9, 2004.	Included as Exhibit 3.1 to Equity Residential’s Form 10-K for the year ended December 31, 2004.
3.2		Eighth Amended and Restated Bylaws of Equity Residential, effective as of October 1, 2015.	Included as Exhibit 3.1 to Equity Residential's Form 8-K dated and filed on October 1, 2015.
3.3		Sixth Amended and Restated Agreement of Limited Partnership for ERP Operating Limited Partnership dated as of March 12, 2009.	Included as Exhibit 10.1 to Equity Residential's and ERP Operating Limited Partnership's Form 8-K dated March 12, 2009, filed on March 18, 2009.
4.1		Indenture, dated October 1, 1994, between the Operating Partnership and The Bank of New York Mellon Trust Company, N.A., as successor trustee (“Indenture”).	Included as Exhibit 4(a) to ERP Operating Limited Partnership’s Form S-3 filed on October 7, 1994.
4.2		First Supplemental Indenture to Indenture, dated as of September 9, 2004.	Included as Exhibit 4.2 to ERP Operating Limited Partnership’s Form 8-K, filed on September 10, 2004.
4.3		Second Supplemental Indenture to Indenture, dated as of August 23, 2006.	Included as Exhibit 4.1 to ERP Operating Limited Partnership’s Form 8-K dated August 16, 2006, filed on August 23, 2006.
4.4		Third Supplemental Indenture to Indenture, dated as of June 4, 2007.	Included as Exhibit 4.1 to ERP Operating Limited Partnership’s Form 8-K dated May 30, 2007, filed on June 1, 2007.
4.5		Fourth Supplemental Indenture to Indenture, dated as of December 12, 2011.	Included as Exhibit 4.2 to ERP Operating Limited Partnership's Form 8-K dated December 7, 2011, filed on December 9, 2011.
4.6		Fifth Supplemental Indenture to Indenture, dated as of February 1, 2016.	Included as Exhibit 4.6 to Equity Residential's and ERP Operating Limited Partnership's Form 10-K for the year ended December 31, 2015.
4.7		Form of 5.75% Note due June 15, 2017.	Included as Exhibit 4.3 to ERP Operating Limited Partnership’s Form 8-K dated May 30, 2007, filed on June 1, 2007.
4.8		Terms Agreement regarding 7.125%Notes due October 15, 2017.	Included as Exhibit 1 to ERP Operating Limited Partnership’s Form 8-K, filed on October 9, 1997.
4.9		Form of 2.375% Note due July 1, 2019.	Included as Exhibit 4.1 to ERP Operating Limited Partnership's Form 8-K dated June 16, 2014, filed on June 18, 2014.
4.10		Form of 4.75% Note due July 15, 2020.	Included as Exhibit 4.1 to ERP Operating Limited Partnership’s Form 8-K dated July 12, 2010, filed on July 15, 2010.
4.11		Form of 4.625% Note due December 15, 2021.	Included as Exhibit 4.1 to ERP Operating Limited Partnership's Form 8-K dated December 7, 2011, filed on December 9, 2011.
4.12		Form of 3.00% Note due April 15, 2023.	Included as Exhibit 4.1 to ERP Operating Limited Partnership's Form 8-K dated April 3, 2013, filed on April 8, 2013.
4.13		Form of 3.375% Note due June 1, 2025.	Included as Exhibit 4.1 to ERP Operating Limited Partnership's Form 8-K dated May 11, 2015, filed on May 13, 2015.
4.14		Terms Agreement regarding 7.57% Notes due August 15, 2026.	Included as Exhibit 1 to ERP Operating Limited Partnership’s Form 8-K, filed on August 13, 1996.
4.15		Form of 2.850% Note due November 1, 2026.	Included as Exhibit 4.1 to ERP Operating Limited Partnership's Form 8-K dated October 4, 2016, filed on October 7, 2016.
4.16		Form of 4.500% Note due July 1, 2044.	Included as Exhibit 4.2 to ERP Operating Limited Partnership's Form 8-K dated June 16, 2014, filed on June 18, 2014.
4.17		Form of 4.500% Note due June 1, 2045.	Included as Exhibit 4.2 to ERP Operating Limited Partnership's Form 8-K dated May 11, 2015, filed on May 13, 2015.
10.1	*	Noncompetition Agreement (Zell).	Included as an exhibit to Equity Residential's Form S-11 Registration Statement, File No. 33-63158.
10.2	*	Noncompetition Agreement (Spector).	Included as an exhibit to Equity Residential's Form S-11 Registration Statement, File No. 33-63158.
10.3	*	Form of Noncompetition Agreement (other officers).	Included as an exhibit to Equity Residential's Form S-11 Registration Statement, File No. 33-63158.

Exhibit		Description	Location
10.4		Revolving Credit Agreement dated as of January 11, 2013 among ERP Operating Limited Partnership, Bank of America, N.A., as Administrative Agent, JPMorgan Chase Bank, N.A. and Wells Fargo Bank, National Association, as Co-Syndication Agents, J.P. Morgan Securities LLC, Wells Fargo Securities, LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as Joint Lead Arrangers and Joint Book Runners, and a syndicate of other banks (the “Revolving Credit Agreement”).	Included as Exhibit 10.1 to Equity Residential's and ERP Operating Limited Partnership's Form 8-K dated January 11, 2013, filed January 15, 2013.
10.5		Guaranty of Payment made as of January 11, 2013 between Equity Residential and Bank of America, N.A., as administrative agent for the banks party to the Revolving Credit Agreement.	Included as Exhibit 10.2 to Equity Residential's and ERP Operating Limited Partnership's Form 8-K dated January 11, 2013, filed January 15, 2013.
10.6		Amendment No. 1 to Revolving Credit Agreement dated as of January 16, 2015 among ERP Operating Limited Partnership, the Banks party thereto, Bank of America, N.A., as Administrative Agent, JPMorgan Chase Bank, N.A. and Wells Fargo Bank, National Association, as Co-Syndication Agents, and the other Agents named therein.	Included as Exhibit 10.6 to Equity Residential's and ERP Operating Limited Partnership's Form 10-K for the year ended December 31, 2014.
10.7		Revolving Credit Agreement dated as of November 3, 2016 among ERP Operating Limited Partnership, Bank of America, N.A., as Administrative Agent, Wells Fargo Bank, National Association, and JPMorgan Chase Bank, N.A., as Co-Syndication Agents, Wells Fargo Securities, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, and J.P. Morgan Securities LLC, as Joint Lead Arrangers and Joint Bookrunners, and a syndicate of other banks (the “Credit Agreement”).	Included as Exhibit 10.1 to Equity Residential's and ERP Operating Limited Partnership's Form 8-K dated and filed November 3, 2016.
10.8		Guaranty of Payment made as of November 3, 2016 between Equity Residential and Bank of America, N.A., as administrative agent for the banks party to the Credit Agreement.	Included as Exhibit 10.2 to Equity Residential's and ERP Operating Limited Partnership's Form 8-K dated and filed November 3, 2016.
10.9		Master Credit Facility Agreement, dated February 27, 2013, by and among Federal National Mortgage Association and ASN Santa Monica LLC, et al.	Included as Exhibit 10.7 to Equity Residential's and ERP Operating Limited Partnership's Form 8-K dated February 27, 2013, filed on February 28, 2013.
10.10		Amended and Restated Fixed Loan Note (Collateral Pool 3), dated February 27, 2013, executed by ASN Santa Monica LLC, et al. in favor of Federal National Mortgage Association.	Included as Exhibit 10.8 to Equity Residential's and ERP Operating Limited Partnership's Form 8-K dated February 27, 2013, filed on February 28, 2013.
10.11		Amended and Restated Limited Partnership Agreement of Lexford Properties, L.P.	Included as Exhibit 10.16 to Equity Residential's Form 10-K for the year ended December 31, 1999.
10.12	*	Equity Residential 2011 Share Incentive Plan.	Included as Exhibit 99.1 to Equity Residential's and ERP Operating Limited Partnership's Form 8-K dated June 16, 2011, filed on June 22, 2011.
10.13	*	First Amendment to 2011 Share Incentive Plan.	Included as Exhibit 10.1 to Equity Residential's and ERP Operating Limited Partnership's Form 10-Q for the quarterly period ended June 30, 2012.
10.14	*	Second Amendment to 2011 Share Incentive Plan.	Included as Exhibit 10.1 to Equity Residential's and ERP Operating Limited Partnership's Form 10-Q for the quarterly period ended September 30, 2013.
10.15	*	Third Amendment to 2011 Share Incentive Plan.	Included as Exhibit 10.1 to Equity Residential's and ERP Operating Limited Partnership's Form 10-Q for the quarterly period ended March 31, 2014.
10.16	*	Fourth Amendment to 2011 Share Incentive Plan.	Included as Exhibit 10.1 to Equity Residential's and ERP Operating Limited Partnership's Form 10-Q for the quarterly period ended September 30, 2014.
10.17	*	Fifth Amendment to 2011 Share Incentive Plan.	Included as Exhibit 10.1 to Equity Residential's and ERP Operating Limited Partnership's Form 10-Q for the quarterly period ended June 30, 2016.
10.18	*	Sixth Amendment to 2011 Share Incentive Plan.	Attached herein.
10.19	*	Equity Residential Second Restated 2002 Share Incentive Plan dated December 10, 2008.	Included as Exhibit 10.15 to Equity Residential's Form 10-K for the year ended December 31, 2008.
10.20	*	First Amendment to Second Restated 2002 Share Incentive Plan.	Included as Exhibit 10.1 to Equity Residential's Form 10-Q for the quarterly period ended September 30, 2010.
10.21	*	Second Amendment to Second Restated 2002 Share Incentive Plan.	Included as Exhibit 10.3 to Equity Residential's Form 10-Q for the quarterly period ended June 30, 2011.
10.22	*	Third Amendment to Second Restated 2002 Share Incentive Plan.	Included as Exhibit 10.2 to Equity Residential's and ERP Operating Limited Partnership's Form 10-Q for the quarterly period ended June 30, 2012.

Exhibit		Description	Location
10.23	*	Fourth Amendment to Second Restated 2002 Share Incentive Plan.	Included as Exhibit 10.2 to Equity Residential's and ERP Operating Limited Partnership's Form 10-Q for the quarterly period ended September 30, 2013.
10.24	*	Form of 2015 Performance Award Agreement.	Included as Exhibit 10.1 to Equity Residential's and ERP Operating Limited Partnership's Form 10-Q for the quarterly period ended March 31, 2015.
10.25	*	Form of Change in Control/Severance Agreement between the Company and other executive officers.	Included as Exhibit 10.13 to Equity Residential's Form 10-K for the year ended December 31, 2001.
10.26	*	Form of First Amendment to Amended and Restated Change in Control/Severance Agreement with each executive officer.	Included as Exhibit 10.1 to Equity Residential's Form 10-Q for the quarterly period ended March 31, 2009.
10.27	*	Form of Indemnification Agreement between the Company and each trustee and executive officer.	Included as Exhibit 10.18 to Equity Residential's Form 10-K for the year ended December 31, 2003.
10.28	*	Form of Letter Agreement between Equity Residential and each of David J. Neithercut, Alan W. George and Bruce C. Strohm.	Included as Exhibit 10.3 to Equity Residential's Form 10-Q for the quarterly period ended September 30, 2008.
10.29	*	Form of Executive Retirement Benefits Agreement.	Included as Exhibit 10.24 to Equity Residential's Form 10-K for the year ended December 31, 2006.
10.30	*	Retirement Benefits Agreement between Samuel Zell and the Company dated October 18, 2001.	Included as Exhibit 10.18 to Equity Residential's Form 10-K for the year ended December 31, 2001.
10.31	*	Amended and Restated Deferred Compensation Agreement between the Company and Gerald A. Spector dated January 1, 2002.	Included as Exhibit 10.17 to Equity Residential's Form 10-K for the year ended December 31, 2001.
10.32	*	The Equity Residential Supplemental Executive Retirement Plan as Amended and Restated effective July 1, 2014.	Included as Exhibit 10.2 to Equity Residential's and ERP Operating Limited Partnership's Form 10-Q for the quarterly period ended September 30, 2014.
10.33	*	The Equity Residential Grandfathered Supplemental Executive Retirement Plan as Amended and Restated effective January 1, 2005.	Included as Exhibit 10.2 to Equity Residential's Form 10-Q for the quarterly period ended March 31, 2008.
10.34		Second Amended and Restated Sales Agency Financing Agreement, dated July 31, 2013, among the Company, the Operating Partnership and Merrill Lynch, Pierce, Fenner & Smith Incorporated.	Included as Exhibit 1.1 to Equity Residential's and ERP Operating Limited Partnership's Form 8-K dated and filed on July 31, 2013.
10.35		Amended and Restated Sales Agency Financing Agreement, dated July 31, 2013, among the Company, the Operating Partnership and BNY Mellon Capital Markets, LLC.	Included as Exhibit 1.2 to Equity Residential's and ERP Operating Limited Partnership's Form 8-K dated and filed on July 31, 2013.
10.36		Second Amended and Restated Sales Agency Financing Agreement, dated July 31, 2013, among the Company, the Operating Partnership and J.P. Morgan Securities LLC.	Included as Exhibit 1.3 to Equity Residential's and ERP Operating Limited Partnership's Form 8-K dated and filed on July 31, 2013.
10.37		Second Amended and Restated Sales Agency Financing Agreement, dated July 31, 2013, among the Company, the Operating Partnership and Morgan Stanley & Co. LLC.	Included as Exhibit 1.4 to Equity Residential's and ERP Operating Limited Partnership's Form 8-K dated and filed on July 31, 2013.
10.38		Sales Agency Financing Agreement, dated July 31, 2013, among the Company, the Operating Partnership and Scotia Capital (USA) Inc.	Included as Exhibit 1.5 to Equity Residential's and ERP Operating Limited Partnership's Form 8-K dated and filed on July 31, 2013.
10.39		Distribution Agreement, dated June 29, 2016, among the Company, the Operating Partnership, J.P. Morgan Securities LLC, Barclays Capital Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, BNY Mellon Capital Markets, LLC, Morgan Stanley & Co. LLC, Mitsubishi UFJ Securities (USA), Inc., Scotia Capital (USA) Inc. and UBS Securities LLC.	Included as Exhibit 1.1 to Equity Residential's and ERP Operating Limited Partnership's Form 8-K dated and filed on June 29, 2016.
10.40		Archstone Residual JV, LLC Limited Liability Company Agreement.	Included as Exhibit 10.3 to Equity Residential's and ERP Operating Limited Partnership's Form 8-K dated February 27, 2013, filed on February 28, 2013.

Exhibit	Description	Location
10.41	Archstone Parallel Residual JV, LLC Limited Liability Company Agreement.	Included as Exhibit 10.4 to Equity Residential's and ERP Operating Limited Partnership's Form 8-K dated February 27, 2013, filed on February 28, 2013.
10.42	Archstone Parallel Residual JV 2, LLC Limited Liability Company Agreement.	Included as Exhibit 10.5 to Equity Residential's and ERP Operating Limited Partnership's Form 8-K dated February 27, 2013, filed on February 28, 2013.
10.43	Legacy Holdings JV, LLC Limited Liability Company Agreement.	Included as Exhibit 10.6 to Equity Residential's and ERP Operating Limited Partnership's Form 8-K dated February 27, 2013, filed on February 28, 2013.
10.44	Real Estate Sale Agreement, dated October 23, 2015, by and among ERP Operating Limited Partnership, certain of its affiliates, and SCG Atlas Acquisition, L.P. (the "Real Estate Sale Agreement").	Included as Exhibit 2.1 to Equity Residential's and ERP Operating Limited Partnership's Form 8-K dated October 23, 2015, filed on October 26, 2015.
10.45	Schedule of Agreements Substantially Identical in all Material Respects to the Real Estate Sale Agreement.	Included as Exhibit 2.2 to Equity Residential's and ERP Operating Limited Partnership's Form 8-K dated October 23, 2015, filed on October 26, 2015.
12	Computation of Ratio of Earnings to Combined Fixed Charges.	Attached herein.
21	List of Subsidiaries of Equity Residential and ERP Operating Limited Partnership.	Attached herein.
23.1	Consent of Ernst & Young LLP - Equity Residential.	Attached herein.
23.2	Consent of Ernst & Young LLP - ERP Operating Limited Partnership.	Attached herein.
24	Power of Attorney.	See the signature page to this report.
31.1	Equity Residential - Certification of David J. Neithercut, Chief Executive Officer.	Attached herein.
31.2	Equity Residential - Certification of Mark J. Parrell, Chief Financial Officer.	Attached herein.
31.3	ERP Operating Limited Partnership - Certification of David J. Neithercut, Chief Executive Officer of Registrant's General Partner.	Attached herein.
31.4	ERP Operating Limited Partnership - Certification of Mark J. Parrell, Chief Financial Officer of Registrant's General Partner.	Attached herein.
32.1	Equity Residential - Certification Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of David J. Neithercut, Chief Executive Officer of the Company.	Attached herein.
32.2	Equity Residential - Certification Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of Mark J. Parrell, Chief Financial Officer of the Company.	Attached herein.
32.3	ERP Operating Limited Partnership - Certification Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of David J. Neithercut, Chief Executive Officer of Registrant's General Partner.	Attached herein.
32.4	ERP Operating Limited Partnership - Certification Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of Mark J. Parrell, Chief Financial Officer of Registrant's General Partner.	Attached herein.
101	XBRL (Extensible Business Reporting Language). The following materials from Equity Residential’s and ERP Operating Limited Partnership's Annual Report on Form 10-K for the year ended December 31, 2016, formatted in XBRL: (i) consolidated balance sheets, (ii) consolidated statements of operations and comprehensive income, (iii) consolidated statements of cash flows, (iv) consolidated statements of changes in equity (Equity Residential), (v) consolidated statements of changes in capital (ERP Operating Limited Partnership) and (vi) notes to consolidated financial statements.	Attached herein.

*Management contracts and compensatory plans or arrangements filed as exhibits to this report are identified by an asterisk.

EX-10.18

Exhibit 10.18

SIXTH AMENDMENT TO

2011 SHARE INCENTIVE PLAN

THIS SIXTH AMENDMENT (the “Sixth Amendment”) to the 2011 SHARE INCENTIVE PLAN is executed as of January 24, 2017.

RECITALS

WHEREAS, the Board of Trustees of Equity Residential (the “Company”) adopted the 2011 Share Incentive Plan (the “Initial 2011 Plan”) on March 24, 2011, which was approved by the shareholders of the Company at the 2011 Annual Meeting of Shareholders.

WHEREAS, the Company amended the Initial 2011 Plan pursuant to a First Amendment dated July 10, 2012 (the “First Amendment”), a Second Amendment dated November 4, 2013 (the “Second Amendment”), a Third Amendment dated April 30, 2014 (the “Third Amendment”), a Fourth Amendment dated October 20, 2014 (the “Fourth Amendment”) and a Fifth Amendment dated June 16, 2016 (the “Fifth Amendment”). The Initial 2011 Plan, as modified by the First Amendment, Second Amendment, Third Amendment, Fourth Amendment and Fifth Amendment, is hereinafter referred to as the “Plan”. Capitalized terms used herein and not otherwise defined shall have the meanings ascribed thereto in the Plan.

WHEREAS, the Company desires to further amend the Plan to provide that if any eligible Company employees elect to receive Share Options, in lieu of cash earned under the Company’s annual performance bonus program, such Share Options shall vest in full on the date of Grant.

NOW THEREFORE, the Plan is amended as follows:

1.Share Options. Paragraph 6(c) of the Plan is deleted in its entirety and the following is substituted therefor:

(c)General Exercisability. An Option granted to Company employees shall vest equally over a three-year period from the date of grant in three annual installments, and may be subject to such other conditions and restrictions, including a longer vesting period, as are established by the Committee as of the date of grant; provided, however, that an Option granted to non-Company employees may be subject to a minimum vesting period of one year, and provided further that if any Company employees elect to receive Options, in lieu of cash earned under the Company’s annual performance bonus program, such Options shall vest in full on the date of grant. Upon vesting, each Option shall be exercisable, either in whole or in part, but in no event later than the Option’s "Expiration Date" (defined below). The Committee may establish performance goals to be achieved within such periods as may be selected by it in its discretion using such measures of performance of the Grantee, the Company and/or its subsidiaries as it may select. The "Expiration Date" with respect to an Option means the date established by the Committee at the date of grant (subject to any earlier termination by the Committee), but in no event later than the date which is ten (10) years after the date on which the Option is granted. All rights to purchase Shares pursuant to an Option shall cease as of the Option’s Expiration Date

2.Plan in Full Force and Effect. After giving effect to this Sixth Amendment, the Plan remains in full force and effect.

IN WITNESS WHEREOF, this Sixth Amendment has been executed as of the date first written above.

EQUITY RESIDENTIAL

By:/s/ Bruce C. Strohm__________________________________

Bruce C. Strohm

Executive Vice President and General Counsel

EX-12

Exhibit 12

EQUITY RESIDENTIAL ERP OPERATING LIMITED PARTNERSHIP  Computation of Ratio of Earnings to Combined Fixed Charges ($ in thousands)
	Year Ended December 31,
	2016			2015			2014			2013			2012
Income (loss) from continuing operations	$	4,479,586		$	907,621		$	657,101		$	(168,174	)	$	160,298
Interest expense incurred, net	482,246			444,487			457,460			587,141			455,477
Amortization of deferred financing costs	12,633			10,801			11,088			22,197			21,295
Earnings before combined fixed charges and preferred distributions	4,974,465			1,362,909			1,125,649			441,164			637,070
Preferred Share/Preference Unit distributions	(3,091		)	(3,357		)	(4,145		)	(4,145		)	(10,355		)
Premium on redemption of Preferred Shares/Preference Units	—			(3,486		)	—			—			(5,152		)
Earnings before combined fixed charges	$	4,971,374		$	1,356,066		$	1,121,504		$	437,019		$	621,563
Interest expense incurred, net	$	482,246		$	444,487		$	457,460		$	587,141		$	455,477
Amortization of deferred financing costs	12,633			10,801			11,088			22,197			21,295
Interest capitalized for real estate and unconsolidated entities under development	51,451			59,885			52,782			47,321			22,509
Amortization of deferred financing costs for real estate under development	—			—			—			152			—
Total combined fixed charges	546,330			515,173			521,330			656,811			499,281
Preferred Share/Preference Unit distributions	3,091			3,357			4,145			4,145			10,355
Premium on redemption of Preferred Shares/Preference Units	—			3,486			—			—			5,152
Total combined fixed charges and preferred distributions	$	549,421		$	522,016		$	525,475		$	660,956		$	514,788
Ratio of earnings before combined fixed charges to total combined fixed charges (1) (2)	9.10			2.63			2.15			—			1.24
Ratio of earnings before combined fixed charges and preferred distributions to total      combined fixed charges and preferred distributions (1) (2)	9.05			2.61			2.14			—			1.24

(1) For the years ended December 31, 2016, 2015 and 2014, the ratios have been increased primarily due to gains on the sales of real estate properties that were not included in discontinued operations as a result of the Company's adoption of the new accounting standard effective January 1, 2014. See Note 11 in the Notes to Consolidated Financial Statements for additional discussion.

(2) For the year ended December 31, 2013, the coverage deficiency approximated $219.8 million. All 2013 and prior year ratios have been reduced due to the disposition of properties which resulted in the inclusion of those properties in discontinued operations. The ratios have been further reduced due to non-cash depreciation expense and impairment charges and premiums on the redemption of Preferred Shares/Preference Units. The Company was in compliance with its unsecured public debt covenants for all periods presented.

EX-21

Exhibit 21

	List of Subsidiaries of Equity Residential and ERP Operating Limited Partnership
	Entity	Formation State
1	1145 Acquisition, L.L.C.	Delaware
2	303 Third SPE LLC	Delaware
3	303 Third Street Developer LLC	Delaware
4	303 Third Street Venture I LLC	Delaware
5	303 Third Venture I SPE LLC	Delaware
6	340 Fremont Owners Association	California
7	402 West 38th Street Corp.	New York
8	777 Sixth Avenue Owner LLC	Delaware
9	88 Hillside Homeowners Association	California
10	Alban Towers LLC	District of Columbia
11	Amberton Apartments, L.L.C.	Virginia
12	ANE Associates, L.L.C.	Delaware
13	API Cameron Park LLC	Delaware
14	API Emeryville Parkside LLC	Delaware
15	API Town Center I (Borrower) GP LLC	Delaware
16	API Town Center I (Borrower) LP	Delaware
17	API Town Center III (Borrower) GP LLC	Delaware
18	API Town Center III (Borrower) LP	Delaware
19	API Town Center South I LLC	Delaware
20	API Town Center South III LLC	Delaware
21	Archstone	Maryland
22	Archstone 101 West End Avenue GP LLC	Delaware
23	Archstone 101 West End Avenue LP	Delaware
24	Archstone 180 Montague GP LLC	Delaware
25	Archstone 180 Montague LP	Delaware
26	Archstone 5 Holdings LP	Delaware
27	Archstone 5 LLC	Delaware
28	Archstone 6 Holdings LP	Delaware
29	Archstone 6 LLC	Delaware
30	Archstone Alban Towers LLC	Delaware
31	Archstone Arlington Courthouse Plaza LLC	Delaware
32	Archstone Avenir GP LLC	Delaware
33	Archstone Avenir LP	Delaware
34	Archstone Camargue LLC	Delaware
35	Archstone Camargue Mezz LLC	Delaware
36	Archstone CCP LLC	Delaware
37	Archstone Charter Oak LLC	Delaware
38	Archstone Chelsea GP LLC	Delaware
39	Archstone Chelsea LP	Delaware
40	Archstone Columbia Crossing LLC	Delaware
41	Archstone Columbia Crossing Mezz LLC	Delaware
42	Archstone Communities LLC	Delaware
43	Archstone Concourse LLC	Delaware
44	Archstone Cronin's Landing LLC	Delaware

	Entity	Formation State
45	Archstone Crystal Place LLC	Delaware
46	Archstone Daggett Place LLC	Delaware
47	Archstone DC 3 Holdings LLC	Delaware
48	Archstone DC 5 Holdings LLC	Delaware
49	Archstone DC 6 Holdings LLC	Delaware
50	Archstone DC 7 Holdings LLC	Delaware
51	Archstone DC Holdings LLC	Delaware
52	Archstone DC Investments 3-I LP	Delaware
53	Archstone DC Investments 3-II LP	Delaware
54	Archstone DC Investments 5-I LP	Delaware
55	Archstone DC Investments 5-II LP	Delaware
56	Archstone DC Investments 6-I LP	Delaware
57	Archstone DC Investments 6-II LP	Delaware
58	Archstone DC Investments 7 LLC	Delaware
59	Archstone DC Master Holdings LLC	Delaware
60	Archstone DC Property Holdings LP	Delaware
61	Archstone Del Mar Heights GP LLC	Delaware
62	Archstone Del Mar Heights LP	Delaware
63	Archstone Delray Beach GP LLC	Delaware
64	Archstone Developer LLC	Delaware
65	Archstone East 39th Street (Nominee) GP LLC	Delaware
66	Archstone East 39th Street (Nominee) LP	Delaware
67	Archstone East 39th Street GP LLC	Delaware
68	Archstone East 39th Street Holdings GP LLC	Delaware
69	Archstone East 39th Street Holdings LP	Delaware
70	Archstone East 39th Street Land LLC	Delaware
71	Archstone East 39th Street LP	Delaware
72	Archstone East 39th Street Principal GP LLC	Delaware
73	Archstone East 39th Street Principal LP	Delaware
74	Archstone Emeryville Residential LLC	Delaware
75	Archstone Enclave Member LLC	Delaware
76	Archstone Gallery at Rosslyn LLC	Delaware
77	Archstone Gallery at Virginia Square I LLC	Delaware
78	Archstone Gallery at Virginia Square II LLC	Delaware
79	Archstone Gallery at Virginia Square III LLC	Delaware
80	Archstone Gateway Place LLC	Delaware
81	Archstone Hoboken Holdings LLC	Delaware
82	Archstone HoldCo CM LLC	Delaware
83	Archstone Inc.	Maryland
84	Archstone Investments 7-I LP	Delaware
85	Archstone Investments 7-II LP	Delaware
86	Archstone Long Beach GP LLC	Delaware
87	Archstone Long Beach LP	Delaware
88	Archstone Master Holdings GP LLC	Delaware
89	Archstone Master Holdings LLC	Delaware
90	Archstone Master Property Holdings GP, LLC	Delaware
91	Archstone Master Property Holdings LLC	Delaware
92	Archstone Multifamily Series I Trust	Delaware
93	Archstone Multifamily Series II LLC	Delaware

	Entity	Formation State
94	Archstone Multifamily Series III LLC	Delaware
95	Archstone Multifamily Series IV LLC	Delaware
96	Archstone Near Northeast LLC	Delaware
97	Archstone Northcreek LLC	Delaware
98	Archstone Oakwood Boston LLC	Delaware
99	Archstone Palmetto Park LLC	Delaware
100	Archstone Palmetto Park Member LLC	Delaware
101	Archstone Parallel Residual JV 2, LLC	Delaware
102	Archstone Parallel Residual JV, LLC	Delaware
103	Archstone Presidio View Member LLC	Delaware
104	Archstone Property Holdings GP LLC	Delaware
105	Archstone Property Holdings LLC	Delaware
106	Archstone Redmond Court LLC	Delaware
107	Archstone Residual JV, LLC	Delaware
108	Archstone Rincon Hill GP LLC	Delaware
109	Archstone Rincon Hill LP	Delaware
110	Archstone San Mateo Holdings LP	Delaware
111	Archstone Sausalito GP LLC	Delaware
112	Archstone Sausalito LP	Delaware
113	Archstone Showplace Square LLC	Delaware
114	Archstone Smith Corporate Holdings LLC	Delaware
115	Archstone South Market GP LLC	Delaware
116	Archstone South Market LP	Delaware
117	Archstone South Market Mezz GP LLC	Delaware
118	Archstone South Market Mezz LP	Delaware
119	Archstone Tenside Member LLC	Delaware
120	Archstone Texas Land Holdings LLC	Delaware
121	Archstone Trademark JV, LLC	Delaware
122	Archstone Westchester at Old Town GP LLC	Delaware
123	Archstone Westchester at Old Town LP	Delaware
124	Archstone-Futura Enclave LLC	Delaware
125	Archstone-Smith Unitholder Services LLC	Delaware
126	Arrington Place Condominium Association	Washington
127	Artery Northampton Limited Partnership	Maryland
128	ASN Bellevue LLC	Delaware
129	ASN CambridgePark LLC	Delaware
130	ASN Dupont Circle LLC	Delaware
131	ASN Fairchase LLC	Delaware
132	ASN Fairchase Mezz LLC	Delaware
133	ASN Foundry LLC	Delaware
134	ASN Hoboken I LLC	Delaware
135	ASN Hoboken II LLC	Delaware
136	ASN Kendall Square LLC	Delaware
137	ASN Key West LLC	Delaware
138	ASN Lake Mendota Investments LLC	Delaware
139	ASN Monument Park LLC	Delaware
140	ASN Murray Hill LLC	Delaware
141	ASN Northgate, LLC	Delaware
142	ASN Park Essex LLC	Delaware

	Entity	Formation State
143	ASN Quarry Hills LLC	Delaware
144	ASN Redmond Park LLC	Delaware
145	ASN San Mateo GP LLC	Delaware
146	ASN San Mateo Holdings GP LLC	Delaware
147	ASN San Mateo LP	Delaware
148	ASN Santa Clara GP LLC	Delaware
149	ASN Santa Clara LP	Delaware
150	ASN Santa Clara Mezz GP LLC	Delaware
151	ASN Santa Clara Mezz LP	Delaware
152	ASN Santa Monica GP LLC	Delaware
153	ASN Santa Monica LP	Delaware
154	ASN Santa Monica Mezz GP LLC	Delaware
155	ASN Santa Monica Mezz LP	Delaware
156	ASN Seattle LLC	Delaware
157	ASN Ventura Four LLC	Delaware
158	ASN Ventura LLC	Delaware
159	ASN Ventura Two LLC	Delaware
160	ASN Warner Center LLC	Delaware
161	ASN Watertown LLC	Delaware
162	ASN Westmont LLC	Delaware
163	ASN Wisconsin Place (Residential) LLC	Delaware
164	ASN Wisconsin Place (Retail) LLC	Delaware
165	Azure Mission Bay Owners Association	California
166	BEL Residential Properties Trust	Maryland
167	BEL-EQR II Limited Partnership	Illinois
168	BEL-EQR II, L.L.C.	Delaware
169	Brookside Place Associates, L.P.	California
170	Brookside Place G.P. Corp.	Delaware
171	Buena Vista Place Associates	Florida
172	Canyon Creek Village Associates, L.P.	California
173	Canyon Creek Village G.P. Corp.	Delaware
174	Capital Mezz LLC	Delaware
175	CAPREIT Garden Lake Limited Partnership	Georgia
176	CAPREIT Highland Grove Limited Partnership	Georgia
177	CAPREIT Mariner's Wharf Limited Partnership	Florida
178	CAPREIT Silver Springs Limited Partnership	Florida
179	CAPREIT Westwood Pines Limited Partnership	Florida
180	CAPREIT Woodcrest Villa Limited Partnership	Michigan
181	Carrollwood Place Limited Partnership	Texas
182	Cedar Crest General Partnership	Illinois
183	Charles River Park "D" Company	Massachusetts
184	Chinatown Gateway, L.L.C.	Delaware
185	Cobblestone Village Community Rentals, L.P.	California
186	Cobblestone Village G.P. Corp.	Delaware
187	Country Club Associates Limited Partnership	Maryland
188	Country Oaks Associates, L.P.	California
189	Country Oaks G.P. Corp.	Delaware
190	Country Ridge General Partnership	Illinois
191	CRICO of Fountain Place Limited Partnership	Minnesota

	Entity	Formation State
192	CRICO of Ocean Walk Limited Partnership	Florida
193	Crowntree Lee Vista, L.L.C.	Delaware
194	CRP Service Company, L.L.C.	Delaware
195	CRSI SPV 103, Inc.	Delaware
196	CRSI SPV 30130, Inc.	Delaware
197	CRSI SPV 30150, Inc.	Delaware
198	CRSI SPV 30197, Inc.	Delaware
199	DB Master Accommodation LLC	Delaware
200	Deerfield Associates, L.P.	California
201	Deerfield G.P. Corp.	Delaware
202	Duxford Insurance Company, LLC	Vermont
203	Duxford LLC	Delaware
204	E-Lodge Associates Limited Partnership	Illinois
205	EC-Alexandria, LLC	Delaware
206	EC-Belle Arts, L.L.C.	Delaware
207	EC-Mission Verde, LLC	Delaware
208	EC-Mission Verde, LP	Delaware
209	EC-Pacific Cove, L.L.C.	Delaware
210	ECH-GFR, Inc.	Ohio
211	Edgewater Community Rentals, L.P.	California
212	Edgewater G.P. Corp.	Delaware
213	EQR - Briarwood Limited Partnership	California
214	EQR - S & T, L.L.C.	Delaware
215	EQR (1999) Homestead LLC	Delaware
216	EQR (1999) Master Limited Liability Company	Delaware
217	EQR (1999) Towers LLC	Delaware
218	EQR (2000) Ballpark Lofts LLC	Delaware
219	EQR (2000) Harbour Pointe LLC	Delaware
220	EQR (2000) Master Liability Company	Delaware
221	EQR Chase Knolls Lender LLC	Delaware
222	EQR Ironwood, L.L.C.	Delaware
223	EQR Marks A, L.L.C.	Delaware
224	EQR Marks B, L.L.C.	Delaware
225	EQR No. One Master Limited Partnership	Delaware
226	EQR No. Two Master Limited Partnership	Delaware
227	EQR/KB California RCI LLC	Delaware
228	EQR/Lincoln Fort Lewis Communities LLC	Delaware
229	EQR/Lincoln Guaranty Credit Limited Partnership	Delaware
230	EQR/Lincoln RCI Southeast LLC	Delaware
231	EQR-12th & Massachusetts, LLC	Delaware
232	EQR-140 Riverside, LLC	Delaware
233	EQR-1500 Mass, LLC	Delaware
234	EQR-160 Riverside, LLC	Delaware
235	EQR-175 Kent Avenue A, LLC	Delaware
236	EQR-175 Kent Avenue B, LLC	Delaware
237	EQR-180 Riverside, LLC	Delaware
238	EQR-228 West 71st, LLC	Delaware
239	EQR-249 Third Street LLC	Delaware
240	EQR-2300 Elliott, LLC	Delaware

	Entity	Formation State
241	EQR-2400 Residential, L.L.C.	Delaware
242	EQR-2850 Kelvin GP LLC	Delaware
243	EQR-2850 Kelvin LP	Delaware
244	EQR-315 on A Apartments LLC	Delaware
245	EQR-320 Pine, LLC	Delaware
246	EQR-400 PAS, LLC	Delaware
247	EQR-401 Massachusetts, LLC	Delaware
248	EQR-41 West 86th, LLC	Delaware
249	EQR-4111 South Via Marina GP LLC	Delaware
250	EQR-4111 South Via Marina LP	Delaware
251	EQR-425 Massachusetts, LLC	Delaware
252	EQR-4th & Hill GP LLC	Delaware
253	EQR-4th & Hill LP	Delaware
254	EQR-50 West 77th, LLC	Delaware
255	EQR-51 University, LLC	Delaware
256	EQR-600 Washington, L.L.C.	Delaware
257	EQR-71 Broadway, LLC	Delaware
258	EQR-740 River Drive, L.L.C.	Delaware
259	EQR-Academy Village SPE, L.L.C.	Delaware
260	EQR-Academy Village, L.L.C.	Delaware
261	EQR-Acapella Pasadena GP, LLC	Delaware
262	EQR-Acapella Pasadena Limited Partnership	Delaware
263	EQR-Acheson Commons Limited Partnership	Delaware
264	EQR-Acheson Commons, LLC	Delaware
265	EQR-Acquisitions GP, LLC	Delaware
266	EQR-Acquisitions, LP	Delaware
267	EQR-Acton Berkeley Limited Partnership	Delaware
268	EQR-Acton Berkeley, LLC	Delaware
269	EQR-Alafaya Exchange, L.L.C.	Delaware
270	EQR-Alafaya, L.L.C.	Delaware
271	EQR-Alexan Terrace, L.L.C.	Delaware
272	EQR-Alexandria Orlando, L.L.C.	Delaware
273	EQR-Alexandria, L.L.C.	Delaware
274	EQR-Alcyone Apartments, LLC	Delaware
275	EQR-Alta Crest, L.L.C.	Delaware
276	EQR-Arboretum, L.L.C.	Delaware
277	EQR-Arches Limited Partnership	Delaware
278	EQR-Arches, LLC	Delaware
279	EQR-Archstone TM Holder, LLC	Delaware
280	EQR-Arden Villas, L.L.C.	Delaware
281	EQR-ArtBHolder, L.L.C.	Delaware
282	EQR-ArtCapLoan, L.L.C.	Delaware
283	EQR-Artech Berkeley Limited Partnership	Delaware
284	EQR-Artech Berkeley LLC	Delaware
285	EQR-Artisan on Second Limited Partnership	Delaware
286	EQR-Artisan on Second, LLC	Delaware
287	EQR-Avanti, L.L.C.	Delaware
288	EQR-Avanti, L.P.	Delaware
289	EQR-Azure Creek, LLC	Delaware

	Entity	Formation State
290	EQR-Back Bay Manor, LLC	Delaware
291	EQR-Barrington, L.L.C.	Delaware
292	EQR-Bay Hill Conversion, LLC	Delaware
293	EQR-Bay Hill, LP	Delaware
294	EQR-Beatrice, LLC	Delaware
295	EQR-Bella Vista California GP, LLC	Delaware
296	EQR-Bella Vista California, LP	Delaware
297	EQR-Bella Vista, LLC	Delaware
298	EQR-Bellagio, L.L.C.	Delaware
299	EQR-Belle Fontaine Limited Partnership	Delaware
300	EQR-Belle Fontaine, LLC	Delaware
301	EQR-Bellevue Meadow GP Limited Partnership	Washington
302	EQR-Bellevue Meadow Limited Partnership	Washington
303	EQR-Bellevue Meadow, LLC	Delaware
304	EQR-Berkeleyan Berkeley Limited Partnership	Delaware
305	EQR-Berkeleyan Berkeley, LLC	Delaware
306	EQR-Bond Partnership	Georgia
307	EQR-Bradley Park, L.L.C.	Delaware
308	EQR-Braintree, L.L.C.	Delaware
309	EQR-Breakwater Marina GP LLC	Delaware
310	EQR-Breakwater Marina LP	Delaware
311	EQR-Breton Hammocks Financing Limited Partnership	Illinois
312	EQR-Breton Hammocks Vistas, Inc.	Illinois
313	EQR-Briarwood GP Limited Partnership	California
314	EQR-Briarwood GP, LLC	Delaware
315	EQR-Broadway Towers, LLC	Delaware
316	EQR-Broadway Towers, LP	Delaware
317	EQR-Brookdale Village, L.L.C.	Delaware
318	EQR-BS Financing Limited Partnership	Illinois
319	EQR-C on Pico GP, LLC	Delaware
320	EQR-C on Pico, LP	Delaware
321	EQR-Camellero Financing Limited Partnership	Illinois
322	EQR-Cape House I, LLC	Delaware
323	EQR-Cape House I, LP	Delaware
324	EQR-Cape House II, LLC	Delaware
325	EQR-Capital, LLC	Delaware
326	EQR-Carmel Terrace Vistas, Inc.	Illinois
327	EQR-Cascade II, LLC	Delaware
328	EQR-Cascade, LLC	Delaware
329	EQR-Cedar Ridge GP, L.L.C.	Delaware
330	EQR-Cedar Ridge Limited Partnership	Illinois
331	EQR-Cedar Springs, LLC	Delaware
332	EQR-Cedar Springs, LP	Delaware
333	EQR-Centennial Court, L.L.C.	Delaware
334	EQR-Centennial Tower, L.L.C.	Delaware
335	EQR-Chardonnay Park, L.L.C.	Delaware
336	EQR-Chase Oaks, LLC	Delaware
337	EQR-Chase Oaks, LP	Delaware
338	EQR-Chase, LLC	Delaware

	Entity	Formation State
339	EQR-Chelsea Square GP Limited Partnership	Washington
340	EQR-Chelsea Square Limited Partnership	Washington
341	EQR-Chelsea, LLC	Delaware
342	EQR-Cherry Hill, L.L.C.	Delaware
343	EQR-Chickasaw Crossing, Inc.	Illinois
344	EQR-Chickasaw Crossing, L.L.C.	Delaware
345	EQR-Chinatown Gateway, L.L.C.	Delaware
346	EQR-Church Corner, L.L.C.	Delaware
347	EQR-City Pointe Limited Partnership	Delaware
348	EQR-City Pointe, LLC	Delaware
349	EQR-Clarendon, LLC	Delaware
350	EQR-Cliffwalk, LLC	Delaware
351	EQR-Coachman Trails, L.L.C.	Delaware
352	EQR-Codelle, L.L.C.	Delaware
353	EQR-Connor, L.L.C.	Delaware
354	EQR-Continental Villas Financing Limited Partnership	Illinois
355	EQR-Country Club Lakes, L.L.C.	Delaware
356	EQR-Cupertino GP LLC	Delaware
357	EQR-Cupertino LP	Delaware
358	EQR-Cypress Lake, L.L.C.	Delaware
359	EQR-Dartmouth Woods General Partnership	Illinois
360	EQR-Deerwood Vistas, Inc.	Illinois
361	EQR-Del Lago Vistas, Inc.	Illinois
362	EQR-Del Mar Ridge GP, LLC	Delaware
363	EQR-Del Mar Ridge, LP	Delaware
364	EQR-District Holding, LLC	Delaware
365	EQR-Doral Financing Limited Partnership	Illinois
366	EQR-Dulles, LLC	Delaware
367	EQR-Dupont Corcoran, LLC	Delaware
368	EQR-East 27th Street Apartments, LLC	Delaware
369	EQR-Element, LLC	Delaware
370	EQR-Eleve GP, LLC	Delaware
371	EQR-Eleve, LP	Delaware
372	EQR-Ellipse, LLC	Delaware
373	EQR-Emerald Park GP LLC	Delaware
374	EQR-Emerald Park LP	Delaware
375	EQR-Emerald Place Financing Limited Partnership	Illinois
376	EQR-Emeryville GP LLC	Delaware
377	EQR-Emeryville LP	Delaware
378	EQR-Encinitas GP LLC	Delaware
379	EQR-Encinitas LP	Delaware
380	EQR-Encore Limited Partnership	Delaware
381	EQR-Encore, LLC	Delaware
382	EQR-Enterprise Holdings, LLC	Delaware
383	EQR-EOI Financing Limited Partnership	Illinois
384	EQR-Essex Place Financing Limited Partnership	Illinois
385	EQR-EWR GP, LLC	Delaware
386	EQR-EWR Holding, LP	Delaware
387	EQR-Exchange, LLC	Delaware

	Entity	Formation State
388	EQR-Eye Street, LLC	Delaware
389	EQR-Fairfax Corner, L.L.C.	Delaware
390	EQR-Fairfield, L.L.C.	Delaware
391	EQR-Fairfield Member LLC	Delaware
392	EQR-Fancap 2000A Limited Partnership	Illinois
393	EQR-Fancap 2000A, L.L.C.	Delaware
394	EQR-Fankey 2004 Limited Partnership	Illinois
395	EQR-Fankey 2004, L.L.C.	Delaware
396	EQR-Fanwell 2007 GP, LLC	Delaware
397	EQR-Fanwell 2007 Limited Partnership	Delaware
398	EQR-Fielders Crossing GP, L.L.C.	Delaware
399	EQR-Fielders Crossing Limited Partnership	Illinois
400	EQR-Fifth Wall LLC	Delaware
401	EQR-Fine Arts Berkeley Limited Partnership	Delaware
402	EQR-Fine Arts Berkeley, LLC	Delaware
403	EQR-Flatiron, LLC	Delaware
404	EQR-Flatlands, L.L.C.	Delaware
405	EQR-Foundry Member, LLC	Delaware
406	EQR-Fremont GP LLC	Delaware
407	EQR-Fremont LP	Delaware
408	EQR-Fresca 2009 GP, LLC	Delaware
409	EQR-Fresca 2009 Limited Partnership	Delaware
410	EQR-Frewac 2008 GP, LLC	Delaware
411	EQR-Frewac 2008 Limited Partnership	Delaware
412	EQR-Gaia Berkeley Limited Partnership	Delaware
413	EQR-Gaia Berkeley, LLC	Delaware
414	EQR-Gallery Apartments Limited Partnership	Illinois
415	EQR-Gallery, L.L.C.	Delaware
416	EQR-Gateway at Malden Center, LLC	Delaware
417	EQR-Georgian Woods, L.L.C.	Delaware
418	EQR-Glendale, LLC	Delaware
419	EQR-GLO Apartments Limited Partnership	Delaware
420	EQR-GLO Apartments, LLC	Delaware
421	EQR-GLO Low Income Limited Partnership	Delaware
422	EQR-Governor's Place Financing Limited Partnership	Illinois
423	EQR-Grandview I GP Limited Partnership	Nevada
424	EQR-Grandview I Limited Partnership	Nevada
425	EQR-Grandview II GP Limited Partnership	Nevada
426	EQR-Grandview II Limited Partnership	Nevada
427	EQR-Hacienda GP LLC	Delaware
428	EQR-Hacienda LP	Delaware
429	EQR-Hampshire Place Conversion, LLC	Delaware
430	EQR-Hampshire Place, LP	Delaware
431	EQR-Harbor Steps Member, L.L.C.	Delaware
432	EQR-Harbor Steps, L.L.C.	Delaware
433	EQR-Heritage Ridge, L.L.C.	Delaware
434	EQR-Heritage Ridge, L.P.	Delaware
435	EQR-Herndon, L.L.C.	Delaware
436	EQR-Heronfield, LLC	Delaware

	Entity	Formation State
437	EQR-HHC 1&2 GP, LLC	Delaware
438	EQR-HHC 1&2, LP	Delaware
439	EQR-Highlands Ranch, L.L.C.	Delaware
440	EQR-Highlands, LLC	Delaware
441	EQR-Hikari Apartments, LP	California
442	EQR-Hikari GP, LLC	Delaware
443	EQR-Hikari Landlord, LP	California
444	EQR-Hikari Low-Income, LP	Delaware
445	EQR-Hillside Limited Partnership	Delaware
446	EQR-Hillside, LLC	Delaware
447	EQR-Holding, LLC	Delaware
448	EQR-Holding, LLC2	Delaware
449	EQR-Hudson Crossing, LLC	Delaware
450	EQR-Hudson Pointe, L.L.C.	Delaware
451	EQR-Huntington Park Vistas, Inc.	Illinois
452	EQR-Hyattsville, LLC	Delaware
453	EQR-Ivory Wood, L.L.C.	Delaware
454	EQR-Joyce on Pentagon Row, LLC	Delaware
455	EQR-Kelvin Court, LLC	Delaware
456	EQR-Kenwood Mews GP LLC	Delaware
457	EQR-Kenwood Mews LP	Delaware
458	EQR-La Terrazza at Colma Station GP, LLC	Delaware
459	EQR-La Terrazza at Colma Station Limited Partnership	Delaware
460	EQR-Lake Underhill, L.L.C.	Delaware
461	EQR-Lakeshore at Preston, LLC	Illinois
462	EQR-Lawrence, L.L.C.	Delaware
463	EQR-Legacy Holdings JV Member, LLC	Delaware
464	EQR-Lexford Lender, L.L.C.	Delaware
465	EQR-Lexington Farm, L.L.C.	Delaware
466	EQR-Liberty Tower, LLC	Delaware
467	EQR-Lincoln Braintree, L.L.C.	Delaware
468	EQR-Lincoln Fairfax, L.L.C.	Delaware
469	EQR-Lincoln Laguna Clara L.P.	Delaware
470	EQR-Lincoln Santa Clara L.L.C.	Delaware
471	EQR-Lincoln Village I Vistas, Inc.	Illinois
472	EQR-Lincoln Village II Vistas, Inc.	Illinois
473	EQR-Lincoln Village III Vistas, Inc.	Illinois
474	EQR-Lindbergh Place, L.L.C.	Delaware
475	EQR-Lindley Limited Partnership	Delaware
476	EQR-Lindley, LLC	Delaware
477	EQR-Lodge (OK) GP Limited Partnership	Illinois
478	EQR-Lombard, L.L.C.	Delaware
479	EQR-Loudoun, L.L.C.	Delaware
480	EQR-LPC Urban Renewal North Pier, L.L.C.	New Jersey
481	EQR-Madison LLC	Delaware
482	EQR-Madison & Henry, L.L.C.	Delaware
483	EQR-Mantena, LLC	Delaware
484	EQR-Marina Bay, L.L.C.	Delaware
485	EQR-Marina Del Rey-I GP LLC	Delaware

	Entity	Formation State
486	EQR-Marina Del Rey-I Limited Partnership	Delaware
487	EQR-Marina Del Rey-II GP LLC	Delaware
488	EQR-Marina Del Rey-II Limited Partnership	Delaware
489	EQR-Market Street Landing, LLC	Delaware
490	EQR-Market Village Conversion, LLC	Delaware
491	EQR-Market Village, LP	Delaware
492	EQR-Marks West, L.L.C.	Delaware
493	EQR-Martins Landing, L.L.C.	Delaware
494	EQR-Melrose, LLC	Delaware
495	EQR-Melrose, LP	Delaware
496	EQR-MET CA Financing Limited Partnership	Illinois
497	EQR-MHL McCaslin Hidden Lakes, LLC	Texas
498	EQR-Mill Creek, L.L.C.	Delaware
499	EQR-Millbrook I, L.L.C.	Delaware
500	EQR-Millikan Avenue GP, LLC	Delaware
501	EQR-Millikan Avenue, LP	Delaware
502	EQR-Mission Bay Block 13 Limited Partnership	Delaware
503	EQR-Mission Bay Block 13, LLC	Delaware
504	EQR-Missions at Sunbow, L.L.C.	Delaware
505	EQR-Missouri, L.L.C.	Delaware
506	EQR-MLP 1, L.L.C.	Delaware
507	EQR-MLP 2, L.L.C.	Delaware
508	EQR-Moda, LLC	Delaware
509	EQR-Montclair Reserve, LLC	Delaware
510	EQR-Montclair, LLC	Delaware
511	EQR-Monte Viejo, L.L.C.	Delaware
512	EQR-Mosaic, L.L.C.	Delaware
513	EQR-Mountain Park Ranch, LLC	Delaware
514	EQR-Mountain Shadows GP Limited Partnership	Nevada
515	EQR-Mountain Shadows Limited Partnership	Nevada
516	EQR-Mountain View GP LLC	Delaware
517	EQR-Mountain View LP	Delaware
518	EQR-MR McCaslin Riverhill, LLC	Texas
519	EQR-New Carlyle, LLC	Delaware
520	EQR-New Carlyle, LP	Delaware
521	EQR-NEW LLC	Delaware
522	EQR-NEW LLC3	Maryland
523	EQR-North Creek, L.L.C.	Delaware
524	EQR-North Ninth LLC	Delaware
525	EQR-North Ninth II LLC	Delaware
526	EQR-North Pier, L.L.C.	Delaware
527	EQR-Northpark Limited Partnership	Delaware
528	EQR-Northpark, LLC	Delaware
529	EQR-Oak Park Limited Partnership	Delaware
530	EQR-Oak, LLC	Delaware
531	EQR-Old Town Lofts LLC	Delaware
532	EQR-Orchard Ridge Vistas, Inc.	Illinois
533	EQR-Oregon, L.L.C.	Delaware
534	EQR-Overlook Manor II, L.L.C.	Delaware

	Entity	Formation State
535	EQR-Pacific Place, LLC	Delaware
536	EQR-Pacific Place, LP	Delaware
537	EQR-Packard LLC	Delaware
538	EQR-Palm Harbor, L.L.C.	Delaware
539	EQR-Paradise Pointe Vistas, Inc.	Illinois
540	EQR-Parallel Residual JV 2 Member, LLC	Delaware
541	EQR-Parc Vue, L.L.C.	Delaware
542	EQR-Park Place I General Partnership	Illinois
543	EQR-Park Place II General Partnership	Illinois
544	EQR-Park West (CA) Vistas, Inc.	Illinois
545	EQR-Parkside Limited Partnership	Texas
546	EQR-Peachtree A, L.L.C.	Delaware
547	EQR-Peachtree, L.L.C.	Delaware
548	EQR-Pearl LLC	Delaware
549	EQR-Pegasus Apartments, LP	Delaware
550	EQR-Perimeter Center, L.L.C.	Delaware
551	EQR-Pershing, LLC	Delaware
552	EQR-Phipps, L.L.C.	Delaware
553	EQR-Piedmont, L.L.C.	Delaware
554	EQR-Plantation Financing Limited Partnership	Illinois
555	EQR-Playa Del Rey GP LLC	Delaware
556	EQR-Playa Del Rey LP	Delaware
557	EQR-Portland Center, L.L.C.	Delaware
558	EQR-Prado GP LLC	Delaware
559	EQR-Prado LP	Delaware
560	EQR-Prime, L.L.C.	Delaware
561	EQR-Prospect Towers Phase II LLC	Delaware
562	EQR-QRS Highline Oaks, Inc.	Illinois
563	EQR-Ranch at Fossil Creek, L.L.C.	Delaware
564	EQR-Ranch at Fossil Creek, L.P.	Texas
565	EQR-Redmond Ridge, L.L.C.	Delaware
566	EQR-Redmond Way, LLC	Delaware
567	EQR-Regency Park, LLC	Delaware
568	EQR-Rehab Master GP, L.L.C.	Delaware
569	EQR-Rehab Master Limited Partnership	Delaware
570	EQR-Renaissance Villas Limited Partnership	Delaware
571	EQR-Renaissance Villas, LLC	Delaware
572	EQR-Reserve Square Limited Partnership	Illinois
573	EQR-Residual JV Member, LLC	Delaware
574	EQR-Retail Marks, L.L.C.	Delaware
575	EQR-Rianna I, LLC	Delaware
576	EQR-Rianna II, LLC	Delaware
577	EQR-RID SP, L.L.C.	Delaware
578	EQR-Riva Terra I GP LLC	Delaware
579	EQR-Riva Terra I LP	Delaware
580	EQR-Riva Terra II GP LLC	Delaware
581	EQR-Riva Terra II LP	Delaware
582	EQR-River Park Limited Partnership	Illinois
583	EQR-Riverpark, LLC	Delaware

	Entity	Formation State
584	EQR-Riverside Corp.	Delaware
585	EQR-Rivertower A, LLC	Delaware
586	EQR-Rivertower B, LLC	Delaware
587	EQR-Rivertower C, LLC	Delaware
588	EQR-Rivertower D, LLC	Delaware
589	EQR-Rivertower E, LLC	Delaware
590	EQR-Rivertower, LLC	Delaware
591	EQR-Riverview Condos, L.L.C.	Delaware
592	EQR-Sage, LLC	Delaware
593	EQR-Sakura Apartments, LP	California
594	EQR-Sakura GP, LLC	Delaware
595	EQR-Sakura Landlord, LP	California
596	EQR-Sakura Low-Income, LP	Delaware
597	EQR-Sawgrass Cove Vistas, Inc.	Illinois
598	EQR-Seattle Member LLC	Delaware
599	EQR-Second and Pine II, LLC	Delaware
600	EQR-Second and Pine, LLC	Delaware
601	EQR-Shadow Creek, L.L.C.	Delaware
602	EQR-Siena Terrace, LP	Delaware
603	EQR-Silver Spring Gateway Residential, LLC	Delaware
604	EQR-Silver Spring Gateway, LLC	Delaware
605	EQR-Silver Spring Residential Associates, LLC	Delaware
606	EQR-Skylark Limited Partnership	Delaware
607	EQR-Skyline Terrace Limited Partnership	Delaware
608	EQR-Skyline Terrace, LLC	Delaware
609	EQR-Skyline Towers Member, LLC	Delaware
610	EQR-Skyline Towers, L.L.C.	Delaware
611	EQR-Skyview GP, LLC	Delaware
612	EQR-Skyview, LP	Delaware
613	EQR-Smoketree, LLC	Delaware
614	EQR-Soma II A LP	Delaware
615	EQR-Soma II GP A LLC	Delaware
616	EQR-Soma II GP LLC	Delaware
617	EQR-Soma II LP	Delaware
618	EQR-Sombra 2008 GP, LLC	Delaware
619	EQR-Sombra 2008 Limited Partnership	Delaware
620	EQR-South City Station GP LLC	Delaware
621	EQR-South City Station LP	Delaware
622	EQR-South Plainfield I, L.P.	Delaware
623	EQR-South Plainfield, L.L.C.	Delaware
624	EQR-Southwood GP Limited Partnership	California
625	EQR-Southwood Limited Partnership	California
626	EQR-Southwood LP I Limited Partnership	California
627	EQR-Southwood LP II Limited Partnership	California
628	EQR-Square One LLC	Delaware
629	EQR-Square One Member LLC	Delaware
630	EQR-Stonelake GP, L.L.C.	Delaware
631	EQR-Stonelake Limited Partnership	Illinois
632	EQR-Stoneleigh A, L.L.C.	Delaware

	Entity	Formation State
633	EQR-Stoneleigh B, L.L.C.	Delaware
634	EQR-Stoney Ridge SPE, L.L.C.	Delaware
635	EQR-Stonybrook, L.L.C.	Delaware
636	EQR-Summer Creek, L.L.C.	Delaware
637	EQR-Sunrise Developer, LLC	Delaware
638	EQR-Sunrise Member, LLC	Delaware
639	EQR-Surrey Downs GP Limited Partnership	Washington
640	EQR-Surrey Downs, LLC	Delaware
641	EQR-SWN Line Financing Limited Partnership	Illinois
642	EQR-SWN Line Vistas, Inc.	Illinois
643	EQR-Talleyrand, L.L.C.	Delaware
644	EQR-Tallman, LLC	Delaware
645	EQR-Tanasbourne Terrace Financing Limited Partnership	Illinois
646	EQR-Teresina Limited Partnership	Delaware
647	EQR-Teresina, LLC	Delaware
648	EQR-Terraces Limited Partnership	Delaware
649	EQR-Terraces, LLC	Delaware
650	EQR-The Ashton Limited Partnership	Delaware
651	EQR-The Carlyle, L.L.C.	Delaware
652	EQR-The Hesby LLC	Delaware
653	EQR-The Hesby LP	Delaware
654	EQR-The Lakes at Vinings, L.L.C.	Delaware
655	EQR-The Oaks, LLC	Delaware
656	EQR-The Oaks GP LLC	Delaware
657	EQR-The Palms, L.L.C.	Delaware
658	EQR-The Retreat, L.L.C.	Delaware
659	EQR-The Ridge, L.L.C.	Delaware
660	EQR-The Savoy LLC	Delaware
661	EQR-The Waterford at Orange Park, Inc.	Illinois
662	EQR-The Waterford at Orange Park, L.L.C.	Delaware
663	EQR-Timberwood GP Limited Partnership	Colorado
664	EQR-Timberwood Limited Partnership	Colorado
665	EQR-Toscana Apartments, LP	Delaware
666	EQR-Touriel Berkeley Limited Partnership	Delaware
667	EQR-Touriel Berkeley, LLC	Delaware
668	EQR-Town Square at Millbrook, LLC	Delaware
669	EQR-Townhomes of Meadowbrook, L.L.C.	Delaware
670	EQR-Townhouse Gardens, LLC	Delaware
671	EQR-Townhouse Gardens, LP	Delaware
672	EQR-Townhouse Plaza, LLC	Delaware
673	EQR-Townhouse Plaza, LP	Delaware
674	EQR-Turnberry Isle, LLC	Delaware
675	EQR-Turnberry, L.L.C.	Delaware
676	EQR-Turnberry, LP	Delaware
677	EQR-Uptown Square, L.L.C.	Delaware
678	EQR-Urban Renewal 77 Hudson Street, L.L.C.	New Jersey
679	EQR-Urban Renewal Jersey City, L.L.C.	New Jersey
680	EQR-Uwajimaya Village, L.L.C.	Delaware
681	EQR-Valencia GP LLC	Delaware

	Entity	Formation State
682	EQR-Valencia Limited Partnership	Delaware
683	EQR-Valley Park South Financing Limited Partnership	Illinois
684	EQR-Vantage GP LLC	Delaware
685	EQR-Vantage LP	Delaware
686	EQR-Vantage Pointe Limited Partnership	Delaware
687	EQR-Vantage Pointe, LLC	Delaware
688	EQR-Veloce, LLC	Delaware
689	EQR-Versailles Limited Partnership	Delaware
690	EQR-Versailles, LLC	Delaware
691	EQR-Victor, L.L.C.	Delaware
692	EQR-Victor, L.P.	Delaware
693	EQR-Villa Serenas Successor Borrower, L.L.C.	Delaware
694	EQR-Villa Solana Vistas, Inc.	Illinois
695	EQR-Village at Lakewood, LLC	Delaware
696	EQR-Villas of Josey Ranch GP, L.L.C.	Delaware
697	EQR-Vintage I, L.P.	Delaware
698	EQR-Vintage II, L.L.C.	Delaware
699	EQR-Virginia, L.L.C.	Delaware
700	EQR-Vista del Lago, LLC	Delaware
701	EQR-Vista del Lago, LP	Delaware
702	EQR-Vista Developer, LP	Delaware
703	EQR-Vista Member, LLC	Delaware
704	EQR-Vistas Courthouse, LLC	Delaware
705	EQR-Walden Park, LLC	Delaware
706	EQR-Warwick, L.L.C.	Delaware
707	EQR-Washington, L.L.C.	Delaware
708	EQR-Waterfall, L.L.C.	Delaware
709	EQR-Waterford Place, L.L.C.	Delaware
710	EQR-Watermarke I, LLC	Delaware
711	EQR-Watermarke II, LLC	Delaware
712	EQR-Waterside, L.L.C.	Delaware
713	EQR-Watson General Partnership	Illinois
714	EQR-Wellfan 2008 GP, LLC	Delaware
715	EQR-Wellfan 2008 Limited Partnership	Delaware
716	EQR-Wellington Hill Financing Limited Partnership	Illinois
717	EQR-Wellington, L.L.C.	Delaware
718	EQR-West Coast Portfolio GP, LLC	Delaware
719	EQR-West Seattle, LLC	Delaware
720	EQR-Westfield Village, L.L.C.	Delaware
721	EQR-Westgate Pasadena II, LP	Delaware
722	EQR-Westport, L.L.C.	Delaware
723	EQR-Westside GP LLC	Delaware
724	EQR-Westside LP	Delaware
725	EQR-Whisper Creek, L.L.C.	Delaware
726	EQR-Willard, LLC	Delaware
727	EQR-Windemere, LLC	Delaware
728	EQR-Windsor at Fair Lakes, L.L.C.	Delaware
729	EQR-Woodland Park A Limited Partnership	Delaware
730	EQR-Woodland Park A, LLC	Delaware

	Entity	Formation State
731	EQR-Woodland Park B Limited Partnership	Delaware
732	EQR-Woodland Park B, LLC	Delaware
733	EQR-Woodland Park C Limited Partnership	Delaware
734	EQR-Woodland Park C, LLC	Delaware
735	EQR-Woodland Park Limited Partnership	Delaware
736	EQR-Woodland Park, LLC	Delaware
737	EQR-Woodleaf Apartments GP, LLC	Delaware
738	EQR-Woodleaf Apartments, LP	Delaware
739	EQR-Woodridge I GP Limited Partnership	Colorado
740	EQR-Woodridge I Limited Partnership	Colorado
741	EQR-Woodridge II GP Limited Partnership	Colorado
742	EQR-Woodridge II Limited Partnership	Colorado
743	EQR-Woodridge III Limited Partnership	Colorado
744	EQR-Woodridge, L.L.C.	Delaware
745	EQR-Worldgate, LLC	Delaware
746	EQR-Wyndridge II, L.L.C.	Delaware
747	EQR-Wyndridge III, L.L.C.	Delaware
748	EQR-Yorktowne Financing Limited Partnership	Illinois
749	EQR-Zurich, L.L.C.	Delaware
750	Equity Corporate Housing, Inc.	Ohio
751	Equity Marina Bay Phase II, L.L.C.	Delaware
752	Equity Residential Foundation	Illinois
753	Equity Residential Management, L.L.C.	Delaware
754	Equity Residential Properties Management Corp.	Delaware
755	Equity Residential Properties Management Corp. II	Delaware
756	Equity Residential Properties Management Corp. Protective Trust II	Delaware
757	Equity Residential REIT Services Inc.	Delaware
758	Equity Residential REIT Services II, Inc.	Delaware
759	Equity Residential Services II, LLC	Illinois
760	Equity Residential Services, L.L.C.	Delaware
761	Equity-Lodge Venture Limited Partnership	Illinois
762	Equity-Tasman Apartments LLC	Delaware
763	ERP Holding Co., Inc.	Delaware
764	ERP Operating Limited Partnership	Illinois
765	ERP-New England Program, L.L.C.	Delaware
766	ERP-QRS Arbors, Inc.	Illinois
767	ERP-QRS BS, Inc.	Illinois
768	ERP-QRS Cedar Ridge, Inc.	Illinois
769	ERP-QRS Country Club I, Inc.	Illinois
770	ERP-QRS Country Club II, Inc.	Illinois
771	ERP-QRS Country Ridge, Inc.	Illinois
772	ERP-QRS CPRT II, Inc.	Illinois
773	ERP-QRS CPRT, Inc.	Illinois
774	ERP-QRS Emerald Place, Inc.	Illinois
775	ERP-QRS Essex Place, Inc.	Illinois
776	ERP-QRS Fairfield, Inc.	Illinois
777	ERP-QRS Flatlands, Inc.	Illinois
778	ERP-QRS Georgian Woods Annex, Inc.	Illinois
779	ERP-QRS Glenlake Club, Inc.	Illinois

	Entity	Formation State
780	ERP-QRS Grove L.P., Inc.	Illinois
781	ERP-QRS Lincoln, Inc.	Delaware
782	ERP-QRS Lodge (OK), Inc.	Illinois
783	ERP-QRS Magnum, Inc.	Illinois
784	ERP-QRS MET CA, Inc.	Illinois
785	ERP-QRS Northampton I, Inc.	Illinois
786	ERP-QRS Sonterra at Foothills Ranch, Inc.	Illinois
787	ERP-QRS SWN Line, Inc.	Illinois
788	ERP-QRS Towne Centre III, Inc.	Illinois
789	ERP-QRS Towne Centre IV, Inc.	Illinois
790	ERP-Southeast Properties, L.L.C.	Georgia
791	ET 400 PAS, LLC	Delaware
792	Evans Withycombe Finance Partnership, L.P.	Delaware
793	Evans Withycombe Management, Inc.	Arizona
794	Evans Withycombe Residential, L.P.	Delaware
795	Feather River Community Rentals, L.P.	California
796	Feather River G.P. Corp.	Delaware
797	Florida Partners G.P.	Illinois
798	Fort Lewis SPE, Inc.	Delaware
799	Fox Ridge Associates, L.P.	California
800	Fox Ridge G.P. Corp.	Delaware
801	Foxwoodburg Associates, L.L.C.	Delaware
802	GC Southeast Partners, L.P.	Delaware
803	Geary Courtyard Associates	California
804	Georgian Woods Annex Associates	Maryland
805	Glenlake Club Limited Partnership	Illinois
806	Governor's Green I Trust	Delaware
807	Governor's Green II Trust	Delaware
808	Governor's Green III Trust	Delaware
809	GPT-929 House, LLC	Delaware
810	GPT-Abington Glen, LLC	Delaware
811	GPT-Abington Land, LLC	Delaware
812	GPT-Acton, LLC	Delaware
813	GPT-Briar Knoll, LLC	Delaware
814	GPT-CC, LLC	Delaware
815	GPT-Cedar Glen, LLC	Delaware
816	GPT-CG, LLC	Delaware
817	GPT-Chestnut Glen, LLC	Delaware
818	GPT-Conway Court, LLC	Delaware
819	GPT-East Haven, LLC	Delaware
820	GPT-East Providence, LLC	Delaware
821	GPT-Enfield, LLC	Delaware
822	GPT-Glen Grove, LLC	Delaware
823	GPT-Glen Meadow, LLC	Delaware
824	GPT-GOF II, LLC	Delaware
825	GPT-Gosnold Grove, LLC	Delaware
826	GPT-GPIII, LLC	Delaware
827	GPT-Heritage Green, LLC	Delaware
828	GPT-HG, LLC	Delaware

	Entity	Formation State
829	GPT-High Meadow, LLC	Delaware
830	GPT-Highland Glen, LLC	Delaware
831	GPT-Jaclen Tower, LLC	Delaware
832	GPT-Longfellow Glen, LLC	Delaware
833	GPT-Nehoiden Glen, LLC	Delaware
834	GPT-Noonan Glen, LLC	Delaware
835	GPT-Norton Glen, LLC	Delaware
836	GPT-Old Mill Glen, LLC	Delaware
837	GPT-Phillips Park, LLC	Delaware
838	GPT-RG Amherst, LLC	Delaware
839	GPT-RG Fall River, LLC	Delaware
840	GPT-RG Milford, LLC	Delaware
841	GPT-RG, LLC	Delaware
842	GPT-Rockingham Glen, LLC	Delaware
843	GPT-SHG, LLC	Delaware
844	GPT-Sturbridge, LLC	Delaware
845	GPT-Summer Hill Glen, LLC	Delaware
846	GPT-Webster Green, LLC	Delaware
847	GPT-West Springfield, LLC	Delaware
848	GPT-Westfield, LLC	Delaware
849	GPT-Westwood Glen, LLC	Delaware
850	GPT-WG, LLC	Delaware
851	GPT-WILG, LLC	Delaware
852	GPT-Wilkens Glen, LLC	Delaware
853	GPT-Winchester Wood, LLC	Delaware
854	GPT-Windsor, LLC	Delaware
855	GR-Cedar Glen, LP	Delaware
856	GR-Conway Court, L.P.	Delaware
857	GR-Farmington Summit, LLC	Delaware
858	GR-Heritage Court, L.L.C.	Delaware
859	GR-Highland Glen, L.P.	Delaware
860	GR-Northeast Apartments Associates, LLC	Delaware
861	GR-Rockingham Glen, L.P.	Delaware
862	GR-Summer Hill Glen, L.P.	Delaware
863	GR-Westwood Glen, L.P.	Delaware
864	GR-Wilkens Glen, L.P.	Delaware
865	Greentree Apartments Limited Partnership	Maryland
866	Greenwich Woods Associates Limited Partnership	Maryland
867	Greenworks Renewable Energy, LLC	Delaware
868	Grove Development LLC	Delaware
869	Grove Operating, L.P.	Delaware
870	Grove Rocky Hill, L.L.C.	Delaware
871	Guilford Company, Inc.	Alabama
872	HEW SUB LLC	New York
873	HEW-RAD Realty Corp.	New York
874	Hidden Lake Associates, L.P.	California
875	Hidden Lake G.P. Corp.	Delaware
876	Hunter's Glen General Partnership	Illinois
877	Kelvin Court Limited Partnership	Delaware

	Entity	Formation State
878	Kingsport Apartments, L.L.C.	Virginia
879	Lake Mendota Investments LLC	Delaware
880	Lakeview Community Rentals, L.P.	California
881	Lakeview G.P. Corp.	Delaware
882	Lakewood Community Rentals G.P. Corp.	Delaware
883	Lakewood Community Rentals, L.P.	California
884	Landon Legacy Partners Limited	Texas
885	Landon Prairie Creek Partners Limited	Texas
886	Lantern Cove Associates, L.P.	California
887	Lantern Cove G.P. Corp.	Delaware
888	Lawrence Downtown Holdings, LLC	Delaware
889	Lawrence Street Borrower, LLC	Delaware
890	Lawrence Street Partners, LLC	Delaware
891	Legacy Holdings JV, LLC	Delaware
892	Lenox Place Limited Partnership	Texas
893	Lexford GP III, LLC	Florida
894	Lexford Guilford GP, LLC	Ohio
895	Lexford Guilford, Inc.	Ohio
896	Lexford Partners, L.L.C.	Ohio
897	Lexford Properties, L.P.	Ohio
898	Lincoln Herndon Residential LLC	Delaware
899	Lincoln Maples Associates LLC	Delaware
900	Linear Park, Inc.	California
901	LMI Cheshire Bridge LLC	Delaware
902	LMI Pembroke Landings LLC	Delaware
903	LMI Preston Park LLC	Delaware
904	LMI Riverbend LLC	Delaware
905	LMI Rosemont LLC	Delaware
906	LMI Windward Park LLC	Delaware
907	Lofts 590 LLC	Delaware
908	Longview Place, LLC	Delaware
909	Merry Land DownREIT I LP	Georgia
910	Mesa del Oso Associates, L.P.	California
911	Mesa del Oso G.P. Corp.	Delaware
912	Mission Verde Condominium Homeowners Association	California
913	ML North Carolina Apartments LP	Georgia
914	ML Tennessee Apartments LP	Georgia
915	Move, Inc.	Delaware
916	Mozaic Loan Acquisition, LP	Delaware
917	Multifamily Portfolio LP Limited Partnership	Delaware
918	Multifamily Portfolio Partners, Inc.	Delaware
919	Ninth Avenue and 38th Street, L.L.C.	Delaware
920	North Pier L.L.C.	Delaware
921	Oaks at Baymeadows Associates	Florida
922	OEC Holdings LLC	Delaware
923	Old Redwoods LLC	Delaware
924	One Henry Adams Owners Association	California
925	PHS SUB LLC	New York
926	PHS-HEW SUB LLC	New York

	Entity	Formation State
927	Pines Whisper, LLC	Florida
928	Port Royale Holdings, LLC	Delaware
929	Potrero 1010 Owners Association	California
930	Prince George's Metro Apartments, LLC	Delaware
931	PSH Realty Corp.	New York
932	Purcel Woodward and Ames, L.L.C.	New York
933	QRS-740 River Drive, Inc.	Illinois
934	QRS-Arboretum, Inc.	Illinois
935	QRS-ArtCapLoan, Inc.	Illinois
936	QRS-Bond, Inc.	Illinois
937	QRS-Chardonnay Park, Inc.	Illinois
938	QRS-Codelle, Inc.	Illinois
939	QRS-Connor, Inc.	Illinois
940	QRS-Cove, Inc.	Illinois
941	QRS-Employer, Inc.	Delaware
942	QRS-Fancap 2000A, Inc.	Illinois
943	QRS-Fernbrook, Inc.	Illinois
944	QRS-Greentree I, Inc.	Illinois
945	QRS-LLC, Inc.	Illinois
946	QRS-Marks A, Inc.	Illinois
947	QRS-Marks B, Inc.	Illinois
948	QRS-North Hill, Inc.	Illinois
949	QRS-RWE, Inc.	Texas
950	QRS-Scarborough, Inc.	Illinois
951	QRS-Siena Terrace, Inc.	Illinois
952	QRS-Summit Center, Inc.	Illinois
953	QRS-Towers at Portside, Inc.	Illinois
954	QRS-Townhomes of Meadowbrook, Inc.	Illinois
955	QRS-Vinings at Ashley Lake, Inc.	Illinois
956	QRS-Warwick, Inc.	Illinois
957	QRS-Waterfall, Inc.	Illinois
958	Redwood Shores Owners Association	California
959	Reserve Square, Inc.	Ohio
960	Residential Insurance Agency, LLC	Delaware
961	Residential Insurance Agency, LLC	Ohio
962	Riverpark Redmond Condominium Association	Washington
963	Rosehill Pointe General Partnership	Illinois
964	San Norterra Apartments LLC	Delaware
965	Sarasota Beneva Place Associates, Ltd.	Florida
966	Schooner Bay I Associates, L.P.	California
967	Schooner Bay I G.P. Corp.	Delaware
968	Schooner Bay II Associates, L.P.	California
969	Schooner Bay II G.P. Corp.	Delaware
970	Seagull Drive Joint Venture	Florida
971	Second Country Club Associates Limited Partnership	Maryland
972	Second Georgian Woods Limited Partnership	Maryland
973	Sheffield Apartments, L.L.C.	Virginia
974	Smith Property Holdings 4411 Connecticut LLC	Delaware
975	Smith Property Holdings Alban Towers LLC	Delaware

	Entity	Formation State
976	Smith Property Holdings Columbia Road LP	Delaware
977	Smith Property Holdings Cronin's Landing LP	Delaware
978	Smith Property Holdings Crystal Towers LP	Delaware
979	Smith Property Holdings Parc Vista LLC	Delaware
980	Smith Property Holdings Seven LP	Delaware
981	Smith Property Holdings Six (D.C.) LP	Delaware
982	Smith Property Holdings Three (D.C.) LP	Delaware
983	Smith Property Holdings Three LP	Delaware
984	Smith Property Holdings Two (D.C.) LP	Delaware
985	Smith Property Holdings Van Ness LP	Delaware
986	Smith Property Holdings Water Park Towers LLC	Delaware
987	Smith Property Holdings Wilson LLC	Delaware
988	Smith Realty Company	Delaware
989	Songbird General Partnership	Illinois
990	South Shore Associates, L.P.	California
991	South Shore G.P. Corp.	Delaware
992	Springbrook Land, L.L.C.	Delaware
993	Summit Center, LLC	Florida
994	Sunny Oak Village General Partnership	Illinois
995	Sunrise Village Development, LLC	Delaware
996	Sunrise Village Joint Venture, LLC	Delaware
997	Tanglewood Apartments, L.L.C.	Virginia
998	The Cleo Homeowners' Association	California
999	The Crossings Associates	Florida
1000	The Gates of Redmond, L.L.C.	Washington
1001	The Landings Holding Company, L.L.C.	New Jersey
1002	The Landings Urban Renewal Company, L.L.C.	New Jersey
1003	The Veridian at Silver Spring Metro Owners Association, Inc.	Maryland
1004	Third Greentree Associates Limited Partnership	Maryland
1005	Tierra Antigua Associates, L.P.	California
1006	Tierra Antigua G.P. Corp.	Delaware
1007	Towers at Portside Urban Renewal Company, L.L.C.	New Jersey
1008	Vinings Club at Metrowest Limited Partnership	Texas
1009	Vista Montana Park Apartments Holdings, LLC	Delaware
1010	Vista Montana Park Homes LLC	Delaware
1011	Wadlington Investments General Partnership	Illinois
1012	Wadlington, Inc.	Illinois
1013	Waterfield Square I Associates, L.P.	California
1014	Waterfield Square I G.P. Corp.	Delaware
1015	Waterfield Square II Associates, L.P.	California
1016	Waterfield Square II G.P. Corp.	Delaware
1017	Watermarke Associates	Delaware
1018	Waterton Tenside Holdings LLC	Delaware
1019	Wellsford San Tropez Corporation	Arizona
1020	Wellsford Warwick Corp.	Colorado
1021	Westchester at Town Center (Borrower) GP LLC	Delaware
1022	Westchester at Town Center (Borrower) LP	Delaware
1023	Westchester at Town Center GP LLC	Delaware
1024	Westchester at Town Center LP	Delaware

	Entity	Formation State
1025	Western Hill Condominium Association	Washington
1026	Westgate Pasadena Apartments GP, LLC	Delaware
1027	Westgate Pasadena Apartments, L.P.	Delaware
1028	Westgate Pasadena, LLC	Delaware
1029	WHRP, Inc.	Maryland
1030	Willow Brook Associates, L.P.	California
1031	Willow Brook G.P. Corp.	Delaware
1032	Willow Creek Community Rentals, L.P.	California
1033	Willow Creek G.P. Corp.	Delaware
1034	Wisconsin Place Residential LLC	Delaware
1035	Wisconsin Place Retail LLC	Delaware
1036	WNY Parkland Holdings, LLC	Delaware
1037	Woodbine Properties	Missouri
1038	Woolbright Place Master Association, Inc.	Florida
1039	WP Project Developer LLC	Delaware

EX-23.1

Exhibit 23.1

Consent of Independent Registered Public Accounting Firm

We consent to the incorporation by reference in the Registration Statements (Forms S-3 No. 333-212284, No. 333-199036, No. 333-204573, No. 333-178040, No. 333-175242, No. 333-151588, No. 333-142723, No. 333-141261, No. 333-135503, No. 333-100631, No. 333-63176, No. 333-80835, No. 333-72961, No. 333-12983, No. 333-06873, No. 33-97680 and No. 33-84974; Forms S-8 No. 333-107244, No. 333-102609 and No. 333-175173; and Forms S-4 No. 333-44576 and No. 333-35873) of Equity Residential and in the related Prospectuses of our reports dated February 23, 2017 with respect to the consolidated financial statements and schedule of Equity Residential and the effectiveness of internal control over financial reporting of Equity Residential, included in this Annual Report (Form 10-K) for the year ended December 31, 2016.

/s/ Ernst & Young LLP

Ernst & Young LLP

Chicago, Illinois

February 23, 2017

EX-23.2

Exhibit 23.2

Consent of Independent Registered Public Accounting Firm

We consent to the incorporation by reference in the Registration Statements (Form S-3 No. 333-212284 and Forms S-4 No. 333-44576 and No. 333-36053) of ERP Operating Limited Partnership and in the related Prospectuses of our reports dated February 23, 2017 with respect to the consolidated financial statements and schedule of ERP Operating Limited Partnership and the effectiveness of internal control over financial reporting of ERP Operating Limited Partnership, included in this Annual Report (Form 10-K) for the year ended December 31, 2016.

/s/ Ernst & Young LLP

Ernst & Young LLP

Chicago, Illinois

February 23, 2017

EX-31.1

Exhibit 31.1

Equity Residential

CERTIFICATIONS

I, David J. Neithercut, certify that:

1. I have reviewed this annual report on Form 10-K of Equity Residential;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 23, 2017

/s/ David J. Neithercut

David J. Neithercut

Chief Executive Officer

EX-31.2

Exhibit 31.2

Equity Residential

CERTIFICATIONS

I, Mark J. Parrell, certify that:

1. I have reviewed this annual report on Form 10-K of Equity Residential;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 23, 2017

/s/ Mark J. Parrell

     Mark J. Parrell

     Chief Financial Officer

EX-31.3

Exhibit 31.3

ERP Operating Limited Partnership

CERTIFICATIONS

I, David J. Neithercut, certify that:

1. I have reviewed this annual report on Form 10-K of ERP Operating Limited Partnership;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 23, 2017

/s/ David J. Neithercut

     David J. Neithercut

     Chief Executive Officer of

     Registrant's General Partner

EX-31.4

Exhibit 31.4

ERP Operating Limited Partnership

CERTIFICATIONS

I, Mark J. Parrell, certify that:

1. I have reviewed this annual report on Form 10-K of ERP Operating Limited Partnership;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 23, 2017

/s/ Mark J. Parrell

     Mark J. Parrell

     Chief Financial Officer of

     Registrant's General Partner

EX-32.1

Exhibit 32.1

Equity Residential

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

          In connection with the Annual Report of Equity Residential (the “Company”) on Form 10-K for the period ending December 31, 2016 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, David J. Neithercut, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ David J. Neithercut

David J. Neithercut

Chief Executive Officer

February 23, 2017

EX-32.2

Exhibit 32.2

Equity Residential

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

          In connection with the Annual Report of Equity Residential (the “Company”) on Form 10-K for the period ending December 31, 2016 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Mark J. Parrell, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Mark J. Parrell

Mark J. Parrell

Chief Financial Officer

February 23, 2017

EX-32.3

Exhibit 32.3

ERP Operating Limited Partnership

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of ERP Operating Limited Partnership (the "Operating Partnership”) on Form 10-K for the period ending December 31, 2016 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, David J. Neithercut, Chief Executive Officer of Equity Residential, general partner of the Operating Partnership, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Operating Partnership.

/s/ David J. Neithercut

David J. Neithercut

Chief Executive Officer

of Registrant’s General Partner

February 23, 2017

EX-32.4

Exhibit 32.4

ERP Operating Limited Partnership

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of ERP Operating Limited Partnership (the "Operating Partnership”) on Form 10-K for the period ending December 31, 2016 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Mark J. Parrell, Chief Financial Officer of Equity Residential, general partner of the Operating Partnership, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Operating Partnership.

/s/ Mark J. Parrell

Mark J. Parrell

Chief Financial Officer

of Registrant’s General Partner

February 23, 2017

XML

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2016	Feb. 17, 2017	Jun. 30, 2016
Entity Registrant Name	EQUITY RESIDENTIAL
Entity Central Index Key	0000906107
Document Type	10-K
Document Period End Date	Dec. 31, 2016
Amendment Flag	false
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		367,097,667
Entity Public Float			$ 24,800,000,000
ERPOP [Member]
Entity Registrant Name	ERP OPERATING LIMITED PARTNERSHIP
Entity Central Index Key	0000931182
Document Type	10-K
Document Period End Date	Dec. 31, 2016
Amendment Flag	false
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer

XML

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Investment in real estate
Land	$ 5,899,862	$ 5,864,046
Depreciable property	18,730,579	18,037,087
Projects under development	637,168	1,122,376
Land held for development	118,816	158,843
Investment in real estate	25,386,425	25,182,352
Accumulated depreciation	(5,360,389)	(4,905,406)
Investment in real estate, net	20,026,036	20,276,946
Real estate held for sale	0	2,181,135
Cash and cash equivalents	77,207	42,276
Investments in unconsolidated entities	60,141	68,101
Deposits – restricted	76,946	55,893
Escrow deposits – mortgage	64,935	56,946
Other assets	398,883	428,899
Total assets	20,704,148	23,110,196
Liabilities:
Mortgage notes payable	4,119,181	4,685,134
Notes, net	4,848,079	5,848,956
Line of credit and commercial paper	19,998	387,276
Accounts payable and accrued expenses	147,482	187,124
Accrued interest payable	60,946	85,221
Other liabilities	350,466	366,387
Security deposits	62,624	77,582
Distributions payable	192,296	209,378
Total liabilities	9,801,072	11,847,058
Commitments and contingencies
Redeemable Noncontrolling Interests – Operating Partnership	442,092	566,783
Shareholders' equity:
Preferred Shares of beneficial interest, $0.01 par value; 100,000,000 shares authorized; 745,600 shares issued and outstanding as of December 31, 2016 and December 31, 2015	37,280	37,280
Common Shares of beneficial interest, $0.01 par value; 1,000,000,000 shares authorized; 365,870,924 shares issued and outstanding as of December 31, 2016 and 364,755,444 shares issued and outstanding as of December 31, 2015	3,659	3,648
Paid in capital	8,758,422	8,572,365
Retained earnings	1,543,626	2,009,091
Accumulated other comprehensive (loss)	(113,909)	(152,016)
Total shareholders' equity	10,229,078	10,470,368
Noncontrolling Interests:
Operating Partnership	221,297	221,379
Partially Owned Properties	10,609	4,608
Total Noncontrolling Interests	231,906	225,987
Total equity/capital	10,460,984	10,696,355
Total liabilities and equity/capital	$ 20,704,148	$ 23,110,196

XML

CONSOLIDATED BALANCE SHEETS CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2016	Dec. 31, 2015
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	100,000,000	100,000,000
Preferred Stock, Shares Issued	745,600	745,600
Preferred Stock, Shares Outstanding	745,600	745,600
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	1,000,000,000	1,000,000,000
Common Stock, Shares, Issued	365,870,924	364,755,444
Common Stock, Shares, Outstanding	365,870,924	364,755,444

XML

CONSOLIDATED BALANCE SHEETS OF ERP OPERATING LIMITED PARTNERSHIP - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Investment in real estate
Land	$ 5,899,862	$ 5,864,046
Depreciable property	18,730,579	18,037,087
Projects under development	637,168	1,122,376
Land held for development	118,816	158,843
Investment in real estate	25,386,425	25,182,352
Accumulated depreciation	(5,360,389)	(4,905,406)
Investment in real estate, net	20,026,036	20,276,946
Real estate held for sale	0	2,181,135
Cash and cash equivalents	77,207	42,276
Investments in unconsolidated entities	60,141	68,101
Deposits – restricted	76,946	55,893
Escrow deposits – mortgage	64,935	56,946
Other assets	398,883	428,899
Total assets	20,704,148	23,110,196
Liabilities:
Mortgage notes payable	4,119,181	4,685,134
Notes, net	4,848,079	5,848,956
Line of credit and commercial paper	19,998	387,276
Accounts payable and accrued expenses	147,482	187,124
Accrued interest payable	60,946	85,221
Other liabilities	350,466	366,387
Security deposits	62,624	77,582
Distributions payable	192,296	209,378
Total liabilities	9,801,072	11,847,058
Commitments and contingencies
Partners' Capital:
Accumulated other comprehensive (loss)	(113,909)	(152,016)
Partially Owned Properties	10,609	4,608
Total liabilities and equity/capital	20,704,148	23,110,196
ERPOP [Member]
Investment in real estate
Land	5,899,862	5,864,046
Depreciable property	18,730,579	18,037,087
Projects under development	637,168	1,122,376
Land held for development	118,816	158,843
Investment in real estate	25,386,425	25,182,352
Accumulated depreciation	(5,360,389)	(4,905,406)
Investment in real estate, net	20,026,036	20,276,946
Real estate held for sale	0	2,181,135
Cash and cash equivalents	77,207	42,276
Investments in unconsolidated entities	60,141	68,101
Deposits – restricted	76,946	55,893
Escrow deposits – mortgage	64,935	56,946
Other assets	398,883	428,899
Total assets	20,704,148	23,110,196
Liabilities:
Mortgage notes payable	4,119,181	4,685,134
Notes, net	4,848,079	5,848,956
Line of credit and commercial paper	19,998	387,276
Accounts payable and accrued expenses	147,482	187,124
Accrued interest payable	60,946	85,221
Other liabilities	350,466	366,387
Security deposits	62,624	77,582
Distributions payable	192,296	209,378
Total liabilities	9,801,072	11,847,058
Commitments and contingencies
Redeemable Limited Partners	442,092	566,783
Partners' Capital:
Preference Units	37,280	37,280
General Partner	10,305,707	10,585,104
Limited Partners	221,297	221,379
Accumulated other comprehensive (loss)	(113,909)	(152,016)
Total partners' capital	10,450,375	10,691,747
Partially Owned Properties	10,609	4,608
Total capital	10,460,984	10,696,355
Total liabilities and equity/capital	$ 20,704,148	$ 23,110,196

XML

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
REVENUES
Rental income	$ 2,422,233	$ 2,736,578	$ 2,605,311
Fee and asset management	3,567	8,387	9,437
Total revenues	2,425,800	2,744,965	2,614,748
EXPENSES
Property and maintenance	406,823	479,160	473,098
Real estate taxes and insurance	317,387	339,802	325,401
Property management	82,015	86,206	85,065
General and administrative	57,840	64,664	50,679
Depreciation	705,649	765,895	758,861
Total expenses	1,569,714	1,735,727	1,693,104
Operating income	856,086	1,009,238	921,644
Interest and other income	65,773	7,372	4,462
Other expenses	(10,368)	(2,942)	(9,073)
Interest:
Expense incurred, net	(482,246)	(444,487)	(457,460)
Amortization of deferred financing costs	(12,633)	(10,801)	(11,088)
Income before income and other taxes, income (loss) from investments in unconsolidated entities, net gain (loss) on sales of real estate properties and land parcels and discontinued operations	416,612	558,380	448,485
Income and other tax (expense) benefit	(1,613)	(917)	(1,394)
Income (loss) from investments in unconsolidated entities	4,801	15,025	(7,952)
Net gain on sales of real estate properties	4,044,055	335,134	212,685
Net gain (loss) on sales of land parcels	15,731	(1)	5,277
Income from continuing operations	4,479,586	907,621	657,101
Discontinued operations, net	518	397	1,582
Net income	4,480,104	908,018	658,683
Net (income) attributable to Noncontrolling Interests:
Operating Partnership	(171,511)	(34,241)	(24,831)
Partially Owned Properties	(16,430)	(3,657)	(2,544)
Net income attributable to controlling interests	4,292,163	870,120	631,308
Preferred distributions	(3,091)	(3,357)	(4,145)
Premium on redemption of Preferred Shares	0	(3,486)	0
Net income available to Common Shares	$ 4,289,072	$ 863,277	$ 627,163
Earnings per share – basic:
Income from continuing operations available to Common Shares	$ 11.75	$ 2.37	$ 1.73
Net income available to Common Shares	$ 11.75	$ 2.37	$ 1.74
Weighted average Common Shares outstanding	365,002	363,498	361,181
Earnings per share – diluted:
Income from continuing operations available to Common Shares	$ 11.68	$ 2.36	$ 1.72
Net income available to Common Shares	$ 11.68	$ 2.36	$ 1.73
Weighted average Common Shares outstanding	381,992	380,620	377,735
Distributions declared per Common Share outstanding	$ 13.015	$ 2.210	$ 2.000

XML

CONSOLIDATED STATEMENTS OF OPERATIONS OF ERP OPERATING LIMITED PARTNERSHIP - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
REVENUES
Rental income	$ 2,422,233	$ 2,736,578	$ 2,605,311
Fee and asset management	3,567	8,387	9,437
Total revenues	2,425,800	2,744,965	2,614,748
EXPENSES
Property and maintenance	406,823	479,160	473,098
Real estate taxes and insurance	317,387	339,802	325,401
Property management	82,015	86,206	85,065
General and administrative	57,840	64,664	50,679
Depreciation	705,649	765,895	758,861
Total expenses	1,569,714	1,735,727	1,693,104
Operating income	856,086	1,009,238	921,644
Interest and other income	65,773	7,372	4,462
Other expenses	(10,368)	(2,942)	(9,073)
Interest:
Expense incurred, net	(482,246)	(444,487)	(457,460)
Amortization of deferred financing costs	(12,633)	(10,801)	(11,088)
Income before income and other taxes, income (loss) from investments in unconsolidated entities, net gain (loss) on sales of real estate properties and land parcels and discontinued operations	416,612	558,380	448,485
Income and other tax (expense) benefit	(1,613)	(917)	(1,394)
Income (loss) from investments in unconsolidated entities	4,801	15,025	(7,952)
Net gain on sales of real estate properties	4,044,055	335,134	212,685
Net gain (loss) on sales of land parcels	15,731	(1)	5,277
Income from continuing operations	4,479,586	907,621	657,101
Discontinued operations, net	518	397	1,582
Net income	4,480,104	908,018	658,683
Net (income) attributable to Noncontrolling Interests – Partially Owned Properties	(16,430)	(3,657)	(2,544)
Net income attributable to controlling interests	4,292,163	870,120	631,308
ALLOCATION OF NET INCOME:
Premium on redemption of Preference Units	$ 0	$ (3,486)	$ 0
Earnings per Unit – basic:
Income from continuing operations available to Units	$ 11.75	$ 2.37	$ 1.73
Net income available to Units	11.75	2.37	1.74
Earnings per Unit – diluted:
Income from continuing operations available to Units	11.68	2.36	1.72
Net income available to Units	$ 11.68	$ 2.36	$ 1.73
Weighted average Units outstanding	381,992	380,620	377,735
ERPOP [Member]
REVENUES
Rental income	$ 2,422,233	$ 2,736,578	$ 2,605,311
Fee and asset management	3,567	8,387	9,437
Total revenues	2,425,800	2,744,965	2,614,748
EXPENSES
Property and maintenance	406,823	479,160	473,098
Real estate taxes and insurance	317,387	339,802	325,401
Property management	82,015	86,206	85,065
General and administrative	57,840	64,664	50,679
Depreciation	705,649	765,895	758,861
Total expenses	1,569,714	1,735,727	1,693,104
Operating income	856,086	1,009,238	921,644
Interest and other income	65,773	7,372	4,462
Other expenses	(10,368)	(2,942)	(9,073)
Interest:
Expense incurred, net	(482,246)	(444,487)	(457,460)
Amortization of deferred financing costs	(12,633)	(10,801)	(11,088)
Income before income and other taxes, income (loss) from investments in unconsolidated entities, net gain (loss) on sales of real estate properties and land parcels and discontinued operations	416,612	558,380	448,485
Income and other tax (expense) benefit	(1,613)	(917)	(1,394)
Income (loss) from investments in unconsolidated entities	4,801	15,025	(7,952)
Net gain on sales of real estate properties	4,044,055	335,134	212,685
Net gain (loss) on sales of land parcels	15,731	(1)	5,277
Income from continuing operations	4,479,586	907,621	657,101
Discontinued operations, net	518	397	1,582
Net income	4,480,104	908,018	658,683
Net (income) attributable to Noncontrolling Interests – Partially Owned Properties	(16,430)	(3,657)	(2,544)
Net income attributable to controlling interests	4,463,674	904,361	656,139
ALLOCATION OF NET INCOME:
Preference Units	3,091	3,357	4,145
Premium on redemption of Preference Units	0	3,486	0
General Partner	4,289,072	863,277	627,163
Limited Partners	171,511	34,241	24,831
Net income available to Units	$ 4,460,583	$ 897,518	$ 651,994
Earnings per Unit – basic:
Income from continuing operations available to Units	$ 11.75	$ 2.37	$ 1.73
Net income available to Units	$ 11.75	$ 2.37	$ 1.74
Weighted average Units outstanding	378,829	377,074	374,899
Earnings per Unit – diluted:
Income from continuing operations available to Units	$ 11.68	$ 2.36	$ 1.72
Net income available to Units	$ 11.68	$ 2.36	$ 1.73
Weighted average Units outstanding	381,992	380,620	377,735
Distributions declared per Unit outstanding	$ 13.015	$ 2.21	$ 2.00

XML

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Comprehensive income:
Net income	$ 4,480,104	$ 908,018	$ 658,683
Other comprehensive income (loss) – derivative instruments:
Unrealized holding (losses) gains arising during the year	(3,915)	2,219	(33,306)
Losses reclassified into earnings from other comprehensive income	41,758	18,244	16,868
Other comprehensive income (loss) – foreign currency:
Currency translation adjustments arising during the year	264	(327)	(552)
Other comprehensive income (loss)	38,107	20,136	(16,990)
Comprehensive income	4,518,211	928,154	641,693
Comprehensive (income) attributable to Noncontrolling Interests	(189,411)	(38,668)	(26,728)
Comprehensive income attributable to controlling interests	$ 4,328,800	$ 889,486	$ 614,965

XML

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME OF ERP OPERATING LIMITED PARTNERSHIP - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Net income	$ 4,480,104	$ 908,018	$ 658,683
Other comprehensive income (loss) – derivative instruments:
Unrealized holding (losses) gains arising during the year	(3,915)	2,219	(33,306)
Losses reclassified into earnings from other comprehensive income	41,758	18,244	16,868
Other comprehensive income (loss) – foreign currency:
Currency translation adjustments arising during the year	264	(327)	(552)
Other comprehensive income (loss)	38,107	20,136	(16,990)
Comprehensive income	4,518,211	928,154	641,693
Comprehensive (income) attributable to Noncontrolling Interests	(189,411)	(38,668)	(26,728)
Comprehensive income attributable to controlling interests	4,328,800	889,486	614,965
ERPOP [Member]
Net income	4,480,104	908,018	658,683
Other comprehensive income (loss) – derivative instruments:
Unrealized holding (losses) gains arising during the year	(3,915)	2,219	(33,306)
Losses reclassified into earnings from other comprehensive income	41,758	18,244	16,868
Other comprehensive income (loss) – foreign currency:
Currency translation adjustments arising during the year	264	(327)	(552)
Other comprehensive income (loss)	38,107	20,136	(16,990)
Comprehensive income	4,518,211	928,154	641,693
Comprehensive (income) attributable to Noncontrolling Interests	(16,430)	(3,657)	(2,544)
Comprehensive income attributable to controlling interests	$ 4,501,781	$ 924,497	$ 639,149

XML

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 4,480,104	$ 908,018	$ 658,683
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	705,649	765,895	758,861
Amortization of deferred financing costs	12,633	10,801	11,088
Amortization of above/below market leases	3,426	3,382	3,222
Amortization of discounts and premiums on debt	(17,378)	(9,492)	(13,520)
Amortization of deferred settlements on derivative instruments	41,680	18,075	16,334
Write-off of pursuit costs	4,092	3,208	3,607
(Income) loss from investments in unconsolidated entities	(4,801)	(15,025)	7,952
Distributions from unconsolidated entities – return on capital	2,863	4,741	5,570
Net (gain) on sales of investment securities and other investments	(58,409)	(526)	(57)
Net (gain) on sales of real estate properties	(4,044,055)	(335,134)	(212,685)
Net (gain) loss on sales of land parcels	(15,731)	1	(5,277)
Net (gain) on sales of discontinued operations	(43)	0	(179)
Realized/unrealized loss (gain) on derivative instruments	74	3,055	(60)
Compensation paid with Company Common Shares	30,530	34,607	27,543
Changes in assets and liabilities:
Decrease (increase) in deposits – restricted	11,450	(1,794)	(1,740)
(Increase) decrease in mortgage deposits	(26)	258	1,452
Decrease (increase) in other assets	31,147	(41,803)	21,773
(Decrease) increase in accounts payable and accrued expenses	(6,061)	(1,667)	17,797
(Decrease) increase in accrued interest payable	(24,275)	(4,319)	11,231
(Decrease) increase in other liabilities	(26,422)	12,269	8,437
(Decrease) increase in security deposits	(14,958)	1,949	4,041
Net cash provided by operating activities	1,111,489	1,356,499	1,324,073
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in real estate – acquisitions	(205,880)	(331,336)	(469,989)
Investment in real estate – development/other	(566,825)	(653,897)	(530,387)
Capital expenditures to real estate	(172,177)	(182,113)	(185,957)
Non-real estate capital additions	(5,731)	(3,991)	(5,286)
Interest capitalized for real estate and unconsolidated entities under development	(51,451)	(59,885)	(52,782)
Proceeds from disposition of real estate, net	6,824,659	504,748	522,647
Investments in unconsolidated entities	(5,266)	(23,019)	(15,768)
Distributions from unconsolidated entities – return of capital	13,798	51,144	103,793
Proceeds from sale of investment securities and other investments	72,815	2,535	57
(Increase) decrease in deposits on real estate acquisitions and investments, net	(32,503)	17,874	33,004
Decrease (increase) in mortgage deposits	534	(531)	798
Consolidation of previously unconsolidated properties	0	0	(44,796)
Net cash provided by (used for) investing activities	5,871,973	(678,471)	(644,666)
CASH FLOWS FROM FINANCING ACTIVITIES:
Debt financing costs	(13,305)	(6,425)	(10,982)
Mortgage deposits	(8,497)	(8,588)	(7,699)
Mortgage notes payable:
Lump sum payoffs	(583,122)	(359,244)	(88,788)
Scheduled principal repayments	(8,544)	(9,275)	(11,869)
Notes, net:
Proceeds	496,705	746,391	1,194,277
Lump sum payoffs	(1,500,000)	(300,000)	(1,250,000)
Line of credit and commercial paper:
Line of credit proceeds	426,000	3,770,000	7,167,000
Line of credit repayments	(426,000)	(4,103,000)	(6,949,000)
Commercial paper proceeds	1,759,586	3,931,227	0
Commercial paper repayments	(2,127,472)	(3,545,028)	0
(Payments on) settlement of derivative instruments	(4,662)	(13,938)	(758)
Proceeds from Employee Share Purchase Plan (ESPP)	3,686	4,404	3,392
Proceeds from exercise of options	35,833	59,508	82,573
Common Shares repurchased and retired	0	0	(1,777)
Redemption of Preferred Shares	0	(12,720)	0
Premium on redemption of Preferred Shares	0	(3,486)	0
Payment of offering costs	(314)	(79)	(41)
Other financing activities, net	(49)	(49)	(49)
Acquisition of Noncontrolling Interests – Partially Owned Properties	0	0	(5,501)
Contributions – Noncontrolling Interests – Partially Owned Properties	0	0	5,684
Contributions – Noncontrolling Interests – Operating Partnership	1	3	3
Distributions:
Common Shares	(4,771,725)	(784,748)	(776,659)
Preferred Shares	(2,318)	(3,357)	(4,145)
Noncontrolling Interests – Operating Partnership	(188,115)	(30,869)	(30,744)
Noncontrolling Interests – Partially Owned Properties	(36,219)	(6,559)	(7,778)
Net cash (used for) financing activities	(6,948,531)	(675,832)	(692,861)
Net increase (decrease) in cash and cash equivalents	34,931	2,196	(13,454)
Cash and cash equivalents, beginning of year	42,276	40,080	53,534
Cash and cash equivalents, end of year	77,207	42,276	40,080
SUPPLEMENTAL INFORMATION:
Cash paid for interest, net of amounts capitalized	482,152	436,748	443,125
Net cash paid for income and other taxes	1,494	1,264	1,517
Real estate acquisitions/dispositions/other:
Mortgage loans assumed	43,400	0	28,910
Amortization of deferred financing costs:
Other assets	3,366	3,054	3,054
Mortgage notes payable, net	3,978	3,589	3,075
Notes, net	5,289	4,158	4,959
Amortization of discounts and premiums on debt:
Mortgage notes payable	(21,158)	(13,126)	(15,904)
Notes, net	3,172	2,557	2,384
Line of credit and commercial paper	608	1,077	0
Amortization of deferred settlements on derivative instruments:
Other liabilities	(78)	(169)	(534)
Accumulated other comprehensive income	41,758	18,244	16,868
Write-off of pursuit costs [Abstract]
Investment in real estate, net	3,586	2,804	2,541
Deposits – restricted	0	330	0
Other assets	402	74	1,066
Accounts payable and accrued expenses	104	0	0
(Income) loss from investments in unconsolidated entities:
Investments in unconsolidated entities	(6,327)	(17,340)	4,610
Other liabilities	1,526	2,315	3,342
Distributions from unconsolidated entities return on capital:
Investments in unconsolidated entities	2,863	4,606	5,360
Other liabilities	0	135	210
Realized/unrealized loss (gain) on derivative instruments:
Other assets	1,798	(3,573)	10,160
Notes, net	(1,798)	2,058	1,597
Other liabilities	3,989	2,351	21,489
Accumulated other comprehensive income	(3,915)	2,219	(33,306)
Interest capitalized for real estate and unconsolidated entities under development:
Investment in real estate, net	(51,451)	(59,885)	(52,717)
Investments in unconsolidated entities	0	0	(65)
Investments in unconsolidated entities:
Investments in unconsolidated entities	(2,326)	(1,404)	(6,318)
Other liabilities	(2,940)	(21,615)	(9,450)
Distributions from unconsolidated entities - return of capital:
Investments in unconsolidated entities	14,014	51,144	103,793
Other assets	(216)	0	0
Consolidation of previously unconsolidated properties:
Investment in real estate, net	205,880	331,336	469,989
Investments in unconsolidated entities	(5,266)	(23,019)	(15,768)
Accounts payable and accrued expenses	(6,061)	(1,667)	17,797
Debt financing costs:
Other assets	(8,553)	0	0
Mortgage notes payable, net	(507)	(35)	(448)
Notes, net	(4,245)	(6,390)	(10,534)
(Payments on) settlement of derivative instruments:
Other assets	0	1,848	6,623
Other liabilities	(4,662)	(15,786)	(7,381)
Other:
Foreign currency translation adjustments	(264)	327	552
Partially Owned Properties – Unconsolidated
Changes in assets and liabilities:
(Decrease) increase in accounts payable and accrued expenses	0	0	1,987
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in real estate – acquisitions	0	0	64,319
Investments in unconsolidated entities	0	0	(847)
Consolidation of previously unconsolidated properties:
Investment in real estate, net	0	0	(64,319)
Investments in unconsolidated entities	0	0	(847)
Accounts payable and accrued expenses	0	0	1,987
Other Liabilities	$ 0	$ 0	$ 18,383

XML

CONSOLIDATED STATEMENTS OF CASH FLOWS OF ERP OPERATING LIMITED PARTNERSHIP - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 4,480,104	$ 908,018	$ 658,683
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	705,649	765,895	758,861
Amortization of deferred financing costs	12,633	10,801	11,088
Amortization of above/below market leases	3,426	3,382	3,222
Amortization of discounts and premiums on debt	(17,378)	(9,492)	(13,520)
Amortization of deferred settlements on derivative instruments	41,680	18,075	16,334
Write-off of pursuit costs	4,092	3,208	3,607
(Income) loss from investments in unconsolidated entities	(4,801)	(15,025)	7,952
Distributions from unconsolidated entities – return on capital	2,863	4,741	5,570
Net (gain) on sales of investment securities and other investments	(58,409)	(526)	(57)
Net (gain) on sales of real estate properties	(4,044,055)	(335,134)	(212,685)
Net (gain) loss on sales of land parcels	(15,731)	1	(5,277)
Net (gain) on sales of discontinued operations	(43)	0	(179)
Realized/unrealized loss (gain) on derivative instruments	74	3,055	(60)
Compensation paid with Company Common Shares	30,530	34,607	27,543
Changes in assets and liabilities:
Decrease (increase) in deposits – restricted	11,450	(1,794)	(1,740)
(Increase) decrease in mortgage deposits	(26)	258	1,452
Decrease (increase) in other assets	31,147	(41,803)	21,773
(Decrease) increase in accounts payable and accrued expenses	(6,061)	(1,667)	17,797
(Decrease) increase in accrued interest payable	(24,275)	(4,319)	11,231
(Decrease) increase in other liabilities	(26,422)	12,269	8,437
Increase (decrease) in security deposits	(14,958)	1,949	4,041
Net cash provided by operating activities	1,111,489	1,356,499	1,324,073
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in real estate – acquisitions	(205,880)	(331,336)	(469,989)
Investment in real estate – development/other	(566,825)	(653,897)	(530,387)
Capital expenditures to real estate	(172,177)	(182,113)	(185,957)
Non-real estate capital additions	(5,731)	(3,991)	(5,286)
Interest capitalized for real estate and unconsolidated entities under development	(51,451)	(59,885)	(52,782)
Proceeds from disposition of real estate, net	6,824,659	504,748	522,647
Investments in unconsolidated entities	(5,266)	(23,019)	(15,768)
Distributions from unconsolidated entities – return of capital	13,798	51,144	103,793
Proceeds from sale of investment securities	72,815	2,535	57
(Increase) decrease in deposits on real estate acquisitions and investments, net	(32,503)	17,874	33,004
Decrease (increase) in mortgage deposits	534	(531)	798
Consolidation of previously unconsolidated properties	0	0	(44,796)
Net cash provided by (used for) investing activities	5,871,973	(678,471)	(644,666)
CASH FLOWS FROM FINANCING ACTIVITIES:
Debt financing costs	(13,305)	(6,425)	(10,982)
Mortgage deposits	(8,497)	(8,588)	(7,699)
Mortgage notes payable:
Lump sum payoffs	(583,122)	(359,244)	(88,788)
Scheduled principal repayments	(8,544)	(9,275)	(11,869)
Notes, net:
Proceeds	496,705	746,391	1,194,277
Lump sum payoffs	(1,500,000)	(300,000)	(1,250,000)
Line of credit and commercial paper:
Line of credit proceeds	426,000	3,770,000	7,167,000
Line of credit repayments	(426,000)	(4,103,000)	(6,949,000)
Commercial paper proceeds	1,759,586	3,931,227	0
Commercial paper repayments	(2,127,472)	(3,545,028)	0
(Payments on) settlement of derivative instruments	(4,662)	(13,938)	(758)
Proceeds from EQR's Employee Share Purchase Plan (ESPP)	3,686	4,404	3,392
Proceeds from exercise of EQR options	35,833	59,508	82,573
OP units repurchased and retired	0	0	(1,777)
Redemption of Preference Units	0	12,720	0
Premium on redemption of Preference Units	0	3,486	0
Payment of offering costs	(314)	(79)	(41)
Other financing activities, net	(49)	(49)	(49)
Acquisition of Noncontrolling Interests – Partially Owned Properties	0	0	(5,501)
Contributions – Noncontrolling Interests – Partially Owned Properties	0	0	5,684
Contributions - Limited Partners	1	3	3
Distributions:
OP Units – General Partner	(4,771,725)	(784,748)	(776,659)
Preference Units	(2,318)	(3,357)	(4,145)
OP Units – Limited Partners	(188,115)	(30,869)	(30,744)
Noncontrolling Interests – Partially Owned Properties	(36,219)	(6,559)	(7,778)
Net cash (used for) financing activities	(6,948,531)	(675,832)	(692,861)
Net increase (decrease) in cash and cash equivalents	34,931	2,196	(13,454)
Cash and cash equivalents, beginning of year	42,276	40,080	53,534
Cash and cash equivalents, end of year	77,207	42,276	40,080
SUPPLEMENTAL INFORMATION:
Cash paid for interest, net of amounts capitalized	482,152	436,748	443,125
Net cash paid for income and other taxes	1,494	1,264	1,517
Real estate acquisitions/dispositions/other:
Mortgage loans assumed	43,400	0	28,910
Amortization of deferred financing costs:
Other assets	3,366	3,054	3,054
Mortgage notes payable, net	3,978	3,589	3,075
Notes, net	5,289	4,158	4,959
Amortization of discounts and premiums on debt:
Mortgage notes payable	(21,158)	(13,126)	(15,904)
Notes, net	3,172	2,557	2,384
Line of credit and commercial paper	608	1,077	0
Amortization of deferred settlements on derivative instruments:
Other liabilities	(78)	(169)	(534)
Accumulated other comprehensive income	41,758	18,244	16,868
Write-off of pursuit costs [Abstract]
Investment in real estate, net	3,586	2,804	2,541
Deposits – restricted	0	330	0
Other assets	402	74	1,066
Accounts payable and accrued expenses	104	0	0
(Income) loss from investments in unconsolidated entities:
Investments in unconsolidated entities	(6,327)	(17,340)	4,610
Other liabilities	1,526	2,315	3,342
Distributions from unconsolidated entities return on capital:
Investments in unconsolidated entities	2,863	4,606	5,360
Other liabilities	0	135	210
Realized/unrealized loss (gain) on derivative instruments:
Other assets	1,798	(3,573)	10,160
Notes, net	(1,798)	2,058	1,597
Other liabilities	3,989	2,351	21,489
Accumulated other comprehensive income	(3,915)	2,219	(33,306)
Interest capitalized for real estate and unconsolidated entities under development:
Investment in real estate, net	(51,451)	(59,885)	(52,717)
Investments in unconsolidated entities	0	0	(65)
Investments in unconsolidated entities:
Investments in unconsolidated entities	(2,326)	(1,404)	(6,318)
Other liabilities	(2,940)	(21,615)	(9,450)
Distributions from unconsolidated entities - return of capital:
Investments in unconsolidated entities	14,014	51,144	103,793
Other assets	(216)	0	0
Consolidation of previously unconsolidated properties:
Investment in real estate, net	205,880	331,336	469,989
Investments in unconsolidated entities	(5,266)	(23,019)	(15,768)
Accounts payable and accrued expenses	(6,061)	(1,667)	17,797
Debt financing costs:
Other assets	(8,553)	0	0
Mortgage notes payable, net	(507)	(35)	(448)
Notes, net	(4,245)	(6,390)	(10,534)
(Payments on) settlement of derivative instruments:
Other assets	0	1,848	6,623
Other liabilities	(4,662)	(15,786)	(7,381)
Other:
Foreign currency translation adjustments	(264)	327	552
Partially Owned Properties – Unconsolidated
Changes in assets and liabilities:
(Decrease) increase in accounts payable and accrued expenses	0	0	1,987
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in real estate – acquisitions	0	0	64,319
Investments in unconsolidated entities	0	0	(847)
Consolidation of previously unconsolidated properties:
Investment in real estate, net	0	0	(64,319)
Investments in unconsolidated entities	0	0	(847)
Accounts payable and accrued expenses	0	0	1,987
Other Liabilities	0	0	18,383
ERPOP [Member]
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	4,480,104	908,018	658,683
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	705,649	765,895	758,861
Amortization of deferred financing costs	12,633	10,801	11,088
Amortization of above/below market leases	3,426	3,382	3,222
Amortization of discounts and premiums on debt	(17,378)	(9,492)	(13,520)
Amortization of deferred settlements on derivative instruments	41,680	18,075	16,334
Write-off of pursuit costs	4,092	3,208	3,607
(Income) loss from investments in unconsolidated entities	(4,801)	(15,025)	7,952
Distributions from unconsolidated entities – return on capital	2,863	4,741	5,570
Net (gain) on sales of investment securities and other investments	(58,409)	(526)	(57)
Net (gain) on sales of real estate properties	(4,044,055)	(335,134)	(212,685)
Net (gain) loss on sales of land parcels	(15,731)	1	(5,277)
Net (gain) on sales of discontinued operations	(43)	0	(179)
Realized/unrealized loss (gain) on derivative instruments	74	3,055	(60)
Compensation paid with Company Common Shares	30,530	34,607	27,543
Changes in assets and liabilities:
Decrease (increase) in deposits – restricted	11,450	(1,794)	(1,740)
(Increase) decrease in mortgage deposits	(26)	258	1,452
Decrease (increase) in other assets	31,147	(41,803)	21,773
(Decrease) increase in accounts payable and accrued expenses	(6,061)	(1,667)	17,797
(Decrease) increase in accrued interest payable	(24,275)	(4,319)	11,231
(Decrease) increase in other liabilities	(26,422)	12,269	8,437
Increase (decrease) in security deposits	(14,958)	1,949	4,041
Net cash provided by operating activities	1,111,489	1,356,499	1,324,073
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in real estate – acquisitions	(205,880)	(331,336)	(469,989)
Investment in real estate – development/other	(566,825)	(653,897)	(530,387)
Capital expenditures to real estate	(172,177)	(182,113)	(185,957)
Non-real estate capital additions	(5,731)	(3,991)	(5,286)
Interest capitalized for real estate and unconsolidated entities under development	(51,451)	(59,885)	(52,782)
Proceeds from disposition of real estate, net	6,824,659	504,748	522,647
Investments in unconsolidated entities	(5,266)	(23,019)	(15,768)
Distributions from unconsolidated entities – return of capital	13,798	51,144	103,793
Proceeds from sale of investment securities	72,815	2,535	57
(Increase) decrease in deposits on real estate acquisitions and investments, net	(32,503)	17,874	33,004
Decrease (increase) in mortgage deposits	534	(531)	798
Consolidation of previously unconsolidated properties	0	0	(44,796)
Net cash provided by (used for) investing activities	5,871,973	(678,471)	(644,666)
CASH FLOWS FROM FINANCING ACTIVITIES:
Debt financing costs	(13,305)	(6,425)	(10,982)
Mortgage deposits	(8,497)	(8,588)	(7,699)
Mortgage notes payable:
Lump sum payoffs	(583,122)	(359,244)	(88,788)
Scheduled principal repayments	(8,544)	(9,275)	(11,869)
Notes, net:
Proceeds	496,705	746,391	1,194,277
Lump sum payoffs	(1,500,000)	(300,000)	(1,250,000)
Line of credit and commercial paper:
Line of credit proceeds	426,000	3,770,000	7,167,000
Line of credit repayments	(426,000)	(4,103,000)	(6,949,000)
Commercial paper proceeds	1,759,586	3,931,227	0
Commercial paper repayments	(2,127,472)	(3,545,028)	0
(Payments on) settlement of derivative instruments	(4,662)	(13,938)	(758)
Proceeds from EQR's Employee Share Purchase Plan (ESPP)	3,686	4,404	3,392
Proceeds from exercise of EQR options	35,833	59,508	82,573
OP units repurchased and retired	0	0	(1,777)
Redemption of Preference Units	0	12,720	0
Premium on redemption of Preference Units	0	3,486	0
Payment of offering costs	(314)	(79)	(41)
Other financing activities, net	(49)	(49)	(49)
Acquisition of Noncontrolling Interests – Partially Owned Properties	0	0	(5,501)
Contributions – Noncontrolling Interests – Partially Owned Properties	0	0	5,684
Contributions - Limited Partners	1	3	3
Distributions:
OP Units – General Partner	(4,771,725)	(784,748)	(776,659)
Preference Units	(2,318)	(3,357)	(4,145)
OP Units – Limited Partners	(188,115)	(30,869)	(30,744)
Noncontrolling Interests – Partially Owned Properties	(36,219)	(6,559)	(7,778)
Net cash (used for) financing activities	(6,948,531)	(675,832)	(692,861)
Net increase (decrease) in cash and cash equivalents	34,931	2,196	(13,454)
Cash and cash equivalents, beginning of year	42,276	40,080	53,534
Cash and cash equivalents, end of year	77,207	42,276	40,080
SUPPLEMENTAL INFORMATION:
Cash paid for interest, net of amounts capitalized	482,152	436,748	443,125
Net cash paid for income and other taxes	1,494	1,264	1,517
Real estate acquisitions/dispositions/other:
Mortgage loans assumed	43,400	0	28,910
Amortization of deferred financing costs:
Other assets	3,366	3,054	3,054
Mortgage notes payable, net	3,978	3,589	3,075
Notes, net	5,289	4,158	4,959
Amortization of discounts and premiums on debt:
Mortgage notes payable	(21,158)	(13,126)	(15,904)
Notes, net	3,172	2,557	2,384
Line of credit and commercial paper	608	1,077	0
Amortization of deferred settlements on derivative instruments:
Other liabilities	(78)	(169)	(534)
Accumulated other comprehensive income	41,758	18,244	16,868
Write-off of pursuit costs [Abstract]
Investment in real estate, net	3,586	2,804	2,541
Deposits – restricted	0	330	0
Other assets	402	74	1,066
Accounts payable and accrued expenses	104	0	0
(Income) loss from investments in unconsolidated entities:
Investments in unconsolidated entities	(6,327)	(17,340)	4,610
Other liabilities	1,526	2,315	3,342
Distributions from unconsolidated entities return on capital:
Investments in unconsolidated entities	2,863	4,606	5,360
Other liabilities	0	135	210
Realized/unrealized loss (gain) on derivative instruments:
Other assets	1,798	(3,573)	10,160
Notes, net	(1,798)	2,058	1,597
Other liabilities	3,989	2,351	21,489
Accumulated other comprehensive income	(3,915)	2,219	(33,306)
Interest capitalized for real estate and unconsolidated entities under development:
Investment in real estate, net	(51,451)	(59,885)	(52,717)
Investments in unconsolidated entities	0	0	(65)
Investments in unconsolidated entities:
Investments in unconsolidated entities	(2,326)	(1,404)	(6,318)
Other liabilities	(2,940)	(21,615)	(9,450)
Distributions from unconsolidated entities - return of capital:
Investments in unconsolidated entities	14,014	51,144	103,793
Other assets	(216)	0	0
Consolidation of previously unconsolidated properties:
Investment in real estate, net	205,880	331,336	469,989
Investments in unconsolidated entities	(5,266)	(23,019)	(15,768)
Accounts payable and accrued expenses	(6,061)	(1,667)	17,797
Debt financing costs:
Other assets	(8,553)	0	0
Mortgage notes payable, net	(507)	(35)	(448)
Notes, net	(4,245)	(6,390)	(10,534)
(Payments on) settlement of derivative instruments:
Other assets	0	1,848	6,623
Other liabilities	(4,662)	(15,786)	(7,381)
Other:
Foreign currency translation adjustments	(264)	327	552
ERPOP [Member] | Partially Owned Properties – Unconsolidated
Changes in assets and liabilities:
(Decrease) increase in accounts payable and accrued expenses	0	0	1,987
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in real estate – acquisitions	0	0	64,319
Investments in unconsolidated entities	0	0	(847)
Consolidation of previously unconsolidated properties:
Investment in real estate, net	0	0	(64,319)
Investments in unconsolidated entities	0	0	(847)
Accounts payable and accrued expenses	0	0	1,987
Other Liabilities	$ 0	$ 0	$ 18,383

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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Series K Preferred Stock [Member]	PREFERRED SHARES	COMMON SHARES, $0.01 PAR VALUE	PAID IN CAPITAL	RETAINED EARNINGS	ACCUMULATED OTHER COMPREHENSIVE (LOSS)	OPERATING PARTNERSHIP	Partially Owned [Domain]
Balance, beginning of year at Dec. 31, 2013			$ 50,000	$ 3,605	$ 8,561,500	$ 2,047,258	$ (155,162)
Balance, beginning of year at Dec. 31, 2013								$ 211,412	$ 126,583
PREFERRED SHARES
Partial redemption of 8.29% Series K Cumulative Redeemable			0
Preferred Stock Preference Units Dividend Rate Percentage		8.29%
COMMON SHARES, $0.01 PAR VALUE
Conversion of OP Units into Common Shares				1	2,364			(2,365)
Exercise of share options				21	82,552
Employee Share Purchase Plan (ESPP)				0	3,392
Restricted shares				2	9,902
PAID IN CAPITAL
Conversion of OP Units into Common Shares				1	2,364			(2,365)
Exercise of share options				21	82,552
Employee Share Purchase Plan (ESPP)				0	3,392
Conversion of restricted shares to restricted units					0			0
Share-based employee compensation expense:
Restricted shares				2	9,902
Share options					7,349
ESPP discount					859
Common Shares repurchsed and retired					(1,777)
Offering costs					(41)
Supplemental Executive Retirement Plan (SERP)					7,374
Acquisition of Noncontrolling Interests – Partially Owned Properties					(2,308)				(2,244)
Change in market value of Redeemable Noncontrolling Interests – Operating Partnership	$ 139,818				(139,818)
Adjustment for Noncontrolling Interests ownership in Operating Partnership					4,992			(4,992)
RETAINED EARNINGS
Net income attributable to controlling interests	631,308					631,308
Common Share distributions						(723,782)
Preferred Share distributions						(4,145)
Premium on redemption of Preferred Shares – cash charge						0
Accumulated other comprehensive income (loss) – derivative instruments:
Unrealized holding (losses) gains arising during the year	(33,306)						(33,306)
Losses reclassified into earnings from other comprehensive income	(16,868)						16,868
Accumulated other comprehensive income (loss) – foreign currency:
Currency translation adjustments arising during the year	(552)						(552)
OPERATING PARTNERSHIP
Issuance of restricted units to Noncontrolling Interests								3
Conversion of OP Units into Common Shares				1	2,364			(2,365)
Conversion of restricted shares to restricted units					0			0
Equity compensation associated with Noncontrolling Interests								11,969
Net income attributable to Noncontrolling Interests	658,683							24,831	2,544
Distributions to Noncontrolling Interests								(28,676)	(7,827)
Change in carrying value of Redeemable Noncontrolling Interests – Operating Partnership	(2,229)							2,229
Adjustment for Noncontrolling Interests ownership in Operating Partnership					4,992			(4,992)
PARTIALLY OWNED PROPERTIES
Net income attributable to Noncontrolling Interests	658,683							24,831	2,544
Contributions – Noncontrolling Interests – Partially Owned Properties	5,684								5,684
Distributions to Noncontrolling Interests								(28,676)	(7,827)
Acquisition of Noncontrolling Interests – Partially Owned Properties					(2,308)				(2,244)
Deconsolidation of previously consolidated Noncontrolling Interests									0
Other									169
Balance, end of year at Dec. 31, 2014			50,000	3,629	8,536,340	1,950,639	(172,152)
Balance, end of year at Dec. 31, 2014								214,411	124,909
PREFERRED SHARES
Partial redemption of 8.29% Series K Cumulative Redeemable			(12,720)
Preferred Stock Preference Units Dividend Rate Percentage		8.29%
COMMON SHARES, $0.01 PAR VALUE
Conversion of OP Units into Common Shares				2	4,964			(4,966)
Exercise of share options				14	59,494
Employee Share Purchase Plan (ESPP)				1	4,403
Restricted shares				2	15,064
PAID IN CAPITAL
Conversion of OP Units into Common Shares				2	4,964			(4,966)
Exercise of share options				14	59,494
Employee Share Purchase Plan (ESPP)				1	4,403
Conversion of restricted shares to restricted units					(70)			70
Share-based employee compensation expense:
Restricted shares				2	15,064
Share options					3,756
ESPP discount					884
Common Shares repurchsed and retired					0
Offering costs					(79)
Supplemental Executive Retirement Plan (SERP)					1,380
Acquisition of Noncontrolling Interests – Partially Owned Properties					0				0
Change in market value of Redeemable Noncontrolling Interests – Operating Partnership	64,378				(64,378)
Adjustment for Noncontrolling Interests ownership in Operating Partnership					10,607			(10,607)
RETAINED EARNINGS
Net income attributable to controlling interests	870,120					870,120
Common Share distributions						(804,825)
Preferred Share distributions						(3,357)
Premium on redemption of Preferred Shares – cash charge						(3,486)
Accumulated other comprehensive income (loss) – derivative instruments:
Unrealized holding (losses) gains arising during the year	2,219						2,219
Losses reclassified into earnings from other comprehensive income	(18,244)						18,244
Accumulated other comprehensive income (loss) – foreign currency:
Currency translation adjustments arising during the year	(327)						(327)
OPERATING PARTNERSHIP
Issuance of restricted units to Noncontrolling Interests								3
Conversion of OP Units into Common Shares				2	4,964			(4,966)
Conversion of restricted shares to restricted units					(70)			70
Equity compensation associated with Noncontrolling Interests								21,503
Net income attributable to Noncontrolling Interests	908,018							34,241	3,657
Distributions to Noncontrolling Interests								(31,604)	(6,608)
Change in carrying value of Redeemable Noncontrolling Interests – Operating Partnership	1,672							(1,672)
Adjustment for Noncontrolling Interests ownership in Operating Partnership					10,607			(10,607)
PARTIALLY OWNED PROPERTIES
Net income attributable to Noncontrolling Interests	908,018							34,241	3,657
Contributions – Noncontrolling Interests – Partially Owned Properties	0								0
Distributions to Noncontrolling Interests								(31,604)	(6,608)
Acquisition of Noncontrolling Interests – Partially Owned Properties					0				0
Deconsolidation of previously consolidated Noncontrolling Interests									(117,350)
Other									0
Balance, end of year at Dec. 31, 2015	10,470,368		37,280	3,648	8,572,365	2,009,091	(152,016)
Balance, end of year at Dec. 31, 2015	10,696,355							221,379	4,608
PREFERRED SHARES
Partial redemption of 8.29% Series K Cumulative Redeemable			0
Preferred Stock Preference Units Dividend Rate Percentage		8.29%
COMMON SHARES, $0.01 PAR VALUE
Conversion of OP Units into Common Shares				1	3,725			(3,726)
Exercise of share options				8	35,825
Employee Share Purchase Plan (ESPP)				1	3,685
Restricted shares				1	15,015
PAID IN CAPITAL
Conversion of OP Units into Common Shares				1	3,725			(3,726)
Exercise of share options				8	35,825
Employee Share Purchase Plan (ESPP)				1	3,685
Conversion of restricted shares to restricted units					0			0
Share-based employee compensation expense:
Restricted shares				1	15,015
Share options					3,432
ESPP discount					650
Common Shares repurchsed and retired					0
Offering costs					(314)
Supplemental Executive Retirement Plan (SERP)					748
Acquisition of Noncontrolling Interests – Partially Owned Properties					0				0
Change in market value of Redeemable Noncontrolling Interests – Operating Partnership	(115,093)				115,093
Adjustment for Noncontrolling Interests ownership in Operating Partnership					8,198			(8,198)
RETAINED EARNINGS
Net income attributable to controlling interests	4,292,163					4,292,163
Common Share distributions						(4,754,537)
Preferred Share distributions						(3,091)
Premium on redemption of Preferred Shares – cash charge						0
Accumulated other comprehensive income (loss) – derivative instruments:
Unrealized holding (losses) gains arising during the year	(3,915)						(3,915)
Losses reclassified into earnings from other comprehensive income	(41,758)						41,758
Accumulated other comprehensive income (loss) – foreign currency:
Currency translation adjustments arising during the year	264						264
OPERATING PARTNERSHIP
Issuance of restricted units to Noncontrolling Interests								1
Conversion of OP Units into Common Shares				1	3,725			(3,726)
Conversion of restricted shares to restricted units					0			0
Equity compensation associated with Noncontrolling Interests								18,180
Net income attributable to Noncontrolling Interests	4,480,104							171,511	16,430
Distributions to Noncontrolling Interests								(187,448)	(36,268)
Change in carrying value of Redeemable Noncontrolling Interests – Operating Partnership	(9,598)							9,598
Adjustment for Noncontrolling Interests ownership in Operating Partnership					8,198			(8,198)
PARTIALLY OWNED PROPERTIES
Net income attributable to Noncontrolling Interests	4,480,104							171,511	16,430
Contributions – Noncontrolling Interests – Partially Owned Properties	0								0
Distributions to Noncontrolling Interests								(187,448)	(36,268)
Acquisition of Noncontrolling Interests – Partially Owned Properties					0				0
Deconsolidation of previously consolidated Noncontrolling Interests									0
Other									25,839
Balance, end of year at Dec. 31, 2016	10,229,078		$ 37,280	$ 3,659	$ 8,758,422	$ 1,543,626	$ (113,909)
Balance, end of year at Dec. 31, 2016	$ 10,460,984							$ 221,297	$ 10,609

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CONSOLIDATED STATEMENT OF CHANGES IN CAPITAL OF ERP OPERATING LIMITED PARTNERSHIP - USD ($) $ in Thousands	Total	Series K Preferred Stock [Member]	ERPOP [Member]	ERPOP [Member] Series K Preferred Stock [Member]	PREFERRED SHARES ERPOP [Member]	PREFERRED SHARES ERPOP [Member] Series K Preferred Stock [Member]	General Partner [Member] ERPOP [Member]	Limited Partner [Member] ERPOP [Member]	ACCUMULATED OTHER COMPREHENSIVE (LOSS) ERPOP [Member]	PARTIALLY OWNED PROPERTIES ERPOP [Member]
Balance, beginning of year at Dec. 31, 2013					$ 50,000		$ 10,612,363	$ 211,412	$ (155,162)
Balance, beginning of year at Dec. 31, 2013										$ 126,583
Preference Units
Partial redemption of 8.29% Series K Cumulative Redeemable					0
Preferred Stock Preference Units Dividend Rate Percentage		8.29%				8.29%
OP Unit Issuance:
Conversion of OP Units held by Limited Partners into OP Units held by General Partner							2,365	(2,365)
Exercise of EQR share options							82,573
EQR's Employee Share Purchase Plan (ESPP)							3,392
Conversion of EQR restricted shares to restricted units							0	0
Share-based employee compensation expense:
EQR restricted shares							9,904
EQR share options							7,349
EQR ESPP discount							859
OP Units repurchased and retired							(1,777)
Net income available to Units – General Partner			$ 627,163				627,163
OP Units – General Partner distributions							(723,782)
Offering costs							(41)
Supplemental Executive Retirement Plan (SERP)							7,374
Acquisition of Noncontrolling Interests – Partially Owned Properties							(2,308)			(2,244)
Change in market value of Redeemable Limited Partners							(139,818)
Adjustment for Limited Partners ownership in Operating Partnership							4,992
LIMITED PARTNERS
Issuance of restricted units to Limited Partners								3
Conversion of OP Units held by Limited Partners into OP Units held by General Partner							2,365	(2,365)
Conversion of EQR restricted shares to restricted units							0	0
Equity compensation associated with Units – Limited Partners								11,969
Net income available to Units – Limited Partners			24,831					24,831
Units – Limited Partners distributions								(28,676)
Change in carrying value of Redeemable Limited Partners								2,229
Noncontrolling Interest, Period Increase (Decrease)								(4,992)
Accumulated other comprehensive income (loss) – derivative instruments:
Unrealized holding (losses) gains arising during the year	$ (33,306)		(33,306)						(33,306)
Losses reclassified into earnings from other comprehensive income	(16,868)		(16,868)						16,868
Accumulated other comprehensive income (loss) – foreign currency:
Currency translation adjustments arising during the year	(552)		(552)						(552)
PARTIALLY OWNED PROPERTIES
Net income attributable to Noncontrolling Interests	658,683		658,683							2,544
Contributions by Noncontrolling Interests	5,684		5,684							5,684
Distributions to Noncontrolling Interests										(7,827)
Acquisition of Noncontrolling Interests – Partially Owned Properties							(2,308)			(2,244)
Deconsolidation of previously consolidated Noncontrolling Interests										0
Other										169
Balance, end of year at Dec. 31, 2014					50,000		10,490,608	214,411	(172,152)
Balance, end of year at Dec. 31, 2014										124,909
Preference Units
Partial redemption of 8.29% Series K Cumulative Redeemable					(12,720)
Preferred Stock Preference Units Dividend Rate Percentage		8.29%		8.29%		0.00%
OP Unit Issuance:
Conversion of OP Units held by Limited Partners into OP Units held by General Partner							4,966	(4,966)
Exercise of EQR share options							59,508
EQR's Employee Share Purchase Plan (ESPP)							4,404
Conversion of EQR restricted shares to restricted units							(70)	70
Share-based employee compensation expense:
EQR restricted shares							15,066
EQR share options							3,756
EQR ESPP discount							884
OP Units repurchased and retired							0
Net income available to Units – General Partner			863,277				863,277
OP Units – General Partner distributions							(804,825)
Offering costs							(79)
Supplemental Executive Retirement Plan (SERP)							1,380
Acquisition of Noncontrolling Interests – Partially Owned Properties							0			0
Change in market value of Redeemable Limited Partners							(64,378)
Adjustment for Limited Partners ownership in Operating Partnership							10,607
LIMITED PARTNERS
Issuance of restricted units to Limited Partners								3
Conversion of OP Units held by Limited Partners into OP Units held by General Partner							4,966	(4,966)
Conversion of EQR restricted shares to restricted units							(70)	70
Equity compensation associated with Units – Limited Partners								21,503
Net income available to Units – Limited Partners			34,241					34,241
Units – Limited Partners distributions								(31,604)
Change in carrying value of Redeemable Limited Partners								(1,672)
Noncontrolling Interest, Period Increase (Decrease)								(10,607)
Accumulated other comprehensive income (loss) – derivative instruments:
Unrealized holding (losses) gains arising during the year	2,219		2,219						2,219
Losses reclassified into earnings from other comprehensive income	(18,244)		(18,244)						18,244
Accumulated other comprehensive income (loss) – foreign currency:
Currency translation adjustments arising during the year	(327)		(327)						(327)
PARTIALLY OWNED PROPERTIES
Net income attributable to Noncontrolling Interests	908,018		908,018							3,657
Contributions by Noncontrolling Interests	0		0							0
Distributions to Noncontrolling Interests										(6,608)
Acquisition of Noncontrolling Interests – Partially Owned Properties							0			0
Deconsolidation of previously consolidated Noncontrolling Interests										(117,350)
Other										0
Balance, end of year at Dec. 31, 2015					37,280		10,585,104	221,379	(152,016)
Balance, end of year at Dec. 31, 2015										4,608
Preference Units
Partial redemption of 8.29% Series K Cumulative Redeemable					0
Preferred Stock Preference Units Dividend Rate Percentage		8.29%		8.29%		8.29%
OP Unit Issuance:
Conversion of OP Units held by Limited Partners into OP Units held by General Partner							3,726	(3,726)
Exercise of EQR share options							35,833
EQR's Employee Share Purchase Plan (ESPP)							3,686
Conversion of EQR restricted shares to restricted units							0	0
Share-based employee compensation expense:
EQR restricted shares							15,016
EQR share options							3,432
EQR ESPP discount							650
OP Units repurchased and retired							0
Net income available to Units – General Partner			4,289,072				4,289,072
OP Units – General Partner distributions							(4,754,537)
Offering costs							(314)
Supplemental Executive Retirement Plan (SERP)							748
Acquisition of Noncontrolling Interests – Partially Owned Properties							0			0
Change in market value of Redeemable Limited Partners							115,093
Adjustment for Limited Partners ownership in Operating Partnership							8,198
LIMITED PARTNERS
Issuance of restricted units to Limited Partners								1
Conversion of OP Units held by Limited Partners into OP Units held by General Partner							3,726	(3,726)
Conversion of EQR restricted shares to restricted units							0	0
Equity compensation associated with Units – Limited Partners								18,180
Net income available to Units – Limited Partners			171,511					171,511
Units – Limited Partners distributions								(187,448)
Change in carrying value of Redeemable Limited Partners								9,598
Noncontrolling Interest, Period Increase (Decrease)								(8,198)
Accumulated other comprehensive income (loss) – derivative instruments:
Unrealized holding (losses) gains arising during the year	(3,915)		(3,915)						(3,915)
Losses reclassified into earnings from other comprehensive income	(41,758)		(41,758)						41,758
Accumulated other comprehensive income (loss) – foreign currency:
Currency translation adjustments arising during the year	264		264						264
PARTIALLY OWNED PROPERTIES
Net income attributable to Noncontrolling Interests	4,480,104		4,480,104							16,430
Contributions by Noncontrolling Interests	$ 0		$ 0							0
Distributions to Noncontrolling Interests										(36,268)
Acquisition of Noncontrolling Interests – Partially Owned Properties							0			0
Deconsolidation of previously consolidated Noncontrolling Interests										0
Other										25,839
Balance, end of year at Dec. 31, 2016					$ 37,280		$ 10,305,707	$ 221,297	$ (113,909)
Balance, end of year at Dec. 31, 2016										$ 10,609

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Business

12 Months Ended

Dec. 31, 2016

Business [Abstract]

Business

1. Business

Equity Residential (“EQR”), a Maryland real estate investment trust (“REIT”) formed in March 1993, is an S&P 500 company focused on the acquisition, development and management of rental apartment properties in urban and high-density suburban coastal gateway markets. ERP Operating Limited Partnership ("ERPOP"), an Illinois limited partnership, was formed in May 1993 to conduct the multifamily residential property business of Equity Residential. EQR has elected to be taxed as a REIT. References to the "Company," "we," "us" or "our" mean collectively EQR, ERPOP and those entities/subsidiaries owned or controlled by EQR and/or ERPOP. References to the "Operating Partnership" mean collectively ERPOP and those entities/subsidiaries owned or controlled by ERPOP. Unless otherwise indicated, the notes to consolidated financial statements apply to both the Company and the Operating Partnership.

EQR is the general partner of, and as of December 31, 2016 owned an approximate 96.2% ownership interest in, ERPOP. All of the Company's property ownership, development and related business operations are conducted through the Operating Partnership and EQR has no material assets or liabilities other than its investment in ERPOP. EQR issues public equity from time to time, the net proceeds of which it is obligated to contribute to ERPOP, but does not have any indebtedness as all debt is incurred by the Operating Partnership. The Operating Partnership holds substantially all of the assets of the Company, including the Company's ownership interests in its joint ventures. The Operating Partnership conducts the operations of the business and is structured as a partnership with no publicly traded equity.

As of December 31, 2016, the Company, directly or indirectly through investments in title holding entities, owned all or a portion of 302 properties located in 10 states and the District of Columbia consisting of 77,458 apartment units. The ownership breakdown includes (table does not include various uncompleted development properties):

	Properties	Apartment Units
Wholly Owned Properties	280	72,445
Master-Leased Properties – Consolidated	3	853
Partially Owned Properties – Consolidated	17	3,215
Partially Owned Properties – Unconsolidated	2	945
	302	77,458

The “Wholly Owned Properties” are accounted for under the consolidation method of accounting. The "Master-Leased Properties – Consolidated" are wholly owned by the Company but the entire project is leased to a third party corporate housing provider. These properties are consolidated and reflected as real estate assets while the master leases are accounted for as operating leases. The “Partially Owned Properties – Consolidated” are controlled by the Company, but have partners with noncontrolling interests and are accounted for under the consolidation method of accounting and qualify as variable interest entities. The “Partially Owned Properties – Unconsolidated” are controlled by the Company's partners but the Company has noncontrolling interests and are accounted for under the equity method of accounting.

The Company maintains long-term ground leases for 13 operating properties. The Company owns the building and improvements and leases the land underlying the improvements under long-term ground leases. The expiration dates for these leases range from 2042 through 2110. These properties are consolidated and reflected as real estate assets while the ground leases are accounted for as operating leases.

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Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2016

Summary of Significant Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

Due to the Company’s ability as general partner to control either through ownership or by contract the Operating Partnership and its subsidiaries, the Operating Partnership and each such subsidiary has been consolidated with the Company for financial reporting purposes, except for two unconsolidated operating properties.

Real Estate Assets and Depreciation of Investment in Real Estate

An acquiring entity is required to recognize all assets acquired and liabilities assumed in a transaction at the acquisition-date fair value with limited exceptions. In addition, an acquiring entity is required to expense acquisition-related costs as incurred, value noncontrolling interests at fair value at the acquisition date and expense restructuring costs associated with an acquired business.

The Company allocates the purchase price of properties to net tangible and identified intangible assets acquired based on their fair values. In making estimates of fair values for purposes of allocating purchase price, the Company utilizes a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property, our own analysis of recently acquired and existing comparable properties in our portfolio and other market data. The Company also considers information obtained about each property as a result of its pre-acquisition due diligence, marketing and leasing activities in estimating the fair value of the tangible and intangible assets/liabilities acquired. The Company allocates the purchase price of acquired real estate to various components as follows:

• Land – Based on actual purchase price adjusted to fair value (as necessary) if acquired separately or market research/comparables if acquired with an operating property.

• Furniture, Fixtures and Equipment – Ranges between $10,000 and $25,000 per apartment unit acquired as an estimate of the fair value of the appliances and fixtures inside an apartment unit. The per-apartment unit amount applied depends on the economic age of the apartment building acquired. Depreciation is calculated on the straight-line method over an estimated useful life of five to ten years.

• Lease Intangibles – The Company considers the value of acquired in-place leases and above/below market leases and the amortization period is the average remaining term of each respective acquired lease. In-place residential leases' average term at acquisition approximates six months. In-place retail leases' term at acquisition approximates the average remaining term of all acquired retail leases. See Note 4 for more information on above and below market leases.

• Other Intangible Assets – The Company considers whether it has acquired other intangible assets, including any customer relationship intangibles and the amortization period is the estimated useful life of the acquired intangible asset.

• Building – Based on the fair value determined on an “as-if vacant” basis. Depreciation is calculated on the straight-line method over an estimated useful life of thirty years.

• Site Improvements – Based on replacement cost, which approximates fair value. Depreciation is calculated on the straight-line method over an estimated useful life of eight years.

• Long-Term Debt – The Company calculates the fair value by discounting the remaining contractual cash flows on each instrument at the current market rate for those borrowings.

Replacements inside an apartment unit such as appliances and carpeting are depreciated over an estimated useful life of five to ten years. Expenditures for ordinary maintenance and repairs are expensed to operations as incurred and significant renovations and improvements that improve and/or extend the useful life of the asset are capitalized over their estimated useful life, generally five to fifteen years. Initial direct leasing costs are expensed as incurred as such expense approximates the deferral and amortization of initial direct leasing costs over the lease terms. Property sales or dispositions are recorded when title transfers to unrelated third parties, contingencies have been removed and sufficient cash consideration has been received by the Company. Upon disposition, the related costs and accumulated depreciation are removed from the respective accounts. Any gain or loss on sale is recognized in accordance with accounting principles generally accepted in the United States.

The Company classifies real estate assets as real estate held for sale when it is probable a property will be disposed of (see below and Note 4 for further discussion).

The Company classifies properties under development and/or expansion and properties in the lease-up phase (including land) as construction-in-progress until construction has been completed and certificates of occupancy permits have been obtained.

Impairment of Long-Lived Assets

The Company periodically evaluates its long-lived assets, including its investments in real estate, for indicators of impairment. The judgments regarding the existence of impairment indicators are based on factors such as operational performance, market conditions and legal and environmental concerns, as well as the Company’s ability to hold and its intent with regard to each asset. Future events could occur which would cause the Company to conclude that impairment indicators exist and an impairment loss is warranted. If impairment indicators exist, the Company performs the following:

▪ For long-lived assets to be held and used, the Company compares the expected future undiscounted cash flows for the long-lived asset against the carrying amount of that asset. If the sum of the estimated undiscounted cash flows is less than the carrying amount of the asset, the Company would record an impairment loss for the difference between the estimated fair value and the carrying amount of the asset.

▪ For long-lived assets to be disposed of, an impairment loss is recognized when the estimated fair value of the asset, less the estimated cost to sell, is less than the carrying amount of the asset measured at the time that the Company has determined it will sell the asset. Long-lived assets held for sale and the related liabilities are separately reported, with the long-lived assets reported at the lower of their carrying amounts or their estimated fair values, less their costs to sell, and are not depreciated after reclassification to real estate held for sale.

Cost Capitalization

See the Real Estate Assets and Depreciation of Investment in Real Estate section for a discussion of the Company’s policy with respect to capitalization vs. expensing of fixed asset/repair and maintenance costs. In addition, the Company capitalizes an allocation of the payroll and associated costs of employees directly responsible for and who spend their time on the execution and supervision of major capital and/or renovation projects. These costs are reflected on the balance sheets as increases to depreciable property.

For all development projects, the Company uses its professional judgment in determining whether such costs meet the criteria for capitalization or must be expensed as incurred. The Company capitalizes interest, real estate taxes and insurance and payroll and associated costs for those individuals directly responsible for and who spend their time on development activities, with capitalization ceasing no later than 90 days following issuance of the certificate of occupancy. These costs are reflected on the balance sheets as construction-in-progress for each specific property. The Company expenses as incurred all payroll costs of on-site employees working directly at our properties, except as noted above on our development properties prior to certificate of occupancy issuance and on specific major renovations at selected properties when additional incremental employees are hired.

During the years ended December 31, 2016, 2015 and 2014, the Company capitalized $18.7 million, $22.3 million and $22.4 million, respectively, of payroll and associated costs of employees directly responsible for and who spend their time on the execution and supervision of development activities as well as major capital and/or renovation projects.

Cash and Cash Equivalents

The Company considers all demand deposits, money market accounts and investments in certificates of deposit and repurchase agreements purchased with a maturity of three months or less at the date of purchase to be cash equivalents. The Company maintains its cash and cash equivalents at financial institutions. The combined account balances at one or more institutions typically exceed the Federal Depository Insurance Corporation (“FDIC”) insurance coverage, and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company believes that the risk is not significant, as the Company does not anticipate the financial institutions’ non-performance.

Investment Securities

Investment securities are included in other assets in the consolidated balance sheets. These securities are classified as held-to-maturity and carried at amortized cost if management has the positive intent and ability to hold the securities to maturity. Otherwise, the securities are classified as available-for-sale and carried at estimated fair value with unrealized gains and losses included in accumulated other comprehensive (loss), a separate component of shareholders’ equity/partners' capital. As of December 31, 2016 and 2015, the Company did not hold any investment securities.

Fair Value of Financial Instruments, Including Derivative Instruments

The valuation of financial instruments requires the Company to make estimates and judgments that affect the fair value of the instruments. The Company, where possible, bases the fair values of its financial instruments, including its derivative instruments, on listed market prices and third party quotes. Where these are not available, the Company bases its estimates on current instruments with similar terms and maturities or on other factors relevant to the financial instruments.

In the normal course of business, the Company is exposed to the effect of interest rate changes. The Company seeks to manage these risks by following established risk management policies and procedures including the use of derivatives to hedge interest rate risk on debt instruments. The Company may also use derivatives to manage commodity prices in the daily operations of the business.

The Company has a policy of only entering into contracts with major financial institutions based upon their credit ratings and other factors. When viewed in conjunction with the underlying and offsetting exposure that the derivatives are designed to hedge, the Company has not sustained a material loss from these instruments nor does it anticipate any material adverse effect on its net income or financial position in the future from the use of derivatives it currently has in place.

The Company recognizes all derivatives as either assets or liabilities in the consolidated balance sheets and measures those instruments at fair value. In addition, fair value adjustments will affect either shareholders’ equity/partners' capital or net income depending on whether the derivative instruments qualify as a hedge for accounting purposes and, if so, the nature of the hedging activity. When the terms of an underlying transaction are modified, or when the underlying transaction is terminated or completed, all changes in the fair value of the instrument are marked-to-market with changes in value included in net income each period until the instrument matures. Any derivative instrument used for risk management that does not meet the hedging criteria is marked-to-market each period. The Company does not use derivatives for trading or speculative purposes.

Revenue Recognition

Rental income attributable to residential leases is recorded on a straight-line basis, which is not materially different than if it were recorded when due from residents and recognized monthly as it was earned. Leases entered into between a resident and a property for the rental of an apartment unit are generally year-to-year, renewable upon consent of both parties on an annual or monthly basis. Rental income attributable to retail/commercial leases is also recorded on a straight-line basis. Retail/commercial leases generally have five to ten year lease terms with market based renewal options. Fee and asset management revenue and interest income are recorded on an accrual basis.

Share-Based Compensation

The Company expenses share-based compensation such as restricted shares, restricted units and share options. Any common share of beneficial interest, $0.01 par value per share (the "Common Shares") issued pursuant to EQR's incentive equity compensation and employee share purchase plans will result in ERPOP issuing units of partnership interest ("OP Units") to EQR on a one-for-one basis, with ERPOP receiving the net cash proceeds of such issuances. See Note 12 for further discussion.

The fair value of the option grants are recognized over the requisite service/vesting period of the options. The fair value for the Company's share options was estimated at the time the share options were granted using the Black-Scholes option pricing model with the primary grant in each year having the following weighted average assumptions:

	2016	2015	2014
Expected volatility (1)	26.3%	26.6%	27.0%
Expected life (2)	5 years	5 years	5 years
Expected dividend yield (3)	3.04%	3.13%	3.78%
Risk-free interest rate (4)	1.27%	1.29%	1.50%
Option valuation per share	$13.02	$13.68	$9.12

(1) Expected volatility – Estimated based on the historical ten-year volatility of EQR’s share price measured on a monthly basis.

(2) Expected life – Approximates the actual weighted average life of all share options granted since the Company went public in 1993.

(3) Expected dividend yield – Calculated by averaging the historical annual yield on EQR shares for a period matching the expected life of each grant, with the annual yield calculated by dividing actual regular dividends (excluding any special dividends) by the average price of EQR’s shares in a given year.

(4) Risk-free interest rate – The most current U.S. Treasury rate available prior to the grant date for a period matching the expected life of each grant.

The valuation method and assumptions are the same as those the Company used in accounting for option expense in its consolidated financial statements. The Black-Scholes option valuation model was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable. This model is only one method of valuing options. Because the Company’s share options have characteristics significantly different from those of traded options, and because changes in the subjective input assumptions can materially affect the fair value estimate, the actual value of the options to the recipient may be significantly different.

Income and Other Taxes

Due to the structure of EQR as a REIT and the nature of the operations of its operating properties, no provision for federal income taxes has been made at the EQR level. In addition, ERPOP generally is not liable for federal income taxes as the partners recognize their proportionate share of income or loss in their tax returns; therefore no provision for federal income taxes has been made at the ERPOP level. Historically, the Company has generally only incurred certain state and local income, excise and franchise taxes. The Company has elected Taxable REIT Subsidiary (“TRS”) status for certain of its corporate subsidiaries and as a result, these entities will incur both federal and state income taxes on any taxable income of such entities after consideration of any net operating losses.

Deferred tax assets and liabilities applicable to the TRS are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. These assets and liabilities are measured using enacted tax rates for which the temporary differences are expected to be recovered or settled. The effects of changes in tax rates on deferred tax assets and liabilities are recognized in earnings in the period enacted. The Company’s deferred tax assets are generally the result of tax affected suspended interest deductions, net operating losses, differing depreciable lives on capitalized assets and the timing of expense recognition for certain accrued liabilities. As of December 31, 2016, the Company has recorded a deferred tax asset of approximately $38.7 million, which is fully offset by a valuation allowance due to the uncertainty of realization. The company currently anticipates electing REIT status in the third quarter of 2017 for its primary TRS, retroactive to January 1, 2016.

The Company provided for income, franchise and excise taxes allocated as follows in the consolidated statements of operations and comprehensive income for the years ended December 31, 2016, 2015 and 2014 (amounts in thousands):

	Year Ended December 31,
	2016		2015		2014
Income and other tax expense (benefit) (1)	$	1,613	$	917	$	1,394
Discontinued operations, net (2)	12		15		8
Provision for income, franchise and excise taxes (3)	$	1,625	$	932	$	1,402

(1) Primarily includes state and local income, excise and franchise taxes.

(2) Primarily represents state and local income, excise and franchise taxes on operating properties sold prior to January 1, 2014 and included in discontinued operations. The amounts included in discontinued operations for the years ending December 31, 2016, 2015 and 2014 represent trailing activity for properties sold in 2013 and prior years. None of the properties sold during the years ended December 31, 2016, 2015 and 2014 met the new criteria for reporting discontinued operations.

(3) All provisions for income tax amounts are current and none are deferred.

The Company’s TRSs have approximately $16.4 million of net operating loss ("NOL") carryforwards available as of January 1, 2017 that will expire between 2030 and 2032.

During the years ended December 31, 2016, 2015 and 2014, the Company’s tax treatment of dividends and distributions were as follows (unaudited):

	Year Ended December 31,
	2016		2015		2014
Tax treatment of dividends and distributions:
Ordinary dividends	$	0.722	$	1.591	$	1.475
Qualified dividends	—		0.037		0.088
Long-term capital gain	9.176		0.443		0.280
Unrecaptured section 1250 gain	3.117		0.139		0.157
Dividends and distributions declared per
Common Share/Unit outstanding	$	13.015	$	2.210	$	2.000

The unaudited cost of land and depreciable property, net of accumulated depreciation, for federal income tax purposes as of December 31, 2016 and 2015 was approximately $15.8 billion and $17.0 billion, respectively.

Noncontrolling Interests

A noncontrolling interest in a subsidiary (minority interest) is an ownership interest in the consolidated entity that should be reported as equity in the consolidated financial statements and separate from the parent company's equity. In addition, consolidated net income is required to be reported at amounts that include the amounts attributable to both the parent and the noncontrolling interest and the amount of consolidated net income attributable to the parent and the noncontrolling interest are required to be disclosed on the face of the consolidated statements of operations and comprehensive income. See Note 3 for further discussion.

Operating Partnership: Net income is allocated to noncontrolling interests based on their respective ownership percentage of the Operating Partnership. The ownership percentage is calculated by dividing the number of OP Units held by the noncontrolling interests by the total OP Units held by the noncontrolling interests and EQR. Issuance of additional Common Shares and OP Units changes the ownership interests of both the noncontrolling interests and EQR. Such transactions and the related proceeds are treated as capital transactions.

Partially Owned Properties: The Company reflects noncontrolling interests in partially owned properties on the balance sheet for the portion of properties consolidated by the Company that are not wholly owned by the Company. The earnings or losses from those properties attributable to the noncontrolling interests are generally based on ownership percentage and are reflected as noncontrolling interests in partially owned properties in the consolidated statements of operations and comprehensive income.

Partners' Capital

The "Limited Partners" of ERPOP include various individuals and entities that contributed their properties to ERPOP in exchange for OP Units. The "General Partner" of ERPOP is EQR. Net income is allocated to the Limited Partners based on their respective ownership percentage of ERPOP. The ownership percentage is calculated by dividing the number of OP Units held by the Limited Partners by the total OP Units held by the Limited Partners and the General Partner. Issuance of additional Common Shares and OP Units changes the ownership interests of both the Limited Partners and EQR. Such transactions and the related proceeds are treated as capital transactions.

Redeemable Noncontrolling Interests – Operating Partnership / Redeemable Limited Partners

The Company classifies Redeemable Noncontrolling Interests – Operating Partnership / Redeemable Limited Partners in the mezzanine section of the consolidated balance sheets for the portion of OP Units that EQR is required, either by contract or securities law, to deliver registered Common Shares to the exchanging OP Unit holder. The redeemable noncontrolling interest units / redeemable limited partner units are adjusted to the greater of carrying value or fair market value based on the Common Share price of EQR at the end of each respective reporting period. See Note 3 for further discussion.

Use of Estimates

In preparation of the Company’s financial statements in conformity with accounting principles generally accepted in the United States, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

Reclassifications

Certain reclassifications considered necessary for a fair presentation have been made to the prior period financial statements in order to conform to the current year presentation. These reclassifications have not changed the results of operations or equity/capital.

Recent Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (the "FASB") issued a comprehensive new revenue recognition standard entitled Revenue from Contracts with Customers that will supersede nearly all existing revenue recognition guidance. The new standard specifically excludes lease revenue. The new standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. Companies will likely need to use more judgment and make more estimates than under current revenue recognition guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration, if any, to include in the transaction price and allocating the transaction price to each separate performance obligation. The new standard will be effective for the Company beginning on January 1, 2018 and early adoption will be permitted beginning on January 1, 2017. The new standard may be applied retrospectively to each prior period presented or prospectively with the cumulative effect recognized as of the date of adoption. The Company anticipates selecting the modified retrospective transition method with a cumulative effect recognized as of the date of adoption and will adopt the new standard effective January 1, 2018. The Company is continuing to evaluate the standard; however, we do not expect its adoption to have a significant impact on the consolidated financial statements, as in excess of 90% of total revenues consist of rental income from leasing arrangements, which is specifically excluded from the standard. In addition, the Company's fee and asset management activities are immaterial now that it sold its interest in Joint Base Lewis McChord (see Note 18 for further discussion) and given the nature of its disposition transactions, there should be no changes in accounting under the new standard.

In August 2014, the FASB issued a new standard that will explicitly require management to assess an entity's ability to continue as a going concern and to provide related footnote disclosures in certain circumstances. In connection with each annual and interim period, management will assess whether there is substantial doubt about an entity's ability to continue as a going concern within one year after the issuance date. Disclosures will be required if conditions give rise to substantial doubt. However, to determine the specific disclosures, management will need to assess whether its plans will alleviate substantial doubt. The Company adopted this new standard as required effective for the annual period ending after December 31, 2016. The adoption of this standard did not have a material impact on our consolidated results of operations or financial position.

In February 2015, the FASB issued new consolidation guidance which makes changes to both the variable interest model and the voting model. Among other changes, the new standard specifically eliminated the presumption in the current voting model that a general partner controls a limited partnership or similar entity unless that presumption can be overcome. Generally, only a single limited partner that is able to exercise substantive kick-out rights will consolidate. The Company adopted this new standard as required effective January 1, 2016. While adoption of the new standard did not result in any changes to conclusions about whether a joint venture was consolidated or unconsolidated, the Company has determined that certain of its joint ventures and the Operating Partnership will now qualify as variable interest entities ("VIEs") and therefore will require additional disclosures. See Note 6 for further discussion.

In April 2015, the FASB issued a new standard which requires companies to present debt financing costs as a direct deduction from the carrying amount of the associated debt liability rather than as an asset, consistent with the presentation of debt discounts on the consolidated balance sheets. Companies will be permitted to present debt issuance costs related to line of credit arrangements as an asset and amortize these costs over the term of the arrangement, regardless of whether there are any outstanding borrowings on the arrangement. The new standard must be applied retrospectively to all prior periods presented in the consolidated financial statements.  The Company adopted this standard as required effective January 1, 2016 and other than presentation on the consolidated balance sheets, it did not have a material effect on its consolidated results of operations or financial position. As of December 31, 2016, $12.1 million, $16.3 million and $26.4 million of deferred financing costs were included within other assets, mortgage notes payable, net and notes, net respectively, on the consolidated balance sheets. As of December 31, 2015, the following amounts of deferred financing costs were reclassified (amounts in thousands):

	As Originally Presented		Reclassification Adjustments			As Presented Herein
Deferred financing costs, net	$	54,004	$	(54,004	)	$	—
Other assets	$	422,027	$	6,872		$	428,899
Mortgage notes payable, net	$	4,704,870	$	(19,736	)	$	4,685,134
Notes, net	$	5,876,352	$	(27,396	)	$	5,848,956

In January 2016, the FASB issued a new standard which requires companies to measure all equity securities with readily determinable fair values at fair value on the balance sheet, with changes in fair value recognized in net income. The new standard will be effective for the Company beginning on January 1, 2018. The Company does not expect that this will have a material effect on its consolidated results of operations or financial position.

In February 2016, the FASB issued a new leases standard which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether the lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. The new standard is expected to impact the Company’s consolidated financial statements as, among other things, the Company has certain operating ground lease arrangements for which it is the lessee. The new standard will be effective for the Company beginning on January 1, 2019, with early adoption permitted. The Company is currently evaluating the impact of adopting the new standard on its consolidated results of operations and financial position.

In March 2016, the FASB issued a new standard which simplifies several aspects of the accounting for employee share-based payment transactions, including income tax consequences, classification of awards as equity or liability, statement of cash flows classification and policy election options for forfeitures. The new standard was effective for the Company beginning on January 1, 2017. The Company will continue to estimate the number of awards expected to be forfeited and adjust the estimate when it is no longer probable that the employee will fulfill the service condition, as is currently required. The Company does not expect that this will have a material effect on its consolidated results of operations or financial position.

In June 2016, the FASB issued a new standard which requires companies to adopt a new approach for estimating credit losses on certain types of financial instruments, such as trade and other receivables and loans. The standard will require entities to estimate a lifetime expected credit loss for most financial instruments, including lease and other trade receivables. The new standard will be effective for the Company beginning on January 1, 2020, with early adoption permitted beginning January 1, 2019. The Company is currently evaluating the impact of adopting the new standard on its consolidated results of operations and financial position.

In August 2016 and October 2016, the FASB issued new standards to clarify how specific transactions are classified and presented on the statement of cash flows. Among other clarifications, the new standards specifically provide guidance for the following items within the statement of cash flows which have required significant judgment in the past:

• Cash payments related to debt prepayments or extinguishment costs are to be classified within financing activities;

• The portion of the cash payment made to settle a zero-coupon bond or a bond with an insignificant cash coupon attributable to accreted interest related to a debt discount is to be classified as a cash outflow within operating activities, and the portion attributable to the principal is to be classified within financing activities;

• Insurance settlement proceeds are to be classified based on the nature of the loss;

• Companies must elect to classify distributions received from equity method investees using either a cumulative earnings approach or a look-through approach and the election must be disclosed; and

• Restricted cash will be included with cash and cash equivalents on the statement of cash flows. Total cash and cash equivalents and restricted cash are to be reconciled to the related line items on the balance sheet.

The new standards must be applied retrospectively to all periods presented in the consolidated financial statements and they will be effective for the Company beginning on January 1, 2018, with early adoption permitted. The Company is currently evaluating the impact of adopting the new standards on its consolidated results of operations and financial position.

In January 2017, the FASB issued a new standard which clarifies definition of a business. The standard's objective is to add additional guidance that assists companies in determining whether transactions should be accounted for as an asset acquistion or a business combination. The new standard first requires an entity to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. If this threshold is met, the set is not a business. If this threshold is not met, the entity next evaluates whether the set meets the requirement that a business include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. Among other differences, transaction costs associated with asset acquisitions are capitalized while those associated with business combinations are expensed as incurred. In addition, purchase price in an asset acquisition is allocated on a relative fair value basis while in a business combination is generally measured at fair value. The new standard will be applied prospectively to any transactions occurring within the period of adoption. The new standard will be effective for the Company beginning on January 1, 2018, but the Company early adopted it as allowed effective January 1, 2017. The Company anticipates that substantially all of its transactions will now be accounted for as asset acquisitions, which means transaction costs will largely be capitalized as noted above.

Other

The Company is the controlling partner in various consolidated partnerships owning 17 properties and 3,215 apartment units having a noncontrolling interest book value of $10.6 million at December 31, 2016. The Company is required to make certain disclosures regarding noncontrolling interests in consolidated limited-life subsidiaries. Of the consolidated entities described above, the Company is the controlling partner in limited-life partnerships owning four properties having a noncontrolling interest deficit balance of $7.7 million. These four partnership agreements contain provisions that require the partnerships to be liquidated through the sale of their assets upon reaching a date specified in each respective partnership agreement. The Company, as controlling partner, has an obligation to cause the property owning partnerships to distribute the proceeds of liquidation to the Noncontrolling Interests in these Partially Owned Properties only to the extent that the net proceeds received by the partnerships from the sale of their assets warrant a distribution based on the partnership agreements. As of December 31, 2016, the Company estimates the value of Noncontrolling Interest distributions for these four properties would have been approximately $62.6 million (“Settlement Value”) had the partnerships been liquidated. This Settlement Value is based on estimated third party consideration realized by the partnerships upon disposition of the four Partially Owned Properties and is net of all other assets and liabilities, including yield maintenance on the mortgages encumbering the properties, that would have been due on December 31, 2016 had those mortgages been prepaid. Due to, among other things, the inherent uncertainty in the sale of real estate assets, the amount of any potential distribution to the Noncontrolling Interests in the Company's Partially Owned Properties is subject to change. To the extent that the partnerships' underlying assets are worth less than the underlying liabilities, the Company has no obligation to remit any consideration to the Noncontrolling Interests in these Partially Owned Properties.

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Equity, Capital and Other Interests

12 Months Ended

Dec. 31, 2016

Equity, Capital and other Interests [Abstract]

Equity Capital And Other Interests [Text Block]

. Equity, Capital and Other Interests

Equity and Redeemable Noncontrolling Interests of Equity Residential

The following tables present the changes in the Company’s issued and outstanding Common Shares and “Units” (which includes OP Units and restricted units) for the years ended December 31, 2016, 2015 and 2014:

	2016		2015		2014
Common Shares
Common Shares outstanding at January 1,	364,755,444		362,855,454		360,479,260
Common Shares Issued:
Conversion of OP Units	88,838		208,307		94,671
Exercise of share options	815,044		1,456,363		2,086,380
Employee Share Purchase Plan (ESPP)	63,909		68,462		68,807
Restricted share grants, net	147,689		168,142		169,722
Common Shares Other:
Conversion of restricted shares to restricted units	—		(1,284	)	(12,146	)
Repurchased and retired	—		—		(31,240	)
Common Shares outstanding at December 31,	365,870,924		364,755,444		362,855,454
Units
Units outstanding at January 1,	14,427,164		14,298,691		14,180,376
Restricted unit grants, net	287,749		335,496		200,840
Conversion of restricted shares to restricted units	—		1,284		12,146
Conversion of OP Units to Common Shares	(88,838	)	(208,307	)	(94,671	)
Units outstanding at December 31,	14,626,075		14,427,164		14,298,691
Total Common Shares and Units outstanding at December 31,	380,496,999		379,182,608		377,154,145
Units Ownership Interest in Operating Partnership	3.8	%	3.8	%	3.8	%

The equity positions of various individuals and entities that contributed their properties to the Operating Partnership in exchange for OP Units, as well as the equity positions of the holders of restricted units, are collectively referred to as the “Noncontrolling Interests – Operating Partnership”. Subject to certain exceptions (including the “book-up” requirements of restricted units), the Noncontrolling Interests – Operating Partnership may exchange their Units with EQR for Common Shares on a one-for-one basis. The carrying value of the Noncontrolling Interests – Operating Partnership (including redeemable interests) is allocated based on the number of Noncontrolling Interests – Operating Partnership Units in total in proportion to the number of Noncontrolling Interests – Operating Partnership Units in total plus the number of Common Shares. Net income is allocated to the Noncontrolling Interests – Operating Partnership based on the weighted average ownership percentage during the period.    

The Operating Partnership has the right but not the obligation to make a cash payment instead of issuing Common Shares to any and all holders of Noncontrolling Interests – Operating Partnership Units requesting an exchange of their OP Units with EQR. Once the Operating Partnership elects not to redeem the Noncontrolling Interests – Operating Partnership Units for cash, EQR is obligated to deliver Common Shares to the exchanging holder of the Noncontrolling Interests – Operating Partnership Units.

The Noncontrolling Interests – Operating Partnership Units are classified as either mezzanine equity or permanent equity. If EQR is required, either by contract or securities law, to deliver registered Common Shares, such Noncontrolling Interests – Operating Partnership are differentiated and referred to as “Redeemable Noncontrolling Interests – Operating Partnership”. Instruments that require settlement in registered shares cannot be classified in permanent equity as it is not always completely within an issuer’s control to deliver registered shares. Therefore, settlement in cash is assumed and that responsibility for settlement in cash is deemed to fall to the Operating Partnership as the primary source of cash for EQR, resulting in presentation in the mezzanine section of the balance sheet. The Redeemable Noncontrolling Interests – Operating Partnership are adjusted to the greater of carrying value or fair market value based on the Common Share price of EQR at the end of each respective reporting period. EQR has the ability to deliver unregistered Common Shares for the remaining portion of the Noncontrolling Interests – Operating Partnership Units that are classified in permanent equity at December 31, 2016 and 2015.

The carrying value of the Redeemable Noncontrolling Interests – Operating Partnership is allocated based on the number of Redeemable Noncontrolling Interests – Operating Partnership Units in proportion to the number of Noncontrolling Interests – Operating Partnership Units in total. Such percentage of the total carrying value of Units which is ascribed to the Redeemable Noncontrolling Interests – Operating Partnership is then adjusted to the greater of carrying value or fair market value as described above. As of December 31, 2016, the Redeemable Noncontrolling Interests – Operating Partnership have a redemption value of approximately $442.1 million, which represents the value of Common Shares that would be issued in exchange with the Redeemable Noncontrolling Interests – Operating Partnership Units.

The following table presents the changes in the redemption value of the Redeemable Noncontrolling Interests – Operating Partnership for the years ended December 31, 2016, 2015 and 2014, respectively (amounts in thousands):

	2016			2015		2014
Balance at January 1,	$	566,783		$	500,733	$	363,144
Change in market value	(115,093		)	64,378		139,818
Change in carrying value	(9,598		)	1,672		(2,229		)
Balance at December 31,	$	442,092		$	566,783	$	500,733

Net proceeds from EQR Common Share and Preferred Share (see definition below) offerings are contributed by EQR to ERPOP. In return for those contributions, EQR receives a number of OP Units in ERPOP equal to the number of Common Shares it has issued in the equity offering (or in the case of a preferred equity offering, a number of preference units in ERPOP equal in number and having the same terms as the Preferred Shares issued in the equity offering). As a result, the net offering proceeds from Common Shares and Preferred Shares are allocated between shareholders’ equity and Noncontrolling Interests – Operating Partnership to account for the change in their respective percentage ownership of the underlying equity of ERPOP.

The Company’s declaration of trust authorizes it to issue up to 100,000,000 preferred shares of beneficial interest, $0.01 par value per share (the “Preferred Shares”), with specific rights, preferences and other attributes as the Board of Trustees may determine, which may include preferences, powers and rights that are senior to the rights of holders of the Company’s Common Shares.

The following table presents the Company’s issued and outstanding Preferred Shares as of December 31, 2016 and 2015:

				Amounts in thousands
	Redemption Date (1)	Annual Dividend per Share (2)		December 31, 2016		December 31, 2015
Preferred Shares of beneficial interest, $0.01 par value; 100,000,000 shares authorized:
8.29% Series K Cumulative Redeemable Preferred; liquidation value $50 per share; 745,600 shares issued and outstanding at December 31, 2016 and 2015	12/10/26	$	4.145	$	37,280	$	37,280
				$	37,280	$	37,280

(1) On or after the redemption date, redeemable preferred shares may be redeemed for cash at the option of the Company, in whole or in part, at a redemption price equal to the liquidation price per share, plus accrued and unpaid distributions, if any.

(2) Dividends on Preferred Shares are payable quarterly.

During 2015, the Company repurchased and retired 254,400 Series K Preferred Shares with a par value of $12.7 million for total cash consideration of approximately $16.3 million. As a result of this partial redemption, the Company incurred a cash charge of approximately $3.5 million which was recorded as a premium on the redemption of Preferred Shares.

Capital and Redeemable Limited Partners of ERP Operating Limited Partnership

The following tables present the changes in the Operating Partnership's issued and outstanding Units and in the limited partners' Units for the years ended December 31, 2016, 2015 and 2014:

	2016		2015		2014
General and Limited Partner Units
General and Limited Partner Units outstanding at January 1,	379,182,608		377,154,145		374,659,636
Issued to General Partner:
Exercise of EQR share options	815,044		1,456,363		2,086,380
EQR's Employee Share Purchase Plan (ESPP)	63,909		68,462		68,807
EQR's restricted share grants, net	147,689		168,142		169,722
Issued to Limited Partners:
Restricted unit grants, net	287,749		335,496		200,840
OP Units Other:
Repurchased and retired	—		—		(31,240	)
General and Limited Partner Units outstanding at December 31,	380,496,999		379,182,608		377,154,145
Limited Partner Units
Limited Partner Units outstanding at January 1,	14,427,164		14,298,691		14,180,376
Limited Partner restricted unit grants, net	287,749		335,496		200,840
Conversion of EQR restricted shares to restricted units	—		1,284		12,146
Conversion of Limited Partner OP Units to EQR Common Shares	(88,838	)	(208,307	)	(94,671	)
Limited Partner Units outstanding at December 31,	14,626,075		14,427,164		14,298,691
Limited Partner Units Ownership Interest in Operating Partnership	3.8	%	3.8	%	3.8	%

The Limited Partners of the Operating Partnership as of December 31, 2016 include various individuals and entities that contributed their properties to the Operating Partnership in exchange for OP Units, as well as the equity positions of the holders of restricted units. Subject to certain exceptions (including the “book-up” requirements of restricted units), Limited Partners may exchange their Units with EQR for Common Shares on a one-for-one basis. The carrying value of the Limited Partner Units (including redeemable interests) is allocated based on the number of Limited Partner Units in total in proportion to the number of Limited Partner Units in total plus the number of General Partner Units. Net income is allocated to the Limited Partner Units based on the weighted average ownership percentage during the period.

The Operating Partnership has the right but not the obligation to make a cash payment instead of issuing Common Shares to any and all holders of Limited Partner Units requesting an exchange of their OP Units with EQR. Once the Operating Partnership elects not to redeem the Limited Partner Units for cash, EQR is obligated to deliver Common Shares to the exchanging limited partner.

The Limited Partner Units are classified as either mezzanine equity or permanent equity. If EQR is required, either by contract or securities law, to deliver registered Common Shares, such Limited Partner Units are differentiated and referred to as “Redeemable Limited Partner Units”. Instruments that require settlement in registered shares cannot be classified in permanent equity as it is not always completely within an issuer's control to deliver registered shares. Therefore, settlement in cash is assumed and that responsibility for settlement in cash is deemed to fall to the Operating Partnership as the primary source of cash for EQR, resulting in presentation in the mezzanine section of the balance sheet. The Redeemable Limited Partner Units are adjusted to the greater of carrying value or fair market value based on the Common Share price of EQR at the end of each respective reporting period. EQR has the ability to deliver unregistered Common Shares for the remaining portion of the Limited Partner Units that are classified in permanent equity at December 31, 2016 and 2015.

The carrying value of the Redeemable Limited Partner Units is allocated based on the number of Redeemable Limited Partner Units in proportion to the number of Limited Partner Units in total. Such percentage of the total carrying value of Limited Partner Units which is ascribed to the Redeemable Limited Partner Units is then adjusted to the greater of carrying value or fair market value as described above. As of December 31, 2016, the Redeemable Limited Partner Units have a redemption value of approximately $442.1 million, which represents the value of Common Shares that would be issued in exchange with the Redeemable Limited Partner Units.

The following table presents the changes in the redemption value of the Redeemable Limited Partners for the years ended December 31, 2016, 2015 and 2014, respectively (amounts in thousands):

	2016			2015		2014
Balance at January 1,	$	566,783		$	500,733	$	363,144
Change in market value	(115,093		)	64,378		139,818
Change in carrying value	(9,598		)	1,672		(2,229		)
Balance at December 31,	$	442,092		$	566,783	$	500,733

EQR contributes all net proceeds from its various equity offerings (including proceeds from exercise of options for Common Shares) to ERPOP. In return for those contributions, EQR receives a number of OP Units in ERPOP equal to the number of Common Shares it has issued in the equity offering (or in the case of a preferred equity offering, a number of preference units in ERPOP equal in number and having the same terms as the preferred shares issued in the equity offering).

The following table presents the Operating Partnership's issued and outstanding “Preference Units” as of December 31, 2016 and 2015:

				Amounts in thousands
	Redemption Date (1)	Annual Dividend per Unit (2)		December 31, 2016		December 31, 2015
Preference Units:
8.29% Series K Cumulative Redeemable Preference Units; liquidation value $50 per unit; 745,600 units issued and outstanding at December 31, 2016 and 2015	12/10/26	$	4.145	$	37,280	$	37,280
				$	37,280	$	37,280

(1) On or after the redemption date, redeemable preference units may be redeemed for cash at the option of the Operating Partnership, in whole or in part, at a redemption price equal to the liquidation price per unit, plus accrued and unpaid distributions, if any, in conjunction with the concurrent redemption of the corresponding Company Preferred Shares.

(2) Dividends on Preference Units are payable quarterly.

During 2015, the Operating Partnership repurchased and retired 254,400 Series K Preferred Shares with a par value of $12.7 million for total cash consideration of approximately $16.3 million, in conjunction with the concurrent redemption of the corresponding Company Preferred Shares. As a result of this partial redemption, the Operating Partnership incurred a cash charge of approximately $3.5 million which was recorded as a premium on the redemption of Preference Units.

Other

EQR and ERPOP currently have an active universal shelf registration statement for the issuance of equity and debt securities that automatically became effective upon filing with the SEC on June 28, 2016 and expires on June 28, 2019. Per the terms of ERPOP’s partnership agreement, EQR contributes the net proceeds of all equity offerings to the capital of ERPOP in exchange for additional OP Units (on a one-for-one Common Share per OP Unit basis) or preference units (on a one-for-one preferred share per preference unit basis).

In September 2009, the Company announced the establishment of an At-The-Market (“ATM”) share offering program which would allow EQR to sell Common Shares from time to time into the existing trading market at current market prices as well as through negotiated transactions. Per the terms of ERPOP's partnership agreement, EQR contributes the net proceeds from all equity offerings to the capital of ERPOP in exchange for additional OP Units (on a one-for-one Common Share per OP Unit basis). The program currently has a maturity of June 2019. EQR has the authority to issue 13.0 million shares but has not issued any shares under this program since September 2012.

The Company may repurchase up to 13.0 million Common Shares under its share repurchase program. No shares were repurchased during the years ended December 31, 2016 and 2015. As of December 31, 2016, EQR has authorization to repurchase up to 13.0 million of its shares under the repurchase program.

During the year ended December 31, 2014, EQR repurchased 31,240 of its Common Shares at an average price of $56.87 per share for total consideration of $1.8 million. These shares were retired subsequent to the repurchases. Concurrent with these transactions, ERPOP repurchased and retired 31,240 OP Units previously issued to EQR. All of the shares repurchased during the year ended December 31, 2014 were repurchased from employees at the then current market prices to cover the minimum statutory tax withholding obligations related to the vesting of employees' restricted shares.

During the year ended December 31, 2014, the Company acquired all of its partners' interests in one consolidated partially owned property consisting of 268 apartment units and one consolidated partially owned land parcel for $5.5 million. In conjunction with these transactions, the Company reduced paid in capital (included in general partner's capital in the Operating Partnership's financial statements) by $2.3 million, Noncontrolling Interests – Partially Owned Properties by $2.2 million and other liabilities by $1.0 million.

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Real Estate

12 Months Ended

Dec. 31, 2016

Real Estate [Abstract]

Real Estate Disclosure [Text Block]

4. Real Estate, Real Estate Held for Sale and Lease Intangibles

The following table summarizes the carrying amounts for the Company’s investment in real estate (at cost) as of December 31, 2016 and 2015 (amounts in thousands):

	2016			2015
Land	$	5,899,862		$	5,864,046
Depreciable property:
Buildings and improvements	16,913,430			16,346,829
Furniture, fixtures and equipment	1,346,300			1,207,098
In-Place lease intangibles	470,849			483,160
Projects under development:
Land	115,876			284,995
Construction-in-progress	521,292			837,381
Land held for development:
Land	84,440			120,007
Construction-in-progress	34,376			38,836
Investment in real estate	25,386,425			25,182,352
Accumulated depreciation	(5,360,389		)	(4,905,406		)
Investment in real estate, net	$	20,026,036		$	20,276,946

The following table summarizes the carrying amounts for the Company's above and below market ground and retail lease intangibles as of December 31, 2016 and 2015 (amounts in thousands):

Description	Balance Sheet Location	2016			2015
Assets
Ground lease intangibles – below market	Other Assets	$	178,251		$	178,251
Retail lease intangibles – above market	Other Assets	1,260			1,260
Lease intangible assets		179,511			179,511
Accumulated amortization		(17,972		)	(13,451		)
Lease intangible assets, net		$	161,539		$	166,060
Liabilities
Ground lease intangibles – above market	Other Liabilities	$	2,400		$	2,400
Retail lease intangibles – below market	Other Liabilities	5,270			5,270
Lease intangible liabilities		7,670			7,670
Accumulated amortization		(4,509		)	(3,414		)
Lease intangible liabilities, net		$	3,161		$	4,256

During the years ended December 31, 2016, 2015 and 2014, the Company amortized approximately $4.3 million in each year of above and below market ground lease intangibles which is included (net increase) in property and maintenance expense in the accompanying consolidated statements of operations and comprehensive income. During the years ended December 31, 2016, 2015 and 2014, the Company amortized approximately $0.9 million, $0.9 million and $1.1 million, respectively, of above and below market retail lease intangibles which is included (net increase) in rental income in the accompanying consolidated statements of operations and comprehensive income.

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):

	2017			2018			2019			2020			2021
Ground lease intangibles	$	4,321		$	4,321		$	4,321		$	4,321		$	4,321
Retail lease intangibles	(540		)	(71		)	(71		)	(71		)	(67		)
Total	$	3,781		$	4,250		$	4,250		$	4,250		$	4,254

Acquisitions and Dispositions

During the year ended December 31, 2016, 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)	4	573	$	249,334
Total	4	573	$	249,334

(1) Purchase price includes an allocation of approximately $98.0 million to land and $151.3 million to depreciable property.

During the year ended December 31, 2015, 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)	4	625	$	296,037
Land Parcels (2)	—	—	27,800
Total	4	625	$	323,837

(1) Purchase price includes an allocation of approximately $44.7 million to land and $251.3 million to depreciable property.

(2) The Company acquired three contiguous land parcels in San Francisco during 2015 which will be combined for future development.

During the year ended December 31, 2016, the Company disposed of the following to unaffiliated parties (sales price in thousands):

	Properties	Apartment Units	Sales Price
Consolidated:
Rental Properties (1)	98	29,440	$	6,811,503
Land Parcels	—	—	57,455
Unconsolidated:
Rental Properties (2)	1	336	74,500
Total	99	29,776	$	6,943,458

(1) Includes the Starwood Portfolio sale (see further discussion below) representing 72 operating properties consisting of 23,262 apartment units for $5.365 billion.

(2) The Company owned a 20% interest in this unconsolidated rental property. Sale price listed is the gross sale price. The Company's share of the net sales proceeds approximated $12.4 million.

The Company recognized a net gain on sales of real estate properties of approximately $4.0 billion (inclusive of $3.2 billion on the Starwood Portfolio sale), a net gain on sales of land parcels of approximately $15.7 million and a net gain on sales of unconsolidated entities of approximately $8.9 million on the above sales.

During the year ended December 31, 2015, the Company disposed of the following to unaffiliated parties (sales price in thousands):

	Properties	Apartment Units	Sales Price
Consolidated:
Rental Properties (1)	8	1,857	$	513,312
Total	8	1,857	$	513,312

(1) Includes a 193,230 square foot medical office building adjacent to our Longfellow Place property in Boston with a sales price of approximately $123.3 million which is not included in the Company's property and apartment unit counts.

The Company recognized a net gain on sales of real estate properties of approximately $335.1 million on the above sales.

Starwood Disposition

Following the approval by the Company's Board of Trustees, the Company executed an agreement with controlled affiliates of Starwood Capital Group ("Starwood") on October 23, 2015 to sell a portfolio of 72 operating properties consisting of 23,262 apartment units located in five markets across the United States for $5.365 billion (the "Starwood Transaction" or "Starwood Portfolio"). As of December 31, 2015, Starwood had deposited $250.0 million in cash into escrow as earnest money, which was non-refundable unless the Company defaulted on the sales agreement. On January 26 and 27, 2016, the Company closed on the sale of the entire portfolio described above. As a result, the Starwood Transaction met the held for sale criteria at December 31, 2015. In accordance with this classification, the Company ceased depreciation on all assets in the Starwood Portfolio as of November 1, 2015 and the following assets were classified as held for sale in the accompanying consolidated balance sheets at December 31, 2015 (amounts in thousands):

	December 31, 2015
Land	$	602,737
Depreciable property:
Buildings and improvements	2,386,489
Furniture, fixtures and equipment	335,565
In-Place lease intangibles	35,554
Real estate held for sale before accumulated depreciation	3,360,345
Accumulated depreciation	(1,179,210		)
Real estate held for sale	$	2,181,135

The following table provides the operating segments/locations of the properties and apartment units sold in the Starwood Transaction, which represents substantially all of the assets in the Company's South Florida and Denver markets and certain assets in the Washington D.C., Seattle and Los Angeles markets. The sale of these properties represents the continuation of the Company's long-term strategy of investing in six core coastal markets. See Note 11 for further discussion.

Markets/Metro Areas	Properties	Apartment Units
South Florida	33	10,742
Denver	18	6,635
Washington D.C.	10	3,020
Seattle	8	1,721
Los Angeles	3	1,144
Total	72	23,262

The Company used proceeds from the Starwood Transaction and other 2016 sales discussed above to pay special dividends of $8.00 per share/unit (approximately $3.0 billion) on March 10, 2016 and $3.00 per share/unit (approximately $1.1 billion) on October 14, 2016. The Company used the majority of the remaining proceeds to reduce aggregate indebtedness in order to make the transaction leverage neutral. See Note 8 for further discussion.

Other

In December 2011, the Company and Toll Brothers (NYSE: TOL) jointly acquired a vacant land parcel at 400 Park Avenue South in New York City. The Company's and Toll Brothers' allocated portions of the purchase price were approximately $76.1 million and $57.9 million, respectively. The acquisition was financed through contributions by the Company and Toll Brothers of approximately $102.5 million and $75.7 million, respectively, which included the land purchase noted above, restricted deposits and taxes and fees. Until the core and shell of the building were complete, the building and land were owned jointly and were required to be consolidated on the Company's balance sheet as the Company was the managing member and Toll Brothers did not have substantive kick-out or participating rights. In July 2015, the Company recorded the master condominium declaration for this development project and as a result, the Toll Brothers’ portion of the property was deconsolidated from the Company's balance sheet. The Company now solely owns the rental portion of the building (floors 2-22) and the ground floor retail and Toll Brothers solely owns the for sale portion of the building (floors 23-40). The joint venture no longer owns any real property. In conjunction with this transaction, the Company reduced investment in real estate by $116.7 million, noncontrolling interests in partially owned properties by $117.3 million and accrued retainage by $1.1 million and increased other liabilities by $1.7 million (to account for Toll Brothers' restricted cash still held by the Company). The deconsolidation of the Toll Brothers' portion of the project had no impact on the consolidated results of operations and comprehensive income.

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Commitments to Acquire/Dispose of Real Estate

12 Months Ended

Dec. 31, 2016

Commitments to Acquire Dispose of Real Estate [Abstract]

Commitments To Acquire Dispose Of Real Estate Text Block

5. Commitments to Acquire/Dispose of Real Estate

The Company has not entered into any separate agreements to acquire rental properties or land parcels as of February 17, 2017.

The Company has entered into separate agreements to dispose of the following (sales price in thousands):

	Properties	Apartment Units	Sales Price
Rental Properties	2	592	$	98,700
Land Parcels (two)	—	—	36,150
Total	2	592	$	134,850

The closings of these pending transactions are subject to certain conditions and restrictions, therefore, there can be no assurance that these transactions will be consummated or that the final terms will not differ in material respects from those summarized in the preceding paragraphs.

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Investments in Partially Owned Entities

12 Months Ended

Dec. 31, 2016

Investments in Partially Owned Entities [Abstract]

Investments in Partially Owned Entities

6. Investments in Partially Owned Entities

The Company has co-invested in various properties with unrelated third parties which are either consolidated or accounted for under the equity method of accounting (unconsolidated). The following tables and information summarize the Company’s investments in partially owned entities as of December 31, 2016 (amounts in thousands except for project and apartment unit amounts):

	Consolidated			Unconsolidated
	(VIE)			(Non-VIE)			(VIE) (1)			Total
Total properties	17			2			—			2
Total apartment units	3,215			945			—			945
Balance sheet information at 12/31/16 (at 100%):
ASSETS
Investment in real estate	$	646,320		$	235,821		$	172,995		$	408,816
Accumulated depreciation	(211,038		)	(32,881		)	(44,544		)	(77,425		)
Investment in real estate, net	435,282			202,940			128,451			331,391
Cash and cash equivalents	30,271			5,287			47			5,334
Investments in unconsolidated entities	46,908			—			—			—
Deposits – restricted	345			262			—			262
Other assets	26,203			157			334			491
Total assets	$	539,009		$	208,646		$	128,832		$	337,478
LIABILITIES AND EQUITY/CAPITAL
Mortgage notes payable, net (2)	$	301,110		$	145,424		$	—		$	145,424
Accounts payable & accrued expenses	1,088			189			135			324
Accrued interest payable	1,037			691			—			691
Other liabilities	600			268			70			338
Security deposits	1,850			493			—			493
Total liabilities	305,685			147,065			205			147,270
Noncontrolling Interests – Partially Owned Properties/Partners' equity	10,609			59,115			86,120			145,235
Company equity/General and Limited Partners' Capital	222,715			2,466			42,507			44,973
Total equity/capital	233,324			61,581			128,627			190,208
Total liabilities and equity/capital	$	539,009		$	208,646		$	128,832		$	337,478

	Consolidated			Unconsolidated
	(VIE)			(Non-VIE)			(VIE) (1)			Total
Operating information for the year ended 12/31/16 (at 100%):
Operating revenue	$	90,634		$	26,615		$	5,214		$	31,829
Operating expenses	21,647			9,088			2,023			11,111
Net operating income	68,987			17,527			3,191			20,718
Property management	3,190			776			75			851
General and administrative/other	328			2			81			83
Depreciation	20,764			10,510			5,501			16,011
Operating income (loss)	44,705			6,239			(2,466		)	3,773
Interest and other income	53			—			—			—
Other expenses	(8		)	—			—			—
Interest:
Expense incurred, net	(13,857		)	(8,289		)	—			(8,289		)
Amortization of deferred financing costs	(345		)	(1		)	—			(1		)
Income (loss) before income and other taxes and (loss) from investments in unconsolidated entities	30,548			(2,051		)	(2,466		)	(4,517		)
Income and other tax (expense) benefit	(73		)	(13		)	—			(13		)
(Loss) from investments in unconsolidated entities	(1,439		)	—			—			—
Net income (loss)	$	29,036		$	(2,064	)	$	(2,466	)	$	(4,530	)

(1) Includes the Company's unconsolidated interest in an entity that owns the land underlying our Wisconsin Place apartment property and owns and operates the parking facility. This entity is excluded from the property and apartment unit count.

(2) All debt is non-recourse to the Company.

Note: The above tables exclude EQR's ownership interest in ERPOP and the Company's interests in unconsolidated joint ventures established in connection with the acquisition of certain real estate related assets from Archstone Enterprise LP (such assets are referred to herein as "Archstone"). These ventures owned certain Archstone assets and succeeded to certain residual Archstone liabilities/litigation, as well as responsibility for tax protection arrangements and third-party preferred interests in former Archstone subsidiaries. The preferred interests had an aggregate liquidation value of $39.9 million at December 31, 2016. The ventures are owned 60% by the Company. See below for further discussion.

During the year ended December 31, 2016, the Company and its joint venture partners sold two consolidated partially owned properties consisting of 556 apartment units and recognized a net gain on sale of $54.3 million as well as one unconsolidated partially owned property consisting of 336 apartment units and recognized a net gain on the sale of approximately $8.9 million.

Operating Properties

The Company has various equity interests in certain limited partnerships owning 16 properties containing 2,783 apartment units. Each partnership owns a multifamily property. The Company is the general partner of these limited partnerships and is responsible for managing the operations and affairs of the partnerships as well as making all decisions regarding the businesses of the partnerships. The limited partners are not able to exercise substantive kick-out or participating rights. As a result, the partnerships qualify as VIEs. The Company has a controlling financial interest in the VIEs and, thus, is the VIEs' primary beneficiary. The Company has both the power to direct the activities of the VIEs that most significantly impact the VIEs' economic performance as well as the obligation to absorb losses or the right to receive benefits from the VIEs that could potentially be significant to the VIEs. As a result, the partnerships are required to be consolidated on the Company's balance sheet.

The Company has a 75% equity interest in the Wisconsin Place joint venture. The project contains a mixed-use site located in Chevy Chase, Maryland consisting of residential, retail, office and accessory uses, including underground parking facilities. The joint venture owns the 432 unit residential component, but has no ownership interest in the retail and office components. At December 31, 2016, the residential component had a net book value of $170.8 million. The Company is the managing member and is responsible for conducting all administrative day-to-day matters and affairs of the joint venture as well as implementing all decisions with respect to the joint venture. The limited partner is not able to exercise substantive kick-out or participating rights. As a result, the joint venture qualifies as a VIE. The Company has a controlling financial interest in the VIE and, thus, is the VIE's primary beneficiary. The Company has both the power to direct the activities of the VIE that most significantly impact the VIE's economic performance as well as the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. As a result, the entity that owns the residential component is required to be consolidated on the Company's balance sheet.

The Wisconsin Place joint venture also retains an unconsolidated interest in an entity that owns the land underlying the entire project and owns and operates the parking facility. At December 31, 2016, the basis of this investment was $46.9 million. The joint venture, as a limited partner, does not have substantive kick-out or participating rights in the entity. As a result, the entity qualifies as a VIE. The joint venture does not have a controlling financial interest in the VIE and is not the VIE's primary beneficiary. The joint venture does not have the power to direct the activities of the VIE that most significantly impact the VIE's economic performance or the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. As a result, the entity that owns the land and owns and operates the parking facility is unconsolidated and recorded using the equity method of accounting.

The Company has a 20% equity interest in each of the Nexus Sawgrass and Domain joint ventures. The Nexus Sawgrass joint venture owns a 501 unit apartment property located in Sunrise, Florida and the Company's interest had a basis of $5.0 million at December 31, 2016. The Domain joint venture owns a 444 unit apartment property located in San Jose, California and the Company's interest had a basis of $9.3 million at December 31, 2016. Nexus Sawgrass and Domain were completed and stabilized during the quarters ended September 30, 2014 and March 31, 2015, respectively. Construction on both properties was predominantly funded with long-term, non-recourse secured loans from the partner. The mortgage loan on Nexus Sawgrass has a current unconsolidated outstanding balance of $48.6 million, bears interest at 5.60% and matures January 1, 2021. The mortgage loan on Domain has a current unconsolidated outstanding balance of $96.8 million, bears interest at 5.75% and matures January 1, 2022. While the Company is the managing member of both of the joint ventures, was responsible for constructing both of the properties and gave certain construction cost overrun guarantees, the joint venture partner has significant participating rights and has active involvement in and oversight of the operations. As a result, the entities do not qualify as VIEs. The Company alone does not have the power to direct the activities of the entities that most significantly impact the entities' economic performance and as a result, the entities are unconsolidated and recorded using the equity method of accounting. The Company currently has no further funding obligations related to these properties.

Other

As the sole general partner of ERPOP, EQR has exclusive control of ERPOP's day-to-day management. The limited partners are not able to exercise substantive kick-out or participating rights. As a result, ERPOP qualifies as a VIE. EQR has a controlling financial interest in ERPOP and, thus, is ERPOP's primary beneficiary. EQR has the power to direct the activities of ERPOP that most significantly impact ERPOP's economic performance as well as the obligation to absorb losses or the right to receive benefits from ERPOP that could potentially be significant to ERPOP. As a result, ERPOP is required to be consolidated on EQR's balance sheet.

On February 27, 2013, in connection with the acquisition of Archstone, subsidiaries of the Company entered into three limited liability company agreements (collectively, the “Residual JV”). The Residual JV owned certain Archstone assets and succeeded to certain residual Archstone liabilities/litigation. The Residual JV is owned 60% by the Company and 40% by its joint venture partner. The Company's initial investment was $147.6 million and the Company's basis at December 31, 2016 was a net obligation of $1.1 million. The Residual JV is managed by a Management Committee consisting of two members from each of the Company and its joint venture partner. Both partners have equal participation in the Management Committee and all significant participating rights are shared by both partners. As a result, the Residual JV does not qualify as a VIE. The Company alone does not have the power to direct the activities of the Residual JV that most significantly impact the Residual JV's economic performance and as a reuslt, the Residual JV is unconsolidated and recorded using the equity method of accounting. The Residual JV has sold all of the real estate assets that were acquired as part of the acquisition of Archstone, including all of the German assets, and is in the process of winding down all remaining activities.

On February 27, 2013, in connection with the acquisition of Archstone, a subsidiary of the Company entered into a limited liability company agreement (the “Legacy JV”), through which they assumed obligations of Archstone in the form of preferred interests, some of which are governed by tax protection arrangements. At December 31, 2016, the remaining preferred interests had an aggregate liquidation value of $39.9 million, our share of which is included in other liabilities in the accompanying consolidated balance sheets. Obligations of the Legacy JV are borne 60% by the Company and 40% by its joint venture partner. The Legacy JV is managed by a Management Committee consisting of two members from each of the Company and its joint venture partner. Both partners have equal participation in the Management Committee and all significant participating rights are shared by both partners. As a result, the Legacy JV does not qualify as a VIE. The Company alone does not have the power to direct the activities of the Legacy JV that most significantly impact the Legacy JV's economic performance and as a result, the Legacy JV is unconsolidated and recorded using the equity method of accounting.

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Deposits - Restricted

12 Months Ended

Dec. 31, 2016

Deposits - Restricted [Abstract]

Restricted Assets Disclosure [Text Block]

7. Deposits –Restricted and Escrow Deposits – Mortgage

The following table presents the Company’s restricted deposits as of December 31, 2016 and 2015 (amounts in thousands):

	December 31, 2016		December 31, 2015
Tax-deferred (1031) exchange proceeds	$	38,847	$	—
Earnest money on pending acquisitions	—		1,000
Restricted deposits on real estate investments	733		6,077
Resident security and utility deposits	37,007		48,458
Other	359		358
Totals	$	76,946	$	55,893

The following table presents the Company’s escrow deposits as of December 31, 2016 and 2015 (amounts in thousands):

	December 31, 2016		December 31, 2015
Real estate taxes and insurance	$	2,003	$	1,977
Replacement reserves	3,428		3,962
Mortgage principal reserves/sinking funds	58,652		50,155
Other	852		852
Totals	$	64,935	$	56,946

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Debt

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

8. Debt

EQR does not have any indebtedness as all debt is incurred by the Operating Partnership. EQR guarantees the Operating Partnership’s revolving credit facility up to the maximum amount and for the full term of the facility. See Note 2 for a discussion regarding adoption of the new accounting standard impacting deferred financing costs.

Mortgage Notes Payable

As of December 31, 2016, the Company had outstanding mortgage debt of approximately $4.1 billion.

During the year ended December 31, 2016, the Company:

• Repaid $440.8 million of 6.256% mortgage debt held in a Fannie Mae loan pool maturing in 2017 and incurred a prepayment penalty of approximately $29.3 million;

• Repaid $65.5 million of various tax-exempt mortgage bonds maturing in 2026 through 2037 and incurred a prepayment penalty of approximately $0.2 million;

• Repaid $75.9 million of conventional fixed-rate mortgage loans and incurred prepayment penalties of approximately $2.2 million;

• Repaid $0.9 million of conventional floating-rate mortgage loans;

• Repaid $8.5 million of scheduled principal repayments on various mortgage debt; and

• Assumed $43.4 million of mortgage debt on one acquired property.

The Company recorded $1.6 million of write-offs of unamortized deferred financing costs during the year ended December 31, 2016 as additional interest expense related to debt extinguishment of mortgages. The Company also recorded $20.7 million of write-offs of net unamortized premiums during the year ended December 31, 2016 as a reduction of interest expense related to debt extinguishment of mortgages.

As of December 31, 2016, the Company had $601.9 million of secured debt subject to third party credit enhancement.

As of December 31, 2016, scheduled maturities for the Company’s outstanding mortgage indebtedness were at various dates through May 28, 2061. At December 31, 2016, the interest rate range on the Company’s mortgage debt was 0.10% to 7.20%. During the year ended December 31, 2016, the weighted average interest rate on the Company’s mortgage debt was 4.34%.

The historical cost, net of accumulated depreciation, of encumbered properties was $5.0 billion and $6.0 billion at December 31, 2016 and 2015, respectively.

As of December 31, 2015, the Company had outstanding mortgage debt of approximately $4.7 billion.

During the year ended December 31, 2015, the Company repaid $368.5 million of mortgage loans.

The Company recorded $0.6 million of write-offs of unamortized deferred financing costs during the year ended December 31, 2015 as additional interest expense related to debt extinguishment of mortgages. The Company also recorded $1.4 million of write-offs of net unamortized premiums during the year ended December 31, 2015 as a reduction of interest expense related to debt extinguishment of mortgages.

As of December 31, 2015, the Company had $668.8 million of secured debt subject to third party credit enhancement.

As of December 31, 2015, scheduled maturities for the Company’s outstanding mortgage indebtedness were at various dates through May 28, 2061. At December 31, 2015, the interest rate range on the Company’s mortgage debt was 0.01% to 7.25%. During the year ended December 31, 2015, the weighted average interest rate on the Company’s mortgage debt was 4.23%.

Notes

The following tables summarize the Company’s unsecured note balances and certain interest rate and maturity date information as of and for the years ended December 31, 2016 and 2015, respectively:

December 31, 2016 (Amounts in thousands)	Net Principal Balance		Interest Rate Ranges	Weighted Average Interest Rate	Maturity Date Ranges
Fixed Rate Public Notes (1)	$	4,397,829	2.85% - 7.57%	4.90%	2017 - 2045
Floating Rate Public Notes (1)	450,250		(1)	1.28%	2019
Totals	$	4,848,079

December 31, 2015 (Amounts in thousands)	Net Principal Balance		Interest Rate Ranges	Weighted Average Interest Rate	Maturity Date Ranges
Fixed Rate Public Notes (1)	$	5,397,552	3.00% - 7.57%	5.30%	2016 - 2045
Floating Rate Public Notes (1)	451,404		(1)	0.93%	2019
Totals	$	5,848,956

(1) Fair value interest rate swaps convert the $450.0 million2.375% notes due July 1, 2019 to a floating interest rate of 90-Day LIBOR plus 0.61%.

The Company’s unsecured public debt contains certain financial and operating covenants including, among other things, maintenance of certain financial ratios. The Company was in compliance with its unsecured public debt covenants for both the years ended December 31, 2016 and 2015.

EQR and ERPOP currently have an active universal shelf registration statement for the issuance of equity and debt securities that automatically became effective upon filing with the SEC on June 28, 2016 and expires on June 28, 2019. Per the terms of ERPOP’s partnership agreement, EQR contributes the net proceeds of all equity offerings to the capital of ERPOP in exchange for additional OP Units (on a one-for-one Common Share per OP Unit basis) or preference units (on a one-for-one preferred share per preference unit basis).

During the year ended December 31, 2016, the Company:

• Repaid $228.9 million of 5.125% unsecured notes maturing in 2016 and incurred a prepayment penalty of approximately $1.4 million and repaid the remaining $271.1 million of 5.125% unsecured notes at maturity;

• Repaid $400.0 million of 5.375% unsecured notes maturing in 2016 and incurred a prepayment penalty of approximately $9.5 million;

• Repaid $255.9 million of 5.750% unsecured notes maturing in 2017 and incurred a prepayment penalty of approximately $16.5 million;

• Repaid $46.1 million of 7.125% unsecured notes maturing in 2017 and incurred a prepayment penalty of approximately $4.6 million;

• Repaid $250.0 million of 4.625% unsecured notes maturing in 2021 and incurred a prepayment penalty of approximately $31.6 million;

• Repaid $48.0 million of 7.570% unsecured notes maturing in 2026 and incurred a prepayment penalty of approximately $19.3 million; and

• Issued $500.0 million of ten-year 2.85% fixed rate public notes, receiving net proceeds of $496.7 million before underwriting fees, hedge termination costs and other expenses, at an all-in effective interest rate of approximately 3.10% after termination of a forward starting swap in conjunction with the issuance (see Note 9 for further discussion).

The Company recorded $1.9 million of write-offs of unamortized deferred financing costs during the year ended December 31, 2016 as additional interest expense related to debt extinguishment of unsecured notes. The Company also recorded $25.2 million of write-offs of net unamortized premiums/discounts/OCI/treasury locks during the year ended December 31, 2016 as additional interest expense related to debt extinguishment of unsecured notes.

During the year ended December 31, 2015, the Company:

• Repaid $300.0 million of 6.584% unsecured notes at maturity;

• Issued $450.0 million of ten-year 3.375% fixed rate public notes, receiving net proceeds of $447.5 million before underwriting fees, hedge termination costs and other expenses, at an all-in effective interest rate of 3.81% after termination of various forward starting swaps in conjunction with the issuance (see Note 9 for further discussion); and

• Issued $300.0 million of thirty-year 4.50% fixed rate public notes, receiving net proceeds of $298.9 million before underwriting fees and other expenses, at an all-in effective interest rate of 4.55%.

Line of Credit and Commercial Paper

On November 3, 2016, the Company replaced its existing $2.5 billion facility with a $2.0 billion unsecured revolving credit facility maturing January 10, 2022. The Company has the ability to increase available borrowings by an additional $750.0 million by adding additional banks to the facility or obtaining the agreement of existing banks to increase their commitments. The interest rate on advances under the facility will generally be LIBOR plus a spread (currently 0.825%), or based on bids received from the lending group, and the Company pays an annual facility fee (currently 12.5 basis points). Both the spread and the facility fee are dependent on the credit rating of the Company's long-term debt. The Company wrote off $0.4 million in unamortized deferred financing costs related to the old facility.

The Company's previous $2.5 billion unsecured revolving credit facility was set to mature on April 2, 2018. The Company had the ability to increase available borrowings by an additional $500.0 million by adding additional banks to the facility or obtaining the agreement of existing banks to increase their commitments. The interest rate on advances under the facility was generally LIBOR plus a spread (was 0.95% at termination), or based on bids received from the lending group, and the Company paid an annual facility fee (was 15 basis points at termination). Both the spread and the facility fee were dependent on the credit rating of the Company's long-term debt.

On February 2, 2015, the Company entered into an unsecured commercial paper note program in the United States. The Company may borrow up to a maximum of $500.0 million under this program subject to market conditions. The notes will be sold under customary terms in the United States commercial paper note market and will rank pari passu with all of the Company's other unsecured senior indebtedness. As of December 31, 2016, there was a balance of $20.0 million outstanding on the commercial paper program. As of December 31, 2015, there was a balance of $387.3 million on the commercial paper program ($387.5 million in principal outstanding net of an unamortized discount of $0.2 million). The notes bear interest at various floating rates with a weighted average of 0.90% and 0.56% for the years ended December 31, 2016 and 2015, respectively, and a weighted average maturity of 4 days and 19 days as of December 31, 2016 and 2015, respectively.

As of December 31, 2016, the amount available on the revolving credit facility was $1.96 billion (net of $20.6 million which was restricted/dedicated to support letters of credit and net of the $20.0 million outstanding on the commercial paper program). During the year ended December 31, 2016, the weighted average interest rate on the revolving credit facility was 1.37%. As of December 31, 2015, the amount available on the revolving credit facility was $2.07 billion (net of $45.1 million which was restricted/dedicated to support letters of credit and net of the $387.5 million outstanding on the commercial paper program). During the year ended December 31, 2015, the weighted average interest rate on the revolving credit facility was 1.07%.

Other

The following table provides a summary of the aggregate payments of principal on all debt for each of the next five years and thereafter as of December 31, 2016 (amounts in thousands):

Year	Total
2017	$	628,458
2018	184,369
2019	1,286,037
2020	1,690,090
2021	941,157
Thereafter	4,366,516
Deferred Financing Costs	(42,617		)
Net Unamortized (Discount)	(66,752		)
Total	$	8,987,258

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Derivative and Other Fair Value Instruments

12 Months Ended

Dec. 31, 2016

Fair Value Disclosures [Abstract]

Derivatives and Fair Value [Text Block]

9. Derivative and Other Fair Value Instruments

The valuation of financial instruments requires the Company to make estimates and judgments that affect the fair value of the instruments. The Company, where possible, bases the fair values of its financial instruments, including its derivative instruments, on listed market prices and third party quotes. Where these are not available, the Company bases its estimates on current instruments with similar terms and maturities or on other factors relevant to the financial instruments.

In the normal course of business, the Company is exposed to the effect of interest rate changes. The Company seeks to manage these risks by following established risk management policies and procedures including the use of derivatives to hedge interest rate risk on debt instruments. The Company may also use derivatives to manage commodity prices in the daily operations of the business.

A three-level valuation hierarchy exists for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows:

• Level 1 – Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

• Level 2 – Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

• Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The Company’s derivative positions are valued using models developed by the respective counterparty as well as models developed internally by the Company that use as their basis readily observable market parameters (such as forward yield curves and credit default swap data). Employee holdings other than Common Shares within the supplemental executive retirement plan (the “SERP”) are valued using quoted market prices for identical assets and are included in other assets and other liabilities on the consolidated balance sheets. Redeemable Noncontrolling Interests – Operating Partnership/Redeemable Limited Partners are valued using the quoted market price of Common Shares. The fair values disclosed for mortgage notes payable and unsecured debt (including its commercial paper) were calculated using indicative rates provided by lenders of similar loans in the case of mortgage notes payable and the private unsecured debt (including its commercial paper) and quoted market prices for each underlying issuance in the case of the public unsecured notes.

The carrying values of the Company’s mortgage notes payable and unsecured debt (including its commercial paper) were approximately $4.1 billion and $4.9 billion, respectively, at December 31, 2016. The fair values of the Company’s mortgage notes payable and unsecured debt (including its commercial paper) were approximately $4.2 billion (Level 2) and $5.0 billion (Level 2), respectively, at December 31, 2016. The carrying values of the Company’s mortgage notes payable and unsecured debt (including its commercial paper) were approximately $4.7 billion and $6.2 billion respectively, at December 31, 2015. The fair values of the Company’s mortgage notes payable and unsecured debt (including its commercial paper) were approximately $4.6 billion (Level 2) and $6.5 billion (Level 2), respectively, at December 31, 2015. The fair values of the Company’s financial instruments (other than mortgage notes payable, unsecured notes, commercial paper and derivative instruments), including cash and cash equivalents and other financial instruments, approximate their carrying or contract values.

The following table summarizes the Company’s consolidated derivative instruments at December 31, 2016 (dollar amounts are in thousands):

	Fair Value Hedges (1)
Current Notional Balance	$	450,000
Indicative Interest Rate	2.375		%
Maturity Date	2019

(1) Fair Value Hedges – Converts outstanding fixed rate unsecured notes ($450.0 million2.375%notes due July 1, 2019) to a floating interest rate of 90-Day LIBOR plus 0.61%.

The following tables provide a summary of the fair value measurements for each major category of assets and liabilities measured at fair value on a recurring basis and the location within the accompanying consolidated balance sheets at December 31, 2016 and 2015, respectively (amounts in thousands):

				Fair Value Measurements at Reporting Date Using
Description	Balance Sheet Location	12/31/2016		Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Fair Value Hedges	Other Assets	$	1,857	$	—	$	1,857	$	—
Supplemental Executive Retirement Plan	Other Assets	124,420		124,420		—		—
Total		$	126,277	$	124,420	$	1,857	$	—
Liabilities
Supplemental Executive Retirement Plan	Other Liabilities	$	124,420	$	124,420	$	—	$	—
Total		$	124,420	$	124,420	$	—	$	—
Redeemable Noncontrolling Interests –
Operating Partnership/Redeemable
Limited Partners	Mezzanine	$	442,092	$	—	$	442,092	$	—

				Fair Value Measurements at Reporting Date Using
Description	Balance Sheet Location	12/31/2015		Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Fair Value Hedges	Other Assets	$	3,655	$	—	$	3,655	$	—
Supplemental Executive Retirement Plan	Other Assets	105,942		105,942		—		—
Total		$	109,597	$	105,942	$	3,655	$	—
Liabilities
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Forward Starting Swaps	Other Liabilities	$	673	$	—	$	673	$	—
Supplemental Executive Retirement Plan	Other Liabilities	105,942		105,942		—		—
Total		$	106,615	$	105,942	$	673	$	—
Redeemable Noncontrolling Interests –
Operating Partnership/Redeemable
Limited Partners	Mezzanine	$	566,783	$	—	$	566,783	$	—

The following tables provide a summary of the effect of fair value hedges on the Company’s accompanying consolidated statements of operations and comprehensive income for the years ended December 31, 2016, 2015 and 2014, respectively (amounts in thousands):

December 31, 2016 Type of Fair Value Hedge	Location of Gain/(Loss) Recognized in Income on Derivative	Amount of Gain/(Loss) Recognized in Income on Derivative			Hedged Item	Income Statement Location of Hedged Item Gain/(Loss)	Amount of Gain/(Loss) Recognized in Income on Hedged Item
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Interest Rate Swaps	Interest expense	$	(1,798	)	Fixed rate debt	Interest expense	$	1,798
Total		$	(1,798	)			$	1,798

December 31, 2015 Type of Fair Value Hedge	Location of Gain/(Loss) Recognized in Income on Derivative	Amount of Gain/(Loss) Recognized in Income on Derivative		Hedged Item	Income Statement Location of Hedged Item Gain/(Loss)	Amount of Gain/(Loss)Recognized in Income on Hedged Item
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Interest Rate Swaps	Interest expense	$	2,058	Fixed rate debt	Interest expense	$	(2,058	)
Total		$	2,058			$	(2,058	)

December 31, 2014 Type of Fair Value Hedge	Location of Gain/(Loss) Recognized in Income on Derivative	Amount of Gain/(Loss) Recognized in Income on Derivative		Hedged Item	Income Statement Location of Hedged Item Gain/(Loss)	Amount of Gain/(Loss)Recognized in Income on Hedged Item
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Interest Rate Swaps	Interest expense	$	1,597	Fixed rate debt	Interest expense	$	(1,597	)
Total		$	1,597			$	(1,597	)

The following tables provide a summary of the effect of cash flow hedges on the Company’s accompanying consolidated statements of operations and comprehensive income for the years ended December 31, 2016, 2015 and 2014, respectively (amounts in thousands):

	Effective Portion							Ineffective Portion
December 31, 2016 Type of Cash Flow Hedge	Amount of Gain/(Loss) Recognized in OCI on Derivative			Location of Gain/(Loss) Reclassified from Accumulated OCI into Income	Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income			Location of Gain/(Loss) Recognized in Income on Derivative	Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Forward Starting Swaps	$	(3,989	)	Interest expense	$	(41,758	)	Interest expense	$	(74	)
Total	$	(3,989	)		$	(41,758	)		$	(74	)

	Effective Portion							Ineffective Portion
December 31, 2015 Type of Cash Flow Hedge	Amount of Gain/(Loss) Recognized in OCI on Derivative			Location of Gain/(Loss) Reclassified from Accumulated OCI into Income	Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income			Location of Gain/(Loss) Recognized in Income on Derivative	Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Forward Starting Swaps	$	(814	)	Interest expense	$	(18,244	)	Interest expense	$	(3,033	)
Total	$	(814	)		$	(18,244	)		$	(3,033	)

	Effective Portion							Ineffective Portion
December 31, 2014 Type of Cash Flow Hedge	Amount of Gain/(Loss) Recognized in OCI on Derivative			Location of Gain/(Loss) Reclassified from Accumulated OCI into Income	Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income			Location of Gain/(Loss) Recognized in Income on Derivative	Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Forward Starting Swaps	$	(33,215	)	Interest expense	$	(16,868	)	Interest expense	$	91
Total	$	(33,215	)		$	(16,868	)		$	91

As of December 31, 2016 and 2015, there were approximately $113.9 million and $151.8 million in deferred losses, net, included in accumulated other comprehensive (loss), respectively, related to derivative instruments. Based on the estimated fair values of the net derivative instruments at December 31, 2016, the Company may recognize an estimated $21.9 million of accumulated other comprehensive (loss) as additional interest expense during the year ending December 31, 2017.

In October 2016, the Company paid $4.7 million to settle a forward starting ten-year swap in conjunction with the issuance of $500.0 million of ten-year fixed rate public notes. The ineffective portion of approximately $74,000 and accrued interest of approximately $9,000 were recorded as increases to interest expense. The remaining amount of approximately $4.6 million will be deferred as a component of accumulated other comprehensive (loss) and recognized as an increase to interest expense over the approximate term of the notes.

In May 2015, the Company paid a net $15.1 million to settle nine forward starting ten-year swaps in conjunction with the issuance of $450.0 million of ten-year fixed rate public notes. The ineffective portion of approximately $30,000 and accrued interest of approximately $1.2 million were recorded as increases to interest expense. The remaining amount of approximately $13.9 million will be deferred as a component of accumulated other comprehensive (loss) and recognized as an increase to interest expense over the first 9 years and 10.5 months of the notes.

During the year ended December 31, 2015, the Company recorded approximately $3.0 million of deferred accumulated other comprehensive (loss) as additional interest expense due to the ineffectiveness of certain forward starting swaps.

In June 2014, the Company paid a net $2.0 million to settle seven forward starting ten-year swaps in conjunction with the issuance of $750.0 million of thirty-year fixed rate public notes. The ineffective portion of approximately $0.1 million was recorded as a decrease to interest expense and accrued interest of approximately $1.3 million was recorded as an increase to interest expense. The remaining amount of approximately $0.8 million will be deferred as a component of accumulated other comprehensive (loss) and recognized as an increase to interest expense over the first nine years and ten months of the notes.

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Earnings Per Share

12 Months Ended

Dec. 31, 2016

Earnings Per Share [Abstract]

Earnings Per Share And Earnings Per Unit [Text Block]

10.Earnings Per Share and Earnings Per Unit

Equity Residential

The following tables set forth the computation of net income per share – basic and net income per share – diluted for the Company (amounts in thousands except per share amounts):

	Year Ended December 31,
	2016			2015			2014
Numerator for net income per share – basic:
Income from continuing operations	$	4,479,586		$	907,621		$	657,101
Allocation to Noncontrolling Interests – Operating Partnership, net	(171,491		)	(34,226		)	(24,771		)
Net (income) attributable to Noncontrolling Interests – Partially Owned Properties	(16,430		)	(3,657		)	(2,544		)
Preferred distributions	(3,091		)	(3,357		)	(4,145		)
Premium on redemption of Preferred Shares	—			(3,486		)	—
Income from continuing operations available to Common Shares, net of   Noncontrolling Interests	4,288,574			862,895			625,641
Discontinued operations, net of Noncontrolling Interests	498			382			1,522
Numerator for net income per share – basic	$	4,289,072		$	863,277		$	627,163
Numerator for net income per share – diluted:
Income from continuing operations	$	4,479,586		$	907,621		$	657,101
Net (income) attributable to Noncontrolling Interests – Partially Owned Properties	(16,430		)	(3,657		)	(2,544		)
Preferred distributions	(3,091		)	(3,357		)	(4,145		)
Premium on redemption of Preferred Shares	—			(3,486		)	—
Income from continuing operations available to Common Shares	4,460,065			897,121			650,412
Discontinued operations, net	518			397			1,582
Numerator for net income per share – diluted	$	4,460,583		$	897,518		$	651,994
Denominator for net income per share – basic and diluted:
Denominator for net income per share – basic	365,002			363,498			361,181
Effect of dilutive securities:
OP Units	13,827			13,576			13,718
Long-term compensation shares/units	3,163			3,546			2,836
Denominator for net income per share – diluted	381,992			380,620			377,735
Net income per share – basic	$	11.75		$	2.37		$	1.74
Net income per share – diluted	$	11.68		$	2.36		$	1.73
Net income per share – basic:
Income from continuing operations available to Common Shares, net of Noncontrolling Interests	$	11.75		$	2.37		$	1.73
Discontinued operations, net of Noncontrolling Interests	—			—			0.01
Net income per share – basic	$	11.75		$	2.37		$	1.74
Net income per share – diluted:
Income from continuing operations available to Common Shares	$	11.68		$	2.36		$	1.72
Discontinued operations, net	—			—			0.01
Net income per share – diluted	$	11.68		$	2.36		$	1.73

Note: For additional disclosures regarding the employee share options and restricted shares, see Notes 2 and 12.

ERP Operating Limited Partnership

The following tables set forth the computation of net income per Unit – basic and net income per Unit – diluted for the Operating Partnership (amounts in thousands except per Unit amounts):

	Year Ended December 31,
	2016			2015			2014
Numerator for net income per Unit – basic and diluted:
Income from continuing operations	$	4,479,586		$	907,621		$	657,101
Net (income) attributable to Noncontrolling Interests – Partially Owned Properties	(16,430		)	(3,657		)	(2,544		)
Allocation to Preference Units	(3,091		)	(3,357		)	(4,145		)
Allocation to premium on redemption of Preference Units	—			(3,486		)	—
Income from continuing operations available to Units	4,460,065			897,121			650,412
Discontinued operations, net	518			397			1,582
Numerator for net income per Unit – basic and diluted	$	4,460,583		$	897,518		$	651,994
Denominator for net income per Unit – basic and diluted:
Denominator for net income per Unit – basic	378,829			377,074			374,899
Effect of dilutive securities:
Dilution for Units issuable upon assumed exercise/vesting of the Company's     long-term compensation shares/units	3,163			3,546			2,836
Denominator for net income per Unit – diluted	381,992			380,620			377,735
Net income per Unit – basic	$	11.75		$	2.37		$	1.74
Net income per Unit – diluted	$	11.68		$	2.36		$	1.73
Net income per Unit – basic:
Income from continuing operations available to Units	$	11.75		$	2.37		$	1.73
Discontinued operations, net	—			—			0.01
Net income per Unit – basic	$	11.75		$	2.37		$	1.74
Net income per Unit – diluted:
Income from continuing operations available to Units	$	11.68		$	2.36		$	1.72
Discontinued operations, net	—			—			0.01
Net income per Unit – diluted	$	11.68		$	2.36		$	1.73

Note: For additional disclosures regarding the employee share options and restricted shares, see Notes 2 and 12.

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Discontinued Operations

12 Months Ended

Dec. 31, 2016

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

11. Individually Significant Dispositions and Discontinued Operations

In April 2014, the FASB issued new guidance for reporting discontinued operations. Only disposals representing a strategic shift in operations that has a major effect on a company’s operations and financial results will be presented as discontinued operations. Companies are required to expand their disclosures about discontinued operations to provide more information on the assets, liabilities, income and expenses of the discontinued operations. Companies are also required to disclose the pre-tax income attributable to a disposal of a significant part of a company that does not qualify for discontinued operations reporting. Application of this guidance is prospective from the date of adoption and early adoption was permitted, but only for disposals (or classifications as held for sale) that had not been reported in financial statements previously issued. The new standard was effective January 1, 2015, but the Company early adopted it as allowed effective January 1, 2014. Adoption of this standard resulted in and will likely continue to result in substantially fewer of the Company's dispositions meeting the discontinued operations qualifications.

Individually Significant Dispositions

The Company concluded that the Starwood Transaction does not qualify for discontinued operations reporting as it does not represent a strategic shift that will have a major effect on the Company’s operations and financial results. The Company has been investing only in its six coastal markets (Boston, New York, Washington D.C., Southern California, San Francisco and Seattle) and has not been acquiring or developing any new assets in its other markets. Over the past several years, the Company has been repositioning its portfolio by selling its suburban assets located in markets outside its six core coastal markets. However, the Company concluded that the Starwood Transaction does qualify as an individually significant component of the Company as the amount received upon disposal exceeded 10% of total assets and NOI (see definition in Note 17) of the Starwood Portfolio represents approximately 1.2% (for the approximate one-month period owned in 2016), 15.7% and 15.4%, respectively, of consolidated NOI for the Company for the years ended December 31, 2016, 2015 and 2014. In addition, the Starwood Transaction met the held for sale criteria at December 31, 2015 and was classified as held for sale in the accompanying consolidated balance sheets at December 31, 2015 (see Note 4 for further discussion). In accordance with this classification, the Company ceased depreciation on all assets in the Starwood Portfolio as of November 1, 2015. As a result, the following table summarizes the results of operations attributable to the Starwood Transaction for the years ended December 31, 2016, 2015 and 2014 (amounts in thousands):

	Year Ended December 31,
	2016			2015			2014
REVENUES
Rental income	$	30,785		$	427,433		$	401,134
Total revenues	30,785			427,433			401,134
EXPENSES (1)
Property and maintenance	7,838			78,189			76,579
Real estate taxes and insurance	2,912			48,403			46,416
Property management	2			11			11
General and administrative	23			38			24
Depreciation	—			87,616			104,104
Total expenses	10,775			214,257			227,134
Operating income	20,010			213,176			174,000
Interest and other income	21			1			1
Other expenses	—			(35		)	(1		)
Interest (2):
Expense incurred, net	(380		)	(680		)	(701		)
Amortization of deferred financing costs	(707		)	(559		)	(98		)
Income and other tax (expense) benefit	(1		)	(1		)	(3		)
Net gain on sales of real estate properties	3,161,097			—			—
Income from operations	3,180,040			211,902			173,198
Income from operations attributable to Noncontrolling Interests – Partially Owned Properties	—			—			(14		)
Income from operations attributable to controlling interests – Operating Partnership	3,180,040			211,902			173,184
Income from operations attributable to Noncontrolling Interests – Operating Partnership	(122,152		)	(8,083		)	(6,598		)
Income from operations attributable to controlling interests – Company	$	3,057,888		$	203,819		$	166,586

(1) Includes expenses paid in the current period for properties held for sale.

(2) Includes only interest expense specific to secured mortgage notes payable for properties held for sale which was repaid at or before closing.

Discontinued Operations

The Company has presented separately as discontinued operations in all periods the results of operations for all consolidated assets disposed of and all properties held for sale, if any, for properties sold in 2013 and prior years. The amounts included in discontinued operations for the years ended December 31, 2016, 2015 and 2014 represent trailing activity for properties sold in 2013 and prior years. None of the properties sold during the years ended December 31, 2016, 2015 and 2014 met the new criteria for reporting discontinued operations.

The components of discontinued operations are outlined below and include the results of operations for the respective periods that the Company owned such assets for properties sold in 2013 and prior years during each of the years ended December 31, 2016, 2015 and 2014 (amounts in thousands).

	Year Ended December 31,
	2016			2015			2014
REVENUES
Rental income	$	355		$	499		$	1,309
Total revenues	355			499			1,309
EXPENSES (1)
Property and maintenance	(46		)	(60		)	(141		)
Real estate taxes and insurance	(461		)	65			267
General and administrative	119			85			89
Total expenses	(388		)	90			215
Discontinued operating income	743			409			1,094
Interest and other income	24			3			317
Other expenses	(280		)	—			—
Income and other tax (expense) benefit	(12		)	(15		)	(8		)
Discontinued operations	475			397			1,403
Net gain on sales of discontinued operations	43			—			179
Discontinued operations, net	$	518		$	397		$	1,582

(1) Includes expenses paid in the current period for properties sold in prior periods related to the Company’s period of ownership.

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Share Incentive Plans

12 Months Ended

Dec. 31, 2016

Share-based Compensation [Abstract]

Share Incentive Plans

11.

12. Share Incentive Plans

Any Common Shares issued pursuant to EQR's incentive equity compensation and employee share purchase plans will result in ERPOP issuing OP Units to EQR on a one-for-one basis with ERPOP receiving the net cash proceeds of such issuances.

On June 16, 2011, the shareholders of EQR approved the Company's 2011 Share Incentive Plan, as amended (the "2011 Plan"). The 2011 Plan originally reserved 12,980,741 Common Shares for issuance, which was subsequently adjusted to 14,725,321 Common Shares in accordance with the provisions of the 2011 Plan as a result of the option adjustments required for the special dividends paid in conjunction with the Starwood Transaction. In conjunction with the approval of the 2011 Plan, no further awards may be granted under the 2002 Share Incentive Plan. The 2011 Plan expires on June 16, 2021. As of December 31, 2016, 8,595,553 shares were available for future issuance.

Pursuant to the 2011 Plan and the 2002 Share Incentive Plan, as restated and amended (collectively the “Share Incentive Plans”), officers, trustees and key employees of the Company may be granted share options to acquire Common Shares (“Options”) including non-qualified share options (“NQSOs”), incentive share options (“ISOs”) and share appreciation rights (“SARs”), or may be granted restricted or non-restricted shares/units (including performance-based awards), subject to conditions and restrictions as described in the Share Incentive Plans. Options, SARs, restricted shares (including performance awards) and restricted units (including performance awards) are sometimes collectively referred to herein as “Awards”.

The Options are generally granted at the fair market value of the Company’s Common Shares at the date of grant, vest in three equal installments over a three-year period, are exercisable upon vesting and expire ten years from the date of grant (see additional valuation discussion in Note 2). The exercise price for all Options under the Share Incentive Plans is equal to the fair market value of the underlying Common Shares at the time the Option is granted. Options exercised result in new Common Shares being issued on the open market. The 2002 Share Incentive Plan, as restated and amended, will terminate at such time as all outstanding Awards have expired or have been exercised/vested. The Board of Trustees may at any time amend or terminate the Share Incentive Plans, but termination will not affect Awards previously granted. Any Options which had vested prior to such a termination would remain exercisable by the holder.

Restricted shares are generally granted at the fair market value of the Company's Common Shares at the date of grant. Restricted shares that have been awarded through December 31, 2016 generally vest three years from the award date. In addition, the Company’s unvested restricted shareholders have the same voting rights as any other Common Share holder. During the three-year period of restriction, the Company’s unvested restricted shareholders receive quarterly dividend payments on their shares at the same rate and on the same date as any other Common Share holder. As a result, dividends paid on unvested restricted shares are included as a component of retained earnings (included in general partner's capital in the Operating Partnership's financial statements) and have not been considered in reducing net income available to Common Shares/Units in a manner similar to the Company’s preferred share/preference unit dividends for the earnings per share/Unit calculation. If employment is terminated prior to the lapsing of the restriction, the shares are generally canceled.

Restricted units are a class of partnership interests that under certain conditions, including vesting, are convertible by the holder into an equal number of OP Units, which are redeemable by the holder for Common Shares on a one-for-one basis or the cash value of such shares at the option of the Company. In connection with the grant of long-term incentive compensation for services provided during a year, officers of the Company are allowed to choose between restricted shares and restricted units. In January 2011, March 2014 and June 2015, certain holders of restricted shares converted these shares into restricted units. Similar to restricted shares, restricted units are generally granted at the fair market value of the Company's Common Shares at the date of grant and generally vest three years from the award date. In addition, restricted unit holders receive quarterly dividend payments on their restricted units at the same rate and on the same date as any other OP Unit holder. As a result, dividends paid on restricted units are included as a component of Noncontrolling Interests – Operating Partnership/Limited Partners' capital and have not been considered in reducing net income available to Common Shares/Units in a manner similar to the Company’s preferred share/preference unit dividends for the earnings per share/Unit calculation. If employment is terminated prior to vesting, the restricted units are generally canceled. A restricted unit will automatically convert to an OP Unit when the capital account of each restricted unit increases (“books-up”) to a specified target. If the capital target is not attained within ten years following the date of issuance, the restricted unit will automatically be canceled and no compensation will be payable to the holder of such canceled restricted unit.

In January 2015, the Company revised its executive compensation program for the Chairman, Chief Executive Officer and certain other Executive Officers. The long-term portion of the revised program will allow these individuals to earn from 0% to 200% of the target number of performance awards, payable in the form of restricted shares and/or restricted units, as determined by the Company’s relative and absolute Total Shareholder Return (“TSR”) over a forward-looking three-year performance period. The Company’s TSR will be compared to pre-established quantitative performance metrics. In connection with the grant of long-term incentive compensation, the individuals are allowed to choose between restricted shares and restricted units. The grant date fair value of the awards is estimated using a Monte Carlo model, and the resulting expense is recorded regardless of whether the TSR performance measures are achieved, if the required service is delivered. These awards generally vest three years from the award date. The grant date fair value is amortized into expense over the service period. If the executive is retirement-eligible, the grant date fair value is amortized into expense over the first year. All other awards are amortized into expense over the three year performance/vesting period. In addition, the awards granted as restricted units will receive quarterly partial dividend payments equal to 10% of any common share dividend on the same date as any other OP Unit holder during the three-year performance period. As a result, dividends paid on restricted units are included as a component of Noncontrolling Interests – Operating Partnership/Limited Partners' capital and have not been considered in reducing net income available to Common Shares/Units in a manner similar to the Company’s preferred share/preference unit dividends for the earnings per share/Unit calculation. The awards granted as restricted shares will not receive dividends during the three-year performance period. At the end of the three-year performance period, cumulative dividends will be paid for the three-year performance period for any restricted shares or restricted units actually earned, less any dividends already paid on the restricted units. If employment is terminated prior to vesting, the restricted shares and restricted units are generally canceled. Once the Company's absolute and relative TSR is calculated at the end of the three-year performance period, the executive will earn a certain number of restricted shares and/or restricted units.  No payout would be made for any return below 50% of the target performance metric.

All Trustees, with the exception of the Company's non-executive Chairman and employee Trustees, are granted options, restricted shares and/or restricted units that vest one-year from the grant date that corresponds to the term for which he or she has been elected to serve. The non-executive Chairman's grants vest over the same term or period as all other employees.

The Company's Share Incentive Plans provide for certain benefits upon retirement. For employees hired prior to January 1, 2009, retirement generally means the termination of employment (other than for cause): (i) on or after age 62; or (ii) prior to age 62 after meeting the requirements of the Rule of 70 (described below). For employees hired after January 1, 2009, retirement generally means the termination of employment (other than for cause) after meeting the requirements of the Rule of 70. For Trustees, retirement generally means termination of service on the Board (other than for cause) on or after age 72.

The Rule of 70 is met when an employee’s years of service with the Company (which must be at least 15 years) plus his or her age (which must be at least 55 years) on the date of termination equals or exceeds 70 years. In addition, the employee must give the Company at least 6 months’ advance written notice of his or her intention to retire and sign a release upon termination of employment, releasing the Company from customary claims and agreeing to ongoing non-competition and employee non-solicitation provisions.

Under the Company's definitions of retirement, several of its executive officers, including its Chief Executive Officer, and its non-executive Chairman, are retirement eligible.

For employees hired prior to January 1, 2009 who retire at or after age 62 (or for Trustees who retire at or after age 72), such employee’s or Trustee's unvested restricted shares, restricted units and share options would immediately vest, and share options would continue to be exercisable for the balance of the applicable ten-year option period, as is provided under the Share Incentive Plans. For all other employees (those hired after January 1, 2009 and those hired before such date who choose to retire prior to age 62), upon such retirement under the Rule of 70 definition of retirement of employees, such employee’s unvested restricted shares, restricted units and share options would continue to vest per the original vesting schedule (subject to immediate vesting upon the occurrence of a subsequent change in control of the Company or the employee’s death), and options would continue to be exercisable for the balance of the applicable ten-year option period, subject to the employee’s compliance with the non-competition and employee non-solicitation provisions. The Rule of 70 does not apply to Trustees. For the individuals mentioned above who receive awards under the executive compensation program and retire at or after age 62 (age 72 for the Chairman of the Board) or under the Rule of 70, the award would be prorated in proportion to the number of days worked in the first year of the three-year performance period and the award would continue to vest per the original vesting schedule, subject to the individual’s compliance with the non-competition and employee non-solicitation provisions. The individual would not receive any payout of shares or units until the final payout is determined at the end of the three-year performance period. If an employee violates the non-competition and employee non-solicitation provisions after such retirement, all unvested restricted shares, unvested restricted units and unvested and vested share options at the time of the violation would be void, unless otherwise determined by the Compensation Committee of the Board of Trustees.

The following tables summarize compensation information regarding the restricted shares, restricted units, share options and Employee Share Purchase Plan (“ESPP”) for the three years ended December 31, 2016, 2015 and 2014 (amounts in thousands):

	Year Ended December 31, 2016
	Compensation Expense		Compensation Capitalized		Restricted Units In-Lieu of Bonus (1)		Compensation Equity		Dividends Incurred
Restricted shares (2)	$	13,539	$	1,477	$	—	$	15,016	$	6,494
Restricted units (2)	13,567		591		4,022		18,180		7,762
Share options	2,839		593		—		3,432		—
ESPP discount	585		65		—		650		—
Total	$	30,530	$	2,726	$	4,022	$	37,278	$	14,256

	Year Ended December 31, 2015
	Compensation Expense		Compensation Capitalized		Restricted Units In-Lieu of Bonus (1)		Compensation Equity		Dividends Incurred
Restricted shares (2)	$	13,755	$	1,311	$	—	$	15,066	$	1,160
Restricted units (2)	17,311		538		3,654		21,503		1,619
Share options	2,746		1,010		—		3,756		—
ESPP discount	795		89		—		884		—
Total	$	34,607	$	2,948	$	3,654	$	41,209	$	2,779

	Year Ended December 31, 2014
	Compensation Expense		Compensation Capitalized		Compensation Equity		Dividends Incurred
Restricted shares	$	9,244	$	660	$	9,904	$	1,012
Restricted units	11,049		920		11,969		1,248
Share options	6,453		896		7,349		—
ESPP discount	797		62		859		—
Total	$	27,543	$	2,538	$	30,081	$	2,260

(1) Beginning in 2015, the Company allows officers the ability to receive immediately vested restricted units (subject to the book-up provisions and two-year hold restriction) in-lieu of any percentage of their annual cash bonus.

(2) Includes performance awards granted under the executive compensation program.

Compensation expense is generally recognized for Awards as follows:

• Restricted shares, restricted units and share options – Straight-line method over the vesting period of the options, shares or units regardless of cliff or ratable vesting distinctions.

• Performance awards – Target amount is recognized under the straight-line method over the vesting period of the shares or units regardless of cliff or ratable vesting distinctions.

• ESPP discount – Immediately upon the purchase of common shares each quarter.

The Company accelerates the recognition of compensation expense for all Awards for those individuals approaching or meeting the retirement age criteria discussed above. The total compensation expense related to Awards not yet vested at December 31, 2016 is $8.6 million (excluding the accelerated expenses for individuals approaching or meeting the retirement age criteria discussed above), which is expected to be recognized over a weighted average term of 1.31 years.

See Note 2 for additional information regarding the Company’s share-based compensation.

The table below summarizes the Award activity of the Share Incentive Plans for the three years ended December 31, 2016, 2015 and 2014:

	Common Shares Subject to Options		Weighted Average Exercise Price per Option		Restricted Shares		Weighted Average Fair Value per Restricted Share		Restricted Units		Weighted Average Fair Value per Restricted Unit
Balance at December 31, 2013	8,470,532			$43.67	500,234			$55.79	471,256			$55.67
Awards granted (1)	667,877			$56.72	176,457			$56.56	201,507			$53.82
Awards exercised/vested (2) (3) (4)	(2,086,380	)		$39.34	(175,344	)		$53.44	(60,294	)		$53.71
Awards forfeited	(19,022	)		$56.32	(6,735	)		$56.57	(667	)		$52.08
Awards expired	(2,387	)		$55.24	—		—		—		—
Conversion of restricted shares to restricted units	—		—		(12,146	)	—		12,146		—
Balance at December 31, 2014	7,030,620			$46.16	482,466			$56.89	623,948			$53.38
Awards granted (1) (5)	171,150			$80.15	174,112			$79.65	337,505			$81.87
Awards exercised/vested (2) (3) (4)	(1,456,363	)		$42.64	(127,174	)		$60.21	(72,003	)		$57.12
Awards forfeited	(9,550	)		$64.53	(5,970	)		$62.11	(2,009	)		$64.39
Awards expired	(1,492	)		$39.86	—		—		—		—
Conversion of restricted shares to restricted units	—		—		(1,284	)	—		1,284		—
Balance at December 31, 2015	5,734,365			$48.04	522,150			$63.67	888,725			$63.91
Awards granted (1) (5)	154,016			$64.99	154,296			$75.19	289,273			$81.05
Awards exercised/vested (2) (3) (4)	(815,044	)		$38.01	(217,805	)		$57.75	(374,217	)		$52.73
Awards forfeited	(10,512	)		$63.43	(6,607	)		$70.73	(1,524	)		$86.35
Awards expired	(710	)		$68.40	—		—		—		—
Special dividend adjustment (6)	960,986		N/A		—		—		—		—
Balance at December 31, 2016	6,023,101			$42.05	452,034			$70.35	802,257			$75.26

(1) The weighted average grant date fair value for Options granted during the years ended December 31, 2016, 2015 and 2014 was $11.09 per share, $13.67 per share and $9.21 per share, respectively.

(2) The aggregate intrinsic value of options exercised during the years ended December 31, 2016, 2015 and 2014 was $26.2 million, $52.9 million and $50.8 million, respectively. These values were calculated as the difference between the strike price of the underlying awards and the per share price at which each respective award was exercised.

(3) The fair value of restricted shares vested during the years ended December 31, 2016, 2015 and 2014 was $15.6 million, $10.2 million and $10.2 million, respectively.

(4) The fair value of restricted units vested during the years ended December 31, 2016, 2015 and 2014 was $27.2 million, $5.8 million and $3.4 million, respectively.

(5) Includes performance awards granted under the executive compensation program.

(6) In addition to the regular quarterly dividends, the Company paid two special dividends to its shareholders and holders of OP Units of $11.00 per share/unit in the aggregate in 2016. Option holders were not entitled to these special dividends, but pursuant to the terms of the Share Incentive Plans are due equitable adjustments of additional options. The special dividend adjustment's weighted average exercise price per option is reflected in the activity for 2016 for the awards granted, awards exercised/vested, and awards forfeited and the balance at December 31, 2016.

The following table summarizes information regarding options outstanding and exercisable at December 31, 2016:

	Options Outstanding (1)				Options Exercisable (2)
Range of Exercise Prices	Options	Weighted Average Remaining Contractual Life in Years	Weighted Average Exercise Price		Options	Weighted Average Exercise Price
$19.67 to $24.93	892,111	2.10		$19.67	892,111		$19.67
$24.94 to $37.39	930,884	2.54		$29.42	930,884		$29.42
$37.40 to $43.62	2,412	3.83		$41.44	2,412		$41.44
$43.63 to $49.86	2,715,880	5.50		$46.59	2,515,401		$46.47
$49.87 to $56.09	1,114,654	5.16		$51.30	1,114,654		$51.30
$56.10 to $62.32	2,761	8.48		$60.80	2,761		$60.80
$62.33 to $68.55	364,399	8.57		$66.77	152,454	67.27
$19.67 to $68.55	6,023,101	4.66		$42.05	5,610,677		$40.91
Vested and expected to vest as of December 31, 2016	6,003,870	4.55		$41.97

(1) The aggregate intrinsic value of options outstanding that are vested and expected to vest as of December 31, 2016 is $135.3 million.

(2) The aggregate intrinsic value and weighted average remaining contractual life in years of options exercisable as of December 31, 2016 is $132.0 million and 4.4 years, respectively.

Note: The aggregate intrinsic values in Notes (1) and (2) above were both calculated as the excess, if any, between the Company’s closing share price of $64.36 per share on December 31, 2016 and the strike price of the underlying awards.

As of December 31, 2015 and 2014, 4,436,990 Options (with a weighted average exercise price of $45.11) and 5,011,784 Options (with a weighted average exercise price of $42.18) were exercisable, respectively.

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Employee Plans

12 Months Ended

Dec. 31, 2016

Employee Plans [Abstract]

Employee Plans

13. Employee Plans

The Company established an Employee Share Purchase Plan to provide each employee and trustee the ability to annually acquire up to $100,000 of Common Shares of EQR. The Company registered 7,000,000 Common Shares under the ESPP, of which 2,906,163 Common Shares remained available for purchase at December 31, 2016. The Common Shares may be purchased quarterly at a price equal to 85% of the lesser of: (a) the closing price for a share on the last day of such quarter; and (b) the greater of: (i) the closing price for a share on the first day of such quarter, and (ii) the average closing price for a share for all the business days in the quarter. The following table summarizes information regarding the Common Shares issued under the ESPP (the net proceeds noted below were contributed to ERPOP in exchange for OP Units):

	Year Ended December 31,
	2016	2015	2014
	(Amounts in thousands except share and per share amounts)
Shares issued	63,909	68,462	68,807
Issuance price ranges	$51.85 – $63.37	$63.70 – $65.90	$45.90 – $55.95
Issuance proceeds	$3,686	$4,404	$3,392

The Company established a defined contribution plan (the “401(k) Plan”) to provide retirement benefits for employees that meet minimum employment criteria. Prior to 2014, the Company matched dollar for dollar up to the first 3% of eligible compensation that a participant contributed to the 401(k) Plan. Beginning January 1, 2014, the Company increased its match to 4% of eligible compensation that a participant contributes to the 401(k) Plan for all employees except those defined as highly compensated employees, whose match remains at 3%. Participants are vested in the Company’s contributions over five years. The Company recognized an expense in the amount of $4.9 million, $5.5 million and $5.2 million for the years ended December 31, 2016, 2015 and 2014, respectively.

The Company established the SERP to provide certain officers and trustees an opportunity to defer a portion of their eligible compensation in order to save for retirement. The SERP is restricted to investments in Common Shares, certain marketable securities that have been specifically approved and cash equivalents. The deferred compensation liability represented in the SERP and the securities issued to fund such deferred compensation liability are consolidated by the Company and carried on the Company’s balance sheet, and the Company’s Common Shares held in the SERP are accounted for as a reduction to paid in capital (included in general partner's capital in the Operating Partnership's financial statements).

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Distribution Reinvestment and Share Purchase Plan

12 Months Ended

Dec. 31, 2016

Distribution Reinvestment and Share Purchase Plan [Abstract]

Distribution Reinvestment and Share Purchase Plan

14. Distribution Reinvestment Plan

On November 18, 2011, the Company filed with the SEC a Form S-3 Registration Statement to register 4,850,000 Common Shares pursuant to a Distribution Reinvestment and Share Purchase Plan (the "2011 DRIP"), which included the remaining shares available for issuance under a 2008 registration, which terminated as of such date. The registration statement was automatically declared effective the same day and was to expire at the earlier of the date on which all 4,850,000 shares had been issued or November 18, 2014. On September 30, 2014, the Company filed with the SEC a Form S-3 Registration Statement to register 4,790,000 Common Shares under an amended Distribution Reinvestment Plan (the "2014 DRIP"), which included the remaining shares available for issuance under the 2011 DRIP, which terminated as of such date. The registration was automatically declared effective the same day and will expire when all 4,790,000 shares have been issued. The Company has 4,704,608 Common Shares available for issuance under the 2014 DRIP at December 31, 2016.

The 2014 DRIP provides holders of record and beneficial owners of Common Shares and Preferred Shares with a simple and convenient method of reinvesting cash dividends/distributions in additional Common Shares. Common Shares purchased under the 2014 DRIP may, at the option of EQR, be directly issued by EQR or purchased by EQR's transfer agent in the open market using participants' funds. The net proceeds from any Common Share issuances are contributed to ERPOP in exchange for OP Units.

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Transactions With Related Parties

12 Months Ended

Dec. 31, 2016

Transactions With Related Parties [Abstract]

Related Party Transactions Disclosure [Text Block]

15. Transactions with Related Parties

The Company leases its corporate headquarters from an entity controlled by EQR’s Chairman of the Board of Trustees. The lease terminates on January 31, 2022. Amounts incurred for such office space for the years ended December 31, 2016, 2015 and 2014, respectively, were approximately $2.7 million, $2.6 million and $2.5 million. The Company believes these amounts equal market rates for such rental space.

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Commitments and Contingencies

12 Months Ended

Dec. 31, 2016

Commitments and Contingencies [Abstract]

Commitments and Contingencies

16. Commitments and Contingencies

The Company, as an owner of real estate, is subject to various Federal, state and local environmental laws. Compliance by the Company with existing laws has not had a material adverse effect on the Company. However, the Company cannot predict the impact of new or changed laws or regulations on its current properties or on properties that it may acquire in the future. During the year ended December 31, 2016, the Company recorded an environmental reserve of $4.7 million related to vacant land that it owns adjacent to one of its operating properties.

The Company was party to a housing discrimination lawsuit brought by a non-profit civil rights organization in April 2006 in the U.S. District Court for the District of Maryland.  The suit alleged that the Company designed and built many of its properties in violation of the accessibility requirements of the Fair Housing Act (“FHA”) and Americans With Disabilities Act (“ADA”).  The suit sought actual and punitive damages, injunctive relief (including modification of non-compliant properties), costs and attorneys’ fees.  On March 31, 2016, the Court found that certain features at seven of the Company’s properties did not satisfy the accessibility requirements of the FHA. During the fourth quarter of 2016, the Company settled the lawsuit for $3.1 million, net of insurance recoveries already received, which was recorded as other expenses in the consolidated statements of operations and comprehensive income. The Company also agreed to undertake the remediation of certain inaccessible features at a limited number of properties.

The Company has established a reserve related to various litigation matters associated with its Massachusetts properties and periodically assesses the adequacy of the reserve and makes adjustments as necessary. During the year ended December 31, 2016, the Company settled one matter, paying approximately $1.5 million, and recorded a reduction to the reserve of approximately $0.5 million, resulting in a total reserve of approximately $1.0 million at December 31, 2016. While no assurances can be given, the Company does not believe that the ultimate resolution of any of these remaining litigation matters, if adversely determined, would have a material adverse effect on the Company.

The Company does not believe there is any other litigation pending or threatened against it that, individually or in the aggregate, may reasonably be expected to have a material adverse effect on the Company.

As of December 31, 2016, the Company has six wholly owned projects totaling 2,064 apartment units in various stages of development with commitments to fund of approximately $260.6 million and estimated completion dates ranging through December 31, 2018, as well as other completed development projects that are in various stages of lease up or are stabilized.

As of December 31, 2016, the Company has two completed unconsolidated development properties that are stabilized. Both properties were co-developed with the same third party development partner in different ventures. The development venture agreements with this partner are primarily deal-specific regarding profit-sharing, equity contributions, returns on investment, buy-sell agreements and other customary provisions. The Company currently has no further funding obligations related to these properties. While the Company is the managing member of both of the joint ventures, was responsible for constructing both of the properties and gave certain construction cost overrun guarantees, the joint venture partner has significant participating rights and has active involvement in and oversight of the ongoing operations. The buy-sell arrangements contain provisions that provide the right, but not the obligation, for the Company to acquire the partner’s interests or sell its interests at any time following the occurrence of certain pre-defined events (including at stabilization) described in the development venture agreements. See Note 6 for further discussion.

During the years ended December 31, 2016, 2015 and 2014, total operating lease expense for ground leases and office space, including a portion of real estate taxes, insurance, repairs and utilities, aggregated $26.2 million, $24.5 million and $21.2 million, respectively.

The Company has entered into a retirement benefits agreement with its Chairman of the Board of Trustees and deferred compensation agreements with its Vice Chairman and one former chief executive officer. During the years ended December 31, 2016, 2015 and 2014, the Company recognized compensation expense of $0.3 million, $0.4 million and $0.5 million, respectively, related to these agreements.

The following table summarizes the Company’s contractual obligations for minimum rent payments under operating leases and deferred compensation for the next five years and thereafter as of December 31, 2016:

(Payments)/Receipts Due by Year (in thousands)
	2017			2018			2019			2020			2021			Thereafter			Total
Operating Leases:
Minimum Rent Payments (a)	$	(15,917	)	$	(16,027	)	$	(15,890	)	$	(15,489	)	$	(15,256	)	$	(826,259	)	$	(904,838	)
Minimum Rent Receipts (b)	73,171			60,004			54,486			50,705			46,634			211,853			496,853
Other Long-Term Liabilities:
Deferred Compensation (c)	(1,387		)	(1,723		)	(1,128		)	(1,079		)	(1,079		)	(4,383		)	(10,779		)

(a) Minimum basic rent due for various office space the Company leases and fixed base rent due on ground leases for 11 properties.

(b) Minimum basic rent receipts due for various retail/commercial space where the Company is the lessor.

(c) Estimated payments to the Company's Chairman, Vice Chairman and one former CEO based on actual and planned retirement dates.

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Reportable Segments

12 Months Ended

Dec. 31, 2016

Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]

Segment Reporting Disclosure [Text Block]

17. Reportable Segments

Operating segments are defined as components of an enterprise that engage in business activities from which they may earn revenues and incur expenses and about which discrete financial information is available that is evaluated regularly by the chief operating decision maker. The chief operating decision maker decides how resources are allocated and assesses performance on a recurring basis at least quarterly.

The Company’s primary business is the acquisition, development and management of multifamily residential properties, which includes the generation of rental and other related income through the leasing of apartment units to residents. The chief operating decision maker evaluates the Company's operating performance geographically by market and both on a same store and non-same store basis. The Company’s same store operating segments located in its coastal markets represent its reportable segments. As of January 1, 2016, the Company has revised the presentation of Southern California to show separate results for Los Angeles, San Diego and Orange County, along with a subtotal of the three markets combined, for both the current and comparable periods. The Company's operating segments located in its other markets (Phoenix) that are not material have been included in the tables presented below. See also Note 4 for further discussion of the Starwood Transaction and the operating segments/locations in which properties were sold.

The Company’s fee and asset management and development activities are other business activities that do not constitute an operating segment and as such, have been aggregated in the "Other" category in the tables presented below.

All revenues are from external customers and there is no customer who contributed 10% or more of the Company’s total revenues during the three years ended December 31, 2016, 2015 or 2014.

The primary financial measure for the Company’s rental real estate segment is net operating income (“NOI”), which represents rental income less: 1) property and maintenance expense and 2) real estate taxes and insurance expense (all as reflected in the accompanying consolidated statements of operations and comprehensive income). As of January 1, 2016, NOI no longer includes an allocation of property management expenses either in the current or comparable periods. The Company believes that NOI is helpful to investors as a supplemental measure of its operating performance because it is a direct measure of the actual operating results of the Company’s apartment properties.

The following table presents a reconciliation of NOI from our rental real estate specific to continuing operations for the years ended December 31, 2016, 2015 and 2014, respectively (amounts in thousands):

	Year Ended December 31,
	2016			2015			2014
Rental income	$	2,422,233		$	2,736,578		$	2,605,311
Property and maintenance expense	(406,823		)	(479,160		)	(473,098		)
Real estate taxes and insurance expense	(317,387		)	(339,802		)	(325,401		)
Total operating expenses	(724,210		)	(818,962		)	(798,499		)
Net operating income	$	1,698,023		$	1,917,616		$	1,806,812

The following tables present NOI for each segment from our rental real estate specific to continuing operations for the years ended December 31, 2016, 2015 and 2014, respectively, as well as total assets and capital expenditures at December 31, 2016 and 2015, respectively (amounts in thousands):

	Year Ended December 31, 2016						Year Ended December 31, 2015						Year Ended December 31, 2014
	Rental Income		Operating Expenses		NOI		Rental Income		Operating Expenses		NOI		Rental Income		Operating Expenses		NOI
Same store (1)
Los Angeles	$	368,734	$	107,138	$	261,596	$	349,285	$	104,614	$	244,671	$	259,437	$	81,972	$	177,465
San Diego	88,049		23,489		64,560		83,491		22,938		60,553		79,217		22,605		56,612
Orange County	79,602		18,931		60,671		75,068		18,550		56,518		71,440		18,211		53,229
Subtotal - Southern California	536,385		149,558		386,827		507,844		146,102		361,742		410,094		122,788		287,306
New York	457,882		160,772		297,110		450,460		152,682		297,778		455,598		156,881		298,717
Washington D.C.	424,055		126,154		297,901		417,985		123,450		294,535		451,973		131,964		320,009
San Francisco	365,019		88,141		276,878		343,089		84,603		258,486		340,252		96,217		244,035
Boston	237,683		66,283		171,400		232,462		67,252		165,210		244,612		70,070		174,542
Seattle	154,482		42,644		111,838		145,646		39,307		106,339		153,197		45,781		107,416
Other Markets	1,798		568		1,230		1,680		528		1,152		385,664		120,395		265,269
Total same store	2,177,304		634,120		1,543,184		2,099,166		613,924		1,485,242		2,441,390		744,096		1,697,294
Non-same store/other (2) (3)
Non-same store	163,768		56,403		107,365		72,123		27,078		45,045		83,715		28,992		54,723
Other (3)	81,161		33,687		47,474		565,289		177,960		387,329		80,206		25,411		54,795
Total non-same store/other	244,929		90,090		154,839		637,412		205,038		432,374		163,921		54,403		109,518
Totals	$	2,422,233	$	724,210	$	1,698,023	$	2,736,578	$	818,962	$	1,917,616	$	2,605,311	$	798,499	$	1,806,812

(1) For the years ended December 31, 2016 and 2015, same store primarily includes all properties acquired or completed that are stabilized prior to January 1, 2015, less properties subsequently sold, which represented 69,879 apartment units. For the year ended December 31, 2014, same store primarily includes all properties acquired or completed that are stabilized prior to January 1, 2014, less properties subsequently sold, which represented 96,286 apartment units.

(2) For the years ended December 31, 2016 and 2015, non-same store primarily includes properties acquired after January 1, 2015, plus any properties in lease-up and not stabilized as of January 1, 2015. For the year ended December 31, 2014, non-same store primarily includes properties acquired after January 1, 2014, plus any properties in lease-up and not stabilized as of January 1, 2014.

(3) Other includes development, other corporate operations and operations prior to sale for properties sold in 2014 through 2016 that do not meet the new discontinued operations criteria.

	Year Ended December 31, 2016				Year Ended December 31, 2015
	Total Assets		Capital Expenditures		Total Assets		Capital Expenditures
Same store (1)
Los Angeles	$	2,513,979	$	26,195	$	2,586,859	$	22,015
San Diego	471,937		5,172		488,260		4,608
Orange County	260,918		6,747		268,479		7,336
Subtotal - Southern California	3,246,834		38,114		3,343,598		33,959
New York	4,275,930		25,329		4,383,354		18,170
Washington D.C.	3,916,264		33,867		4,023,474		33,455
San Francisco	2,441,256		24,411		2,506,004		25,104
Boston	1,723,942		20,936		1,774,181		17,355
Seattle	1,031,764		13,464		1,061,351		9,106
Other Markets	12,902		67		13,162		182
Total same store	16,648,892		156,188		17,105,124		137,331
Non-same store/other (2) (3)
Non-same store	2,864,250		12,179		2,441,637		6,341
Other (3)	1,191,006		3,810		3,563,435		38,441
Total non-same store/other	4,055,256		15,989		6,005,072		44,782
Totals	$	20,704,148	$	172,177	$	23,110,196	$	182,113

(1) Same store primarily includes all properties acquired or completed that are stabilized prior to January 1, 2015, less properties subsequently sold, which represented 69,879 apartment units.

(2) Non-same store primarily includes properties acquired after January 1, 2015, plus any properties in lease-up and not stabilized as of January 1, 2015.

(3) Other includes development, other corporate operations and capital expenditures for properties sold.

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Subsequent Events/Other

12 Months Ended

Dec. 31, 2016

Subsequent Events Other [Abstract]

Subsequent Events/Other

18. Subsequent Events/Other

Subsequent Events

There have been no material subsequent events occurring since December 31, 2016.

Other

During the year ended December 31, 2014, the Operating Partnership issued the 3.00% Series P Cumulative Redeemable Preference Units with a liquidation value of approximately $18.4 million in conjunction with the buyout of its partner's 95% interest in a previously unconsolidated development property. The Series P Preference Units were classified as a liability due in part to the fact that the holder could put the units back to the Operating Partnership for cash. Dividends were paid quarterly on the Series P Preference Units.During the year ended December 31, 2016, the Company purchased all of the issued and outstanding Series P Preference Units at a par value of $18.4 million and retired these units in conjunction with the purchase. In conjunction with this transaction, the Company reduced other liabilities by $18.4 million.

During the year ended December 31, 2016, the Company sold its entire interest in the management contracts and related rights associated with the military housing ventures at Joint Base Lewis McChord consisting of 5,161 apartment units for approximately $63.3 million and recognized a gain on sale of approximately $52.4 million, which is included in interest and other income in the accompanying consolidated statements of operations and comprehensive income.

During the years ended December 31, 2016, 2015 and 2014, the Company incurred charges of $1.5 million, $1.0 million and $0.4 million, respectively, related to property acquisition costs, such as survey, title and legal fees, on the acquisition of operating properties and $4.1 million, $3.2 million and $3.6 million, respectively, related to the write-off of various pursuit and out-of-pocket costs for terminated acquisition, disposition and development transactions. These costs, totaling $5.6 million, $4.2 million and $4.0 million, respectively, are included in other expenses in the accompanying consolidated statements of operations and comprehensive income.

During the years ended December 31, 2016, 2015 and 2014 the Company received $3.2 million, $6.0 million and $2.8 million, respectively, for the settlement of various litigation/insurance claims, which are included in interest and other income in the accompanying consolidated statements of operations and comprehensive income.

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Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2016

Quarterly Financial Data [Abstract]

Quarterly Financial Data (Unaudited)

19. Quarterly Financial Data (Unaudited)

Equity Residential

The following unaudited quarterly data has been prepared on the basis of a December 31 year-end. Amounts are in thousands, except for per share amounts.

	First Quarter			Second Quarter		Third Quarter		Fourth Quarter
2016	3/31			6/30		9/30		12/31
Total revenues	$	619,083		$	595,154	$	606,074	$	605,489
Operating income	216,625			206,018		209,373		224,070
Income from continuing operations	3,731,988			228,365		217,246		301,987
Discontinued operations, net	(157		)	35		246		394
Net income *	3,731,831			228,400		217,492		302,381
Net income available to Common Shares	3,586,985			218,067		207,543		276,477
Earnings per share – basic:
Net income available to Common Shares	$	9.84		$	0.60	$	0.57	$	0.76
Weighted average Common Shares outstanding	364,592			365,047		365,109		365,256
Earnings per share – diluted:
Net income available to Common Shares	$	9.76		$	0.59	$	0.56	$	0.75
Weighted average Common Shares outstanding	382,243			382,065		382,373		381,860

	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
2015	3/31		6/30		9/30		12/31
Total revenues	$	666,371	$	679,112	$	696,289	$	703,193
Operating income	218,331		246,255		257,594		287,058
Income from continuing operations	190,069		298,504		205,375		213,673
Discontinued operations, net	155		114		81		47
Net income *	190,224		298,618		205,456		213,720
Net income available to Common Shares	178,842		285,587		195,859		202,989
Earnings per share – basic:
Net income available to Common Shares	$	0.49	$	0.79	$	0.54	$	0.56
Weighted average Common Shares outstanding	363,098		363,476		363,579		363,828
Earnings per share – diluted:
Net income available to Common Shares	$	0.49	$	0.78	$	0.53	$	0.55
Weighted average Common Shares outstanding	380,327		380,491		380,663		381,220

* The Company did not have any extraordinary items or cumulative effect of change in accounting principle during the years ended December 31, 2016 and 2015. Therefore, income before extraordinary items and cumulative effect of change in accounting principle is not shown as it was equal to the net income amounts disclosed above.

ERP Operating Limited Partnership

The following unaudited quarterly data has been prepared on the basis of a December 31 year-end. Amounts are in thousands, except for per Unit amounts.

	First Quarter			Second Quarter		Third Quarter		Fourth Quarter
2016	3/31			6/30		9/30		12/31
Total revenues	$	619,083		$	595,154	$	606,074	$	605,489
Operating income	216,625			206,018		209,373		224,070
Income from continuing operations	3,731,988			228,365		217,246		301,987
Discontinued operations, net	(157		)	35		246		394
Net income *	3,731,831			228,400		217,492		302,381
Net income available to Units	3,730,294			226,847		215,896		287,546
Earnings per Unit – basic:
Net income available to Units	$	9.84		$	0.60	$	0.57	$	0.76
Weighted average Units outstanding	378,289			378,934		379,008		379,081
Earnings per Unit – diluted:
Net income available to Units	$	9.76		$	0.59	$	0.56	$	0.75
Weighted average Units outstanding	382,243			382,065		382,373		381,860

	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
2015	3/31		6/30		9/30		12/31
Total revenues	$	666,371	$	679,112	$	696,289	$	703,193
Operating income	218,331		246,255		257,594		287,058
Income from continuing operations	190,069		298,504		205,375		213,673
Discontinued operations, net	155		114		81		47
Net income *	190,224		298,618		205,456		213,720
Net income available to Units	185,901		296,941		203,637		211,039
Earnings per Unit – basic:
Net income available to Units	$	0.49	$	0.79	$	0.54	$	0.56
Weighted average Units outstanding	376,696		377,063		377,147		377,380
Earnings per Unit – diluted:
Net income available to Units	$	0.49	$	0.78	$	0.53	$	0.55
Weighted average Units outstanding	380,327		380,491		380,663		381,220

* The Operating Partnership did not have any extraordinary items or cumulative effect of change in accounting principle during the years ended December 31, 2016 and 2015. Therefore, income before extraordinary items and cumulative effect of change in accounting principle is not shown as it was equal to the net income amounts disclosed above.

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Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2016

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]

Real Estate and Accumulated Depreciation

EQUITY RESIDENTIAL

ERP OPERATING LIMITED PARTNERSHIP

Schedule III - Real Estate and Accumulated Depreciation

Overall Summary

December 31, 2016

	Properties (H)	Apartment Units (H)	Investment in Real Estate, Gross		Accumulated Depreciation			Investment in Real Estate, Net		Encumbrances (1)
Wholly Owned Unencumbered	204	52,102	$	18,448,319,778	$	(3,651,990,171	)	$	14,796,329,607	$	—
Wholly Owned Encumbered	79	21,196	6,291,785,512		(1,497,361,379		)	4,794,424,133		3,818,071,013
Wholly Owned Properties	283	73,298	24,740,105,290		(5,149,351,550		)	19,590,753,740		3,818,071,013
Partially Owned Unencumbered	9	1,527	288,230,337		(98,826,978		)	189,403,359		—
Partially Owned Encumbered	8	1,688	358,089,848		(112,210,888		)	245,878,960		301,109,812
Partially Owned Properties	17	3,215	646,320,185		(211,037,866		)	435,282,319		301,109,812
Total Unencumbered Properties	213	53,629	18,736,550,115		(3,750,817,149		)	14,985,732,966		—
Total Encumbered Properties	87	22,884	6,649,875,360		(1,609,572,267		)	5,040,303,093		4,119,180,825
Total Consolidated Investment in Real Estate	300	76,513	$	25,386,425,475	$	(5,360,389,416	)	$	20,026,036,059	$	4,119,180,825

(1) See attached Encumbrances Reconciliation.

EQUITY RESIDENTIAL

ERP OPERATING LIMITED PARTNERSHIP

Schedule III - Real Estate and Accumulated Depreciation

Encumbrances Reconciliation

December 31, 2016

Portfolio/Entity Encumbrances	Number of Properties Encumbered by	See Properties With Note:	Amount
EQR-Fanwell 2007 LP	4	I	$	299,795,866
EQR-Wellfan 2008 LP (R)	10	J	549,337,934
Archstone Master Property Holdings LLC	13	K	796,845,087
Portfolio/Entity Encumbrances	27		1,645,978,887
Individual Property Encumbrances			2,473,201,938
Total Encumbrances per Financial Statements			$	4,119,180,825

EQUITY RESIDENTIAL

ERP OPERATING LIMITED PARTNERSHIP

Schedule III – Real Estate and Accumulated Depreciation

(Amounts in thousands)

The changes in total real estate for the years ended December 31, 2016, 2015 and 2014 are as follows:

	2016			2015			2014
Balance, beginning of year	$	28,542,697		$	27,675,383		$	26,800,948
Acquisitions and development	832,803			964,645			1,121,423
Improvements	174,981			186,104			191,243
Dispositions and other	(4,164,056		)	(283,435		)	(438,231		)
Balance, end of year (1)	$	25,386,425		$	28,542,697		$	27,675,383

The changes in accumulated depreciation for the years ended December 31, 2016, 2015 and 2014 are as follows:

	2016			2015			2014
Balance, beginning of year	$	6,084,616		$	5,432,805		$	4,807,709
Depreciation	705,649			765,895			758,861
Dispositions and other	(1,429,876		)	(114,084		)	(133,765		)
Balance, end of year (1)	$	5,360,389		$	6,084,616		$	5,432,805

(1) Balances at December 31, 2015 include assets classified as real estate held for sale.

EQUITY RESIDENTIAL

ERP OPERATING LIMITED PARTNERSHIP

Schedule III - Real Estate and Accumulated Depreciation

December 31, 2016

Description					Initial Cost to Company				Cost Capitalized Subsequent to Acquisition (Improvements, net) (E)			Gross Amount Carried at Close of Period 12/31/16
Apartment Name	Location	Retail/Commercial Space	Date of Construction	Apartment Units (H)	Land		Building & Fixtures		Building & Fixtures			Land		Building & Fixtures (A)		Total (B)		Accumulated Depreciation (C)				Investment in Real Estate, Net at 12/31/16		Encumbrances
Wholly Owned Unencumbered:
100 K Street	Washington, D.C.	—	(F)	—	$	15,600,000	$	10,782,320	$	—		$	15,600,000	$	10,782,320	$	26,382,320		$	—		$	26,382,320	$	—
140 Riverside Boulevard	New York, NY	G	2003	354	103,539,100		94,082,725		6,750,405			103,539,100		100,833,130		204,372,230			(41,010,422		)	163,361,808		—
160 Riverside Boulevard	New York, NY	G	2001	455	139,933,500		190,964,745		12,780,175			139,933,500		203,744,920		343,678,420			(81,836,307		)	261,842,113		—
170 Amsterdam	New York, NY	G	2015	236	—		111,872,438		60,750			—		111,933,188		111,933,188			(7,014,736		)	104,918,452		—
175 Kent	Brooklyn, NY	G	2011	113	22,037,831		53,962,169		1,396,338			22,037,831		55,358,507		77,396,338			(12,584,288		)	64,812,050		—
180 Montague (fka Brooklyn Heights)	Brooklyn, NY	G	2000	193	32,400,000		92,675,228		2,910,862			32,400,000		95,586,090		127,986,090			(16,638,099		)	111,347,991		—
180 Riverside Boulevard	New York, NY	G	1998	516	144,968,250		138,346,681		11,344,206			144,968,250		149,690,887		294,659,137			(61,661,842		)	232,997,295		—
1111 Belle Pre (fka The Madison)	Alexandria, VA	G	2014	360	18,937,702		94,758,679		101,850			18,937,702		94,860,529		113,798,231			(12,803,962		)	100,994,269		—
1210 Mass	Washington, D.C.	G	2004	144	9,213,513		36,559,189		2,112,056			9,213,513		38,671,245		47,884,758			(15,416,324		)	32,468,434		—
1401 E. Madison	Seattle, WA	—	(F)	—	10,401,958		4,932,954		—			10,401,958		4,932,954		15,334,912			—			15,334,912		—
1500 Mass Ave	Washington, D.C.	G	1951	556	54,638,298		40,361,702		14,505,801			54,638,298		54,867,503		109,505,801			(21,697,139		)	87,808,662		—
1800 Oak (fka Rosslyn)	Arlington, VA	G	2003	314	31,400,000		109,005,734		2,999,587			31,400,000		112,005,321		143,405,321			(19,795,492		)	123,609,829		—
2201 Pershing Drive	Arlington, VA	G	2012	188	11,321,198		49,674,175		2,103,036			11,321,198		51,777,211		63,098,409			(9,394,581		)	53,703,828		—
2201 Wilson	Arlington, VA	G	2000	219	21,900,000		78,724,663		2,390,730			21,900,000		81,115,393		103,015,393			(13,936,506		)	89,078,887		—
2400 M St	Washington, D.C.	G	2006	359	30,006,593		114,013,785		4,082,076			30,006,593		118,095,861		148,102,454			(45,418,266		)	102,684,188		—
315 on A	Boston, MA	G	2013	202	14,450,070		115,824,930		517,562			14,450,070		116,342,492		130,792,562			(10,319,919		)	120,472,643		—
340 Fremont (fka Rincon Hill)	San Francisco, CA	—	2016	348	42,000,000		244,995,446		88			42,000,000		244,995,534		286,995,534			(4,611,169		)	282,384,365		—
3003 Van Ness (fka Van Ness)	Washington, D.C.	—	1970	625	56,300,000		141,191,580		4,018,369			56,300,000		145,209,949		201,509,949			(27,557,126		)	173,952,823		—
45 Worthington (CityView II)	Boston, MA	—	(F)	—	—		2,058,673		—			—		2,058,673		2,058,673			—			2,058,673		—
420 East 80th Street	New York, NY	—	1961	155	39,277,000		23,026,984		4,252,598			39,277,000		27,279,582		66,556,582			(12,559,376		)	53,997,206		—
425 Mass	Washington, D.C.	G	2009	559	28,150,000		138,600,000		3,740,413			28,150,000		142,340,413		170,490,413			(39,542,039		)	130,948,374		—
455 Eye Street	Washington, D.C.	G	(F)	—	12,762,857		45,794,997		—			12,762,857		45,794,997		58,557,854			—			58,557,854		—
4885 Edgemoor Lane	Bethesda, MD	—	(F)	—	—		1,237,673		—			—		1,237,673		1,237,673			—			1,237,673		—
4th and Hill	Los Angeles, CA	—	(F)	—	13,131,456		11,144,682		—			13,131,456		11,144,682		24,276,138			—			24,276,138		—
600 Washington	New York, NY	G	2004	135	32,852,000		43,140,551		734,411			32,852,000		43,874,962		76,726,962			(17,905,409		)	58,821,553		—
660 Washington (fka Boston Common)	Boston, MA	G	2006	420	106,100,000		166,311,679		2,325,428			106,100,000		168,637,107		274,737,107			(29,635,573		)	245,101,534		—
70 Greene	Jersey City, NJ	G	2010	480	28,108,899		236,763,553		1,103,051			28,108,899		237,866,604		265,975,503			(57,907,087		)	208,068,416		—
71 Broadway	New York, NY	G	1997	238	22,611,600		77,492,171		12,799,538			22,611,600		90,291,709		112,903,309			(39,723,414		)	73,179,895		—
77 Bluxome	San Francisco, CA	—	2007	102	5,249,124		18,609,876		264,502			5,249,124		18,874,378		24,123,502			(4,400,965		)	19,722,537		—
77 Park Avenue (fka Hoboken)	Hoboken, NJ	G	2000	301	27,900,000		168,992,440		5,319,200			27,900,000		174,311,640		202,211,640			(28,587,488		)	173,624,152		—
777 Sixth	New York, NY	G	2002	294	65,352,706		65,747,294		1,975,718			65,352,706		67,723,012		133,075,718			(24,056,905		)	109,018,813		—
88 Hillside	Daly City, CA	G	2011	95	7,786,800		31,587,325		1,965,143			7,786,800		33,552,468		41,339,268			(7,400,305		)	33,938,963		—
855 Brannan	San Francisco, CA	G	(F)	—	41,363,921		166,903,627		—			41,363,921		166,903,627		208,267,548			—			208,267,548		—
Acton Courtyard	Berkeley, CA	G	2003	71	5,550,000		15,785,509		199,531			5,550,000		15,985,040		21,535,040			(6,078,896		)	15,456,144		—
Alban Towers	Washington, D.C.	—	1934	229	18,900,000		89,794,201		1,712,897			18,900,000		91,507,098		110,407,098			(15,639,767		)	94,767,331		—
Altitude (fka Village at Howard Hughes, The (Lots 1 & 2))	Los Angeles, CA	—	2016	545	43,783,485		147,918,661		25,744			43,783,485		147,944,405		191,727,890			(2,490,933		)	189,236,957		—
Alton, The (fka Millikan)	Irvine, CA	—	(F)	—	11,049,027		90,857,975		—			11,049,027		90,857,975		101,907,002			—			101,907,002		—
Arbor Terrace	Sunnyvale, CA	—	1979	175	9,057,300		18,483,642		4,162,140			9,057,300		22,645,782		31,703,082			(13,943,284		)	17,759,798		—
Artech Building	Berkeley, CA	G	2002	27	1,642,000		9,152,518		329,292			1,642,000		9,481,810		11,123,810			(3,371,389		)	7,752,421		—
Artisan on Second	Los Angeles, CA	—	2008	118	8,000,400		36,074,600		670,299			8,000,400		36,744,899		44,745,299			(9,258,909		)	35,486,390		—
Artistry Emeryville (fka Emeryville)	Emeryville, CA	—	1994	261	12,300,000		61,466,267		2,277,634			12,300,000		63,743,901		76,043,901			(12,191,117		)	63,852,784		—
Atelier	Brooklyn, NY	—	2015	120	32,401,680		47,135,432		90,854			32,401,680		47,226,286		79,627,966			(3,149,449		)	76,478,517		—
Avenue Two	Redwood City, CA	—	1972	123	7,995,000		18,005,000		1,749,322			7,995,000		19,754,322		27,749,322			(5,134,751		)	22,614,571		—
Azure (fka Mission Bay-Block 13)	San Francisco, CA	—	2015	273	32,855,115		152,254,155		26,494			32,855,115		152,280,649		185,135,764			(7,791,579		)	177,344,185		—
Bay Hill	Long Beach, CA	—	2002	160	7,600,000		27,437,239		2,909,175			7,600,000		30,346,414		37,946,414			(13,103,323		)	24,843,091		—
Beatrice, The	New York, NY	G	2010	302	114,351,405		165,648,595		1,000,140			114,351,405		166,648,735		281,000,140			(35,148,328		)	245,851,812		—
Belle Arts Condominium Homes, LLC	Bellevue, WA	—	2000	1	63,158		248,928		(5,320		)	63,158		243,608		306,766			—			306,766		—

EQUITY RESIDENTIAL

ERP OPERATING LIMITED PARTNERSHIP

Schedule III - Real Estate and Accumulated Depreciation

December 31, 2016

Description					Initial Cost to Company		Cost Capitalized Subsequent to Acquisition(Improvements, net) (E)	Gross Amount Carried at Close of Period 12/31/16
Apartment Name	Location	Retail/Commercial Space	Date of Construction	Apartment Units (H)	Land	Building & Fixtures	Building & Fixtures	Land	Building & Fixtures (A)	Total (B)	Accumulated Depreciation (C)			Investment in Real Estate, Net at 12/31/16	Encumbrances
Belle Fontaine	Marina Del Rey, CA	—	2003	102	9,098,808	28,701,192	683,777	9,098,808	29,384,969	38,483,777		(6,820,566	)	31,663,211	—
Breakwater at Marina Del Rey	Marina Del Rey, CA	—	1964-1969	224	—	73,189,262	1,050,136	—	74,239,398	74,239,398		(14,067,543	)	60,171,855	—
Briarwood (CA)	Sunnyvale, CA	—	1985	192	9,991,500	22,247,278	3,599,062	9,991,500	25,846,340	35,837,840		(15,933,244	)	19,904,596	—
Bridford Lakes II	Greensboro, NC	—	(F)	—	1,100,564	792,508	—	1,100,564	792,508	1,893,072		—		1,893,072	—
Brooklyner, The (fka 111 Lawrence)	Brooklyn, NY	G	2010	490	40,099,922	221,438,631	1,827,017	40,099,922	223,265,648	263,365,570		(46,337,376	)	217,028,194	—
C on Pico	Los Angeles, CA	—	2014	94	17,125,766	28,074,234	7,841	17,125,766	28,082,075	45,207,841		(978,707	)	44,229,134	—
Cambridge Park	Cambridge, MA	G	2002	312	31,200,000	106,048,587	4,107,045	31,200,000	110,155,632	141,355,632		(19,695,291	)	121,660,341	—
Carlyle Mill	Alexandria, VA	—	2002	317	10,000,000	51,367,913	7,872,672	10,000,000	59,240,585	69,240,585		(28,386,923	)	40,853,662	—
Cascade	Seattle, WA	G	(F)	—	23,751,564	99,710,750	—	23,751,564	99,710,750	123,462,314		—		123,462,314	—
Centennial (fka Centennial Court & Centennial Tower)	Seattle, WA	G	1991/2001	408	9,700,000	70,080,378	10,056,055	9,700,000	80,136,433	89,836,433		(33,705,547	)	56,130,886	—
Centre Club Combined	Ontario, CA	—	1994 & 2002	412	7,436,000	33,014,789	7,413,964	7,436,000	40,428,753	47,864,753		(21,574,006	)	26,290,747	—
Church Corner	Cambridge, MA	G	1987	85	5,220,000	16,744,643	2,266,923	5,220,000	19,011,566	24,231,566		(8,540,355	)	15,691,211	—
City Gate at Cupertino (fka Cupertino)	Cupertino, CA	—	1998	311	40,400,000	95,937,046	5,626,705	40,400,000	101,563,751	141,963,751		(17,548,498	)	124,415,253	—
City Pointe	Fullerton, CA	G	2004	183	6,863,792	36,476,208	857,946	6,863,792	37,334,154	44,197,946		(11,712,818	)	32,485,128	—
City Square Bellevue (fka Bellevue)	Bellevue, WA	G	1998	191	15,100,000	41,876,257	3,126,524	15,100,000	45,002,781	60,102,781		(7,953,824	)	52,148,957	—
CityView at Longwood	Boston, MA	G	1970	295	14,704,898	79,195,102	10,574,412	14,704,898	89,769,514	104,474,412		(25,961,856	)	78,512,556	—
Clarendon, The	Arlington, VA	G	2005	292	30,400,340	103,824,660	2,143,113	30,400,340	105,967,773	136,368,113		(26,624,877	)	109,743,236	—
Cleo, The	Los Angeles, CA	—	1989	92	6,615,467	14,829,335	3,832,717	6,615,467	18,662,052	25,277,519		(8,171,402	)	17,106,117	—
Connecticut Heights	Washington, D.C.	—	1974	518	27,600,000	114,002,295	4,856,602	27,600,000	118,858,897	146,458,897		(20,124,977	)	126,333,920	—
Corcoran House at DuPont Circle (fka DuPont Circle)	Washington, D.C.	G	1961	138	13,500,000	26,913,113	1,796,515	13,500,000	28,709,628	42,209,628		(5,801,661	)	36,407,967	—
Courthouse Plaza	Arlington, VA	G	1990	396	—	87,386,024	4,635,703	—	92,021,727	92,021,727		(17,966,254	)	74,055,473	—
Creekside (San Mateo)	San Mateo, CA	—	1985	192	9,606,600	21,193,231	4,013,129	9,606,600	25,206,360	34,812,960		(15,771,922	)	19,041,038	—
Cronins Landing	Waltham, MA	G	1998	281	32,300,000	85,119,324	3,914,279	32,300,000	89,033,603	121,333,603		(15,979,321	)	105,354,282	—
Crystal Place	Arlington, VA	—	1986	181	17,200,000	47,918,975	3,157,515	17,200,000	51,076,490	68,276,490		(9,260,208	)	59,016,282	—
Eagle Canyon	Chino Hills, CA	—	1985	252	1,808,900	16,274,361	8,800,432	1,808,900	25,074,793	26,883,693		(17,314,590	)	9,569,103	—
Edgemont at Bethesda Metro	Bethesda, MD	—	1989	122	13,092,552	43,907,448	1,125,457	13,092,552	45,032,905	58,125,457		(10,423,583	)	47,701,874	—
Elevé	Glendale, CA	G	2013	208	14,080,560	56,419,440	415,204	14,080,560	56,834,644	70,915,204		(7,584,216	)	63,330,988	—
Emerson Place	Boston, MA	G	1962	444	14,855,000	57,566,636	22,690,975	14,855,000	80,257,611	95,112,611		(52,167,424	)	42,945,187	—
Encinitas Heights (fka Encinitas)	Encinitas, CA	G	2002	120	12,000,000	29,207,497	617,199	12,000,000	29,824,696	41,824,696		(5,889,783	)	35,934,913	—
Encore at Sherman Oaks, The	Sherman Oaks, CA	—	1988	174	8,700,000	25,446,003	1,211,820	8,700,000	26,657,823	35,357,823		(7,869,084	)	27,488,739	—
Fountains at Emerald Park (fka Emerald Park)	Dublin, CA	—	2000	324	25,900,000	83,986,217	927,144	25,900,000	84,913,361	110,813,361		(15,751,998	)	95,061,363	—
Fremont Center	Fremont, CA	G	2002	322	25,800,000	78,753,114	2,733,097	25,800,000	81,486,211	107,286,211		(14,742,488	)	92,543,723	—
Gallery, The	Hermosa Beach, CA	—	1971	169	18,144,000	46,567,941	2,651,435	18,144,000	49,219,376	67,363,376		(19,871,531	)	47,491,845	—
Garden Garage	Boston, MA	—	(F)	—	—	4,917,373	—	—	4,917,373	4,917,373		—		4,917,373	—
Gateway at Malden Center	Malden, MA	G	1988	203	9,209,780	25,722,666	13,834,746	9,209,780	39,557,412	48,767,192		(21,301,983	)	27,465,209	—
Geary Court Yard	San Francisco, CA	—	1990	164	1,722,400	15,471,429	4,477,710	1,722,400	19,949,139	21,671,539		(12,574,169	)	9,097,370	—
Glen Meadow	Franklin, MA	—	1971	288	2,339,331	16,133,588	4,347,422	2,339,331	20,481,010	22,820,341		(12,813,162	)	10,007,179	—
Hampshire Place	Los Angeles, CA	—	1989	259	10,806,000	30,335,330	4,042,761	10,806,000	34,378,091	45,184,091		(15,493,262	)	29,690,829	—
Harbor Steps	Seattle, WA	G	2000	758	59,387,158	158,829,432	20,957,019	59,387,158	179,786,451	239,173,609		(73,216,856	)	165,956,753	—
Helios (fka 2nd & Pine)	Seattle, WA	G	(F)	—	18,061,674	162,443,822	—	18,061,674	162,443,822	180,505,496		—		180,505,496	—
Heritage at Stone Ridge	Burlington, MA	—	2005	180	10,800,000	31,808,335	1,839,852	10,800,000	33,648,187	44,448,187		(14,133,220	)	30,314,967	—
Heritage Ridge	Lynwood, WA	—	1999	197	6,895,000	18,983,597	1,741,466	6,895,000	20,725,063	27,620,063		(9,305,589	)	18,314,474	—
Hesby	North Hollywood, CA	—	2013	308	23,299,892	102,700,108	323,337	23,299,892	103,023,445	126,323,337		(13,208,612	)	113,114,725	—
Highlands at Cherry Hill	Cherry Hills, NJ	—	2002	170	6,800,000	21,459,108	1,219,837	6,800,000	22,678,945	29,478,945		(9,622,596	)	19,856,349	—
Highlands at South Plainfield	South Plainfield, NJ	—	2000	252	10,080,000	37,526,912	1,671,208	10,080,000	39,198,120	49,278,120		(15,870,459	)	33,407,661	—
Hikari	Los Angeles, CA	G	2007	128	9,435,760	32,564,240	623,527	9,435,760	33,187,767	42,623,527		(8,254,511	)	34,369,016	—
Hudson Crossing	New York, NY	G	2003	259	23,420,000	69,977,699	2,182,860	23,420,000	72,160,559	95,580,559		(30,934,660	)	64,645,899	—
Hudson Crossing II	New York, NY	—	(F)	—	10,599,287	3,293,787	—	10,599,287	3,293,787	13,893,074		—		13,893,074	—

EQUITY RESIDENTIAL

ERP OPERATING LIMITED PARTNERSHIP

Schedule III - Real Estate and Accumulated Depreciation

December 31, 2016

Description					Initial Cost to Company		Cost Capitalized Subsequent to Acquisition (Improvements, net) (E)	Gross Amount Carried at Close of Period 12/31/16
Apartment Name	Location	Retail/Commercial Space	Date of Construction	Apartment Units (H)	Land	Building & Fixtures	Building & Fixtures	Land	Building & Fixtures (A)	Total (B)	Accumulated Depreciation (C)			Investment in Real Estate, Net at 12/31/16	Encumbrances
Hudson Pointe	Jersey City, NJ	—	2003	182	5,350,000	41,114,074	4,844,133	5,350,000	45,958,207	51,308,207		(20,241,451	)	31,066,756	—
Hunt Club II	Charlotte, NC	—	(F)	—	100,000	—	—	100,000	—	100,000		—		100,000	—
Ivory Wood	Bothell, WA	—	2000	144	2,732,800	13,888,282	992,859	2,732,800	14,881,141	17,613,941		(6,865,471	)	10,748,470	—
Jia (fka Chinatown Gateway)	Los Angeles, CA	G	2014	280	14,791,831	76,417,368	160,373	14,791,831	76,577,741	91,369,572		(11,450,392	)	79,919,180	—
Junction 47 (fka West Seattle)	Seattle, WA	G	2015	206	11,726,305	55,592,607	10,285	11,726,305	55,602,892	67,329,197		(2,870,469	)	64,458,728	—
Kelvin, The (fka Modera)	Irvine, CA	—	2015	194	15,521,552	64,853,448	140,201	15,521,552	64,993,649	80,515,201		(5,226,037	)	75,289,164	—
Kendall Square II	Cambridge, MA	—	(F)	—	—	2,361,587	—	—	2,361,587	2,361,587		—		2,361,587	—
Landings at Port Imperial	W. New York, NJ	—	1999	276	27,246,045	37,741,050	8,727,114	27,246,045	46,468,164	73,714,209		(27,123,316	)	46,590,893	—
Lincoln Heights	Quincy, MA	—	1991	336	5,928,400	33,595,262	12,900,751	5,928,400	46,496,013	52,424,413		(32,166,271	)	20,258,142	—
Lindley Apartments	Encino, CA	—	2004	129	5,805,000	25,705,000	927,140	5,805,000	26,632,140	32,437,140		(7,515,112	)	24,922,028	—
Lofts 590	Arlington, VA	—	2005	212	20,100,000	67,909,023	593,626	20,100,000	68,502,649	88,602,649		(11,467,543	)	77,135,106	—
Lofts at Kendall Square (fka Kendall Square)	Cambridge, MA	—	1998	186	23,300,000	78,445,657	4,430,000	23,300,000	82,875,657	106,175,657		(14,293,167	)	91,882,490	—
Longacre House	New York, NY	G	2000	293	73,170,045	53,962,510	1,952,072	73,170,045	55,914,582	129,084,627		(20,862,433	)	108,222,194	—
Longfellow Place	Boston, MA	G	1975	710	47,096,917	150,143,916	77,175,848	47,096,917	227,319,764	274,416,681		(140,185,560	)	134,231,121	—
Mantena	New York, NY	G	2012	98	22,346,513	61,501,158	726,983	22,346,513	62,228,141	84,574,654		(11,547,865	)	73,026,789	—
Marina 41 (fka Marina Del Rey)	Marina Del Rey, CA	—	1973	623	—	168,842,442	5,590,178	—	174,432,620	174,432,620		(34,075,934	)	140,356,686	—
Mariposa at Playa Del Rey (fka Playa Del Rey)	Playa Del Rey, CA	—	2004	354	60,900,000	89,311,482	4,874,252	60,900,000	94,185,734	155,085,734		(17,348,528	)	137,737,206	—
Milano Lofts	Los Angeles, CA	G	1925/2006	99	8,125,216	27,378,784	419,390	8,125,216	27,798,174	35,923,390		(5,879,972	)	30,043,418	—
Mountain View Redevelopment	Mountain View, CA	—	(F)	—	—	11,539	—	—	11,539	11,539		—		11,539	—
Mozaic at Union Station	Los Angeles, CA	—	2007	272	8,500,000	52,529,446	1,742,611	8,500,000	54,272,057	62,772,057		(20,324,720	)	42,447,337	—
Murray Hill Tower (fka Murray Hill)	New York, NY	G	1974	270	75,800,000	102,705,401	5,632,060	75,800,000	108,337,461	184,137,461		(21,534,636	)	162,602,825	—
Northglen	Valencia, CA	—	1988	234	9,360,000	20,778,553	3,216,250	9,360,000	23,994,803	33,354,803		(13,232,302	)	20,122,501	—
Northpark	Burlingame, CA	—	1972	510	38,607,000	77,472,217	12,538,178	38,607,000	90,010,395	128,617,395		(29,143,721	)	99,473,674	—
Northridge	Pleasant Hill, CA	—	1974	221	5,524,000	14,691,705	10,511,874	5,524,000	25,203,579	30,727,579		(17,391,149	)	13,336,430	—
Oak Park Combined	Agoura Hills, CA	—	1989 & 1990	444	3,390,700	30,517,274	9,746,651	3,390,700	40,263,925	43,654,625		(28,656,591	)	14,998,034	—
Oakwood Boston	Boston, MA	G	1901	94	22,200,000	28,672,979	1,529,010	22,200,000	30,201,989	52,401,989		(5,884,677	)	46,517,312	—
Oakwood Crystal City	Arlington, VA	—	1987	162	15,400,000	35,474,336	2,425,184	15,400,000	37,899,520	53,299,520		(6,786,525	)	46,512,995	—
Oakwood Marina Del Rey	Marina Del Rey, CA	—	1969	597	—	120,795,359	2,437,138	—	123,232,497	123,232,497		(24,113,286	)	99,119,211	—
Oaks	Santa Clarita, CA	—	2000	520	23,400,000	61,020,438	5,042,217	23,400,000	66,062,655	89,462,655		(31,804,000	)	57,658,655	—
Ocean Crest	Solana Beach, CA	—	1986	146	5,111,200	11,910,438	3,961,557	5,111,200	15,871,995	20,983,195		(9,843,174	)	11,140,021	—
Odin (fka Tallman)	Seattle, WA	—	2015	301	16,807,519	63,703,105	4,853	16,807,519	63,707,958	80,515,477		(3,220,384	)	77,295,093	—
Old Town Lofts	Redmond, WA	G	2014	149	7,740,467	44,146,181	615,810	7,740,467	44,761,991	52,502,458		(3,368,591	)	49,133,867	—
One Henry Adams	San Francisco, CA	G	2016	241	30,224,393	132,422,943	—	30,224,393	132,422,943	162,647,336		—		162,647,336	—
Pacific Place	Los Angeles, CA	—	2008	430	32,250,000	110,750,000	1,114,418	32,250,000	111,864,418	144,114,418		(18,609,682	)	125,504,736	—
Packard Building	Seattle, WA	G	2010	61	5,911,041	19,954,959	25,690	5,911,041	19,980,649	25,891,690		(1,315,590	)	24,576,100	—
Parc 77	New York, NY	G	1903	137	40,504,000	18,025,679	5,639,147	40,504,000	23,664,826	64,168,826		(11,317,834	)	52,850,992	—
Parc Cameron	New York, NY	G	1927	166	37,600,000	9,855,597	6,917,858	37,600,000	16,773,455	54,373,455		(9,519,277	)	44,854,178	—
Parc Coliseum	New York, NY	G	1910	177	52,654,000	23,045,751	8,635,413	52,654,000	31,681,164	84,335,164		(15,575,683	)	68,759,481	—
Parc East Towers	New York, NY	G	1977	324	102,163,000	108,989,402	8,841,139	102,163,000	117,830,541	219,993,541		(44,109,145	)	175,884,396	—
Parc on Powell (fka Parkside at Emeryville)	Emeryville, CA	G	2015	173	16,667,059	67,690,072	48,612	16,667,059	67,738,684	84,405,743		(4,037,098	)	80,368,645	—
Park at Pentagon Row (fka Pentagon City)	Arlington, VA	G	1990	298	28,300,000	78,838,184	1,353,525	28,300,000	80,191,709	108,491,709		(14,341,704	)	94,150,005	—
Park Connecticut	Washington, D.C.	—	2000	142	13,700,000	59,087,519	1,138,671	13,700,000	60,226,190	73,926,190		(10,132,810	)	63,793,380	—
Park Hacienda (fka Hacienda)	Pleasanton, CA	—	2000	540	43,200,000	128,753,359	1,303,861	43,200,000	130,057,220	173,257,220		(24,868,371	)	148,388,849	—
Park West (CA)	Los Angeles, CA	—	1987/1990	444	3,033,500	27,302,383	9,833,303	3,033,500	37,135,686	40,169,186		(26,282,067	)	13,887,119	—
Parkside	Union City, CA	—	1979	208	6,246,700	11,827,453	4,057,554	6,246,700	15,885,007	22,131,707		(11,039,298	)	11,092,409	—
Pearl, The	Seattle, WA	G	2008	80	6,972,585	26,527,415	86,236	6,972,585	26,613,651	33,586,236		(1,802,018	)	31,784,218	—
Pegasus	Los Angeles, CA	G	1949/2003	322	18,094,052	81,905,948	4,353,371	18,094,052	86,259,319	104,353,371		(23,034,817	)	81,318,554	—

EQUITY RESIDENTIAL

ERP OPERATING LIMITED PARTNERSHIP

Schedule III - Real Estate and Accumulated Depreciation

December 31, 2016

Description					Initial Cost to Company		Cost Capitalized Subsequent to Acquisition(Improvements, net) (E)	Gross Amount Carried at Close of Period 12/31/16
Apartment Name	Location	Retail/Commercial Space	Date of Construction	Apartment Units (H)	Land	Building & Fixtures	Building & Fixtures	Land	Building & Fixtures (A)	Total (B)	Accumulated Depreciation (C)			Investment in Real Estate, Net at 12/31/16	Encumbrances
Playa Pacifica	Hermosa Beach, CA	—	1972	285	35,100,000	33,473,822	21,252,912	35,100,000	54,726,734	89,826,734		(22,557,639	)	67,269,095	—
Portofino	Chino Hills, CA	—	1989	176	3,572,400	14,660,994	3,619,935	3,572,400	18,280,929	21,853,329		(12,064,192	)	9,789,137	—
Portofino (Val)	Valencia, CA	—	1989	216	8,640,000	21,487,126	4,531,435	8,640,000	26,018,561	34,658,561		(14,294,138	)	20,364,423	—
Portside Towers	Jersey City, NJ	G	1992-1997	527	22,487,006	96,842,913	20,261,246	22,487,006	117,104,159	139,591,165		(75,662,868	)	63,928,297	—
Potrero 1010	San Francisco, CA	G	2016	453	40,830,011	178,838,375	2,685	40,830,011	178,841,060	219,671,071		(4,297,727	)	215,373,344	—
Prado (fka Glendale)	Glendale, CA	—	1988	264	—	67,977,313	2,474,023	—	70,451,336	70,451,336		(12,649,164	)	57,802,172	—
Prime, The	Arlington, VA	—	2002	256	32,000,000	64,436,539	1,366,624	32,000,000	65,803,163	97,803,163		(25,533,405	)	72,269,758	—
Prism at Park Avenue South (fka 400 Park Avenue South)	New York, NY	G	2015	269	76,292,169	171,532,416	40,159	76,292,169	171,572,575	247,864,744		(12,053,844	)	235,810,900	—
Promenade at Town Center I & II	Valencia, CA	—	2001	564	28,200,000	69,795,915	6,603,855	28,200,000	76,399,770	104,599,770		(35,742,052	)	68,857,718	—
Quarry Hills	Quincy, MA	—	2006	316	26,900,000	84,411,162	1,276,264	26,900,000	85,687,426	112,587,426		(15,916,309	)	96,671,117	—
Red 160 (fka Redmond Way)	Redmond, WA	G	2011	250	15,546,376	65,320,010	1,069,525	15,546,376	66,389,535	81,935,911		(13,743,779	)	68,192,132	—
Redmond Court	Bellevue, WA	—	1977	206	10,300,000	33,488,745	828,734	10,300,000	34,317,479	44,617,479		(6,900,171	)	37,717,308	—
Regency Palms	Huntington Beach, CA	—	1969	310	1,857,400	16,713,254	5,843,205	1,857,400	22,556,459	24,413,859		(16,685,572	)	7,728,287	—
Renaissance Villas	Berkeley, CA	G	1998	34	2,458,000	4,542,000	157,541	2,458,000	4,699,541	7,157,541		(1,716,722	)	5,440,819	—
Reserve at Mountain View (fka Mountain View)	Mountain View, CA	—	1965	180	27,000,000	33,029,605	3,985,141	27,000,000	37,014,746	64,014,746		(7,098,473	)	56,916,273	—
Reserve at Potomac Yard	Alexandria, VA	—	2002	588	11,918,917	68,862,641	10,012,055	11,918,917	78,874,696	90,793,613		(34,843,070	)	55,950,543	—
Reserve at Town Center I-III (WA)	Mill Creek, WA	G	2001, 2009, 2014	584	16,769,205	77,511,523	2,904,720	16,769,205	80,416,243	97,185,448		(27,282,993	)	69,902,455	—
Residences at Westgate I (fka Westgate II)	Pasadena, CA	G	2014	252	17,859,785	108,596,287	152,142	17,859,785	108,748,429	126,608,214		(11,706,631	)	114,901,583	—
Residences at Westgate II (fka Westgate III)	Pasadena, CA	G	2015	88	12,118,248	40,458,283	28,122	12,118,248	40,486,405	52,604,653		(2,670,021	)	49,934,632	—
Rianna I	Seattle, WA	G	2000	78	2,268,160	14,864,482	570,971	2,268,160	15,435,453	17,703,613		(4,912,805	)	12,790,808	—
Ridgewood Village I&II	San Diego, CA	—	1997	408	11,809,500	34,004,048	5,443,381	11,809,500	39,447,429	51,256,929		(23,108,949	)	28,147,980	—
Riva Terra I (fka Redwood Shores)	Redwood City, CA	—	1986	304	34,963,355	84,587,658	1,530,506	34,963,355	86,118,164	121,081,519		(16,714,984	)	104,366,535	—
Riva Terra II (fka Harborside)	Redwood City, CA	—	1986	149	17,136,645	40,536,531	1,833,334	17,136,645	42,369,865	59,506,510		(7,532,830	)	51,973,680	—
Riverpark	Redmond, WA	G	2009	319	14,355,000	80,894,049	1,100,173	14,355,000	81,994,222	96,349,222		(18,616,561	)	77,732,661	—
Rolling Green (Milford)	Milford, MA	—	1970	304	2,012,350	13,452,150	7,325,804	2,012,350	20,777,954	22,790,304		(12,541,523	)	10,248,781	—
Rosecliff II	Quincy, MA	—	2005	130	4,922,840	30,202,160	873,630	4,922,840	31,075,790	35,998,630		(7,963,684	)	28,034,946	—
Sakura Crossing	Los Angeles, CA	G	2009	230	14,641,990	42,858,010	703,088	14,641,990	43,561,098	58,203,088		(11,836,842	)	46,366,246	—
Seventh & James	Seattle, WA	—	1992	96	663,800	5,974,803	3,798,267	663,800	9,773,070	10,436,870		(7,029,871	)	3,406,999	—
Sheffield Court	Arlington, VA	—	1986	597	3,342,381	31,337,332	14,316,432	3,342,381	45,653,764	48,996,145		(33,910,069	)	15,086,076	—
Skycrest	Valencia, CA	—	1999	264	10,560,000	25,574,457	3,079,215	10,560,000	28,653,672	39,213,672		(16,045,953	)	23,167,719	—
Skylark	Union City, CA	—	1986	174	1,781,600	16,731,916	4,194,009	1,781,600	20,925,925	22,707,525		(12,497,731	)	10,209,794	—
Skyline Terrace	Burlingame, CA	—	1967 & 1987	138	16,836,000	35,414,000	4,638,329	16,836,000	40,052,329	56,888,329		(11,663,739	)	45,224,590	—
Skyline Towers	Falls Church, VA	G	1971	939	78,278,200	91,485,591	39,225,721	78,278,200	130,711,312	208,989,512		(66,807,948	)	142,181,564	—
SoMa II	San Francisco, CA	—	(F)	—	29,406,606	3,589,891	—	29,406,606	3,589,891	32,996,497		—		32,996,497	—
Sonterra at Foothill Ranch	Foothill Ranch, CA	—	1997	300	7,503,400	24,048,507	4,962,421	7,503,400	29,010,928	36,514,328		(17,403,278	)	19,111,050	—
South City Station (fka South San Francisco)	San Francisco, CA	G	2007	360	68,900,000	79,476,861	2,331,779	68,900,000	81,808,640	150,708,640		(15,596,819	)	135,111,821	—
Southwood	Palo Alto, CA	—	1985	100	6,936,600	14,324,069	3,202,676	6,936,600	17,526,745	24,463,345		(11,356,629	)	13,106,716	—
Springbrook Estates	Riverside, CA	—	(F)	—	18,200,000	—	—	18,200,000	—	18,200,000		—		18,200,000	—
Summerset Village II	Chatsworth, CA	—	(F)	—	260,646	—	—	260,646	—	260,646		—		260,646	—
Summit at Sausalito (fka Sausalito)	Sausalito, CA	—	1978	198	26,000,000	28,435,024	3,586,242	26,000,000	32,021,266	58,021,266		(7,628,434	)	50,392,832	—
Ten23 (fka 500 West 23rd Street)	New York, NY	G	2011	111	—	58,881,873	165,340	—	59,047,213	59,047,213		(10,287,817	)	48,759,396	—
Terraces, The	San Francisco, CA	G	1975	117	14,087,610	16,314,151	982,446	14,087,610	17,296,597	31,384,207		(5,171,269	)	26,212,938	—
Third Square	Cambridge, MA	G	2008/2009	471	26,767,171	218,822,728	5,396,605	26,767,171	224,219,333	250,986,504		(62,174,271	)	188,812,233	—
Three20	Seattle, WA	G	2013	134	7,030,766	29,005,762	703,110	7,030,766	29,708,872	36,739,638		(4,264,421	)	32,475,217	—
Town Center South Commercial Tract	St. Charles, MD	—	(F)	—	1,500,000	9,394	—	1,500,000	9,394	1,509,394		—		1,509,394	—

EQUITY RESIDENTIAL

ERP OPERATING LIMITED PARTNERSHIP

Schedule III - Real Estate and Accumulated Depreciation

December 31, 2016

Description					Initial Cost to Company		Cost Capitalized Subsequent to Acquisition(Improvements, net) (E)	Gross Amount Carried at Close of Period 12/31/16
Apartment Name	Location	Retail/Commercial Space	Date of Construction	Apartment Units (H)	Land	Building & Fixtures	Building & Fixtures	Land	Building & Fixtures (A)	Total (B)	Accumulated Depreciation (C)			Investment in Real Estate, Net at 12/31/16	Encumbrances
Town Square at Mark Center II	Alexandria, VA	—	2001	272	15,568,464	55,029,607	2,117,754	15,568,464	57,147,361	72,715,825		(17,050,654	)	55,665,171	—
Urbana (fka Market Street Landing)	Seattle, WA	G	2014	287	12,542,418	75,766,505	283,439	12,542,418	76,049,944	88,592,362		(10,215,162	)	78,377,200	—
Uwajimaya Village	Seattle, WA	—	2002	176	8,800,000	22,188,288	724,720	8,800,000	22,913,008	31,713,008		(10,116,792	)	21,596,216	—
Vantage Pointe	San Diego, CA	G	2009	679	9,403,960	190,596,040	8,156,057	9,403,960	198,752,097	208,156,057		(52,465,809	)	155,690,248	—
Veloce	Redmond, WA	G	2009	322	15,322,724	76,176,594	750,251	15,322,724	76,926,845	92,249,569		(14,412,958	)	77,836,611	—
Verde Condominium Homes (fka Mission Verde, LLC)	San Jose, CA	—	1986	108	5,190,700	9,679,109	4,206,652	5,190,700	13,885,761	19,076,461		(9,342,080	)	9,734,381	—
Veridian (fka Silver Spring)	Silver Spring, MD	G	2009	457	18,539,817	130,407,365	1,921,459	18,539,817	132,328,824	150,868,641		(34,495,297	)	116,373,344	—
Villa Solana	Laguna Hills, CA	—	1984	272	1,665,100	14,985,678	9,397,116	1,665,100	24,382,794	26,047,894		(18,569,428	)	7,478,466	—
Village at Del Mar Heights, The (fka Del Mar Heights)	San Diego, CA	—	1986	168	15,100,000	40,859,396	814,553	15,100,000	41,673,949	56,773,949		(7,931,652	)	48,842,297	—
Virginia Square	Arlington, VA	G	2002	231	—	85,940,003	2,598,732	—	88,538,735	88,538,735		(15,463,270	)	73,075,465	—
Vista 99 (fka Tasman)	San Jose, CA	—	2016	554	27,709,329	175,174,600	15,853	27,709,329	175,190,453	202,899,782		(5,630,074	)	197,269,708	—
Vista Del Lago	Mission Viejo, CA	—	1986-1988	608	4,525,800	40,736,293	16,333,057	4,525,800	57,069,350	61,595,150		(43,829,076	)	17,766,074	—
Vista on Courthouse	Arlington, VA	—	2008	220	15,550,260	69,449,740	1,412,841	15,550,260	70,862,581	86,412,841		(21,083,205	)	65,329,636	—
Walden Park	Cambridge, MA	—	1966	232	12,448,888	52,044,448	4,033,426	12,448,888	56,077,874	68,526,762		(15,551,486	)	52,975,276	—
Water Park Towers	Arlington, VA	—	1989	362	34,400,000	108,485,859	6,380,938	34,400,000	114,866,797	149,266,797		(20,648,479	)	128,618,318	—
Watertown Square	Watertown, MA	G	2005	134	16,800,000	34,074,056	1,145,350	16,800,000	35,219,406	52,019,406		(6,303,140	)	45,716,266	—
West 96th	New York, NY	G	1987	207	84,800,000	67,055,502	4,128,963	84,800,000	71,184,465	155,984,465		(15,247,357	)	140,737,108	—
West End Apartments (fka Emerson Place/CRP II)	Boston, MA	G	2008	310	469,546	163,123,022	2,430,837	469,546	165,553,859	166,023,405		(50,041,771	)	115,981,634	—
Westchester at Rockville	Rockville, MD	—	2009	192	10,600,000	44,135,207	467,221	10,600,000	44,602,428	55,202,428		(8,102,186	)	47,100,242	—
Westmont	New York, NY	G	1986	163	64,900,000	61,143,259	2,222,721	64,900,000	63,365,980	128,265,980		(12,146,404	)	116,119,576	—
Westside	Los Angeles, CA	—	2004	204	34,200,000	56,962,630	2,395,974	34,200,000	59,358,604	93,558,604		(10,435,607	)	83,122,997	—
Westside Barrington (fka Westside Villas III)	Los Angeles, CA	—	1999	36	3,060,000	5,538,871	839,038	3,060,000	6,377,909	9,437,909		(3,354,957	)	6,082,952	—
Westside Barry (Westside Villas VI)	Los Angeles, CA	—	1989	18	1,530,000	3,023,523	547,484	1,530,000	3,571,007	5,101,007		(1,914,301	)	3,186,706	—
Westside Beloit (fka Westside Villas I)	Los Angeles, CA	—	1999	21	1,785,000	3,233,254	589,475	1,785,000	3,822,729	5,607,729		(2,090,807	)	3,516,922	—
Westside Bundy (fka Westside Villas II)	Los Angeles, CA	—	1999	23	1,955,000	3,541,435	542,370	1,955,000	4,083,805	6,038,805		(2,154,240	)	3,884,565	—
Westside Butler (fka Westside Villas IV)	Los Angeles, CA	—	1999	36	3,060,000	5,539,390	838,212	3,060,000	6,377,602	9,437,602		(3,356,464	)	6,081,138	—
Westside Villas (fka Westside Villas V &VII)	Los Angeles, CA	—	1999 & 2001	113	9,605,000	19,983,385	2,301,916	9,605,000	22,285,301	31,890,301		(11,417,791	)	20,472,510	—
Windridge (CA)	Laguna Niguel, CA	—	1989	344	2,662,900	23,985,497	9,609,243	2,662,900	33,594,740	36,257,640		(24,492,262	)	11,765,378	—
Wood Creek I	Pleasant Hill, CA	—	1987	256	9,729,900	23,009,768	6,948,103	9,729,900	29,957,871	39,687,771		(20,466,696	)	19,221,075	—
Management Business	Chicago, IL	—	(D)	—	—	—	110,281,527	—	110,281,527	110,281,527		(86,786,203	)	23,495,324	—
Operating Partnership	Chicago, IL	—	(F)	—	—	25,724	—	—	25,724	25,724		—		25,724	—
Other	N/A	—	—	—	—	—	51,888	—	51,888	51,888		(3,279	)	48,609	—
Wholly Owned Unencumbered				52,102	4,477,036,244	13,029,648,911	941,634,623	4,477,036,244	13,971,283,534	18,448,319,778		(3,651,990,171	)	14,796,329,607	—
Wholly Owned Encumbered:
101 West End	New York, NY	G	2000	506	190,600,000	131,374,708	3,789,525	190,600,000	135,164,233	325,764,233		(29,116,644	)	296,647,589	105,541,770
1401 Joyce on Pentagon Row	Arlington, VA	—	2004	326	9,780,000	89,668,165	4,067,409	9,780,000	93,735,574	103,515,574		(28,321,732	)	75,193,842	57,324,952
2501 Porter	Washington, D.C.	—	1988	202	13,000,000	75,271,179	2,836,196	13,000,000	78,107,375	91,107,375		(13,691,308	)	77,416,067	(K)
300 East 39th (fka East 39th)	New York, NY	G	2001	254	48,900,000	96,174,639	2,284,116	48,900,000	98,458,755	147,358,755		(18,157,350	)	129,201,405	59,763,098
303 East 83rd (fka Camargue)	New York, NY	G	1976	261	79,400,000	79,122,624	2,200,064	79,400,000	81,322,688	160,722,688		(16,079,870	)	144,642,818	(K)
425 Broadway	Santa Monica, CA	G	2001	101	12,600,000	34,394,772	2,855,350	12,600,000	37,250,122	49,850,122		(6,449,425	)	43,400,697	(K)
4701 Willard	Chevy Chase, MD	G	1966	517	76,921,130	153,947,682	29,256,068	76,921,130	183,203,750	260,124,880		(41,887,641	)	218,237,239	92,377,799
55 West Fifth I & II (fka Townhouse Plaza and Gardens)	San Mateo, CA	—	1964/1972	241	21,041,710	71,931,323	11,437,590	21,041,710	83,368,913	104,410,623		(17,523,868	)	86,886,755	27,229,091
800 Sixth Ave (fka Chelsea)	New York, NY	G	2003	266	59,900,000	155,861,605	1,300,274	59,900,000	157,161,879	217,061,879		(27,296,410	)	189,765,469	76,708,911
929 Mass (fka 929 House)	Cambridge, MA	G	1975	127	3,252,993	21,745,595	6,246,692	3,252,993	27,992,287	31,245,280		(16,141,485	)	15,103,795	1,007,468
Academy Village	North Hollywood, CA	—	1989	248	25,000,000	23,593,194	8,049,828	25,000,000	31,643,022	56,643,022		(16,858,183	)	39,784,839	19,946,425
Acappella	Pasadena, CA	—	2002	143	5,839,548	29,360,452	1,816,839	5,839,548	31,177,291	37,016,839		(8,938,860	)	28,077,979	19,213,624

EQUITY RESIDENTIAL

ERP OPERATING LIMITED PARTNERSHIP

Schedule III - Real Estate and Accumulated Depreciation

December 31, 2016

Description					Initial Cost to Company		Cost Capitalized Subsequent to Acquisition(Improvements, net) (E)	Gross Amount Carried at Close of Period 12/31/16
Apartment Name	Location	Retail/Commercial Space	Date of Construction	Apartment Units (H)	Land	Building & Fixtures	Building & Fixtures	Land	Building & Fixtures (A)	Total (B)	Accumulated Depreciation (C)			Investment in Real Estate, Net at 12/31/16	Encumbrances
Alborada	Fremont, CA	—	1999	442	24,310,000	59,214,129	7,336,822	24,310,000	66,550,951	90,860,951		(36,408,710	)	54,452,241	(I)
Alcyone	Seattle, WA	G	2004	161	11,379,497	49,360,503	560,007	11,379,497	49,920,510	61,300,007		(5,595,873	)	55,704,134	28,675,325
Arches, The	Sunnyvale, CA	—	1974	410	26,650,000	62,850,000	1,319,564	26,650,000	64,169,564	90,819,564		(18,676,294	)	72,143,270	(J)
Artisan Square	Northridge, CA	—	2002	140	7,000,000	20,537,359	1,314,168	7,000,000	21,851,527	28,851,527		(10,748,443	)	18,103,084	22,749,081
Avanti	Anaheim, CA	—	1987	162	12,960,000	18,497,682	2,706,778	12,960,000	21,204,460	34,164,460		(8,619,700	)	25,544,760	25,005,850
Avenir Apartments	Boston, MA	G	2009	241	—	114,321,618	1,416,319	—	115,737,937	115,737,937		(20,055,604	)	95,682,333	90,544,765
Bella Vista I, II, III Combined	Woodland Hills, CA	—	2003-2007	579	31,682,754	121,095,786	4,165,480	31,682,754	125,261,266	156,944,020		(49,400,072	)	107,543,948	57,848,455
Berkeleyan	Berkeley, CA	G	1998	56	4,377,000	16,022,110	360,831	4,377,000	16,382,941	20,759,941		(6,147,451	)	14,612,490	8,188,077
Calvert Woodley	Washington, D.C.	—	1962	136	12,600,000	43,527,379	1,869,918	12,600,000	45,397,297	57,997,297		(8,314,350	)	49,682,947	(K)
Carmel Terrace	San Diego, CA	—	1988-1989	384	2,288,300	20,596,281	11,662,759	2,288,300	32,259,040	34,547,340		(25,490,481	)	9,056,859	(J)
Chelsea Square	Redmond, WA	—	1991	113	3,397,100	9,289,074	2,167,212	3,397,100	11,456,286	14,853,386		(7,244,601	)	7,608,785	9,205,288
Citrus Suites	Santa Monica, CA	—	1978	70	9,000,000	16,950,326	1,623,844	9,000,000	18,574,170	27,574,170		(3,264,484	)	24,309,686	(K)
Cleveland House	Washington, D.C.	—	1953	214	18,300,000	66,392,414	3,359,210	18,300,000	69,751,624	88,051,624		(12,463,465	)	75,588,159	(K)
Columbia Crossing	Arlington, VA	—	1991	247	23,500,000	53,045,073	2,467,048	23,500,000	55,512,121	79,012,121		(10,603,755	)	68,408,366	(K)
Deerwood (SD)	San Diego, CA	—	1990	316	2,082,095	18,739,815	14,552,126	2,082,095	33,291,941	35,374,036		(26,781,646	)	8,592,390	(J)
Del Mar Ridge	San Diego, CA	—	1998	181	7,801,824	36,948,176	3,554,417	7,801,824	40,502,593	48,304,417		(13,227,515	)	35,076,902	39,472,029
Estancia at Santa Clara (fka Santa Clara)	Santa Clara, CA	—	2000	450	—	123,759,804	907,589	—	124,667,393	124,667,393		(22,844,872	)	101,822,521	(K)
Fairchase	Fairfax, VA	—	2007	392	23,500,000	87,722,321	791,751	23,500,000	88,514,072	112,014,072		(15,478,802	)	96,535,270	(K)
Fairfield	Stamford, CT	G	1996	263	6,510,200	39,690,120	7,374,368	6,510,200	47,064,488	53,574,688		(30,942,121	)	22,632,567	31,281,223
Fine Arts Building	Berkeley, CA	G	2004	100	7,817,000	26,462,772	335,849	7,817,000	26,798,621	34,615,621		(9,960,485	)	24,655,136	16,055,441
Flats at DuPont Circle	Washington, D.C.	—	1967	306	35,200,000	108,768,198	891,807	35,200,000	109,660,005	144,860,005		(18,523,867	)	126,336,138	(K)
Gaia Building	Berkeley, CA	G	2000	91	7,113,000	25,623,826	253,313	7,113,000	25,877,139	32,990,139		(9,605,521	)	23,384,618	14,492,793
Gaithersburg Station	Gaithersburg, MD	G	2013	389	17,500,000	74,678,917	580,456	17,500,000	75,259,373	92,759,373		(12,410,304	)	80,349,069	96,542,458
Glo	Los Angeles, CA	G	2008	201	16,047,022	48,650,963	1,928,600	16,047,022	50,579,563	66,626,585		(12,285,651	)	54,340,934	31,863,038
Hathaway	Long Beach, CA	—	1987	385	2,512,500	22,611,912	8,822,118	2,512,500	31,434,030	33,946,530		(23,107,759	)	10,838,771	46,464,853
Heights on Capitol Hill	Seattle, WA	G	2006	104	5,425,000	21,138,028	561,221	5,425,000	21,699,249	27,124,249		(8,325,174	)	18,799,075	25,879,145
Kelvin Court (fka Alta Pacific)	Irvine, CA	—	2008	132	10,752,145	34,628,115	487,960	10,752,145	35,116,075	45,868,220		(10,739,451	)	35,128,769	26,218,004
Kenwood Mews	Burbank, CA	—	1991	141	14,100,000	24,662,883	3,432,035	14,100,000	28,094,918	42,194,918		(11,624,548	)	30,570,370	(J)
La Terrazza at Colma Station	Colma, CA	G	2005	153	—	41,251,044	759,840	—	42,010,884	42,010,884		(15,478,760	)	26,532,124	24,976,920
Laguna Clara	Santa Clara, CA	—	1972	264	13,642,420	29,707,475	4,774,728	13,642,420	34,482,203	48,124,623		(17,151,836	)	30,972,787	(J)
Liberty Park	Braintree, MA	—	2000	202	5,977,504	26,749,111	5,895,100	5,977,504	32,644,211	38,621,715		(15,657,977	)	22,963,738	24,947,516
Liberty Tower	Arlington, VA	G	2008	235	16,382,822	83,817,078	1,647,551	16,382,822	85,464,629	101,847,451		(23,410,128	)	78,437,323	44,696,782
Longview Place	Waltham, MA	—	2004	348	20,880,000	90,255,509	4,693,142	20,880,000	94,948,651	115,828,651		(38,397,081	)	77,431,570	70,777,791
Market Street Village	San Diego, CA	—	2006	229	13,740,000	40,757,301	1,957,762	13,740,000	42,715,063	56,455,063		(16,545,350	)	39,909,713	(J)
Metro on First	Seattle, WA	G	2002	102	8,540,000	12,209,981	1,040,629	8,540,000	13,250,610	21,790,610		(5,406,375	)	16,384,235	22,622,379
Mill Creek	Milpitas, CA	—	1991	516	12,858,693	57,168,503	9,258,516	12,858,693	66,427,019	79,285,712		(30,949,901	)	48,335,811	69,242,252
Moda	Seattle, WA	G	2009	251	12,649,228	36,842,012	875,933	12,649,228	37,717,945	50,367,173		(11,291,703	)	39,075,470	(L)
Montierra (CA)	San Diego, CA	—	1990	272	8,160,000	29,360,938	7,732,818	8,160,000	37,093,756	45,253,756		(22,969,702	)	22,284,054	(J)
Mosaic at Metro	Hyattsville, MD	—	2008	260	—	59,580,898	813,248	—	60,394,146	60,394,146		(17,426,612	)	42,967,534	42,327,373
North Pier at Harborside	Jersey City, NJ	—	2003	297	4,000,159	94,290,590	3,486,749	4,000,159	97,777,339	101,777,498		(42,656,500	)	59,120,998	(I)
Olympus Towers	Seattle, WA	G	2000	328	14,752,034	73,335,425	8,245,007	14,752,034	81,580,432	96,332,466		(36,690,596	)	59,641,870	49,754,197
Park Place at San Mateo (fka San Mateo)	San Mateo, CA	G	2001	575	71,900,000	211,907,141	9,695,764	71,900,000	221,602,905	293,502,905		(39,044,321	)	254,458,584	(K)
Providence	Bothell, WA	—	2000	200	3,573,621	19,055,505	1,328,617	3,573,621	20,384,122	23,957,743		(9,481,448	)	14,476,295	(I)
Reserve at Clarendon Centre, The	Arlington, VA	G	2003	252	10,500,000	52,812,935	4,133,203	10,500,000	56,946,138	67,446,138		(26,559,665	)	40,886,473	(J)
Reserve at Eisenhower, The	Alexandria, VA	—	2002	226	6,500,000	34,585,060	2,771,158	6,500,000	37,356,218	43,856,218		(17,817,428	)	26,038,790	(J)
Reserve at Empire Lakes	Rancho Cucamonga, CA	—	2005	467	16,345,000	73,080,670	2,674,707	16,345,000	75,755,377	92,100,377		(31,075,305	)	61,025,072	(I)
Reserve at Fairfax Corner	Fairfax, VA	—	2001	652	15,804,057	63,129,051	10,544,380	15,804,057	73,673,431	89,477,488		(35,713,995	)	53,763,493	84,636,440
Rianna II	Seattle, WA	G	2002	78	2,161,840	14,433,614	335,207	2,161,840	14,768,821	16,930,661		(4,665,753	)	12,264,908	9,179,918
Siena Terrace	Lake Forest, CA	—	1988	356	8,900,000	24,083,024	6,960,564	8,900,000	31,043,588	39,943,588		(18,827,023	)	21,116,565	64,374,172
Skyview	Rancho Santa Margarita, CA	—	1999	260	3,380,000	21,952,863	5,142,411	3,380,000	27,095,274	30,475,274		(15,457,341	)	15,017,933	47,170,890

EQUITY RESIDENTIAL

ERP OPERATING LIMITED PARTNERSHIP

Schedule III - Real Estate and Accumulated Depreciation

December 31, 2016

Description					Initial Cost to Company				Cost Capitalized Subsequent to Acquisition(Improvements, net) (E)		Gross Amount Carried at Close of Period 12/31/16
Apartment Name	Location	Retail/Commercial Space	Date of Construction	Apartment Units (H)	Land		Building & Fixtures		Building & Fixtures		Land		Building & Fixtures (A)		Total (B)		Accumulated Depreciation (C)				Investment in Real Estate, Net at 12/31/16		Encumbrances
SoMa Square Apartments (fka South Market)	San Francisco, CA	G	1986	410	79,900,000		177,316,977		5,784,763		79,900,000		183,101,740		263,001,740			(31,584,442		)	231,417,298		(K)
Square One	Seattle, WA	—	2014	112	7,222,544		26,277,456		18,949		7,222,544		26,296,405		33,518,949			(3,222,469		)	30,296,480		(L)
Summerset Village	Chatsworth, CA	—	1985	280	2,629,804		23,670,889		7,407,026		2,629,804		31,077,915		33,707,719			(21,189,393		)	12,518,326		37,994,251
Talleyrand	Tarrytown, NY	—	1997-1998	300	12,000,000		49,838,160		5,280,338		12,000,000		55,118,498		67,118,498			(29,826,719		)	37,291,779		34,794,181
Teresina	Chula Vista, CA	—	2000	440	28,600,000		61,916,670		3,924,692		28,600,000		65,841,362		94,441,362			(27,199,505		)	67,241,857		39,353,690
Toscana	Irvine, CA	—	1991/1993	563	39,410,000		50,806,072		13,015,608		39,410,000		63,821,680		103,231,680			(35,049,666		)	68,182,014		98,021,589
Touriel Building	Berkeley, CA	G	2004	35	2,736,000		7,810,027		178,396		2,736,000		7,988,423		10,724,423			(3,056,587		)	7,667,836		4,965,054
Town Square at Mark Center I (fka Millbrook I)	Alexandria, VA	—	1996	406	24,360,000		86,178,714		5,090,465		24,360,000		91,269,179		115,629,179			(37,802,676		)	77,826,503		60,195,391
Vantage Hollywood	Los Angeles, CA	—	1987	298	42,580,326		56,014,674		126,527		42,580,326		56,141,201		98,721,527			(5,287,978		)	93,433,549		42,297,038
Versailles	Woodland Hills, CA	—	1991	253	12,650,000		33,656,292		6,676,131		12,650,000		40,332,423		52,982,423			(19,770,723		)	33,211,700		30,337,321
Versailles (K-Town)	Los Angeles, CA	—	2008	225	10,590,975		44,409,025		1,443,140		10,590,975		45,852,165		56,443,140			(14,149,083		)	42,294,057		45,950,109
Victor on Venice	Los Angeles, CA	G	2006	115	10,350,000		35,433,437		651,436		10,350,000		36,084,873		46,434,873			(13,516,691		)	32,918,182		(J)
Vintage	Ontario, CA	—	2005-2007	300	7,059,230		47,677,762		991,090		7,059,230		48,668,852		55,728,082			(18,740,063		)	36,988,019		32,972,257
Vintage at 425 Broadway (fka Promenade)	Santa Monica, CA	G	1934/2001	58	9,000,000		13,961,523		1,059,233		9,000,000		15,020,756		24,020,756			(2,968,658		)	21,052,098		(K)
West 54th	New York, NY	G	2001	222	60,900,000		48,193,837		1,803,032		60,900,000		49,996,869		110,896,869			(10,859,764		)	100,037,105		47,159,623
Westgate (fka Westgate I)	Pasadena, CA	—	2010	480	22,898,848		133,559,573		1,626,531		22,898,848		135,186,104		158,084,952			(27,829,027		)	130,255,925		95,942,439
Woodleaf	Campbell, CA	—	1984	178	8,550,600		16,988,183		4,564,556		8,550,600		21,552,739		30,103,339			(13,279,360		)	16,823,979		17,803,590
Portfolio/Entity Encumbrances (1)																							1,645,978,887
Wholly Owned Encumbered				21,196	1,542,126,523		4,432,306,521		317,352,468		1,542,126,523		4,749,658,989		6,291,785,512			(1,497,361,379		)	4,794,424,133		3,818,071,013
Partially Owned Unencumbered:
2300 Elliott	Seattle, WA	—	1992	92	796,800		7,173,725		6,364,098		796,800		13,537,823		14,334,623			(10,501,930		)	3,832,693		—
Canyon Ridge	San Diego, CA	—	1989	162	4,869,448		11,955,064		3,764,545		4,869,448		15,719,609		20,589,057			(9,906,118		)	10,682,939		—
Country Oaks	Agoura Hills, CA	—	1985	256	6,105,000		29,561,865		6,382,976		6,105,000		35,944,841		42,049,841			(18,330,095		)	23,719,746		—
Harrison Square (fka Elliot Bay)	Seattle, WA	G	1992	166	7,600,000		35,844,345		4,889,669		7,600,000		40,734,014		48,334,014			(7,462,882		)	40,871,132		—
Monterra in Mill Creek	Mill Creek, WA	—	2003	139	2,800,000		13,255,123		935,693		2,800,000		14,190,816		16,990,816			(6,101,965		)	10,888,851		—
Rosecliff	Quincy, MA	—	1990	156	5,460,000		15,721,570		3,246,786		5,460,000		18,968,356		24,428,356			(11,421,082		)	13,007,274		—
Strayhorse at Arrowhead Ranch	Glendale, AZ	—	1998	136	4,400,000		12,968,002		699,374		4,400,000		13,667,376		18,067,376			(5,724,191		)	12,343,185		—
Via Ventura (CA) (fka Ventura)	Ventura, CA	—	2002	192	8,600,000		44,308,202		703,519		8,600,000		45,011,721		53,611,721			(9,035,652		)	44,576,069		—
Wood Creek II (fka Willow Brook (CA))	Pleasant Hill, CA	—	1985	228	5,055,000		38,388,672		6,380,861		5,055,000		44,769,533		49,824,533			(20,343,063		)	29,481,470		—
Partially Owned Unencumbered				1,527	45,686,248		209,176,568		33,367,521		45,686,248		242,544,089		288,230,337			(98,826,978		)	189,403,359		—
Partially Owned Encumbered:
Bellevue Meadows	Bellevue, WA	—	1983	180	4,507,100		12,574,814		5,224,512		4,507,100		17,799,326		22,306,426			(12,054,134		)	10,252,292		16,493,902
Canyon Creek (CA)	San Ramon, CA	—	1984	268	5,425,000		18,812,120		7,124,649		5,425,000		25,936,769		31,361,769			(14,964,999		)	16,396,770		28,108,382
Lantern Cove	Foster City, CA	—	1985	232	6,945,000		23,064,976		6,190,412		6,945,000		29,255,388		36,200,388			(16,167,257		)	20,033,131		36,395,508
Schooner Bay I	Foster City, CA	—	1985	168	5,345,000		20,390,618		5,003,636		5,345,000		25,394,254		30,739,254			(14,020,421		)	16,718,833		28,811,122
Schooner Bay II	Foster City, CA	—	1985	144	4,550,000		18,064,764		4,440,120		4,550,000		22,504,884		27,054,884			(12,562,453		)	14,492,431		26,116,380
Surrey Downs	Bellevue, WA	—	1986	122	3,057,100		7,848,618		2,931,955		3,057,100		10,780,573		13,837,673			(6,893,799		)	6,943,874		9,801,248
Virgil Square	Los Angeles, CA	—	1979	142	5,500,000		15,216,613		2,761,807		5,500,000		17,978,420		23,478,420			(7,925,733		)	15,552,687		9,869,581
Wisconsin Place	Chevy Chase, MD	—	2009	432	—		172,089,355		1,021,679		—		173,111,034		173,111,034			(27,622,092		)	145,488,942		145,513,689
Partially Owned Encumbered				1,688	35,329,200		288,061,878		34,698,770		35,329,200		322,760,648		358,089,848			(112,210,888		)	245,878,960		301,109,812
Total Consolidated Investment in Real Estate				76,513	$	6,100,178,215	$	17,959,193,878	$	1,327,053,382	$	6,100,178,215	$	19,286,247,260	$	25,386,425,475		$	(5,360,389,416	)	$	20,026,036,059	$	4,119,180,825

(1) See attached Encumbrances Reconciliation.

NOTES:

(A) The balance of furniture & fixtures included in the total investment in real estate amount was $1,346,300,284 as of December 31, 2016.

(B) The cost, net of accumulated depreciation, for Federal Income Tax purposes as of December 31, 2016 was approximately $15.8 billion (unaudited).

(C) The life to compute depreciation for building is 30 years, for building improvements ranges from 5 to 15 years, for furniture & fixtures and replacements is 5 to 10 years and for lease intangibles is the average remaining term of each respective lease.

(D) This asset consists of various acquisition dates and largely represents furniture, fixtures and equipment, leasehold improvements and capitalized software costs owned by the Management Business, which are generally depreciated over periods ranging from 3 to 7 years.

(E) Primarily represents capital expenditures for major maintenance and replacements incurred subsequent to each property’s acquisition date.

(F) Represents land and/or construction-in-progress on projects either held for future development or projects currently under development.

(G) A portion of these properties includes and/or will include retail/commercial space.

(H) Total properties and apartment units exclude two unconsolidated properties containing 945 apartment units.

(I) Through (K) See Encumbrances Reconciliation schedule.

(L) Boot property for Bond Partnership mortgage pool

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Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2016

Summary of Significant Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

Due to the Company’s ability as general partner to control either through ownership or by contract the Operating Partnership and its subsidiaries, the Operating Partnership and each such subsidiary has been consolidated with the Company for financial reporting purposes, except for two unconsolidated operating properties.

Real Estate Assets And Depreciation Of Investment In Real Estate

Real Estate Assets and Depreciation of Investment in Real Estate

An acquiring entity is required to recognize all assets acquired and liabilities assumed in a transaction at the acquisition-date fair value with limited exceptions. In addition, an acquiring entity is required to expense acquisition-related costs as incurred, value noncontrolling interests at fair value at the acquisition date and expense restructuring costs associated with an acquired business.

The Company allocates the purchase price of properties to net tangible and identified intangible assets acquired based on their fair values. In making estimates of fair values for purposes of allocating purchase price, the Company utilizes a number of sources, including independent appraisals that may be obtained in connection with the acquisition or financing of the respective property, our own analysis of recently acquired and existing comparable properties in our portfolio and other market data. The Company also considers information obtained about each property as a result of its pre-acquisition due diligence, marketing and leasing activities in estimating the fair value of the tangible and intangible assets/liabilities acquired. The Company allocates the purchase price of acquired real estate to various components as follows:

• Land – Based on actual purchase price adjusted to fair value (as necessary) if acquired separately or market research/comparables if acquired with an operating property.

• Furniture, Fixtures and Equipment – Ranges between $10,000 and $25,000 per apartment unit acquired as an estimate of the fair value of the appliances and fixtures inside an apartment unit. The per-apartment unit amount applied depends on the economic age of the apartment building acquired. Depreciation is calculated on the straight-line method over an estimated useful life of five to ten years.

• Lease Intangibles – The Company considers the value of acquired in-place leases and above/below market leases and the amortization period is the average remaining term of each respective acquired lease. In-place residential leases' average term at acquisition approximates six months. In-place retail leases' term at acquisition approximates the average remaining term of all acquired retail leases. See Note 4 for more information on above and below market leases.

• Other Intangible Assets – The Company considers whether it has acquired other intangible assets, including any customer relationship intangibles and the amortization period is the estimated useful life of the acquired intangible asset.

• Building – Based on the fair value determined on an “as-if vacant” basis. Depreciation is calculated on the straight-line method over an estimated useful life of thirty years.

• Site Improvements – Based on replacement cost, which approximates fair value. Depreciation is calculated on the straight-line method over an estimated useful life of eight years.

• Long-Term Debt – The Company calculates the fair value by discounting the remaining contractual cash flows on each instrument at the current market rate for those borrowings.

Replacements inside an apartment unit such as appliances and carpeting are depreciated over an estimated useful life of five to ten years. Expenditures for ordinary maintenance and repairs are expensed to operations as incurred and significant renovations and improvements that improve and/or extend the useful life of the asset are capitalized over their estimated useful life, generally five to fifteen years. Initial direct leasing costs are expensed as incurred as such expense approximates the deferral and amortization of initial direct leasing costs over the lease terms. Property sales or dispositions are recorded when title transfers to unrelated third parties, contingencies have been removed and sufficient cash consideration has been received by the Company. Upon disposition, the related costs and accumulated depreciation are removed from the respective accounts. Any gain or loss on sale is recognized in accordance with accounting principles generally accepted in the United States.

The Company classifies real estate assets as real estate held for sale when it is probable a property will be disposed of (see below and Note 4 for further discussion).

The Company classifies properties under development and/or expansion and properties in the lease-up phase (including land) as construction-in-progress until construction has been completed and certificates of occupancy permits have been obtained.

Impairment of Long-Lived Assets

Impairment of Long-Lived Assets

The Company periodically evaluates its long-lived assets, including its investments in real estate, for indicators of impairment. The judgments regarding the existence of impairment indicators are based on factors such as operational performance, market conditions and legal and environmental concerns, as well as the Company’s ability to hold and its intent with regard to each asset. Future events could occur which would cause the Company to conclude that impairment indicators exist and an impairment loss is warranted. If impairment indicators exist, the Company performs the following:

▪ For long-lived assets to be held and used, the Company compares the expected future undiscounted cash flows for the long-lived asset against the carrying amount of that asset. If the sum of the estimated undiscounted cash flows is less than the carrying amount of the asset, the Company would record an impairment loss for the difference between the estimated fair value and the carrying amount of the asset.

▪ For long-lived assets to be disposed of, an impairment loss is recognized when the estimated fair value of the asset, less the estimated cost to sell, is less than the carrying amount of the asset measured at the time that the Company has determined it will sell the asset. Long-lived assets held for sale and the related liabilities are separately reported, with the long-lived assets reported at the lower of their carrying amounts or their estimated fair values, less their costs to sell, and are not depreciated after reclassification to real estate held for sale.

Cost Capitalization

Cost Capitalization

See the Real Estate Assets and Depreciation of Investment in Real Estate section for a discussion of the Company’s policy with respect to capitalization vs. expensing of fixed asset/repair and maintenance costs. In addition, the Company capitalizes an allocation of the payroll and associated costs of employees directly responsible for and who spend their time on the execution and supervision of major capital and/or renovation projects. These costs are reflected on the balance sheets as increases to depreciable property.

For all development projects, the Company uses its professional judgment in determining whether such costs meet the criteria for capitalization or must be expensed as incurred. The Company capitalizes interest, real estate taxes and insurance and payroll and associated costs for those individuals directly responsible for and who spend their time on development activities, with capitalization ceasing no later than 90 days following issuance of the certificate of occupancy. These costs are reflected on the balance sheets as construction-in-progress for each specific property. The Company expenses as incurred all payroll costs of on-site employees working directly at our properties, except as noted above on our development properties prior to certificate of occupancy issuance and on specific major renovations at selected properties when additional incremental employees are hired.

During the years ended December 31, 2016, 2015 and 2014, the Company capitalized $18.7 million, $22.3 million and $22.4 million, respectively, of payroll and associated costs of employees directly responsible for and who spend their time on the execution and supervision of development activities as well as major capital and/or renovation projects.

Cash and Cash Equivalents

Cash and Cash Equivalents

The Company considers all demand deposits, money market accounts and investments in certificates of deposit and repurchase agreements purchased with a maturity of three months or less at the date of purchase to be cash equivalents. The Company maintains its cash and cash equivalents at financial institutions. The combined account balances at one or more institutions typically exceed the Federal Depository Insurance Corporation (“FDIC”) insurance coverage, and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company believes that the risk is not significant, as the Company does not anticipate the financial institutions’ non-performance.

Investment Securities

Investment Securities

Investment securities are included in other assets in the consolidated balance sheets. These securities are classified as held-to-maturity and carried at amortized cost if management has the positive intent and ability to hold the securities to maturity. Otherwise, the securities are classified as available-for-sale and carried at estimated fair value with unrealized gains and losses included in accumulated other comprehensive (loss), a separate component of shareholders’ equity/partners' capital. As of December 31, 2016 and 2015, the Company did not hold any investment securities.

Fair Value of Financial Instruments, Including Derivative Instruments

Fair Value of Financial Instruments, Including Derivative Instruments

The valuation of financial instruments requires the Company to make estimates and judgments that affect the fair value of the instruments. The Company, where possible, bases the fair values of its financial instruments, including its derivative instruments, on listed market prices and third party quotes. Where these are not available, the Company bases its estimates on current instruments with similar terms and maturities or on other factors relevant to the financial instruments.

In the normal course of business, the Company is exposed to the effect of interest rate changes. The Company seeks to manage these risks by following established risk management policies and procedures including the use of derivatives to hedge interest rate risk on debt instruments. The Company may also use derivatives to manage commodity prices in the daily operations of the business.

The Company has a policy of only entering into contracts with major financial institutions based upon their credit ratings and other factors. When viewed in conjunction with the underlying and offsetting exposure that the derivatives are designed to hedge, the Company has not sustained a material loss from these instruments nor does it anticipate any material adverse effect on its net income or financial position in the future from the use of derivatives it currently has in place.

The Company recognizes all derivatives as either assets or liabilities in the consolidated balance sheets and measures those instruments at fair value. In addition, fair value adjustments will affect either shareholders’ equity/partners' capital or net income depending on whether the derivative instruments qualify as a hedge for accounting purposes and, if so, the nature of the hedging activity. When the terms of an underlying transaction are modified, or when the underlying transaction is terminated or completed, all changes in the fair value of the instrument are marked-to-market with changes in value included in net income each period until the instrument matures. Any derivative instrument used for risk management that does not meet the hedging criteria is marked-to-market each period. The Company does not use derivatives for trading or speculative purposes.

Revenue Recognition

Revenue Recognition

Rental income attributable to residential leases is recorded on a straight-line basis, which is not materially different than if it were recorded when due from residents and recognized monthly as it was earned. Leases entered into between a resident and a property for the rental of an apartment unit are generally year-to-year, renewable upon consent of both parties on an annual or monthly basis. Rental income attributable to retail/commercial leases is also recorded on a straight-line basis. Retail/commercial leases generally have five to ten year lease terms with market based renewal options. Fee and asset management revenue and interest income are recorded on an accrual basis.

Share-Based Compensation

Share-Based Compensation

The Company expenses share-based compensation such as restricted shares, restricted units and share options. Any common share of beneficial interest, $0.01 par value per share (the "Common Shares") issued pursuant to EQR's incentive equity compensation and employee share purchase plans will result in ERPOP issuing units of partnership interest ("OP Units") to EQR on a one-for-one basis, with ERPOP receiving the net cash proceeds of such issuances. See Note 12 for further discussion.

The fair value of the option grants are recognized over the requisite service/vesting period of the options. The fair value for the Company's share options was estimated at the time the share options were granted using the Black-Scholes option pricing model with the primary grant in each year having the following weighted average assumptions:

	2016	2015	2014
Expected volatility (1)	26.3%	26.6%	27.0%
Expected life (2)	5 years	5 years	5 years
Expected dividend yield (3)	3.04%	3.13%	3.78%
Risk-free interest rate (4)	1.27%	1.29%	1.50%
Option valuation per share	$13.02	$13.68	$9.12

(1) Expected volatility – Estimated based on the historical ten-year volatility of EQR’s share price measured on a monthly basis.

(2) Expected life – Approximates the actual weighted average life of all share options granted since the Company went public in 1993.

(3) Expected dividend yield – Calculated by averaging the historical annual yield on EQR shares for a period matching the expected life of each grant, with the annual yield calculated by dividing actual regular dividends (excluding any special dividends) by the average price of EQR’s shares in a given year.

(4) Risk-free interest rate – The most current U.S. Treasury rate available prior to the grant date for a period matching the expected life of each grant.

The valuation method and assumptions are the same as those the Company used in accounting for option expense in its consolidated financial statements. The Black-Scholes option valuation model was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable. This model is only one method of valuing options. Because the Company’s share options have characteristics significantly different from those of traded options, and because changes in the subjective input assumptions can materially affect the fair value estimate, the actual value of the options to the recipient may be significantly different.

Income and Other Taxes

Income and Other Taxes

Due to the structure of EQR as a REIT and the nature of the operations of its operating properties, no provision for federal income taxes has been made at the EQR level. In addition, ERPOP generally is not liable for federal income taxes as the partners recognize their proportionate share of income or loss in their tax returns; therefore no provision for federal income taxes has been made at the ERPOP level. Historically, the Company has generally only incurred certain state and local income, excise and franchise taxes. The Company has elected Taxable REIT Subsidiary (“TRS”) status for certain of its corporate subsidiaries and as a result, these entities will incur both federal and state income taxes on any taxable income of such entities after consideration of any net operating losses.

Deferred tax assets and liabilities applicable to the TRS are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. These assets and liabilities are measured using enacted tax rates for which the temporary differences are expected to be recovered or settled. The effects of changes in tax rates on deferred tax assets and liabilities are recognized in earnings in the period enacted. The Company’s deferred tax assets are generally the result of tax affected suspended interest deductions, net operating losses, differing depreciable lives on capitalized assets and the timing of expense recognition for certain accrued liabilities. As of December 31, 2016, the Company has recorded a deferred tax asset of approximately $38.7 million, which is fully offset by a valuation allowance due to the uncertainty of realization. The company currently anticipates electing REIT status in the third quarter of 2017 for its primary TRS, retroactive to January 1, 2016.

The Company provided for income, franchise and excise taxes allocated as follows in the consolidated statements of operations and comprehensive income for the years ended December 31, 2016, 2015 and 2014 (amounts in thousands):

	Year Ended December 31,
	2016		2015		2014
Income and other tax expense (benefit) (1)	$	1,613	$	917	$	1,394
Discontinued operations, net (2)	12		15		8
Provision for income, franchise and excise taxes (3)	$	1,625	$	932	$	1,402

(1) Primarily includes state and local income, excise and franchise taxes.

(2) Primarily represents state and local income, excise and franchise taxes on operating properties sold prior to January 1, 2014 and included in discontinued operations. The amounts included in discontinued operations for the years ending December 31, 2016, 2015 and 2014 represent trailing activity for properties sold in 2013 and prior years. None of the properties sold during the years ended December 31, 2016, 2015 and 2014 met the new criteria for reporting discontinued operations.

(3) All provisions for income tax amounts are current and none are deferred.

The Company’s TRSs have approximately $16.4 million of net operating loss ("NOL") carryforwards available as of January 1, 2017 that will expire between 2030 and 2032.

During the years ended December 31, 2016, 2015 and 2014, the Company’s tax treatment of dividends and distributions were as follows (unaudited):

	Year Ended December 31,
	2016		2015		2014
Tax treatment of dividends and distributions:
Ordinary dividends	$	0.722	$	1.591	$	1.475
Qualified dividends	—		0.037		0.088
Long-term capital gain	9.176		0.443		0.280
Unrecaptured section 1250 gain	3.117		0.139		0.157
Dividends and distributions declared per
Common Share/Unit outstanding	$	13.015	$	2.210	$	2.000

The unaudited cost of land and depreciable property, net of accumulated depreciation, for federal income tax purposes as of December 31, 2016 and 2015 was approximately $15.8 billion and $17.0 billion, respectively.

Noncontrolling Interests

Noncontrolling Interests

A noncontrolling interest in a subsidiary (minority interest) is an ownership interest in the consolidated entity that should be reported as equity in the consolidated financial statements and separate from the parent company's equity. In addition, consolidated net income is required to be reported at amounts that include the amounts attributable to both the parent and the noncontrolling interest and the amount of consolidated net income attributable to the parent and the noncontrolling interest are required to be disclosed on the face of the consolidated statements of operations and comprehensive income. See Note 3 for further discussion.

Operating Partnership: Net income is allocated to noncontrolling interests based on their respective ownership percentage of the Operating Partnership. The ownership percentage is calculated by dividing the number of OP Units held by the noncontrolling interests by the total OP Units held by the noncontrolling interests and EQR. Issuance of additional Common Shares and OP Units changes the ownership interests of both the noncontrolling interests and EQR. Such transactions and the related proceeds are treated as capital transactions.

Partially Owned Properties: The Company reflects noncontrolling interests in partially owned properties on the balance sheet for the portion of properties consolidated by the Company that are not wholly owned by the Company. The earnings or losses from those properties attributable to the noncontrolling interests are generally based on ownership percentage and are reflected as noncontrolling interests in partially owned properties in the consolidated statements of operations and comprehensive income.

Partners' Capital

The "Limited Partners" of ERPOP include various individuals and entities that contributed their properties to ERPOP in exchange for OP Units. The "General Partner" of ERPOP is EQR. Net income is allocated to the Limited Partners based on their respective ownership percentage of ERPOP. The ownership percentage is calculated by dividing the number of OP Units held by the Limited Partners by the total OP Units held by the Limited Partners and the General Partner. Issuance of additional Common Shares and OP Units changes the ownership interests of both the Limited Partners and EQR. Such transactions and the related proceeds are treated as capital transactions.

Redeemable Noncontrolling Interests – Operating Partnership / Redeemable Limited Partners

The Company classifies Redeemable Noncontrolling Interests – Operating Partnership / Redeemable Limited Partners in the mezzanine section of the consolidated balance sheets for the portion of OP Units that EQR is required, either by contract or securities law, to deliver registered Common Shares to the exchanging OP Unit holder. The redeemable noncontrolling interest units / redeemable limited partner units are adjusted to the greater of carrying value or fair market value based on the Common Share price of EQR at the end of each respective reporting period. See Note 3 for further discussion.

Use of Estimates

Use of Estimates

In preparation of the Company’s financial statements in conformity with accounting principles generally accepted in the United States, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

Reclassifications

Reclassifications

Certain reclassifications considered necessary for a fair presentation have been made to the prior period financial statements in order to conform to the current year presentation. These reclassifications have not changed the results of operations or equity/capital.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (the "FASB") issued a comprehensive new revenue recognition standard entitled Revenue from Contracts with Customers that will supersede nearly all existing revenue recognition guidance. The new standard specifically excludes lease revenue. The new standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. Companies will likely need to use more judgment and make more estimates than under current revenue recognition guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration, if any, to include in the transaction price and allocating the transaction price to each separate performance obligation. The new standard will be effective for the Company beginning on January 1, 2018 and early adoption will be permitted beginning on January 1, 2017. The new standard may be applied retrospectively to each prior period presented or prospectively with the cumulative effect recognized as of the date of adoption. The Company anticipates selecting the modified retrospective transition method with a cumulative effect recognized as of the date of adoption and will adopt the new standard effective January 1, 2018. The Company is continuing to evaluate the standard; however, we do not expect its adoption to have a significant impact on the consolidated financial statements, as in excess of 90% of total revenues consist of rental income from leasing arrangements, which is specifically excluded from the standard. In addition, the Company's fee and asset management activities are immaterial now that it sold its interest in Joint Base Lewis McChord (see Note 18 for further discussion) and given the nature of its disposition transactions, there should be no changes in accounting under the new standard.

In August 2014, the FASB issued a new standard that will explicitly require management to assess an entity's ability to continue as a going concern and to provide related footnote disclosures in certain circumstances. In connection with each annual and interim period, management will assess whether there is substantial doubt about an entity's ability to continue as a going concern within one year after the issuance date. Disclosures will be required if conditions give rise to substantial doubt. However, to determine the specific disclosures, management will need to assess whether its plans will alleviate substantial doubt. The Company adopted this new standard as required effective for the annual period ending after December 31, 2016. The adoption of this standard did not have a material impact on our consolidated results of operations or financial position.

In February 2015, the FASB issued new consolidation guidance which makes changes to both the variable interest model and the voting model. Among other changes, the new standard specifically eliminated the presumption in the current voting model that a general partner controls a limited partnership or similar entity unless that presumption can be overcome. Generally, only a single limited partner that is able to exercise substantive kick-out rights will consolidate. The Company adopted this new standard as required effective January 1, 2016. While adoption of the new standard did not result in any changes to conclusions about whether a joint venture was consolidated or unconsolidated, the Company has determined that certain of its joint ventures and the Operating Partnership will now qualify as variable interest entities ("VIEs") and therefore will require additional disclosures. See Note 6 for further discussion.

In April 2015, the FASB issued a new standard which requires companies to present debt financing costs as a direct deduction from the carrying amount of the associated debt liability rather than as an asset, consistent with the presentation of debt discounts on the consolidated balance sheets. Companies will be permitted to present debt issuance costs related to line of credit arrangements as an asset and amortize these costs over the term of the arrangement, regardless of whether there are any outstanding borrowings on the arrangement. The new standard must be applied retrospectively to all prior periods presented in the consolidated financial statements.  The Company adopted this standard as required effective January 1, 2016 and other than presentation on the consolidated balance sheets, it did not have a material effect on its consolidated results of operations or financial position. As of December 31, 2016, $12.1 million, $16.3 million and $26.4 million of deferred financing costs were included within other assets, mortgage notes payable, net and notes, net respectively, on the consolidated balance sheets. As of December 31, 2015, the following amounts of deferred financing costs were reclassified (amounts in thousands):

	As Originally Presented		Reclassification Adjustments			As Presented Herein
Deferred financing costs, net	$	54,004	$	(54,004	)	$	—
Other assets	$	422,027	$	6,872		$	428,899
Mortgage notes payable, net	$	4,704,870	$	(19,736	)	$	4,685,134
Notes, net	$	5,876,352	$	(27,396	)	$	5,848,956

In January 2016, the FASB issued a new standard which requires companies to measure all equity securities with readily determinable fair values at fair value on the balance sheet, with changes in fair value recognized in net income. The new standard will be effective for the Company beginning on January 1, 2018. The Company does not expect that this will have a material effect on its consolidated results of operations or financial position.

In February 2016, the FASB issued a new leases standard which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether the lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. The new standard is expected to impact the Company’s consolidated financial statements as, among other things, the Company has certain operating ground lease arrangements for which it is the lessee. The new standard will be effective for the Company beginning on January 1, 2019, with early adoption permitted. The Company is currently evaluating the impact of adopting the new standard on its consolidated results of operations and financial position.

In March 2016, the FASB issued a new standard which simplifies several aspects of the accounting for employee share-based payment transactions, including income tax consequences, classification of awards as equity or liability, statement of cash flows classification and policy election options for forfeitures. The new standard was effective for the Company beginning on January 1, 2017. The Company will continue to estimate the number of awards expected to be forfeited and adjust the estimate when it is no longer probable that the employee will fulfill the service condition, as is currently required. The Company does not expect that this will have a material effect on its consolidated results of operations or financial position.

In June 2016, the FASB issued a new standard which requires companies to adopt a new approach for estimating credit losses on certain types of financial instruments, such as trade and other receivables and loans. The standard will require entities to estimate a lifetime expected credit loss for most financial instruments, including lease and other trade receivables. The new standard will be effective for the Company beginning on January 1, 2020, with early adoption permitted beginning January 1, 2019. The Company is currently evaluating the impact of adopting the new standard on its consolidated results of operations and financial position.

In August 2016 and October 2016, the FASB issued new standards to clarify how specific transactions are classified and presented on the statement of cash flows. Among other clarifications, the new standards specifically provide guidance for the following items within the statement of cash flows which have required significant judgment in the past:

• Cash payments related to debt prepayments or extinguishment costs are to be classified within financing activities;

• The portion of the cash payment made to settle a zero-coupon bond or a bond with an insignificant cash coupon attributable to accreted interest related to a debt discount is to be classified as a cash outflow within operating activities, and the portion attributable to the principal is to be classified within financing activities;

• Insurance settlement proceeds are to be classified based on the nature of the loss;

• Companies must elect to classify distributions received from equity method investees using either a cumulative earnings approach or a look-through approach and the election must be disclosed; and

• Restricted cash will be included with cash and cash equivalents on the statement of cash flows. Total cash and cash equivalents and restricted cash are to be reconciled to the related line items on the balance sheet.

The new standards must be applied retrospectively to all periods presented in the consolidated financial statements and they will be effective for the Company beginning on January 1, 2018, with early adoption permitted. The Company is currently evaluating the impact of adopting the new standards on its consolidated results of operations and financial position.

In January 2017, the FASB issued a new standard which clarifies definition of a business. The standard's objective is to add additional guidance that assists companies in determining whether transactions should be accounted for as an asset acquistion or a business combination. The new standard first requires an entity to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. If this threshold is met, the set is not a business. If this threshold is not met, the entity next evaluates whether the set meets the requirement that a business include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. Among other differences, transaction costs associated with asset acquisitions are capitalized while those associated with business combinations are expensed as incurred. In addition, purchase price in an asset acquisition is allocated on a relative fair value basis while in a business combination is generally measured at fair value. The new standard will be applied prospectively to any transactions occurring within the period of adoption. The new standard will be effective for the Company beginning on January 1, 2018, but the Company early adopted it as allowed effective January 1, 2017. The Company anticipates that substantially all of its transactions will now be accounted for as asset acquisitions, which means transaction costs will largely be capitalized as noted above.

Other

Other

The Company is the controlling partner in various consolidated partnerships owning 17 properties and 3,215 apartment units having a noncontrolling interest book value of $10.6 million at December 31, 2016. The Company is required to make certain disclosures regarding noncontrolling interests in consolidated limited-life subsidiaries. Of the consolidated entities described above, the Company is the controlling partner in limited-life partnerships owning four properties having a noncontrolling interest deficit balance of $7.7 million. These four partnership agreements contain provisions that require the partnerships to be liquidated through the sale of their assets upon reaching a date specified in each respective partnership agreement. The Company, as controlling partner, has an obligation to cause the property owning partnerships to distribute the proceeds of liquidation to the Noncontrolling Interests in these Partially Owned Properties only to the extent that the net proceeds received by the partnerships from the sale of their assets warrant a distribution based on the partnership agreements. As of December 31, 2016, the Company estimates the value of Noncontrolling Interest distributions for these four properties would have been approximately $62.6 million (“Settlement Value”) had the partnerships been liquidated. This Settlement Value is based on estimated third party consideration realized by the partnerships upon disposition of the four Partially Owned Properties and is net of all other assets and liabilities, including yield maintenance on the mortgages encumbering the properties, that would have been due on December 31, 2016 had those mortgages been prepaid. Due to, among other things, the inherent uncertainty in the sale of real estate assets, the amount of any potential distribution to the Noncontrolling Interests in the Company's Partially Owned Properties is subject to change. To the extent that the partnerships' underlying assets are worth less than the underlying liabilities, the Company has no obligation to remit any consideration to the Noncontrolling Interests in these Partially Owned Properties.

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Business (Tables)

12 Months Ended

Dec. 31, 2016

Business [Abstract]

Schedule of Real Estate Properties

The ownership breakdown includes (table does not include various uncompleted development properties):

	Properties	Apartment Units
Wholly Owned Properties	280	72,445
Master-Leased Properties – Consolidated	3	853
Partially Owned Properties – Consolidated	17	3,215
Partially Owned Properties – Unconsolidated	2	945
	302	77,458

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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2016

Summary of Significant Accounting Policies [Abstract]

Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions And Methodology [Table Text Block]

The fair value for the Company's share options was estimated at the time the share options were granted using the Black-Scholes option pricing model with the primary grant in each year having the following weighted average assumptions:

	2016	2015	2014
Expected volatility (1)	26.3%	26.6%	27.0%
Expected life (2)	5 years	5 years	5 years
Expected dividend yield (3)	3.04%	3.13%	3.78%
Risk-free interest rate (4)	1.27%	1.29%	1.50%
Option valuation per share	$13.02	$13.68	$9.12

(1) Expected volatility – Estimated based on the historical ten-year volatility of EQR’s share price measured on a monthly basis.

(2) Expected life – Approximates the actual weighted average life of all share options granted since the Company went public in 1993.

(3) Expected dividend yield – Calculated by averaging the historical annual yield on EQR shares for a period matching the expected life of each grant, with the annual yield calculated by dividing actual regular dividends (excluding any special dividends) by the average price of EQR’s shares in a given year.

(4) Risk-free interest rate – The most current U.S. Treasury rate available prior to the grant date for a period matching the expected life of each grant.

Allocation Of Income Franchise And Excise Taxes In Consolidated Statements Of Operations [Table Text Block]

The Company provided for income, franchise and excise taxes allocated as follows in the consolidated statements of operations and comprehensive income for the years ended December 31, 2016, 2015 and 2014 (amounts in thousands):

	Year Ended December 31,
	2016		2015		2014
Income and other tax expense (benefit) (1)	$	1,613	$	917	$	1,394
Discontinued operations, net (2)	12		15		8
Provision for income, franchise and excise taxes (3)	$	1,625	$	932	$	1,402

(1) Primarily includes state and local income, excise and franchise taxes.

(2) Primarily represents state and local income, excise and franchise taxes on operating properties sold prior to January 1, 2014 and included in discontinued operations. The amounts included in discontinued operations for the years ending December 31, 2016, 2015 and 2014 represent trailing activity for properties sold in 2013 and prior years. None of the properties sold during the years ended December 31, 2016, 2015 and 2014 met the new criteria for reporting discontinued operations.

(3) All provisions for income tax amounts are current and none are deferred.

Tax Treatment Of Dividends And Distributions [Table Text Block]

During the years ended December 31, 2016, 2015 and 2014, the Company’s tax treatment of dividends and distributions were as follows (unaudited):

	Year Ended December 31,
	2016		2015		2014
Tax treatment of dividends and distributions:
Ordinary dividends	$	0.722	$	1.591	$	1.475
Qualified dividends	—		0.037		0.088
Long-term capital gain	9.176		0.443		0.280
Unrecaptured section 1250 gain	3.117		0.139		0.157
Dividends and distributions declared per
Common Share/Unit outstanding	$	13.015	$	2.210	$	2.000

Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]

As of December 31, 2015, the following amounts of deferred financing costs were reclassified (amounts in thousands):

	As Originally Presented		Reclassification Adjustments			As Presented Herein
Deferred financing costs, net	$	54,004	$	(54,004	)	$	—
Other assets	$	422,027	$	6,872		$	428,899
Mortgage notes payable, net	$	4,704,870	$	(19,736	)	$	4,685,134
Notes, net	$	5,876,352	$	(27,396	)	$	5,848,956

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Equity, Capital and Other Interests (Tables)

12 Months Ended

Dec. 31, 2016

Common shares and units rollforward

The following tables present the changes in the Company’s issued and outstanding Common Shares and “Units” (which includes OP Units and restricted units) for the years ended December 31, 2016, 2015 and 2014:

	2016		2015		2014
Common Shares
Common Shares outstanding at January 1,	364,755,444		362,855,454		360,479,260
Common Shares Issued:
Conversion of OP Units	88,838		208,307		94,671
Exercise of share options	815,044		1,456,363		2,086,380
Employee Share Purchase Plan (ESPP)	63,909		68,462		68,807
Restricted share grants, net	147,689		168,142		169,722
Common Shares Other:
Conversion of restricted shares to restricted units	—		(1,284	)	(12,146	)
Repurchased and retired	—		—		(31,240	)
Common Shares outstanding at December 31,	365,870,924		364,755,444		362,855,454
Units
Units outstanding at January 1,	14,427,164		14,298,691		14,180,376
Restricted unit grants, net	287,749		335,496		200,840
Conversion of restricted shares to restricted units	—		1,284		12,146
Conversion of OP Units to Common Shares	(88,838	)	(208,307	)	(94,671	)
Units outstanding at December 31,	14,626,075		14,427,164		14,298,691
Total Common Shares and Units outstanding at December 31,	380,496,999		379,182,608		377,154,145
Units Ownership Interest in Operating Partnership	3.8	%	3.8	%	3.8	%

Redeemable Noncontrolling Interest [Table Text Block]

The following table presents the changes in the redemption value of the Redeemable Noncontrolling Interests – Operating Partnership for the years ended December 31, 2016, 2015 and 2014, respectively (amounts in thousands):

	2016			2015		2014
Balance at January 1,	$	566,783		$	500,733	$	363,144
Change in market value	(115,093		)	64,378		139,818
Change in carrying value	(9,598		)	1,672		(2,229		)
Balance at December 31,	$	442,092		$	566,783	$	500,733

Schedule Of Preferred Stock [Table Text Block]

The following table presents the Company’s issued and outstanding Preferred Shares as of December 31, 2016 and 2015:

				Amounts in thousands
	Redemption Date (1)	Annual Dividend per Share (2)		December 31, 2016		December 31, 2015
Preferred Shares of beneficial interest, $0.01 par value; 100,000,000 shares authorized:
8.29% Series K Cumulative Redeemable Preferred; liquidation value $50 per share; 745,600 shares issued and outstanding at December 31, 2016 and 2015	12/10/26	$	4.145	$	37,280	$	37,280
				$	37,280	$	37,280

(1) On or after the redemption date, redeemable preferred shares may be redeemed for cash at the option of the Company, in whole or in part, at a redemption price equal to the liquidation price per share, plus accrued and unpaid distributions, if any.

(2) Dividends on Preferred Shares are payable quarterly.

ERPOP [Member]

Common shares and units rollforward

The following tables present the changes in the Operating Partnership's issued and outstanding Units and in the limited partners' Units for the years ended December 31, 2016, 2015 and 2014:

	2016		2015		2014
General and Limited Partner Units
General and Limited Partner Units outstanding at January 1,	379,182,608		377,154,145		374,659,636
Issued to General Partner:
Exercise of EQR share options	815,044		1,456,363		2,086,380
EQR's Employee Share Purchase Plan (ESPP)	63,909		68,462		68,807
EQR's restricted share grants, net	147,689		168,142		169,722
Issued to Limited Partners:
Restricted unit grants, net	287,749		335,496		200,840
OP Units Other:
Repurchased and retired	—		—		(31,240	)
General and Limited Partner Units outstanding at December 31,	380,496,999		379,182,608		377,154,145
Limited Partner Units
Limited Partner Units outstanding at January 1,	14,427,164		14,298,691		14,180,376
Limited Partner restricted unit grants, net	287,749		335,496		200,840
Conversion of EQR restricted shares to restricted units	—		1,284		12,146
Conversion of Limited Partner OP Units to EQR Common Shares	(88,838	)	(208,307	)	(94,671	)
Limited Partner Units outstanding at December 31,	14,626,075		14,427,164		14,298,691
Limited Partner Units Ownership Interest in Operating Partnership	3.8	%	3.8	%	3.8	%

Redeemable Noncontrolling Interest [Table Text Block]

The following table presents the changes in the redemption value of the Redeemable Limited Partners for the years ended December 31, 2016, 2015 and 2014, respectively (amounts in thousands):

	2016			2015		2014
Balance at January 1,	$	566,783		$	500,733	$	363,144
Change in market value	(115,093		)	64,378		139,818
Change in carrying value	(9,598		)	1,672		(2,229		)
Balance at December 31,	$	442,092		$	566,783	$	500,733

Schedule Of Preferred Stock [Table Text Block]

The following table presents the Operating Partnership's issued and outstanding “Preference Units” as of December 31, 2016 and 2015:

				Amounts in thousands
	Redemption Date (1)	Annual Dividend per Unit (2)		December 31, 2016		December 31, 2015
Preference Units:
8.29% Series K Cumulative Redeemable Preference Units; liquidation value $50 per unit; 745,600 units issued and outstanding at December 31, 2016 and 2015	12/10/26	$	4.145	$	37,280	$	37,280
				$	37,280	$	37,280

(1) On or after the redemption date, redeemable preference units may be redeemed for cash at the option of the Operating Partnership, in whole or in part, at a redemption price equal to the liquidation price per unit, plus accrued and unpaid distributions, if any, in conjunction with the concurrent redemption of the corresponding Company Preferred Shares.

(2) Dividends on Preference Units are payable quarterly.

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Real Estate (Tables)

12 Months Ended

Dec. 31, 2016

Schedule Of Real Estate Investments And Accumulated Depreciation [Table Text Block]

The following table summarizes the carrying amounts for the Company’s investment in real estate (at cost) as of December 31, 2016 and 2015 (amounts in thousands):

	2016			2015
Land	$	5,899,862		$	5,864,046
Depreciable property:
Buildings and improvements	16,913,430			16,346,829
Furniture, fixtures and equipment	1,346,300			1,207,098
In-Place lease intangibles	470,849			483,160
Projects under development:
Land	115,876			284,995
Construction-in-progress	521,292			837,381
Land held for development:
Land	84,440			120,007
Construction-in-progress	34,376			38,836
Investment in real estate	25,386,425			25,182,352
Accumulated depreciation	(5,360,389		)	(4,905,406		)
Investment in real estate, net	$	20,026,036		$	20,276,946

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 December 31, 2016 and 2015 (amounts in thousands):

Description	Balance Sheet Location	2016			2015
Assets
Ground lease intangibles – below market	Other Assets	$	178,251		$	178,251
Retail lease intangibles – above market	Other Assets	1,260			1,260
Lease intangible assets		179,511			179,511
Accumulated amortization		(17,972		)	(13,451		)
Lease intangible assets, net		$	161,539		$	166,060
Liabilities
Ground lease intangibles – above market	Other Liabilities	$	2,400		$	2,400
Retail lease intangibles – below market	Other Liabilities	5,270			5,270
Lease intangible liabilities		7,670			7,670
Accumulated amortization		(4,509		)	(3,414		)
Lease intangible liabilities, net		$	3,161		$	4,256

Schedule of Finite-Lived Intangible Assets, Future 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):

	2017			2018			2019			2020			2021
Ground lease intangibles	$	4,321		$	4,321		$	4,321		$	4,321		$	4,321
Retail lease intangibles	(540		)	(71		)	(71		)	(71		)	(67		)
Total	$	3,781		$	4,250		$	4,250		$	4,250		$	4,254

Acquired Properties Table

During the year ended December 31, 2016, 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)	4	573	$	249,334
Total	4	573	$	249,334

(1) Purchase price includes an allocation of approximately $98.0 million to land and $151.3 million to depreciable property.

During the year ended December 31, 2015, 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)	4	625	$	296,037
Land Parcels (2)	—	—	27,800
Total	4	625	$	323,837

(1) Purchase price includes an allocation of approximately $44.7 million to land and $251.3 million to depreciable property.

(2) The Company acquired three contiguous land parcels in San Francisco during 2015 which will be combined for future development.

Disposed Properties Table

During the year ended December 31, 2015, the Company disposed of the following to unaffiliated parties (sales price in thousands):

	Properties	Apartment Units	Sales Price
Consolidated:
Rental Properties (1)	8	1,857	$	513,312
Total	8	1,857	$	513,312

(1) Includes a 193,230 square foot medical office building adjacent to our Longfellow Place property in Boston with a sales price of approximately $123.3 million which is not included in the Company's property and apartment unit counts.

During the year ended December 31, 2016, the Company disposed of the following to unaffiliated parties (sales price in thousands):

	Properties	Apartment Units	Sales Price
Consolidated:
Rental Properties (1)	98	29,440	$	6,811,503
Land Parcels	—	—	57,455
Unconsolidated:
Rental Properties (2)	1	336	74,500
Total	99	29,776	$	6,943,458

(1) Includes the Starwood Portfolio sale (see further discussion below) representing 72 operating properties consisting of 23,262 apartment units for $5.365 billion.

(2) The Company owned a 20% interest in this unconsolidated rental property. Sale price listed is the gross sale price. The Company's share of the net sales proceeds approximated $12.4 million.

Schedule of Real Estate Properties [Table Text Block]

The ownership breakdown includes (table does not include various uncompleted development properties):

	Properties	Apartment Units
Wholly Owned Properties	280	72,445
Master-Leased Properties – Consolidated	3	853
Partially Owned Properties – Consolidated	17	3,215
Partially Owned Properties – Unconsolidated	2	945
	302	77,458

Starwood Portfolio [Member]

Disclosure of Long Lived Assets Held-for-sale [Table Text Block]

In accordance with this classification, the Company ceased depreciation on all assets in the Starwood Portfolio as of November 1, 2015 and the following assets were classified as held for sale in the accompanying consolidated balance sheets at December 31, 2015 (amounts in thousands):

	December 31, 2015
Land	$	602,737
Depreciable property:
Buildings and improvements	2,386,489
Furniture, fixtures and equipment	335,565
In-Place lease intangibles	35,554
Real estate held for sale before accumulated depreciation	3,360,345
Accumulated depreciation	(1,179,210		)
Real estate held for sale	$	2,181,135

Schedule of Real Estate Properties [Table Text Block]

The following table provides the operating segments/locations of the properties and apartment units sold in the Starwood Transaction, which represents substantially all of the assets in the Company's South Florida and Denver markets and certain assets in the Washington D.C., Seattle and Los Angeles markets. The sale of these properties represents the continuation of the Company's long-term strategy of investing in six core coastal markets. See Note 11 for further discussion.

Markets/Metro Areas	Properties	Apartment Units
South Florida	33	10,742
Denver	18	6,635
Washington D.C.	10	3,020
Seattle	8	1,721
Los Angeles	3	1,144
Total	72	23,262

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Commitments To Acquire/Dispose of Real Estate (Tables)

12 Months Ended

Dec. 31, 2016

Commitments to Acquire Dispose of Real Estate [Abstract]

Real Estate To Be Disposed Table Text Block

The Company has entered into separate agreements to dispose of the following (sales price in thousands):

	Properties	Apartment Units	Sales Price
Rental Properties	2	592	$	98,700
Land Parcels (two)	—	—	36,150
Total	2	592	$	134,850

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Investments in Partially Owned Entities (Tables)

12 Months Ended

Dec. 31, 2016

Investments in Partially Owned Entities [Abstract]

Partially Owned Property Balance Sheet Schedule [Table Text Block]

The following tables and information summarize the Company’s investments in partially owned entities as of December 31, 2016 (amounts in thousands except for project and apartment unit amounts):

	Consolidated			Unconsolidated
	(VIE)			(Non-VIE)			(VIE) (1)			Total
Total properties	17			2			—			2
Total apartment units	3,215			945			—			945
Balance sheet information at 12/31/16 (at 100%):
ASSETS
Investment in real estate	$	646,320		$	235,821		$	172,995		$	408,816
Accumulated depreciation	(211,038		)	(32,881		)	(44,544		)	(77,425		)
Investment in real estate, net	435,282			202,940			128,451			331,391
Cash and cash equivalents	30,271			5,287			47			5,334
Investments in unconsolidated entities	46,908			—			—			—
Deposits – restricted	345			262			—			262
Other assets	26,203			157			334			491
Total assets	$	539,009		$	208,646		$	128,832		$	337,478
LIABILITIES AND EQUITY/CAPITAL
Mortgage notes payable, net (2)	$	301,110		$	145,424		$	—		$	145,424
Accounts payable & accrued expenses	1,088			189			135			324
Accrued interest payable	1,037			691			—			691
Other liabilities	600			268			70			338
Security deposits	1,850			493			—			493
Total liabilities	305,685			147,065			205			147,270
Noncontrolling Interests – Partially Owned Properties/Partners' equity	10,609			59,115			86,120			145,235
Company equity/General and Limited Partners' Capital	222,715			2,466			42,507			44,973
Total equity/capital	233,324			61,581			128,627			190,208
Total liabilities and equity/capital	$	539,009		$	208,646		$	128,832		$	337,478

Partially Owned Property Income Statement Schedule [Table Text Block]

	Consolidated			Unconsolidated
	(VIE)			(Non-VIE)			(VIE) (1)			Total
Operating information for the year ended 12/31/16 (at 100%):
Operating revenue	$	90,634		$	26,615		$	5,214		$	31,829
Operating expenses	21,647			9,088			2,023			11,111
Net operating income	68,987			17,527			3,191			20,718
Property management	3,190			776			75			851
General and administrative/other	328			2			81			83
Depreciation	20,764			10,510			5,501			16,011
Operating income (loss)	44,705			6,239			(2,466		)	3,773
Interest and other income	53			—			—			—
Other expenses	(8		)	—			—			—
Interest:
Expense incurred, net	(13,857		)	(8,289		)	—			(8,289		)
Amortization of deferred financing costs	(345		)	(1		)	—			(1		)
Income (loss) before income and other taxes and (loss) from investments in unconsolidated entities	30,548			(2,051		)	(2,466		)	(4,517		)
Income and other tax (expense) benefit	(73		)	(13		)	—			(13		)
(Loss) from investments in unconsolidated entities	(1,439		)	—			—			—
Net income (loss)	$	29,036		$	(2,064	)	$	(2,466	)	$	(4,530	)

(1) Includes the Company's unconsolidated interest in an entity that owns the land underlying our Wisconsin Place apartment property and owns and operates the parking facility. This entity is excluded from the property and apartment unit count.

(2) All debt is non-recourse to the Company.

Note: The above tables exclude EQR's ownership interest in ERPOP and the Company's interests in unconsolidated joint ventures established in connection with the acquisition of certain real estate related assets from Archstone Enterprise LP (such assets are referred to herein as "Archstone"). These ventures owned certain Archstone assets and succeeded to certain residual Archstone liabilities/litigation, as well as responsibility for tax protection arrangements and third-party preferred interests in former Archstone subsidiaries. The preferred interests had an aggregate liquidation value of $39.9 million at December 31, 2016. The ventures are owned 60% by the Company. See below for further discussion.

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Deposits - Restricted (Tables)

12 Months Ended

Dec. 31, 2016

Restricted Cash and Cash Equivalents Items [Line Items]

Schedule of Restricted Cash and Cash Equivalents [Table Text Block]

The following table presents the Company’s restricted deposits as of December 31, 2016 and 2015 (amounts in thousands):

	December 31, 2016		December 31, 2015
Tax-deferred (1031) exchange proceeds	$	38,847	$	—
Earnest money on pending acquisitions	—		1,000
Restricted deposits on real estate investments	733		6,077
Resident security and utility deposits	37,007		48,458
Other	359		358
Totals	$	76,946	$	55,893

Escrow Deposits [Table Text Block]

The following table presents the Company’s escrow deposits as of December 31, 2016 and 2015 (amounts in thousands):

	December 31, 2016		December 31, 2015
Real estate taxes and insurance	$	2,003	$	1,977
Replacement reserves	3,428		3,962
Mortgage principal reserves/sinking funds	58,652		50,155
Other	852		852
Totals	$	64,935	$	56,946

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Debt (Tables)

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments [Table Text Block]

The following tables summarize the Company’s unsecured note balances and certain interest rate and maturity date information as of and for the years ended December 31, 2016 and 2015, respectively:

December 31, 2016 (Amounts in thousands)	Net Principal Balance		Interest Rate Ranges	Weighted Average Interest Rate	Maturity Date Ranges
Fixed Rate Public Notes (1)	$	4,397,829	2.85% - 7.57%	4.90%	2017 - 2045
Floating Rate Public Notes (1)	450,250		(1)	1.28%	2019
Totals	$	4,848,079

December 31, 2015 (Amounts in thousands)	Net Principal Balance		Interest Rate Ranges	Weighted Average Interest Rate	Maturity Date Ranges
Fixed Rate Public Notes (1)	$	5,397,552	3.00% - 7.57%	5.30%	2016 - 2045
Floating Rate Public Notes (1)	451,404		(1)	0.93%	2019
Totals	$	5,848,956

(1) Fair value interest rate swaps convert the $450.0 million2.375% notes due July 1, 2019 to a floating interest rate of 90-Day LIBOR plus 0.61%.

Aggregate payments of principal on unsecured notes payable

The following table provides a summary of the aggregate payments of principal on all debt for each of the next five years and thereafter as of December 31, 2016 (amounts in thousands):

Year	Total
2017	$	628,458
2018	184,369
2019	1,286,037
2020	1,690,090
2021	941,157
Thereafter	4,366,516
Deferred Financing Costs	(42,617		)
Net Unamortized (Discount)	(66,752		)
Total	$	8,987,258

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Derivative and Other Fair Value Instruments (Tables)

12 Months Ended

Dec. 31, 2016

Fair Value Disclosures [Abstract]

Derivative Instrument Table

The following table summarizes the Company’s consolidated derivative instruments at December 31, 2016 (dollar amounts are in thousands):

	Fair Value Hedges (1)
Current Notional Balance	$	450,000
Indicative Interest Rate	2.375		%
Maturity Date	2019

(1) Fair Value Hedges – Converts outstanding fixed rate unsecured notes ($450.0 million2.375%notes due July 1, 2019) to a floating interest rate of 90-Day LIBOR plus 0.61%.

Schedule of Location and Amount of Financial Instruments on Balanace Sheet

The following tables provide a summary of the fair value measurements for each major category of assets and liabilities measured at fair value on a recurring basis and the location within the accompanying consolidated balance sheets at December 31, 2016 and 2015, respectively (amounts in thousands):

				Fair Value Measurements at Reporting Date Using
Description	Balance Sheet Location	12/31/2016		Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Fair Value Hedges	Other Assets	$	1,857	$	—	$	1,857	$	—
Supplemental Executive Retirement Plan	Other Assets	124,420		124,420		—		—
Total		$	126,277	$	124,420	$	1,857	$	—
Liabilities
Supplemental Executive Retirement Plan	Other Liabilities	$	124,420	$	124,420	$	—	$	—
Total		$	124,420	$	124,420	$	—	$	—
Redeemable Noncontrolling Interests –
Operating Partnership/Redeemable
Limited Partners	Mezzanine	$	442,092	$	—	$	442,092	$	—

				Fair Value Measurements at Reporting Date Using
Description	Balance Sheet Location	12/31/2015		Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Fair Value Hedges	Other Assets	$	3,655	$	—	$	3,655	$	—
Supplemental Executive Retirement Plan	Other Assets	105,942		105,942		—		—
Total		$	109,597	$	105,942	$	3,655	$	—
Liabilities
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Forward Starting Swaps	Other Liabilities	$	673	$	—	$	673	$	—
Supplemental Executive Retirement Plan	Other Liabilities	105,942		105,942		—		—
Total		$	106,615	$	105,942	$	673	$	—
Redeemable Noncontrolling Interests –
Operating Partnership/Redeemable
Limited Partners	Mezzanine	$	566,783	$	—	$	566,783	$	—

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block]

The following tables provide a summary of the effect of fair value hedges on the Company’s accompanying consolidated statements of operations and comprehensive income for the years ended December 31, 2016, 2015 and 2014, respectively (amounts in thousands):

December 31, 2016 Type of Fair Value Hedge	Location of Gain/(Loss) Recognized in Income on Derivative	Amount of Gain/(Loss) Recognized in Income on Derivative			Hedged Item	Income Statement Location of Hedged Item Gain/(Loss)	Amount of Gain/(Loss) Recognized in Income on Hedged Item
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Interest Rate Swaps	Interest expense	$	(1,798	)	Fixed rate debt	Interest expense	$	1,798
Total		$	(1,798	)			$	1,798

December 31, 2015 Type of Fair Value Hedge	Location of Gain/(Loss) Recognized in Income on Derivative	Amount of Gain/(Loss) Recognized in Income on Derivative		Hedged Item	Income Statement Location of Hedged Item Gain/(Loss)	Amount of Gain/(Loss)Recognized in Income on Hedged Item
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Interest Rate Swaps	Interest expense	$	2,058	Fixed rate debt	Interest expense	$	(2,058	)
Total		$	2,058			$	(2,058	)

December 31, 2014 Type of Fair Value Hedge	Location of Gain/(Loss) Recognized in Income on Derivative	Amount of Gain/(Loss) Recognized in Income on Derivative		Hedged Item	Income Statement Location of Hedged Item Gain/(Loss)	Amount of Gain/(Loss)Recognized in Income on Hedged Item
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Interest Rate Swaps	Interest expense	$	1,597	Fixed rate debt	Interest expense	$	(1,597	)
Total		$	1,597			$	(1,597	)

Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block]

The following tables provide a summary of the effect of cash flow hedges on the Company’s accompanying consolidated statements of operations and comprehensive income for the years ended December 31, 2016, 2015 and 2014, respectively (amounts in thousands):

	Effective Portion							Ineffective Portion
December 31, 2016 Type of Cash Flow Hedge	Amount of Gain/(Loss) Recognized in OCI on Derivative			Location of Gain/(Loss) Reclassified from Accumulated OCI into Income	Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income			Location of Gain/(Loss) Recognized in Income on Derivative	Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Forward Starting Swaps	$	(3,989	)	Interest expense	$	(41,758	)	Interest expense	$	(74	)
Total	$	(3,989	)		$	(41,758	)		$	(74	)

	Effective Portion							Ineffective Portion
December 31, 2015 Type of Cash Flow Hedge	Amount of Gain/(Loss) Recognized in OCI on Derivative			Location of Gain/(Loss) Reclassified from Accumulated OCI into Income	Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income			Location of Gain/(Loss) Recognized in Income on Derivative	Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Forward Starting Swaps	$	(814	)	Interest expense	$	(18,244	)	Interest expense	$	(3,033	)
Total	$	(814	)		$	(18,244	)		$	(3,033	)

	Effective Portion							Ineffective Portion
December 31, 2014 Type of Cash Flow Hedge	Amount of Gain/(Loss) Recognized in OCI on Derivative			Location of Gain/(Loss) Reclassified from Accumulated OCI into Income	Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income			Location of Gain/(Loss) Recognized in Income on Derivative	Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Forward Starting Swaps	$	(33,215	)	Interest expense	$	(16,868	)	Interest expense	$	91
Total	$	(33,215	)		$	(16,868	)		$	91

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Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2016

Schedule of Calculation of Numerator and Denominator in Earnings Per Share [Table Text Block]

The following tables set forth the computation of net income per share – basic and net income per share – diluted for the Company (amounts in thousands except per share amounts):

	Year Ended December 31,
	2016			2015			2014
Numerator for net income per share – basic:
Income from continuing operations	$	4,479,586		$	907,621		$	657,101
Allocation to Noncontrolling Interests – Operating Partnership, net	(171,491		)	(34,226		)	(24,771		)
Net (income) attributable to Noncontrolling Interests – Partially Owned Properties	(16,430		)	(3,657		)	(2,544		)
Preferred distributions	(3,091		)	(3,357		)	(4,145		)
Premium on redemption of Preferred Shares	—			(3,486		)	—
Income from continuing operations available to Common Shares, net of   Noncontrolling Interests	4,288,574			862,895			625,641
Discontinued operations, net of Noncontrolling Interests	498			382			1,522
Numerator for net income per share – basic	$	4,289,072		$	863,277		$	627,163
Numerator for net income per share – diluted:
Income from continuing operations	$	4,479,586		$	907,621		$	657,101
Net (income) attributable to Noncontrolling Interests – Partially Owned Properties	(16,430		)	(3,657		)	(2,544		)
Preferred distributions	(3,091		)	(3,357		)	(4,145		)
Premium on redemption of Preferred Shares	—			(3,486		)	—
Income from continuing operations available to Common Shares	4,460,065			897,121			650,412
Discontinued operations, net	518			397			1,582
Numerator for net income per share – diluted	$	4,460,583		$	897,518		$	651,994
Denominator for net income per share – basic and diluted:
Denominator for net income per share – basic	365,002			363,498			361,181
Effect of dilutive securities:
OP Units	13,827			13,576			13,718
Long-term compensation shares/units	3,163			3,546			2,836
Denominator for net income per share – diluted	381,992			380,620			377,735
Net income per share – basic	$	11.75		$	2.37		$	1.74
Net income per share – diluted	$	11.68		$	2.36		$	1.73
Net income per share – basic:
Income from continuing operations available to Common Shares, net of Noncontrolling Interests	$	11.75		$	2.37		$	1.73
Discontinued operations, net of Noncontrolling Interests	—			—			0.01
Net income per share – basic	$	11.75		$	2.37		$	1.74
Net income per share – diluted:
Income from continuing operations available to Common Shares	$	11.68		$	2.36		$	1.72
Discontinued operations, net	—			—			0.01
Net income per share – diluted	$	11.68		$	2.36		$	1.73

ERPOP [Member]

Schedule of Calculation of Numerator and Denominator in Earnings Per Share [Table Text Block]

The following tables set forth the computation of net income per Unit – basic and net income per Unit – diluted for the Operating Partnership (amounts in thousands except per Unit amounts):

	Year Ended December 31,
	2016			2015			2014
Numerator for net income per Unit – basic and diluted:
Income from continuing operations	$	4,479,586		$	907,621		$	657,101
Net (income) attributable to Noncontrolling Interests – Partially Owned Properties	(16,430		)	(3,657		)	(2,544		)
Allocation to Preference Units	(3,091		)	(3,357		)	(4,145		)
Allocation to premium on redemption of Preference Units	—			(3,486		)	—
Income from continuing operations available to Units	4,460,065			897,121			650,412
Discontinued operations, net	518			397			1,582
Numerator for net income per Unit – basic and diluted	$	4,460,583		$	897,518		$	651,994
Denominator for net income per Unit – basic and diluted:
Denominator for net income per Unit – basic	378,829			377,074			374,899
Effect of dilutive securities:
Dilution for Units issuable upon assumed exercise/vesting of the Company's     long-term compensation shares/units	3,163			3,546			2,836
Denominator for net income per Unit – diluted	381,992			380,620			377,735
Net income per Unit – basic	$	11.75		$	2.37		$	1.74
Net income per Unit – diluted	$	11.68		$	2.36		$	1.73
Net income per Unit – basic:
Income from continuing operations available to Units	$	11.75		$	2.37		$	1.73
Discontinued operations, net	—			—			0.01
Net income per Unit – basic	$	11.75		$	2.37		$	1.74
Net income per Unit – diluted:
Income from continuing operations available to Units	$	11.68		$	2.36		$	1.72
Discontinued operations, net	—			—			0.01
Net income per Unit – diluted	$	11.68		$	2.36		$	1.73

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Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2016

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Disposal Groups, Including Discontinued Operations [Table Text Block]

The components of discontinued operations are outlined below and include the results of operations for the respective periods that the Company owned such assets for properties sold in 2013 and prior years during each of the years ended December 31, 2016, 2015 and 2014 (amounts in thousands).

	Year Ended December 31,
	2016			2015			2014
REVENUES
Rental income	$	355		$	499		$	1,309
Total revenues	355			499			1,309
EXPENSES (1)
Property and maintenance	(46		)	(60		)	(141		)
Real estate taxes and insurance	(461		)	65			267
General and administrative	119			85			89
Total expenses	(388		)	90			215
Discontinued operating income	743			409			1,094
Interest and other income	24			3			317
Other expenses	(280		)	—			—
Income and other tax (expense) benefit	(12		)	(15		)	(8		)
Discontinued operations	475			397			1,403
Net gain on sales of discontinued operations	43			—			179
Discontinued operations, net	$	518		$	397		$	1,582

(1) Includes expenses paid in the current period for properties sold in prior periods related to the Company’s period of ownership.

Starwood Portfolio [Member]

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Condensed Income Statement [Table Text Block]

As a result, the following table summarizes the results of operations attributable to the Starwood Transaction for the years ended December 31, 2016, 2015 and 2014 (amounts in thousands):

	Year Ended December 31,
	2016			2015			2014
REVENUES
Rental income	$	30,785		$	427,433		$	401,134
Total revenues	30,785			427,433			401,134
EXPENSES (1)
Property and maintenance	7,838			78,189			76,579
Real estate taxes and insurance	2,912			48,403			46,416
Property management	2			11			11
General and administrative	23			38			24
Depreciation	—			87,616			104,104
Total expenses	10,775			214,257			227,134
Operating income	20,010			213,176			174,000
Interest and other income	21			1			1
Other expenses	—			(35		)	(1		)
Interest (2):
Expense incurred, net	(380		)	(680		)	(701		)
Amortization of deferred financing costs	(707		)	(559		)	(98		)
Income and other tax (expense) benefit	(1		)	(1		)	(3		)
Net gain on sales of real estate properties	3,161,097			—			—
Income from operations	3,180,040			211,902			173,198
Income from operations attributable to Noncontrolling Interests – Partially Owned Properties	—			—			(14		)
Income from operations attributable to controlling interests – Operating Partnership	3,180,040			211,902			173,184
Income from operations attributable to Noncontrolling Interests – Operating Partnership	(122,152		)	(8,083		)	(6,598		)
Income from operations attributable to controlling interests – Company	$	3,057,888		$	203,819		$	166,586

(1) Includes expenses paid in the current period for properties held for sale.

(2) Includes only interest expense specific to secured mortgage notes payable for properties held for sale which was repaid at or before closing.

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Share Incentive Plans (Tables)

12 Months Ended

Dec. 31, 2016

Share-based Compensation [Abstract]

Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block]

The following tables summarize compensation information regarding the restricted shares, restricted units, share options and Employee Share Purchase Plan (“ESPP”) for the three years ended December 31, 2016, 2015 and 2014 (amounts in thousands):

	Year Ended December 31, 2016
	Compensation Expense		Compensation Capitalized		Restricted Units In-Lieu of Bonus (1)		Compensation Equity		Dividends Incurred
Restricted shares (2)	$	13,539	$	1,477	$	—	$	15,016	$	6,494
Restricted units (2)	13,567		591		4,022		18,180		7,762
Share options	2,839		593		—		3,432		—
ESPP discount	585		65		—		650		—
Total	$	30,530	$	2,726	$	4,022	$	37,278	$	14,256

	Year Ended December 31, 2015
	Compensation Expense		Compensation Capitalized		Restricted Units In-Lieu of Bonus (1)		Compensation Equity		Dividends Incurred
Restricted shares (2)	$	13,755	$	1,311	$	—	$	15,066	$	1,160
Restricted units (2)	17,311		538		3,654		21,503		1,619
Share options	2,746		1,010		—		3,756		—
ESPP discount	795		89		—		884		—
Total	$	34,607	$	2,948	$	3,654	$	41,209	$	2,779

	Year Ended December 31, 2014
	Compensation Expense		Compensation Capitalized		Compensation Equity		Dividends Incurred
Restricted shares	$	9,244	$	660	$	9,904	$	1,012
Restricted units	11,049		920		11,969		1,248
Share options	6,453		896		7,349		—
ESPP discount	797		62		859		—
Total	$	27,543	$	2,538	$	30,081	$	2,260

(1) Beginning in 2015, the Company allows officers the ability to receive immediately vested restricted units (subject to the book-up provisions and two-year hold restriction) in-lieu of any percentage of their annual cash bonus.

(2) Includes performance awards granted under the executive compensation program.

Award activity of the Share Incentive Plans

The table below summarizes the Award activity of the Share Incentive Plans for the three years ended December 31, 2016, 2015 and 2014:

	Common Shares Subject to Options		Weighted Average Exercise Price per Option		Restricted Shares		Weighted Average Fair Value per Restricted Share		Restricted Units		Weighted Average Fair Value per Restricted Unit
Balance at December 31, 2013	8,470,532			$43.67	500,234			$55.79	471,256			$55.67
Awards granted (1)	667,877			$56.72	176,457			$56.56	201,507			$53.82
Awards exercised/vested (2) (3) (4)	(2,086,380	)		$39.34	(175,344	)		$53.44	(60,294	)		$53.71
Awards forfeited	(19,022	)		$56.32	(6,735	)		$56.57	(667	)		$52.08
Awards expired	(2,387	)		$55.24	—		—		—		—
Conversion of restricted shares to restricted units	—		—		(12,146	)	—		12,146		—
Balance at December 31, 2014	7,030,620			$46.16	482,466			$56.89	623,948			$53.38
Awards granted (1) (5)	171,150			$80.15	174,112			$79.65	337,505			$81.87
Awards exercised/vested (2) (3) (4)	(1,456,363	)		$42.64	(127,174	)		$60.21	(72,003	)		$57.12
Awards forfeited	(9,550	)		$64.53	(5,970	)		$62.11	(2,009	)		$64.39
Awards expired	(1,492	)		$39.86	—		—		—		—
Conversion of restricted shares to restricted units	—		—		(1,284	)	—		1,284		—
Balance at December 31, 2015	5,734,365			$48.04	522,150			$63.67	888,725			$63.91
Awards granted (1) (5)	154,016			$64.99	154,296			$75.19	289,273			$81.05
Awards exercised/vested (2) (3) (4)	(815,044	)		$38.01	(217,805	)		$57.75	(374,217	)		$52.73
Awards forfeited	(10,512	)		$63.43	(6,607	)		$70.73	(1,524	)		$86.35
Awards expired	(710	)		$68.40	—		—		—		—
Special dividend adjustment (6)	960,986		N/A		—		—		—		—
Balance at December 31, 2016	6,023,101			$42.05	452,034			$70.35	802,257			$75.26

(1) The weighted average grant date fair value for Options granted during the years ended December 31, 2016, 2015 and 2014 was $11.09 per share, $13.67 per share and $9.21 per share, respectively.

(2) The aggregate intrinsic value of options exercised during the years ended December 31, 2016, 2015 and 2014 was $26.2 million, $52.9 million and $50.8 million, respectively. These values were calculated as the difference between the strike price of the underlying awards and the per share price at which each respective award was exercised.

(3) The fair value of restricted shares vested during the years ended December 31, 2016, 2015 and 2014 was $15.6 million, $10.2 million and $10.2 million, respectively.

(4) The fair value of restricted units vested during the years ended December 31, 2016, 2015 and 2014 was $27.2 million, $5.8 million and $3.4 million, respectively.

(5) Includes performance awards granted under the executive compensation program.

(6) In addition to the regular quarterly dividends, the Company paid two special dividends to its shareholders and holders of OP Units of $11.00 per share/unit in the aggregate in 2016. Option holders were not entitled to these special dividends, but pursuant to the terms of the Share Incentive Plans are due equitable adjustments of additional options. The special dividend adjustment's weighted average exercise price per option is reflected in the activity for 2016 for the awards granted, awards exercised/vested, and awards forfeited and the balance at December 31, 2016.

Information regarding options outstanding and exercisable

The following table summarizes information regarding options outstanding and exercisable at December 31, 2016:

	Options Outstanding (1)				Options Exercisable (2)
Range of Exercise Prices	Options	Weighted Average Remaining Contractual Life in Years	Weighted Average Exercise Price		Options	Weighted Average Exercise Price
$19.67 to $24.93	892,111	2.10		$19.67	892,111		$19.67
$24.94 to $37.39	930,884	2.54		$29.42	930,884		$29.42
$37.40 to $43.62	2,412	3.83		$41.44	2,412		$41.44
$43.63 to $49.86	2,715,880	5.50		$46.59	2,515,401		$46.47
$49.87 to $56.09	1,114,654	5.16		$51.30	1,114,654		$51.30
$56.10 to $62.32	2,761	8.48		$60.80	2,761		$60.80
$62.33 to $68.55	364,399	8.57		$66.77	152,454	67.27
$19.67 to $68.55	6,023,101	4.66		$42.05	5,610,677		$40.91
Vested and expected to vest as of December 31, 2016	6,003,870	4.55		$41.97

(1) The aggregate intrinsic value of options outstanding that are vested and expected to vest as of December 31, 2016 is $135.3 million.

(2) The aggregate intrinsic value and weighted average remaining contractual life in years of options exercisable as of December 31, 2016 is $132.0 million and 4.4 years, respectively.

Note: The aggregate intrinsic values in Notes (1) and (2) above were both calculated as the excess, if any, between the Company’s closing share price of $64.36 per share on December 31, 2016 and the strike price of the underlying awards.

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Employee Plans (Tables)

12 Months Ended

Dec. 31, 2016

Employee Plans [Abstract]

Summary of information regarding the Common Shares issued under the ESPP

The following table summarizes information regarding the Common Shares issued under the ESPP (the net proceeds noted below were contributed to ERPOP in exchange for OP Units):

	Year Ended December 31,
	2016	2015	2014
	(Amounts in thousands except share and per share amounts)
Shares issued	63,909	68,462	68,807
Issuance price ranges	$51.85 – $63.37	$63.70 – $65.90	$45.90 – $55.95
Issuance proceeds	$3,686	$4,404	$3,392

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Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2016

Commitments and Contingencies [Abstract]

Schedule of Contractual Obligations [Table Text Block]

The following table summarizes the Company’s contractual obligations for minimum rent payments under operating leases and deferred compensation for the next five years and thereafter as of December 31, 2016:

(Payments)/Receipts Due by Year (in thousands)
	2017			2018			2019			2020			2021			Thereafter			Total
Operating Leases:
Minimum Rent Payments (a)	$	(15,917	)	$	(16,027	)	$	(15,890	)	$	(15,489	)	$	(15,256	)	$	(826,259	)	$	(904,838	)
Minimum Rent Receipts (b)	73,171			60,004			54,486			50,705			46,634			211,853			496,853
Other Long-Term Liabilities:
Deferred Compensation (c)	(1,387		)	(1,723		)	(1,128		)	(1,079		)	(1,079		)	(4,383		)	(10,779		)

(a) Minimum basic rent due for various office space the Company leases and fixed base rent due on ground leases for 11 properties.

(b) Minimum basic rent receipts due for various retail/commercial space where the Company is the lessor.

(c) Estimated payments to the Company's Chairman, Vice Chairman and one former CEO based on actual and planned retirement dates.

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Reportable Segments (Tables)

12 Months Ended

Dec. 31, 2016

Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]

Reconciliation of NOI

The following table presents a reconciliation of NOI from our rental real estate specific to continuing operations for the years ended December 31, 2016, 2015 and 2014, respectively (amounts in thousands):

	Year Ended December 31,
	2016			2015			2014
Rental income	$	2,422,233		$	2,736,578		$	2,605,311
Property and maintenance expense	(406,823		)	(479,160		)	(473,098		)
Real estate taxes and insurance expense	(317,387		)	(339,802		)	(325,401		)
Total operating expenses	(724,210		)	(818,962		)	(798,499		)
Net operating income	$	1,698,023		$	1,917,616		$	1,806,812

Reportable Segments Schedule

The following tables present NOI for each segment from our rental real estate specific to continuing operations for the years ended December 31, 2016, 2015 and 2014, respectively, as well as total assets and capital expenditures at December 31, 2016 and 2015, respectively (amounts in thousands):

	Year Ended December 31, 2016						Year Ended December 31, 2015						Year Ended December 31, 2014
	Rental Income		Operating Expenses		NOI		Rental Income		Operating Expenses		NOI		Rental Income		Operating Expenses		NOI
Same store (1)
Los Angeles	$	368,734	$	107,138	$	261,596	$	349,285	$	104,614	$	244,671	$	259,437	$	81,972	$	177,465
San Diego	88,049		23,489		64,560		83,491		22,938		60,553		79,217		22,605		56,612
Orange County	79,602		18,931		60,671		75,068		18,550		56,518		71,440		18,211		53,229
Subtotal - Southern California	536,385		149,558		386,827		507,844		146,102		361,742		410,094		122,788		287,306
New York	457,882		160,772		297,110		450,460		152,682		297,778		455,598		156,881		298,717
Washington D.C.	424,055		126,154		297,901		417,985		123,450		294,535		451,973		131,964		320,009
San Francisco	365,019		88,141		276,878		343,089		84,603		258,486		340,252		96,217		244,035
Boston	237,683		66,283		171,400		232,462		67,252		165,210		244,612		70,070		174,542
Seattle	154,482		42,644		111,838		145,646		39,307		106,339		153,197		45,781		107,416
Other Markets	1,798		568		1,230		1,680		528		1,152		385,664		120,395		265,269
Total same store	2,177,304		634,120		1,543,184		2,099,166		613,924		1,485,242		2,441,390		744,096		1,697,294
Non-same store/other (2) (3)
Non-same store	163,768		56,403		107,365		72,123		27,078		45,045		83,715		28,992		54,723
Other (3)	81,161		33,687		47,474		565,289		177,960		387,329		80,206		25,411		54,795
Total non-same store/other	244,929		90,090		154,839		637,412		205,038		432,374		163,921		54,403		109,518
Totals	$	2,422,233	$	724,210	$	1,698,023	$	2,736,578	$	818,962	$	1,917,616	$	2,605,311	$	798,499	$	1,806,812

(1) For the years ended December 31, 2016 and 2015, same store primarily includes all properties acquired or completed that are stabilized prior to January 1, 2015, less properties subsequently sold, which represented 69,879 apartment units. For the year ended December 31, 2014, same store primarily includes all properties acquired or completed that are stabilized prior to January 1, 2014, less properties subsequently sold, which represented 96,286 apartment units.

(2) For the years ended December 31, 2016 and 2015, non-same store primarily includes properties acquired after January 1, 2015, plus any properties in lease-up and not stabilized as of January 1, 2015. For the year ended December 31, 2014, non-same store primarily includes properties acquired after January 1, 2014, plus any properties in lease-up and not stabilized as of January 1, 2014.

(3) Other includes development, other corporate operations and operations prior to sale for properties sold in 2014 through 2016 that do not meet the new discontinued operations criteria.

	Year Ended December 31, 2016				Year Ended December 31, 2015
	Total Assets		Capital Expenditures		Total Assets		Capital Expenditures
Same store (1)
Los Angeles	$	2,513,979	$	26,195	$	2,586,859	$	22,015
San Diego	471,937		5,172		488,260		4,608
Orange County	260,918		6,747		268,479		7,336
Subtotal - Southern California	3,246,834		38,114		3,343,598		33,959
New York	4,275,930		25,329		4,383,354		18,170
Washington D.C.	3,916,264		33,867		4,023,474		33,455
San Francisco	2,441,256		24,411		2,506,004		25,104
Boston	1,723,942		20,936		1,774,181		17,355
Seattle	1,031,764		13,464		1,061,351		9,106
Other Markets	12,902		67		13,162		182
Total same store	16,648,892		156,188		17,105,124		137,331
Non-same store/other (2) (3)
Non-same store	2,864,250		12,179		2,441,637		6,341
Other (3)	1,191,006		3,810		3,563,435		38,441
Total non-same store/other	4,055,256		15,989		6,005,072		44,782
Totals	$	20,704,148	$	172,177	$	23,110,196	$	182,113

(1) Same store primarily includes all properties acquired or completed that are stabilized prior to January 1, 2015, less properties subsequently sold, which represented 69,879 apartment units.

(2) Non-same store primarily includes properties acquired after January 1, 2015, plus any properties in lease-up and not stabilized as of January 1, 2015.

(3) Other includes development, other corporate operations and capital expenditures for properties sold.

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Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2016

Schedule of Quarterly Financial Information [Table Text Block]

The following unaudited quarterly data has been prepared on the basis of a December 31 year-end. Amounts are in thousands, except for per share amounts.

	First Quarter			Second Quarter		Third Quarter		Fourth Quarter
2016	3/31			6/30		9/30		12/31
Total revenues	$	619,083		$	595,154	$	606,074	$	605,489
Operating income	216,625			206,018		209,373		224,070
Income from continuing operations	3,731,988			228,365		217,246		301,987
Discontinued operations, net	(157		)	35		246		394
Net income *	3,731,831			228,400		217,492		302,381
Net income available to Common Shares	3,586,985			218,067		207,543		276,477
Earnings per share – basic:
Net income available to Common Shares	$	9.84		$	0.60	$	0.57	$	0.76
Weighted average Common Shares outstanding	364,592			365,047		365,109		365,256
Earnings per share – diluted:
Net income available to Common Shares	$	9.76		$	0.59	$	0.56	$	0.75
Weighted average Common Shares outstanding	382,243			382,065		382,373		381,860

	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
2015	3/31		6/30		9/30		12/31
Total revenues	$	666,371	$	679,112	$	696,289	$	703,193
Operating income	218,331		246,255		257,594		287,058
Income from continuing operations	190,069		298,504		205,375		213,673
Discontinued operations, net	155		114		81		47
Net income *	190,224		298,618		205,456		213,720
Net income available to Common Shares	178,842		285,587		195,859		202,989
Earnings per share – basic:
Net income available to Common Shares	$	0.49	$	0.79	$	0.54	$	0.56
Weighted average Common Shares outstanding	363,098		363,476		363,579		363,828
Earnings per share – diluted:
Net income available to Common Shares	$	0.49	$	0.78	$	0.53	$	0.55
Weighted average Common Shares outstanding	380,327		380,491		380,663		381,220

* The Company did not have any extraordinary items or cumulative effect of change in accounting principle during the years ended December 31, 2016 and 2015. Therefore, income before extraordinary items and cumulative effect of change in accounting principle is not shown as it was equal to the net income amounts disclosed above.

ERPOP [Member]

Schedule of Quarterly Financial Information [Table Text Block]

The following unaudited quarterly data has been prepared on the basis of a December 31 year-end. Amounts are in thousands, except for per Unit amounts.

	First Quarter			Second Quarter		Third Quarter		Fourth Quarter
2016	3/31			6/30		9/30		12/31
Total revenues	$	619,083		$	595,154	$	606,074	$	605,489
Operating income	216,625			206,018		209,373		224,070
Income from continuing operations	3,731,988			228,365		217,246		301,987
Discontinued operations, net	(157		)	35		246		394
Net income *	3,731,831			228,400		217,492		302,381
Net income available to Units	3,730,294			226,847		215,896		287,546
Earnings per Unit – basic:
Net income available to Units	$	9.84		$	0.60	$	0.57	$	0.76
Weighted average Units outstanding	378,289			378,934		379,008		379,081
Earnings per Unit – diluted:
Net income available to Units	$	9.76		$	0.59	$	0.56	$	0.75
Weighted average Units outstanding	382,243			382,065		382,373		381,860

	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
2015	3/31		6/30		9/30		12/31
Total revenues	$	666,371	$	679,112	$	696,289	$	703,193
Operating income	218,331		246,255		257,594		287,058
Income from continuing operations	190,069		298,504		205,375		213,673
Discontinued operations, net	155		114		81		47
Net income *	190,224		298,618		205,456		213,720
Net income available to Units	185,901		296,941		203,637		211,039
Earnings per Unit – basic:
Net income available to Units	$	0.49	$	0.79	$	0.54	$	0.56
Weighted average Units outstanding	376,696		377,063		377,147		377,380
Earnings per Unit – diluted:
Net income available to Units	$	0.49	$	0.78	$	0.53	$	0.55
Weighted average Units outstanding	380,327		380,491		380,663		381,220

* The Operating Partnership did not have any extraordinary items or cumulative effect of change in accounting principle during the years ended December 31, 2016 and 2015. Therefore, income before extraordinary items and cumulative effect of change in accounting principle is not shown as it was equal to the net income amounts disclosed above.

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Business (Details)	Dec. 31, 2016
Business (Textuals) [Abstract]
Noncontrolling Interest, Ownership Percentage by Parent	96.20%
Number of States in which Entity Operates	10
Number of operating properties under long-term ground leases	13
Property/Unit schedule
Properties	302
Apartment Units	77,458
Wholly Owned Properties
Property/Unit schedule
Properties	280
Apartment Units	72,445
Master-Leased Properties – Consolidated
Property/Unit schedule
Properties	3
Apartment Units	853
Partially Owned Properties – Consolidated
Property/Unit schedule
Properties	17
Apartment Units	3,215
Partially Owned Properties – Unconsolidated
Property/Unit schedule
Properties	2
Apartment Units	945

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Summary of Significant Accounting Policies Text (Details)	12 Months Ended
	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Properties	302
Value of furniture and fixtures minimum range	$ 10,000
Value of furniture and fixtures maximum range	$ 25,000
Lease Intangibles, Average Term	6 months
Capitalized Costs Development and Renovation	$ 18,700,000	$ 22,300,000	$ 22,400,000
Debt Issuance Costs, Net	42,617,000	0
Other assets	398,883,000	428,899,000
Secured Debt	4,119,181,000	4,685,134,000
Notes, net	$ 4,848,079,000	5,848,956,000
Apartment Units	77,458
Noncontrolling Interests Partially Owned Properties	$ 10,609,000	4,608,000
Minimum [Member]
Retail/Commercial Leases Term	5
Maximum [Member]
Retail/Commercial Leases Term	10
Adjustments for New Accounting Pronouncement [Member]
Debt Issuance Costs, Net		(54,004,000)
Other assets		6,872,000
Secured Debt		(19,736,000)
Notes, net		(27,396,000)
Scenario, Previously Reported [Member]
Debt Issuance Costs, Net		54,004,000
Other assets		422,027,000
Secured Debt		4,704,870,000
Notes, net		5,876,352,000
Other Assets [Member]
Debt Issuance Costs, Net	$ 12,100,000	16,300,000	$ 26,400,000
Furniture and Fixtures [Member]
Property, Plant and Equipment, Estimated Useful Lives	5
Furniture and Fixtures Maximum [Member]
Property, Plant and Equipment, Estimated Useful Lives	10
Building [Member]
Property, Plant and Equipment, Estimated Useful Lives	30
Building Improvements [Member]
Property, Plant and Equipment, Estimated Useful Lives	8
Replacements Minimum [Member]
Property, Plant and Equipment, Estimated Useful Lives	5
Replacements Maximum [Member]
Property, Plant and Equipment, Estimated Useful Lives	10
Renovations and Improvements Minimum [Member]
Property, Plant and Equipment, Estimated Useful Lives	5
Renovations and Improvements Maximum [Member]
Property, Plant and Equipment, Estimated Useful Lives	15
Partially Owned Properties – Unconsolidated
Properties	2
Other assets	$ 491,000
Secured Debt	$ 145,424,000
Apartment Units	945
Noncontrolling Interests Partially Owned Properties	$ 145,235,000
Partially Owned Properties – Consolidated
Properties	17
Apartment Units	3,215
Limited Life Partnership Properties [Member]
Properties	4
Noncontrolling Interests Partially Owned Properties		$ 7,700,000
Noncontrolling Interests Settlement Value	$ 62,600,000

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Summary of Significant Accounting Policies Compensation (Details) - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Summary of Significant Accounting Policies [Abstract]
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate	26.30%	26.60%	27.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term	5 years	5 years	5 years
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate	3.04%	3.13%	3.78%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	1.27%	1.29%	1.50%
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 13.02	$ 13.68	$ 9.12
Historical Volatility Period Basis	10 years

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Summary of Significant Accounting Policies Tax (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Deferred Tax Assets Gross	$ 38,700
Income and other tax (expense) benefit	1,613	$ 917	$ 1,394
Discontinued Operation, Tax Effect of Discontinued Operation	12	$ 15	$ 8
Operating Loss Carryforwards	$ 16,400
Tax Treatment Of Dividends And Distributions Ordinary Dividends	$ 0.722	$ 1.591	$ 1.475
Tax Treatment Of Dividends And Distributions Qualified Dividends	0.000	0.037	0.088
Tax Treatment Of Dividends And Distributions Long Term Capital Gain	9.176	0.443	0.280
Tax Treatment Of Dividends And Distributions Unrecaptured Section Twelve Hundred And Fifty Gain	3.117	0.139	0.157
Distributions declared per Common Share outstanding	$ 13.015	$ 2.210	$ 2.000
Land And Depreciable Property Net	$ 15,800,000	$ 17,000,000
Minimum [Member]
Operating Loss Carryforwards, Expiration Dates	Jan. 01, 2030
Maximum [Member]
Operating Loss Carryforwards, Expiration Dates	Dec. 31, 2032
Income, Franchise, and Exise Taxes [Member]
Income and other tax (expense) benefit	$ 1,613	917	$ 1,394
Discontinued Operation, Tax Effect of Discontinued Operation	12	15	8
Provision for income, franchise and excise taxes	$ 1,625	$ 932	$ 1,402

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Equity and Redeemable Noncontrolling Interests of Equity Residential - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Common Stock, Shares, Outstanding	365,870,924	364,755,444	362,855,454	360,479,260
Common Shares Issued:
Conversion of OP Units	88,838	208,307	94,671
Exercise of share options	815,044	1,456,363	2,086,380
Employee Share Purchase Plan (ESPP)	63,909	68,462	68,807
Restricted share grants, net	147,689	168,142	169,722
Common Shares Other:
Conversion of restricted shares to restricted units	0	(1,284)	(12,146)
Stock Repurchased and Retired During Period, Shares	0	0	(31,240)
Units
Units Ownership Interest in Operating Partnership	3.80%	3.80%	3.80%
Redeemable Noncontrolling Interests – Operating Partnership	$ 442,092	$ 566,783	$ 500,733	$ 363,144
Change in market value of Redeemable Noncontrolling Interests – Operating Partnership	$ (115,093)	$ 64,378	$ 139,818
Common Shares And Units Outstanding	380,496,999	379,182,608	377,154,145
Change in carrying value	$ (9,598)	$ 1,672	$ (2,229)
ERPOP [Member]
Common Shares Issued:
Exercise of share options	815,044	1,456,363	2,086,380
Employee Share Purchase Plan (ESPP)	63,909	68,462	68,807
Restricted share grants, net	147,689	168,142	169,722
Common Shares Other:
Conversion of restricted shares to restricted units	0	1,284	12,146
Stock Repurchased and Retired During Period, Shares	0	0	(31,240)
Units
Total Units Outstanding	14,626,075	14,427,164	14,298,691	14,180,376
Restricted unit grants, net	287,749	335,496	200,840
Shares Issued During Period Shares Conversion Of Units To Common Shares	(88,838)	(208,307)	(94,671)
Units Ownership Interest in Operating Partnership	3.80%	3.80%	3.80%
Common Shares And Units Outstanding	380,496,999	379,182,608	377,154,145	374,659,636

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Capital and Redeemable Limited Partners of ERP Operating Limited Partnership - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Common Shares And Units Outstanding	380,496,999	379,182,608	377,154,145
Exercise of EQR share options	815,044	1,456,363	2,086,380
EQR's Employee Share Purchase Plan (ESPP)	63,909	68,462	68,807
EQR's restricted share grants, net	147,689	168,142	169,722
Stock Repurchased and Retired During Period, Shares	0	0	(31,240)
Conversion of restricted shares to restricted units	0	(1,284)	(12,146)
Units Ownership Interest in Operating Partnership	3.80%	3.80%	3.80%
ERPOP [Member]
Common Shares And Units Outstanding	380,496,999	379,182,608	377,154,145	374,659,636
Exercise of EQR share options	815,044	1,456,363	2,086,380
EQR's Employee Share Purchase Plan (ESPP)	63,909	68,462	68,807
EQR's restricted share grants, net	147,689	168,142	169,722
Restricted unit grants, net	287,749	335,496	200,840
Stock Repurchased and Retired During Period, Shares	0	0	(31,240)
Conversion of restricted shares to restricted units	0	1,284	12,146
Shares Issued During Period Shares Conversion Of Units To Common Shares	(88,838)	(208,307)	(94,671)
Total Units Outstanding	14,626,075	14,427,164	14,298,691	14,180,376
Units Ownership Interest in Operating Partnership	3.80%	3.80%	3.80%
Redeemable Limited Partners	$ 442,092	$ 566,783	$ 500,733	$ 363,144
Limited Partners Change In Redemption Value	(115,093)	64,378	139,818
Limited Partners Change In Carrying Value	$ (9,598)	$ 1,672	$ (2,229)

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Issued and Outstanding Preferred Shares and Preference Units - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Class of Stock [Line Items]
Preferred Stock, Shares Authorized	100,000,000	100,000,000
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
8.29% Series K Cumulative Redeemable Preferred; liquidation value $50 per share; 745,600 shares issued and outstanding at December 31, 2016 and 2015	$ 37,280	$ 37,280
Premium on redemption of Preferred Shares	$ 0	$ (3,486)	$ 0
Series K Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock Preference Units Issued	745,600	745,600
Preferred Stock Preference Units Outstanding	745,600	745,600
Preferred Stock Preference Units Redemption Price Per Share Unit	$ 50.00	$ 50.00
Preferred Stock Preference Units Dividend Rate Percentage	8.29%	8.29%	8.29%
Preferred Stocks Preference Units Redemption Date	Dec. 10, 2026
Annual Dividend Per Preferred Share Preference Unit	$ 4.145
8.29% Series K Cumulative Redeemable Preferred; liquidation value $50 per share; 745,600 shares issued and outstanding at December 31, 2016 and 2015	$ 37,280	$ 37,280
Treasury Stock, Shares, Retired		254,400
Redemption of Preferred Shares		$ 12,700
Treasury Stock Retired, Cash Consideration		16,300
Premium on redemption of Preferred Shares		3,500
ERPOP [Member]
Class of Stock [Line Items]
8.29% Series K Cumulative Redeemable Preference Units; liquidation value $50 per unit; 745,600 units issued and outstanding at December 31, 2016 and 2015	37,280	37,280
Premium on redemption of Preferred Shares	$ 0	$ 3,486	$ 0
ERPOP [Member] | Series K Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock Preference Units Issued	745,600	745,600
Preferred Stock Preference Units Outstanding	745,600	745,600
Preferred Stock Preference Units Redemption Price Per Share Unit	$ 50.00	$ 50.00
Preferred Stock Preference Units Dividend Rate Percentage	8.29%	8.29%
Preferred Stocks Preference Units Redemption Date	Dec. 10, 2026
Annual Dividend Per Preferred Share Preference Unit	$ 4.145
8.29% Series K Cumulative Redeemable Preference Units; liquidation value $50 per unit; 745,600 units issued and outstanding at December 31, 2016 and 2015	$ 37,280	$ 37,280
Treasury Stock, Shares, Retired		254,400
Redemption of Preferred Shares		$ 12,700
Treasury Stock Retired, Cash Consideration		16,300
Premium on redemption of Preferred Shares		$ 3,500

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Other $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2016 USD ($) shares	Dec. 31, 2015 USD ($) shares	Dec. 31, 2014 USD ($) $ / shares shares
Additional Common Shares Authorized | shares	13,000,000
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | shares	13,000,000
Stock Repurchased and Retired During Period, Shares | shares	0	0	31,240
Treasury Stock Acquired, Average Cost Per Share | $ / shares			$ 56.87
OP units repurchased and retired	$ 0	$ 0	$ 1,777
Partially Owned Properties Acquired Properties			1
Partially Owned Units Acquired Units			268
Change in Paid In Capital			$ 2,300
Reduction In Partially Owned Properties			2,200
Reduction In Other Liabilities			1,000
Partner Buyout [Member]
Purchase Price, Business Acquisition, Cost of Acquired Entity			$ 5,500
ERPOP [Member]
Stock Repurchased and Retired During Period, Shares | shares	0	0	31,240
OP units repurchased and retired	$ 0	$ 0	$ 1,777
NONCONTROLLING INTERESTS – PARTIALLY OWNED PROPERTIES
Land parcels acquired			1

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Real Estate Investment in Real Estate - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Land	$ 5,899,862	$ 5,864,046
Depreciable property [Abstract]
Buildings and improvements	16,913,430	16,346,829
Furniture, fixtures and equipment	1,346,300	1,207,098
Finite-Lived Intangible Asset, Acquired-in-Place Leases	470,849	483,160
Projects under development [Abstract]
Construction-in-progress	637,168	1,122,376
Land held for development [Abstract]
Land held for development	118,816	158,843
Construction-in-progress	637,168	1,122,376
Investment in real estate	25,386,425	25,182,352
Accumulated depreciation	(5,360,389)	(4,905,406)
Investment in real estate, net	20,026,036	20,276,946
Amortization of above/below market leases	3,426	3,382	$ 3,222
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months	3,781
Finite-Lived Intangible Assets, Amortization Expense, Year Two	4,250
Finite-Lived Intangible Assets, Amortization Expense, Year Three	4,250
Finite-Lived Intangible Assets, Amortization Expense, Year Four	4,250
Finite-Lived Intangible Assets, Amortization Expense, Year Five	4,254
Assets [Member]
Land held for development [Abstract]
Below Market Lease, Gross	178,251	178,251
Finite-Lived Intangible Asset, Off-market Lease, Favorable, Gross	1,260	1,260
Lease intangible assets	179,511	179,511
Finite-Lived Intangible Assets, Accumulated Amortization	(17,972)	(13,451)
Finite-Lived Intangible Assets, Net	161,539	166,060
Liability [Member]
Land held for development [Abstract]
Below Market Lease, Gross	5,270	5,270
Ground lease intangibles – above market	2,400	2,400
Lease Intangible Liabilities	7,670	7,670
Finite Lived Intangible Liabilities Accumulated Amortization	(4,509)	(3,414)
Lease Intangible Liabilities, net	3,161	4,256
Ground Lease [Member]
Land held for development [Abstract]
Amortization of above/below market leases	4,300	4,300	4,300
Finite-lived Intangible Assets; Amortization Exp, Next Twelve Months	4,321
Finite-lived Intangible Assets; Amortization Exp, Year 2	4,321
Finite-lived Intangible Assets; Amortization Exp, Year 3	4,321
Finite-lived Intangible Assets; Amortization Exp, Year 4	4,321
Finite-lived Intangible Assets; Amortization Exp, Year 5	4,321
Retail Site [Member]
Land held for development [Abstract]
Amortization of above/below market leases	900	900	$ 1,100
Finite-lived Intangible Assets; Amortization Exp, Next Twelve Months	(540)
Finite-lived Intangible Assets; Amortization Exp, Year 2	(71)
Finite-lived Intangible Assets; Amortization Exp, Year 3	(71)
Finite-lived Intangible Assets; Amortization Exp, Year 4	(71)
Finite-lived Intangible Assets; Amortization Exp, Year 5	(67)
Projects under development [Member]
Projects under development [Abstract]
Land Under Development	115,876	284,995
Construction-in-progress	521,292	837,381
Land held for development [Abstract]
Construction-in-progress	521,292	837,381
Land held for development [Member]
Projects under development [Abstract]
Construction-in-progress	34,376	38,836
Land held for development [Abstract]
Land held for development	84,440	120,007
Construction-in-progress	$ 34,376	$ 38,836

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Real Estate Acquisitions and Dispositions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016 USD ($) property	Dec. 31, 2015 USD ($) property	Dec. 31, 2014 USD ($)
Properties acquired | property	4	4
Property Units Acquired	573	625
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets	$ 249,334	$ 323,837
Disposed Properties	99	8
Disposed Units	29,776	1,857
Proceeds From Sale Of Property	$ 6,943,458	$ 513,312
Distributions from unconsolidated entities – return of capital	13,798	51,144	$ 103,793
Net gain on sales of real estate properties	4,044,055	335,134	212,685
Net gain (loss) on sales of land parcels	$ 15,731	(1)	5,277
Starwood Portfolio [Member]
Disposed Properties | property	72
Disposed Units	23,262
Proceeds From Sale Of Property	$ 5,365,000
Net gain on sales of real estate properties	$ 3,161,097	$ 0	$ 0
Consolidated Rental Properties [Member]
Properties acquired | property	4	4
Property Units Acquired	573	625
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets	$ 249,334	$ 296,037
Disposed Properties | property	98	8
Disposed Units	29,440	1,857
Proceeds From Sale Of Property	$ 6,811,503	$ 513,312
Consolidated Rental Properties [Member] | Land [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets	98,000	44,700
Consolidated Rental Properties [Member] | Depreciable Property [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets	$ 151,300	251,300
Consolidated Rental Properties [Member] | Starwood Portfolio [Member]
Disposed Properties | property	72
Disposed Units	23,262
Land [Member]
Land parcels acquired	3
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets		$ 27,800
Disposed Land Parcels	2
Proceeds From Sale Of Property	$ 57,455
Commercial Real Estate [Member]
Commercial Properties Disposed		1
Proceeds From Sale Of Property		$ 123,300
Partially Owned Properties – Unconsolidated
Disposed Properties	1
Disposed Units	336
Proceeds From Sale Of Property	$ 74,500
Equity Method Investment, Ownership Percentage	20.00%
Distributions from unconsolidated entities – return of capital	$ 12,400
Net gain on sales of real estate properties	$ 8,900

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Real Estate Starwood Disposition $ / shares in Units, $ in Thousands			12 Months Ended
	Oct. 14, 2016 USD ($) $ / shares	Mar. 10, 2016 USD ($) $ / shares	Dec. 31, 2016 USD ($) property $ / shares	Dec. 31, 2015 USD ($) property $ / shares	Dec. 31, 2014 $ / shares
Disposed Properties			99	8
Disposed Units			29,776	1,857
Proceeds From Sale Of Property			$ 6,943,458	$ 513,312
Earnest Money Deposits			0	1,000
Land			5,899,862	5,864,046
Depreciable property Abstract
Buildings and improvements			16,913,430	16,346,829
Furniture, fixtures and equipment			1,346,300	1,207,098
Real estate held for sale before accumulated depreciation			25,386,425	25,182,352
Accumulated depreciation			(5,360,389)	(4,905,406)
Real estate held for sale			$ 0	$ 2,181,135
Distributions declared per Common Share outstanding | $ / shares			$ 13.015	$ 2.210	$ 2.000
Starwood Portfolio [Member]
Disposed Properties | property			72
Disposed Units			23,262
Proceeds From Sale Of Property			$ 5,365,000
Earnest Money Deposits				$ 250,000
Land				602,737
Depreciable property Abstract
Buildings and improvements				2,386,489
Furniture, fixtures and equipment				335,565
In-Place lease intangibles				35,554
Real estate held for sale before accumulated depreciation				3,360,345
Accumulated depreciation				(1,179,210)
Real estate held for sale				$ 2,181,135
Distributions declared per Common Share outstanding | $ / shares	$ 3	$ 8	$ 11.00
Payments of Dividends	$ 1,100,000	$ 3,000,000
Starwood Portfolio [Member] | South Florida
Disposed Properties | property			33
Disposed Units			10,742
Starwood Portfolio [Member] | Denver
Disposed Properties | property			18
Disposed Units			6,635
Starwood Portfolio [Member] | Washington D.C.
Disposed Properties | property			10
Disposed Units			3,020
Starwood Portfolio [Member] | Seattle
Disposed Properties | property			8
Disposed Units			1,721
Starwood Portfolio [Member] | Los Angeles
Disposed Properties | property			3
Disposed Units			1,144
Consolidated Rental Properties [Member]
Disposed Properties | property			98	8
Disposed Units			29,440	1,857
Proceeds From Sale Of Property			$ 6,811,503	$ 513,312
Consolidated Rental Properties [Member] | Starwood Portfolio [Member]
Disposed Properties | property			72
Disposed Units			23,262

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Real Estate Other (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets	$ 249,334	$ 323,837
Investment in real estate, net	20,026,036	20,276,946
Noncontrolling Interests Partially Owned Properties	10,609	4,608
Deposits – restricted	76,946	$ 55,893
Company's Portion [Member]
Land purchase price	76,100
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets	102,500
Joint Venture Partner [Member]
Land purchase price	57,900
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets	75,700
Investment in real estate, net	116,700
Noncontrolling Interests Partially Owned Properties	117,300
Accrued Liabilities	1,100
Deposits – restricted	$ 1,700

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Commitments to Acquire/Dispose of Real Estate (Details) - Subsequent Event [Member] $ in Thousands	Feb. 17, 2017 USD ($) property
Properties Contracted To Be Disposed | property	2
Units Contracted To Be Disposed	592
Sales Price For Commitments To Dispose	$ 134,850
Rental Properties Disposed of [Member]
Properties Contracted To Be Disposed | property	2
Units Contracted To Be Disposed	592
Sales Price For Commitments To Dispose	$ 98,700
Land [Member]
Sales Price For Commitments To Dispose	$ 36,150
Land Parcels Contracted To Be Disposed	2

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Investments in Partially Owned Entities (Details)	12 Months Ended
	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($) property	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Feb. 27, 2013 USD ($)
Partially Owned Property Balance Sheet Schedule
Properties	302
Apartment Units	77,458
ASSETS
Investment in real estate	$ 25,386,425,000	$ 25,182,352,000
Accumulated depreciation	(5,360,389,000)	(4,905,406,000)
Investment in real estate, net	20,026,036,000	20,276,946,000
Cash and cash equivalents	77,207,000	42,276,000	$ 40,080,000	$ 53,534,000
Investments in unconsolidated entities	60,141,000	68,101,000
Deposits – restricted	76,946,000	55,893,000
Other assets	398,883,000	428,899,000
Total assets	20,704,148,000	23,110,196,000
LIABILITIES AND EQUITY
Secured Debt	4,119,181,000	4,685,134,000
Accounts payable and accrued expenses	147,482,000	187,124,000
Accrued interest payable	60,946,000	85,221,000
Other liabilities	350,466,000	366,387,000
Security deposits	62,624,000	77,582,000
Total liabilities	9,801,072,000	11,847,058,000
Partially Owned Properties	10,609,000	4,608,000
Total liabilities and equity/capital	20,704,148,000	23,110,196,000
Partially Owned Property Income Statement Schedule
Operating revenue	2,425,800,000	2,744,965,000	2,614,748,000
Property management	82,015,000	86,206,000	85,065,000
General and administrative/other	57,840,000	64,664,000	50,679,000
Depreciation	705,649,000	765,895,000	758,861,000
Operating income	856,086,000	1,009,238,000	921,644,000
Interest and other income	65,773,000	7,372,000	4,462,000
Other expenses	(10,368,000)	(2,942,000)	(9,073,000)
Interest:
Expense incurred, net	(482,246,000)	(444,487,000)	(457,460,000)
Amortization of deferred financing costs	(12,633,000)	(10,801,000)	(11,088,000)
Income before income and other taxes, income (loss) from investments in unconsolidated entities, net gain (loss) on sales of real estate properties and land parcels and discontinued operations	416,612,000	558,380,000	448,485,000
Income and other tax (expense) benefit	(1,613,000)	(917,000)	(1,394,000)
Income (loss) from investments in unconsolidated entities	4,801,000	15,025,000	(7,952,000)
Net income	$ 4,480,104,000	$ 908,018,000	658,683,000
Investments In Partially Owned Entities (Textuals) [Abstract]
Disposed Properties	99	8
Apartment Units	29,776	1,857
Net gain on sales of real estate properties	$ 4,044,055,000	$ 335,134,000	$ 212,685,000
Consolidated VIE
Partially Owned Property Balance Sheet Schedule
Properties	17
Apartment Units	3,215
ASSETS
Investment in real estate	$ 646,320,000
Accumulated depreciation	(211,038,000)
Investment in real estate, net	435,282,000
Cash and cash equivalents	30,271,000
Investments in unconsolidated entities	46,908,000
Deposits – restricted	345,000
Other assets	26,203,000
Total assets	539,009,000
LIABILITIES AND EQUITY
Secured Debt	301,110,000
Accounts payable and accrued expenses	1,088,000
Accrued interest payable	1,037,000
Other liabilities	600,000
Security deposits	1,850,000
Total liabilities	305,685,000
Partially Owned Properties	10,609,000
Company equity/General and Limited Partners' Capital	222,715,000
Total equity/capital	233,324,000
Total liabilities and equity/capital	539,009,000
Partially Owned Property Income Statement Schedule
Operating revenue	90,634,000
Operating Expenses	21,647,000
Net operating income	68,987,000
Property management	3,190,000
General and administrative/other	328,000
Depreciation	20,764,000
Operating income	44,705,000
Interest and other income	53,000
Other expenses	(8,000)
Interest:
Expense incurred, net	(13,857,000)
Amortization of deferred financing costs	(345,000)
Income before income and other taxes, income (loss) from investments in unconsolidated entities, net gain (loss) on sales of real estate properties and land parcels and discontinued operations	30,548,000
Income and other tax (expense) benefit	(73,000)
Income (loss) from investments in unconsolidated entities	(1,439,000)
Net income	$ 29,036,000
Unconsolidated Non-VIE
Partially Owned Property Balance Sheet Schedule
Properties	2
Apartment Units	945
ASSETS
Investment in real estate	$ 235,821,000
Accumulated depreciation	(32,881,000)
Investment in real estate, net	202,940,000
Cash and cash equivalents	5,287,000
Investments in unconsolidated entities	0
Deposits – restricted	262,000
Other assets	157,000
Total assets	208,646,000
LIABILITIES AND EQUITY
Secured Debt	145,424,000
Accounts payable and accrued expenses	189,000
Accrued interest payable	691,000
Other liabilities	268,000
Security deposits	493,000
Total liabilities	147,065,000
Partially Owned Properties	59,115,000
Company equity/General and Limited Partners' Capital	2,466,000
Total equity/capital	61,581,000
Total liabilities and equity/capital	208,646,000
Partially Owned Property Income Statement Schedule
Operating revenue	26,615,000
Operating Expenses	9,088,000
Net operating income	17,527,000
Property management	776,000
General and administrative/other	2,000
Depreciation	10,510,000
Operating income	6,239,000
Interest and other income	0
Other expenses	0
Interest:
Expense incurred, net	(8,289,000)
Amortization of deferred financing costs	(1,000)
Income before income and other taxes, income (loss) from investments in unconsolidated entities, net gain (loss) on sales of real estate properties and land parcels and discontinued operations	(2,051,000)
Income and other tax (expense) benefit	(13,000)
Income (loss) from investments in unconsolidated entities	0
Net income	(2,064,000)
Unconsolidated Non-VIE | Legacy JV [Domain]
Investments In Partially Owned Entities (Textuals) [Abstract]
Liquidation Value Preferred Interests	39,900,000
Unconsolidated Non-VIE | Residual JV [Domain]
ASSETS
Investments in unconsolidated entities	$ 1,100,000				$ 147,600,000
Investments In Partially Owned Entities (Textuals) [Abstract]
Business Acquisition, Percentage of Voting Interests Acquired	60.00%
Unconsolidated VIE
Partially Owned Property Balance Sheet Schedule
Properties	0
Apartment Units	0
ASSETS
Investment in real estate	$ 172,995,000
Accumulated depreciation	(44,544,000)
Investment in real estate, net	128,451,000
Cash and cash equivalents	47,000
Investments in unconsolidated entities	0
Deposits – restricted	0
Other assets	334,000
Total assets	128,832,000
LIABILITIES AND EQUITY
Secured Debt	0
Accounts payable and accrued expenses	135,000
Accrued interest payable	0
Other liabilities	70,000
Security deposits	0
Total liabilities	205,000
Partially Owned Properties	86,120,000
Company equity/General and Limited Partners' Capital	42,507,000
Total equity/capital	128,627,000
Total liabilities and equity/capital	128,832,000
Partially Owned Property Income Statement Schedule
Operating revenue	5,214,000
Operating Expenses	2,023,000
Net operating income	3,191,000
Property management	75,000
General and administrative/other	81,000
Depreciation	5,501,000
Operating income	(2,466,000)
Interest and other income	0
Other expenses	0
Interest:
Expense incurred, net	0
Amortization of deferred financing costs	0
Income before income and other taxes, income (loss) from investments in unconsolidated entities, net gain (loss) on sales of real estate properties and land parcels and discontinued operations	(2,466,000)
Income and other tax (expense) benefit	0
Income (loss) from investments in unconsolidated entities	0
Net income	$ (2,466,000)
Partially Owned Properties – Consolidated
Partially Owned Property Balance Sheet Schedule
Properties	17
Apartment Units	3,215
Investments In Partially Owned Entities (Textuals) [Abstract]
Disposed Properties	2
Apartment Units	556
Net gain on sales of real estate properties	$ 54,300,000
Partially Owned Properties – Unconsolidated
Partially Owned Property Balance Sheet Schedule
Properties	2
Apartment Units	945
ASSETS
Investment in real estate	$ 408,816,000
Accumulated depreciation	(77,425,000)
Investment in real estate, net	331,391,000
Cash and cash equivalents	5,334,000
Investments in unconsolidated entities	0
Deposits – restricted	262,000
Other assets	491,000
Total assets	337,478,000
LIABILITIES AND EQUITY
Secured Debt	145,424,000
Accounts payable and accrued expenses	324,000
Accrued interest payable	691,000
Other liabilities	338,000
Security deposits	493,000
Total liabilities	147,270,000
Partially Owned Properties	145,235,000
Company equity/General and Limited Partners' Capital	44,973,000
Total equity/capital	190,208,000
Total liabilities and equity/capital	337,478,000
Partially Owned Property Income Statement Schedule
Operating revenue	31,829,000
Operating Expenses	11,111,000
Net operating income	20,718,000
Property management	851,000
General and administrative/other	83,000
Depreciation	16,011,000
Operating income	3,773,000
Interest and other income	0
Other expenses	0
Interest:
Expense incurred, net	(8,289,000)
Amortization of deferred financing costs	(1,000)
Income before income and other taxes, income (loss) from investments in unconsolidated entities, net gain (loss) on sales of real estate properties and land parcels and discontinued operations	(4,517,000)
Income and other tax (expense) benefit	(13,000)
Income (loss) from investments in unconsolidated entities	0
Net income	$ (4,530,000)
Investments In Partially Owned Entities (Textuals) [Abstract]
Disposed Properties	1
Apartment Units	336
Net gain on sales of real estate properties	$ 8,900,000

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Operating Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Variable Interest Entity [Line Items]
Properties	302
Apartment Units	77,458
Investments in unconsolidated entities	$ 60,141	$ 68,101
Secured Debt	$ 4,119,181	$ 4,685,134
Consolidated VIE
Variable Interest Entity [Line Items]
Properties	17
Apartment Units	3,215
Investments in unconsolidated entities	$ 46,908
Secured Debt	$ 301,110
Unconsolidated VIE
Variable Interest Entity [Line Items]
Properties	0
Apartment Units	0
Investments in unconsolidated entities	$ 0
Secured Debt	$ 0
Operating Property [Member] | Consolidated VIE
Variable Interest Entity [Line Items]
Properties	16
Apartment Units	2,783
Wisconsin Place [Domain] | Consolidated VIE
Variable Interest Entity [Line Items]
Apartment Units	432
Business Acquisition, Percentage of Voting Interests Acquired	75.00%
Basis of joint venture	$ 170,800
Wisconsin Place [Domain] | Unconsolidated VIE
Variable Interest Entity [Line Items]
Investments in unconsolidated entities	$ 46,900
Nexus Sawgrass [Member]
Variable Interest Entity [Line Items]
Apartment Units	501
Investments in unconsolidated entities	$ 5,000
Equity Method Investment, Ownership Percentage	20.00%
Secured Debt	$ 48,600
Debt Instrument, Interest Rate, Stated Percentage	5.60%
Debt Instrument, Maturity Date	Jan. 01, 2021
Domain [Member]
Variable Interest Entity [Line Items]
Apartment Units	444
Investments in unconsolidated entities	$ 9,300
Equity Method Investment, Ownership Percentage	20.00%
Secured Debt	$ 96,800
Debt Instrument, Interest Rate, Stated Percentage	5.75%
Debt Instrument, Maturity Date	Jan. 01, 2022

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Investments in Partially Owned Other (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Feb. 27, 2013
Variable Interest Entity [Line Items]
Investments in unconsolidated entities	$ 60,141	$ 68,101
Unconsolidated Non-VIE
Variable Interest Entity [Line Items]
Investments in unconsolidated entities	$ 0
Unconsolidated Non-VIE | Residual JV [Domain]
Variable Interest Entity [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired	60.00%
Joint Venture Partner Ownership Percentage	40.00%
Investments in unconsolidated entities	$ 1,100		$ 147,600
Unconsolidated Non-VIE | Legacy JV [Domain]
Variable Interest Entity [Line Items]
Liquidation Value Preferred Interests	$ 39,900

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Deposits - Restricted (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Restricted Cash and Cash Equivalents Items [Line Items]
Tax Deferred Exchange Proceeds	$ 38,847	$ 0
Earnest Money Deposits	0	1,000
Restricted deposits on real estate investments	733	6,077
Resident security and utility deposits	37,007	48,458
Other	359	358
Totals	76,946	55,893
Real estate taxes and insurance	2,003	1,977
Replacement Reserve Escrow	3,428	3,962
Mortgage principal reserves/sinking funds	58,652	50,155
Other	852	852
Totals	$ 64,935	$ 56,946

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Debt Mortgage Notes Payable (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016 USD ($) property	Dec. 31, 2015 USD ($) property
Debt Instrument [Line Items]
Mortgage notes payable	$ 4,119,181	$ 4,685,134
Noncash or Part Noncash Acquisition, Debt Assumed	$ 43,400
Properties acquired | property	4	4
Historical cost, net of accumulated depreciation, of encumbered properties	$ 5,000,000	$ 6,000,000
Mortgages [Member]
Debt Instrument [Line Items]
Repayments of Long-term Debt	$ 8,500
Properties acquired | property	1
Write off of Deferred Debt Issuance Cost	$ 1,600	600
Write off unamortized (premium) discount	$ 20,700	$ 1,400
Debt Instrument, Maturity Date	May 28, 2061	May 28, 2061
Weighted Average Mortgage Debt Interest Rate	4.34%	4.23%
Bonds [Member]
Debt Instrument [Line Items]
Repayments of Long-term Debt	$ 65,500
Prepayment penalty charges	200
Conventional Mortgage Loan [Member]
Debt Instrument [Line Items]
Repayments of Long-term Debt	75,900
Prepayment penalty charges	2,200
Mortgage Loan - Floating Rate [Member]
Debt Instrument [Line Items]
Repayments of Long-term Debt	900
Credit enhanced debt [Member]
Debt Instrument [Line Items]
Mortgage notes payable	601,900	$ 668,800
Fannie Mae Pool 3 [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Repayments of Long-term Debt	$ 440,800	$ 368,500
Debt Instrument, Interest Rate, Stated Percentage	6.256%
Prepayment penalty charges	$ 29,300
Minimum [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	0.10%	0.01%
Maximum [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	7.20%	7.25%

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Debt Notes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Proceeds from Issuance of Unsecured Debt			$ 750,000
Repayments of Notes Payable	$ 1,500,000	$ 300,000	$ 1,250,000
Summary of Company's unsecured note balances and certain interest rate and maturity date information
Notes, net	4,848,079	5,848,956
Fixed Rate Public or Private Notes [Member]
Summary of Company's unsecured note balances and certain interest rate and maturity date information
Notes, net	$ 4,397,829	$ 5,397,552
Weighted Average Interest Rate	4.90%	5.30%
Debt Instrument, Maturity Date Range, Start	Jan. 01, 2017	Jan. 01, 2016
Debt Instrument, Maturity Date Range, End	Dec. 31, 2045	Dec. 31, 2045
Floating Rate Public or Private Notes [Member]
Summary of Company's unsecured note balances and certain interest rate and maturity date information
Notes, net	$ 450,250	$ 451,404
Weighted Average Interest Rate	1.28%	0.93%
Debt Instrument, Maturity Date Range, Start	Jan. 01, 2019	Jan. 01, 2019
Debt Instrument, Maturity Date Range, End	Dec. 31, 2019	Dec. 31, 2019
2.375% Notes [Member]
Debt Instrument [Line Items]
Proceeds from Issuance of Unsecured Debt	$ 450,000
Debt Instrument, Interest Rate, Stated Percentage	2.375%
Debt Instrument, Basis Spread on Variable Rate	0.61%
5.125% Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.125%
Repayments of Notes Payable	$ 228,900
Prepayment penalty charges	$ 1,400
5.375% Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.375%
Repayments of Notes Payable	$ 400,000
Prepayment penalty charges	$ 9,500
5.750% Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.75%
Repayments of Notes Payable	$ 255,900
Prepayment penalty charges	$ 16,500
7.125% Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	7.125%
Repayments of Notes Payable	$ 46,100
Prepayment penalty charges	$ 4,600
4.625% Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.625%
Repayments of Notes Payable	$ 250,000
Prepayment penalty charges	$ 31,600
7.570% Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	7.57%
Repayments of Notes Payable	$ 48,000
Prepayment penalty charges	19,300
2.85% Notes [Member]
Debt Instrument [Line Items]
Proceeds from Issuance of Unsecured Debt	$ 500,000
Debt Instrument, Interest Rate, Stated Percentage	2.85%
Proceeds from Debt, Net of Issuance Costs	$ 496,700
Debt Instrument, Interest Rate, Effective Percentage	3.10%
Unsecured Debt [Member]
Debt Instrument [Line Items]
Write off of Deferred Debt Issuance Cost	$ 1,900
Write off unamortized (premium) discount	25,200
6.584% Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		6.584%
Repayments of Notes Payable		$ 300,000
3.375% Notes [Member] [Member]
Debt Instrument [Line Items]
Proceeds from Issuance of Unsecured Debt	$ 450,000	$ 450,000
Debt Instrument, Interest Rate, Stated Percentage		3.375%
Proceeds from Debt, Net of Issuance Costs		$ 447,500
Debt Instrument, Interest Rate, Effective Percentage		3.81%
4.50% Notes [Member]
Debt Instrument [Line Items]
Proceeds from Issuance of Unsecured Debt		$ 300,000
Debt Instrument, Interest Rate, Stated Percentage		4.50%
Proceeds from Debt, Net of Issuance Costs		$ 298,900
Debt Instrument, Interest Rate, Effective Percentage		4.55%
Paid at Maturity [Member] | 5.125% Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.125%
Repayments of Notes Payable	$ 271,100
London Interbank Offered Rate (LIBOR) [Member] | 2.375% Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Description of Variable Rate Basis	LIBOR plus 0.61%
Minimum [Member] | Fixed Rate Public or Private Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	2.85%	3.00%
Maximum [Member] | Fixed Rate Public or Private Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	7.57%	7.57%

XML

Debt Line of Credit and Commercial Paper (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Line of Credit Facility [Line Items]
Unamortized Discount	$ 66,752
A 250 billion LOC [Member] [Domain]
Line of Credit Facility [Line Items]
Unsecured revolving credit facility	$ 2,500,000	$ 2,500,000
Debt Instrument, Maturity Date	Apr. 02, 2018
ability to increase LOC facility	$ 500,000
Debt Instrument, Basis Spread on Variable Rate	0.95%
Line Of Credit Facility Commitment Fee	15
Write off of Deferred Debt Issuance Cost	$ 400
Remaining borrowing capacity		2,070,000
Amount restricted/dedicated to support letters of credit		$ 45,100
Weighted average interest rate on revolving letter of credit		1.07%
200 billion LOC [Domain]
Line of Credit Facility [Line Items]
Unsecured revolving credit facility	$ 2,000,000
Debt Instrument, Maturity Date	Jan. 10, 2022
ability to increase LOC facility	$ 750,000
Debt Instrument, Basis Spread on Variable Rate		0.00%
Line Of Credit Facility Commitment Fee	12.5
Remaining borrowing capacity	$ 1,960,000
Amount restricted/dedicated to support letters of credit	20,600
Weighted average interest rate on revolving letter of credit		1.37%
Commercial Paper [Member]
Line of Credit Facility [Line Items]
Commercial paper, maximum borrowing capacity	500,000
Commercial Paper, net	20,000	$ 387,300
commercial paper principal outstanding	$ 20,000	387,500
Unamortized Discount		$ 200
Weighted Average Interest Rate Commercial Paper	0.90%	0.56%
Commercial Paper Weighted average days outstanding	4 days	19 days
London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member] | A 250 billion LOC [Member] [Domain]
Line of Credit Facility [Line Items]
Debt Instrument, Description of Variable Rate Basis	LIBOR plus 0.95%
London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member] | 200 billion LOC [Domain]
Line of Credit Facility [Line Items]
Debt Instrument, Description of Variable Rate Basis	LIBOR plus 0.825%

XML

Debt Other (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months	$ 628,458
Long-term Debt, Maturities, Repayments of Principal in Year Two	184,369
Long-term Debt, Maturities, Repayments of Principal in Year Three	1,286,037
Long-term Debt, Maturities, Repayments of Principal in Year Four	1,690,090
Long-term Debt, Maturities, Repayments of Principal in Year Five	941,157
Long-term Debt, Maturities, Repayments of Principal after Year Five	4,366,516
Deferred financing costs	(42,617)	$ 0
Debt Instrument, Unamortized Discount	(66,752)
Total Secured and Unsecured Debt	$ 8,987,258

XML

Derivative and Other Fair Value Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2014
Derivative [Line Items]
Proceeds from Issuance of Unsecured Debt		$ 750,000
2.375% Notes [Member]
Derivative [Line Items]
Proceeds from Issuance of Unsecured Debt	$ 450,000
Debt Instrument, Interest Rate, Stated Percentage	2.375%
Debt Instrument, Maturity Date	Jul. 01, 2019
Debt Instrument, Basis Spread on Variable Rate	0.61%
London Interbank Offered Rate (LIBOR) [Member] | 2.375% Notes [Member]
Derivative [Line Items]
Debt Instrument, Description of Variable Rate Basis	LIBOR plus 0.61%
Fair Value Hedging [Member]
Derivative [Line Items]
Current Notional Balance	$ 450,000
Derivative, Fixed Interest Rate	2.375%
Maturity Date	2019

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Derivative and Other Fair Value Instruments (Details 1) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Derivatives, Fair Value [Line Items]
Fair Value Of Serp Investments	$ 124,420	$ 105,942
Assets, Fair Value Disclosure	126,277	109,597
Other Liabilities, Fair Value Disclosure	124,420	105,942
Liabilities, Fair Value Disclosure	124,420	106,615
Redeemable Noncontrolling Interests – Operating Partnership	442,092	566,783	$ 500,733	$ 363,144
Fair Value, Inputs, Level 1 [Member]
Derivatives, Fair Value [Line Items]
Fair Value Of Serp Investments	124,420	105,942
Assets, Fair Value Disclosure	124,420	105,942
Other Liabilities, Fair Value Disclosure	124,420	105,942
Liabilities, Fair Value Disclosure	124,420	105,942
Redeemable Noncontrolling Interests – Operating Partnership	0	0
Fair Value, Inputs, Level 2 [Member]
Derivatives, Fair Value [Line Items]
Fair Value Of Serp Investments	0	0
Assets, Fair Value Disclosure	1,857	3,655
Other Liabilities, Fair Value Disclosure	0	0
Liabilities, Fair Value Disclosure	0	673
Redeemable Noncontrolling Interests – Operating Partnership	442,092	566,783
Fair Value, Inputs, Level 3 [Member]
Derivatives, Fair Value [Line Items]
Fair Value Of Serp Investments	0	0
Assets, Fair Value Disclosure	0	0
Other Liabilities, Fair Value Disclosure	0	0
Liabilities, Fair Value Disclosure	0	0
Redeemable Noncontrolling Interests – Operating Partnership	0	0
Fair Value Hedging [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset	1,857	3,655
Fair Value Hedging [Member] | Fair Value, Inputs, Level 1 [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset	0	0
Fair Value Hedging [Member] | Fair Value, Inputs, Level 2 [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset	1,857	3,655
Fair Value Hedging [Member] | Fair Value, Inputs, Level 3 [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset	$ 0	0
Forward Starting Swaps [Member]
Derivatives, Fair Value [Line Items]
Derivative liability, fair value		673
Forward Starting Swaps [Member] | Fair Value, Inputs, Level 1 [Member]
Derivatives, Fair Value [Line Items]
Derivative liability, fair value		0
Forward Starting Swaps [Member] | Fair Value, Inputs, Level 2 [Member]
Derivatives, Fair Value [Line Items]
Derivative liability, fair value		673
Forward Starting Swaps [Member] | Fair Value, Inputs, Level 3 [Member]
Derivatives, Fair Value [Line Items]
Derivative liability, fair value		$ 0

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Derivative and Other Fair Value Instruments (Details 3) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Increase (Decrease) in Fair Value of Interest Rate Fair Value Hedging Instruments	$ (1,798)	$ 2,058	$ 1,597
Increase (Decrease) in Fair Value of Hedged Item in Interest Rate Fair Value Hedge	1,798	(2,058)	(1,597)
Ineffective Portion - Amount of Gain/ (Loss) Reclassifed from Accumulated OCI into Income		3,000	(100)
Interest Rate Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Increase (Decrease) in Fair Value of Interest Rate Fair Value Hedging Instruments	$ (1,798)	$ 2,058	$ 1,597
Derivative, Description of Hedged Item	Fixed rate debt	Fixed rate debt	Fixed rate debt
Increase (Decrease) in Fair Value of Hedged Item in Interest Rate Fair Value Hedge	$ 1,798	$ (2,058)	$ (1,597)
Forward Starting Swaps/Treasury Locks [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net	(3,989)	(814)	(33,215)
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	(41,758)	(18,244)	(16,868)
Ineffective Portion - Amount of Gain/ (Loss) Reclassifed from Accumulated OCI into Income	$ (74)	$ (3,033)	$ 91

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Derivative and Other Fair Value Instruments (Details Textuals) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Derivative [Line Items]
Mortgage notes payable	$ 4,119,181,000	$ 4,685,134,000
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss)	(113,900,000)	(151,800,000)
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net	21,900,000
Payments for (Proceeds from) Hedge, Investing Activities			$ 2,000,000
Proceeds from Issuance of Unsecured Debt			750,000,000
Interest Expense			1,300,000
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net		3,000,000	(100,000)
Charges Hedge Termination Activities			$ 800,000
2.85% Notes [Member]
Derivative [Line Items]
Payments for (Proceeds from) Hedge, Investing Activities	4,700,000
Proceeds from Issuance of Unsecured Debt	500,000,000
Interest Expense	9,000
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net	(74,000)
Charges Hedge Termination Activities	4,600,000
3.375% Notes [Member] [Member]
Derivative [Line Items]
Payments for (Proceeds from) Hedge, Investing Activities		15,100,000
Proceeds from Issuance of Unsecured Debt	450,000,000	450,000,000
Interest Expense		1,200,000
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net		(30,000)
Charges Hedge Termination Activities		13,900,000
Secured Debt [Member]
Derivative [Line Items]
Mortgage notes payable	4,100,000,000	4,700,000,000
Debt Instrument, Fair Value Disclosure	4,200,000,000	4,600,000,000
Unsecured Debt [Member]
Derivative [Line Items]
Notes, net	4,900,000,000	6,200,000,000
Debt Instrument, Fair Value Disclosure	$ 5,000,000,000	$ 6,500,000,000

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Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income (loss) from continuing operations	$ 4,479,586	$ 907,621	$ 657,101
Income (Loss) Attributable to Noncontrolling Interest	(171,491)	(34,226)	(24,771)
Net (income) attributable to Noncontrolling Interests – Partially Owned Properties	(16,430)	(3,657)	(2,544)
Preferred distributions	(3,091)	(3,357)	(4,145)
Preferred Stock Redemption Premium	0	(3,486)	0
Income from continuing operations available to Common Shares, net of Noncontrolling Interests	4,288,574	862,895	625,641
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent	498	382	1,522
Numerator for net income per share – basic	4,289,072	863,277	627,163
Income From Continuing Operations Available To Common Shares	4,460,065	897,121	650,412
Discontinued operations, net	518	397	1,582
Net Income (Loss) Available to Common Stockholders, Diluted	$ 4,460,583	$ 897,518	$ 651,994
Weighted average Common Shares outstanding	365,002	363,498	361,181
Dilutive Op Units	13,827	13,576	13,718
Dilutive Securities Options	3,163	3,546	2,836
Weighted average Common Shares outstanding	381,992	380,620	377,735
Earnings Per Share, Basic	$ 11.75	$ 2.37	$ 1.74
Earnings Per Share, Diluted	11.68	2.36	1.73
Income from continuing operations available to Common Shares	11.75	2.37	1.73
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share	0.00	0.00	0.01
Income from continuing operations available to Common Shares	11.68	2.36	1.72
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share	$ 0.00	$ 0.00	$ 0.01
ERPOP [Member]
Income (loss) from continuing operations	$ 4,479,586	$ 907,621	$ 657,101
Net (income) attributable to Noncontrolling Interests – Partially Owned Properties	(16,430)	(3,657)	(2,544)
Preferred Stock Redemption Premium	0	(3,486)	0
Discontinued operations, net	$ 518	$ 397	$ 1,582
Dilutive Securities Options	3,163	3,546	2,836
Weighted average Common Shares outstanding	381,992	380,620	377,735
Earnings Per Share, Basic	$ 11.75	$ 2.37	$ 1.74
Earnings Per Share, Diluted	11.68	2.36	1.73
Income from continuing operations available to Common Shares	11.75	2.37	1.73
Income from continuing operations available to Common Shares	$ 11.68	$ 2.36	$ 1.72
Allocation to Preference Units	$ (3,091)	$ (3,357)	$ (4,145)
Income Loss From Continuing Operations Available To Units	4,460,065	897,121	650,412
Numerator for net income per Unit – basic and diluted	$ 4,460,583	$ 897,518	$ 651,994
Weighted Average Limited Partnership and General Partnership Units Outstanding, Basic	378,829	377,074	374,899
Income (Loss) from Discontinued Operations, Net of Tax, Per Outstanding Limited Partnership and General Partnership Unit, Basic	$ 0.00	$ 0.00	$ 0.01
Income Loss From Discontinued Operations Net Of Tax Per Outstanding Limited Partnership And General Partnership net Diluted	$ 0.00	$ 0.00	$ 0.01

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Individually Significant Dispositions and Discontinued Operations Individually Significant Dispositions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
REVENUES
Rental income	$ 2,422,233	$ 2,736,578	$ 2,605,311
Total revenues	2,425,800	2,744,965	2,614,748
EXPENSES (1)
Property and maintenance	406,823	479,160	473,098
Real estate taxes and insurance	317,387	339,802	325,401
Property management	82,015	86,206	85,065
General and administrative	57,840	64,664	50,679
Depreciation	705,649	765,895	758,861
Total expenses	1,569,714	1,735,727	1,693,104
Operating income	856,086	1,009,238	921,644
Interest and other income	65,773	7,372	4,462
Other expenses	(10,368)	(2,942)	(9,073)
Interest (2):
Expense incurred, net	(482,246)	(444,487)	(457,460)
Amortization of deferred financing costs	(12,633)	(10,801)	(11,088)
Income and other tax (expense) benefit	(1,613)	(917)	(1,394)
Net gain on sales of real estate properties	4,044,055	335,134	212,685
Net income	4,480,104	908,018	658,683
Net (income) attributable to Noncontrolling Interests – Partially Owned Properties	(16,430)	(3,657)	(2,544)
Net Income (Loss) Attributable to Noncontrolling Interest	(171,511)	(34,241)	(24,831)
Net income attributable to controlling interests	$ 4,292,163	$ 870,120	$ 631,308
Starwood Portfolio [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of consolidated NOI	1.20%	15.70%	15.40%
REVENUES
Rental income	$ 30,785	$ 427,433	$ 401,134
Total revenues	30,785	427,433	401,134
EXPENSES (1)
Property and maintenance	7,838	78,189	76,579
Real estate taxes and insurance	2,912	48,403	46,416
Property management	2	11	11
General and administrative	23	38	24
Depreciation	0	87,616	104,104
Total expenses	10,775	214,257	227,134
Operating income	20,010	213,176	174,000
Interest and other income	21	1	1
Other expenses	0	(35)	(1)
Interest (2):
Expense incurred, net	(380)	(680)	(701)
Amortization of deferred financing costs	(707)	(559)	(98)
Income and other tax (expense) benefit	(1)	(1)	(3)
Net gain on sales of real estate properties	3,161,097	0	0
Net income	3,180,040	211,902	173,198
Net (income) attributable to Noncontrolling Interests – Partially Owned Properties	0	0	(14)
Net income available to Units – General Partner	3,180,040	211,902	173,184
Net Income (Loss) Attributable to Noncontrolling Interest	(122,152)	(8,083)	(6,598)
Net income attributable to controlling interests	$ 3,057,888	$ 203,819	$ 166,586

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Discontinued Operations (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
REVENUES
Disposal Group, Including Discontinued Operation, Rental Income		$ 355	$ 499	$ 1,309
Disposal Group, Including Discontinued Operation, Revenue		355	499	1,309
EXPENSES (1)
Disposal Group Including Discontinued Operation Property And Maintenance	[1]	(46)	(60)	(141)
Disposal Group Including Discontinued Operation Real Estate Taxes And Insurance	[1]	(461)	65	267
Disposal Group, Including Discontinued Operation, General and Administrative Expense	[1]	119	85	89
Disposal Group, Including Discontinued Operation, Operating Expense	[1]	(388)	90	215
Disposal Group, Including Discontinued Operation, Operating Income (Loss)		743	409	1,094
Disposal Group Including Discontinued Operation Interest And Other Income		24	3	317
Disposal Group Including Discontinued Operation Other Expenses		(280)	0	0
Discontinued Operation, Tax Effect of Discontinued Operation		(12)	(15)	(8)
Income Loss From Discontinued Operations		475	397	1,403
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax		43	0	179
Discontinued operations, net		$ 518	$ 397	$ 1,582

[1] (1)Includes expenses paid in the current period for properties sold in prior periods related to the Company’s period of ownership.

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Share Incentive Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	12,980,741
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	8,595,553
Compensation information
Compensation Expense	$ 30,530	$ 34,607	$ 27,543
Compensation Capitalized	2,726	2,948	2,538
Restricted Units In-Lieu of Bonus (1)	4,022	3,654
Compensation Equity	37,278	41,209	30,081
Dividends Incurred	14,256	2,779	2,260
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 8,600
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	1 year 3 months 21 days
Stock Compensation Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	14,725,321
Restricted Shares [Member]
Compensation information
Compensation Expense	$ 13,539	13,755	9,244
Compensation Capitalized	1,477	1,311	660
Restricted Units In-Lieu of Bonus (1)	0	0
Compensation Equity	15,016	15,066	9,904
Dividends Incurred	6,494	1,160	1,012
Restricted Stock Units (RSUs) [Member]
Compensation information
Compensation Expense	13,567	17,311	11,049
Compensation Capitalized	591	538	920
Restricted Units In-Lieu of Bonus (1)	4,022	3,654
Compensation Equity	18,180	21,503	11,969
Dividends Incurred	7,762	1,619	1,248
Employee Stock Option [Member]
Compensation information
Compensation Expense	2,839	2,746	6,453
Compensation Capitalized	593	1,010	896
Restricted Units In-Lieu of Bonus (1)	0	0
Compensation Equity	3,432	3,756	7,349
Dividends Incurred	0	0	0
Employee Share Purchase Plan Discount [Member]
Compensation information
Compensation Expense	585	795	797
Compensation Capitalized	65	89	62
Restricted Units In-Lieu of Bonus (1)	0	0
Compensation Equity	650	884	859
Dividends Incurred	$ 0	$ 0	$ 0

XML

Award Activity of the Share Incentive Plans - USD ($) $ / shares in Units, $ in Millions			12 Months Ended
	Oct. 14, 2016	Mar. 10, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Special Dividend Adjustment			960,986
Conversion of restricted shares to restricted units			0	(1,284)	(12,146)
Weighted average grant date fair value for Options			$ 13.02	$ 13.68	$ 9.12
Distributions declared per Common Share outstanding			13.015	$ 2.210	$ 2.000
Starwood Portfolio [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Distributions declared per Common Share outstanding	$ 3	$ 8	$ 11.00
Employee Stock Option [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Common Shares Subject to Options, Beginning Balance			5,734,365	7,030,620	8,470,532
Common Shares Subject to Options, Awards granted			154,016	171,150	667,877
Stock Options Exercised			(815,044)	(1,456,363)	(2,086,380)
Common Shares Subject to Options, Awards forfeited			(10,512)	(9,550)	(19,022)
Common Shares Subject to Options, Awards expired			(710)	(1,492)	(2,387)
Common Shares Subject to Options, Ending Balance			6,023,101	5,734,365	7,030,620
Weighted Average Exercise Price per option, Beginning Balance			$ 48.04	$ 46.16	$ 43.67
Weighted Average Exercise Price per option, Awards granted			64.99	80.15	56.72
Weighted Average Exercise Price per option, Awards exercised/vested			38.01	42.64	39.34
Weighted Average Exercise Price per option, Awards forfeited			63.43	64.53	56.32
Weighted Average Exercise Price per option, Awards expired			68.40	39.86	55.24
Weighted Average Exercise Price per option, Ending Balance			42.05	48.04	46.16
Weighted average grant date fair value for Options			$ 11.09	$ 13.67	$ 9.21
Intrinsic value of options exercised			$ 26.2	$ 52.9	$ 50.8
Restricted Shares [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Restricted Shares, Beginning Balance			522,150	482,466	500,234
Restricted Shares, Awards granted			154,296	174,112	176,457
Restricted share grants vested			(217,805)	(127,174)	(175,344)
Restricted Shares, Awards forfeited			(6,607)	(5,970)	(6,735)
Restricted Shares, Awards Expired			0	0	0
Conversion of restricted shares to restricted units				(1,284)	(12,146)
Restricted Shares, Ending Balance			452,034	522,150	482,466
Weighted Average Fair Value per Restricted Share, Beginning Balance			$ 63.67	$ 56.89	$ 55.79
Weighted Average Fair Value per Restricted Share, Awards granted			75.19	79.65	56.56
Weighted Average Fair Value per Restricted Share, Awards exercised/vested			57.75	60.21	53.44
Weighted Average Fair Value per Restricted Share, Awards forfeited			70.73	62.11	56.57
Weighted Average Fair Value per Restricted Share, Awards Expired			0	0.00	0.00
Weighted Average Fair Value per Restricted Share, Ending Balance			$ 70.35	$ 63.67	$ 56.89
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value			$ 15.6	$ 10.2	$ 10.2
Restricted Stock Units (RSUs) [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Conversion of restricted shares to restricted units				1,284	12,146
Restricted Units, Beginning Balance			888,725	623,948	471,256
Restricted Units, Awards Granted			289,273	337,505	201,507
Restricted Units, Awards exercised/vested			(374,217)	(72,003)	(60,294)
Restricted Units, Awards forfeited			(1,524)	(2,009)	(667)
Restricted Units, Awards Expired			0	0	0
Restricted Units, Ending Balance			802,257	888,725	623,948
Weighted Average Fair Value per Restricted Unit, Beginning Balance			$ 63.91	$ 53.38	$ 55.67
Weighted Average Fair Value per Restricted Unit, Awards granted			81.05	81.87	53.82
Weighted Average Fair Value per Restricted Unit, Awards exercised/vested			52.73	57.12	53.71
Weighted Average Fair Value per Restricted Unit, Awards forfeited			86.35	64.39	52.08
Weighted Average Fair Value per Restricted Unit, Awards Expired			0	0	0
Weighted Average Fair Value per Restricted Unit, Ending Balance			$ 75.26	$ 63.91	$ 53.38
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value			$ 27.2	$ 5.8	$ 3.4

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Options Outstanding and Exercisable - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Information regarding options outstanding and exercisable
Options Outstanding, Options	6,023,101
Options Outstanding, Weighted Average Remaining Contractual Life in Years	4 years 7 months 29 days
Options Outstanding, Weighted Average Exercise Price	$ 42.05
Options Exercisable, Options	5,610,677
Options Exercisable, Weighted Average Exercise Price	$ 40.91
Options, Vested and expected to vest	6,003,870
Options, Weighted Average Remaining Contractual Life in Years	4 years 6 months 20 days
Options, Weighted Average Exercise Price	$ 41.97
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit	19.67
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit	$ 68.55
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value	$ 135.3
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value	$ 132.0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	4 years 4 months 26 days
Market value of common shares	$ 64.36
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number		4,436,990	5,011,784
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price		$ 45.11	$ 42.18
Exercise Price Range One [Member]
Information regarding options outstanding and exercisable
Options Outstanding, Options	892,111
Options Outstanding, Weighted Average Remaining Contractual Life in Years	2 years 1 month 7 days
Options Outstanding, Weighted Average Exercise Price	$ 19.67
Options Exercisable, Options	892,111
Options Exercisable, Weighted Average Exercise Price	$ 19.67
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit	19.67
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit	$ 24.93
Exercise Price Range Two [Member]
Information regarding options outstanding and exercisable
Options Outstanding, Options	930,884
Options Outstanding, Weighted Average Remaining Contractual Life in Years	2 years 6 months 15 days
Options Outstanding, Weighted Average Exercise Price	$ 29.42
Options Exercisable, Options	930,884
Options Exercisable, Weighted Average Exercise Price	$ 29.42
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit	24.94
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit	$ 37.39
Exercise Price Range Three [Member]
Information regarding options outstanding and exercisable
Options Outstanding, Options	2,412
Options Outstanding, Weighted Average Remaining Contractual Life in Years	3 years 10 months
Options Outstanding, Weighted Average Exercise Price	$ 41.44
Options Exercisable, Options	2,412
Options Exercisable, Weighted Average Exercise Price	$ 41.44
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit	37.40
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit	$ 43.62
Exercise Price Range Four [Member]
Information regarding options outstanding and exercisable
Options Outstanding, Options	2,715,880
Options Outstanding, Weighted Average Remaining Contractual Life in Years	5 years 6 months
Options Outstanding, Weighted Average Exercise Price	$ 46.59
Options Exercisable, Options	2,515,401
Options Exercisable, Weighted Average Exercise Price	$ 46.47
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit	43.63
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit	$ 49.86
Exercise Price Range Five [Member]
Information regarding options outstanding and exercisable
Options Outstanding, Options	1,114,654
Options Outstanding, Weighted Average Remaining Contractual Life in Years	5 years 1 month 28 days
Options Outstanding, Weighted Average Exercise Price	$ 51.30
Options Exercisable, Options	1,114,654
Options Exercisable, Weighted Average Exercise Price	$ 51.30
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit	49.87
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit	$ 56.09
Exercise Price Range Six [Member]
Information regarding options outstanding and exercisable
Options Outstanding, Options	2,761
Options Outstanding, Weighted Average Remaining Contractual Life in Years	8 years 5 months 24 days
Options Outstanding, Weighted Average Exercise Price	$ 60.80
Options Exercisable, Options	2,761
Options Exercisable, Weighted Average Exercise Price	$ 60.80
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit	56.10
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit	$ 62.32
Exercise Price Range Seven [Member]
Information regarding options outstanding and exercisable
Options Outstanding, Options	364,399
Options Outstanding, Weighted Average Remaining Contractual Life in Years	8 years 6 months 27 days
Options Outstanding, Weighted Average Exercise Price	$ 66.77
Options Exercisable, Options	152,454
Options Exercisable, Weighted Average Exercise Price	$ 67.27
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit	62.33
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit	$ 68.55

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Employee Plans (Details)	12 Months Ended
	Dec. 31, 2016 USD ($) $ / shares shares	Dec. 31, 2015 USD ($) $ / shares shares	Dec. 31, 2014 USD ($) $ / shares shares	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Value of common shares that can be acquired by the employee and trustees under employees share purchase plan | $		$ 100,000
Number of common shares authorized after amendment | shares	7,000,000
Common Shares available for purchase under the ESPP | shares	2,906,163
Purchase price of common stock	85.00%
Summary of information regarding the Common Shares issued under the ESPP
Shares issued | shares	63,909	68,462	68,807
Employee Share Purchase Plan Issuance Price Minimum | $ / shares	$ 51.85	$ 63.70	$ 45.90
Employee Share Purchase Plan Issuance Price Maximum | $ / shares	$ 63.37	$ 65.90	$ 55.95
Issuance proceeds | $	$ 3,686,000	$ 4,404,000	$ 3,392,000
Maximum eligible compensation percentage for the defined contribution plan (the 401(k) Plan)	4.00%			3.00%
Defined contribution plan vesting period	5
Defined contribution plan, compensation expense | $	$ 4,900,000	$ 5,500,000	$ 5,200,000
Share-based Compensation Arrangements by Share-based Payment Award, Award Type and Plan Name [Domain]
Summary of information regarding the Common Shares issued under the ESPP
Maximum eligible compensation percentage for the defined contribution plan (the 401(k) Plan)	3.00%

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Distribution Reinvestment and Share Purchase Plan (Details)	Dec. 31, 2016 shares
Common Shares registered with Distribution Reinvestment and Share Purchase Plan (2011 DRIP)	4,850,000
Number of shares available for issuance	4,704,608
Distribution Reinvestment Plan 2014 [Member]
Common Shares registered with Distribution Reinvestment and Share Purchase Plan (2011 DRIP)	4,790,000

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Transactions With Related Parties (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Amount Incurred For leased office space	$ 2.7	$ 2.6	$ 2.5

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Commitments and Contingencies (Details)	12 Months Ended
	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Accrual for Environmental Loss Contingencies	$ 4,700,000
Litigation Settlement, Amount	3,200,000	$ 6,000,000	$ 2,800,000
Loss Contingency Accrual, Payments	1,500,000
Loss Contingency Accrual, Period Increase (Decrease)	(500,000)
Loss Contingency Accrual	$ 1,000,000
Projects in various stages of development	6
Units in various stages of development	2,064
Consolidated Project Under Development Commitment Fund	$ 260,600,000
Total operating lease payments	26,200,000	24,500,000	21,200,000
Compensation expense, Recognized	300,000	$ 400,000	$ 500,000
Operating Leases:
Minimum Rent Payments Due, Year 1	(15,917,000)
Minimum Rent Payments Due, Year 2	(16,027,000)
Minimum Rent Payments Due, Year 3	(15,890,000)
Minimum Rent Payments Due, Year 4	(15,489,000)
Minimum Rent Payments Due, Year 5	(15,256,000)
Minimum Rent Payments Due, Thereafter	(826,259,000)
Minimum Rent Payments Due, Total	(904,838,000)
Operating Leases, Future Minimum Payments Receivable, Current	73,171,000
Operating Leases, Future Minimum Payments Receivable, in Two Years	60,004,000
Operating Leases, Future Minimum Payments Receivable, in Three Years	54,486,000
Operating Leases, Future Minimum Payments Receivable, in Four Years	50,705,000
Operating Leases, Future Minimum Payments Receivable, in Five Years	46,634,000
Operating Leases, Future Minimum Payments Receivable, Thereafter	211,853,000
Operating Leases, Future Minimum Payments Receivable	496,853,000
Other Long-Term Liabilities:
Deferred Compensation Due, Year 1	(1,387,000)
Deferred Compensation Due, Year 2	(1,723,000)
Deferred Compensation Due, Year 3	(1,128,000)
Deferred Compensation Due, Year 4	(1,079,000)
Deferred Compensation Due, Year 5	(1,079,000)
Deferred Compensation Due, Thereafter	(4,383,000)
Deferred Compensation Due, Total	$ (10,779,000)
Partially Owned Properties – Unconsolidated
Number Of Unconsolidated Projects	2
FHA Lawsuit [Member]
Litigation Settlement, Amount	$ 3,100,000

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Reportable Segments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Reconciliation of NOI
Rental income	$ 2,422,233	$ 2,736,578	$ 2,605,311
Property and maintenance expense	(406,823)	(479,160)	(473,098)
Real estate taxes and insurance expense	(317,387)	(339,802)	(325,401)
Total operating expenses	(724,210)	(818,962)	(798,499)
Net operating income	1,698,023	1,917,616	1,806,812
Rental income:
Rental Income - same store	2,177,304	2,099,166	2,441,390
Rental Income - non-same store	244,929	637,412	163,921
Rental Income	2,422,233	2,736,578	2,605,311
Operating expenses:
Operating Expenses - same store	634,120	613,924	744,096
Operating Expenses - non-same store	90,090	205,038	54,403
Total operating expenses	724,210	818,962	798,499
NOI:
NOI - same store	1,543,184	1,485,242	1,697,294
NOI - non-same store	154,839	432,374	109,518
Net operating income	$ 1,698,023	$ 1,917,616	$ 1,806,812
Units in same store properties	69,879	69,879	96,286
Total Assets	$ 20,704,148	$ 23,110,196
Capital Expenditures	172,177	182,113
Same store (1)
NOI:
Total Assets	16,648,892	17,105,124
Capital Expenditures	156,188	137,331
Non-same store/other (2) (3)
Rental income:
Rental Income - non-same store	163,768	72,123	$ 83,715
Operating expenses:
Operating Expenses - non-same store	56,403	27,078	28,992
NOI:
NOI - non-same store	107,365	45,045	54,723
Total Assets	2,864,250	2,441,637
Capital Expenditures	12,179	6,341
Los Angeles | Same store (1)
Rental income:
Rental Income - same store	368,734	349,285	259,437
Operating expenses:
Operating Expenses - same store	107,138	104,614	81,972
NOI:
NOI - same store	261,596	244,671	177,465
Total Assets	2,513,979	2,586,859
Capital Expenditures	26,195	22,015
San Diego | Same store (1)
Rental income:
Rental Income - same store	88,049	83,491	79,217
Operating expenses:
Operating Expenses - same store	23,489	22,938	22,605
NOI:
NOI - same store	64,560	60,553	56,612
Total Assets	471,937	488,260
Capital Expenditures	5,172	4,608
Orange County | Same store (1)
Rental income:
Rental Income - same store	79,602	75,068	71,440
Operating expenses:
Operating Expenses - same store	18,931	18,550	18,211
NOI:
NOI - same store	60,671	56,518	53,229
Total Assets	260,918	268,479
Capital Expenditures	6,747	7,336
Subtotal - Southern California | Same store (1)
Rental income:
Rental Income - same store	536,385	507,844	410,094
Operating expenses:
Operating Expenses - same store	149,558	146,102	122,788
NOI:
NOI - same store	386,827	361,742	287,306
Total Assets	3,246,834	3,343,598
Capital Expenditures	38,114	33,959
New York | Same store (1)
Rental income:
Rental Income - same store	457,882	450,460	455,598
Operating expenses:
Operating Expenses - same store	160,772	152,682	156,881
NOI:
NOI - same store	297,110	297,778	298,717
Total Assets	4,275,930	4,383,354
Capital Expenditures	25,329	18,170
Washington D.C. | Same store (1)
Rental income:
Rental Income - same store	424,055	417,985	451,973
Operating expenses:
Operating Expenses - same store	126,154	123,450	131,964
NOI:
NOI - same store	297,901	294,535	320,009
Total Assets	3,916,264	4,023,474
Capital Expenditures	33,867	33,455
San Francisco | Same store (1)
Rental income:
Rental Income - same store	365,019	343,089	340,252
Operating expenses:
Operating Expenses - same store	88,141	84,603	96,217
NOI:
NOI - same store	276,878	258,486	244,035
Total Assets	2,441,256	2,506,004
Capital Expenditures	24,411	25,104
Boston | Same store (1)
Rental income:
Rental Income - same store	237,683	232,462	244,612
Operating expenses:
Operating Expenses - same store	66,283	67,252	70,070
NOI:
NOI - same store	171,400	165,210	174,542
Total Assets	1,723,942	1,774,181
Capital Expenditures	20,936	17,355
Seattle | Same store (1)
Rental income:
Rental Income - same store	154,482	145,646	153,197
Operating expenses:
Operating Expenses - same store	42,644	39,307	45,781
NOI:
NOI - same store	111,838	106,339	107,416
Total Assets	1,031,764	1,061,351
Capital Expenditures	13,464	9,106
Other Markets | Same store (1)
Rental income:
Rental Income - same store	1,798	1,680	385,664
Operating expenses:
Operating Expenses - same store	568	528	120,395
NOI:
NOI - same store	1,230	1,152	265,269
Total Assets	12,902	13,162
Capital Expenditures	67	182
Other (3)
NOI:
Total Assets	1,191,006	3,563,435
Capital Expenditures	3,810	38,441
Other (3) | Non-same store/other (2) (3)
Rental income:
Rental Income - non-same store	81,161	565,289	80,206
Operating expenses:
Operating Expenses - non-same store	33,687	177,960	25,411
NOI:
NOI - non-same store	47,474	387,329	$ 54,795
Total Assets	4,055,256	6,005,072
Capital Expenditures	$ 15,989	$ 44,782

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Subsequent Events/Other (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Subsequent Event [Line Items]
Other Liabilities	$ 350,466	$ 366,387
Disposed Units	29,776	1,857
Proceeds From Sale Of Property	$ 6,943,458	$ 513,312
Interest and other income	65,773	7,372	$ 4,462
Business Combination, Acquisition Related Costs	1,500	1,000	400
Write-off of pursuit costs	4,092	3,208	3,607
Other Expenses	5,600	4,200	4,000
Litigation Settlement, Amount	$ 3,200	$ 6,000	$ 2,800
Military Housing [Member]
Subsequent Event [Line Items]
Disposed Units	5,161
Proceeds From Sale Of Property	$ 63,300
Interest and other income	52,400
Series P [Domain]
Subsequent Event [Line Items]
Preferred Stock Preference Units Dividend Rate Percentage			3.00%
Liquidation Value Preferred Interests			$ 18,400
Business Acquisition, Percentage of Voting Interests Acquired			95.00%
Redemption of Series P Preference Units	18,400
Other Liabilities	$ 18,400

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Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Unaudited Quarterly Financial Data [Line Items]
Revenues									$ 2,425,800	$ 2,744,965	$ 2,614,748
Operating income									856,086	1,009,238	921,644
Income (loss) from continuing operations									4,479,586	907,621	657,101
Discontinued operations, net									518	397	1,582
Net income									4,480,104	908,018	658,683
Net income available to Common Shares									$ 4,289,072	$ 863,277	$ 627,163
Earnings Per Share, Basic [Abstract]
Net income available to Common Shares									$ 11.75	$ 2.37	$ 1.74
Weighted average Common Shares outstanding									365,002	363,498	361,181
Earnings Per Share, Diluted [Abstract]
Net income available to Common Shares									$ 11.68	$ 2.36	$ 1.73
Weighted average Common Shares outstanding									381,992	380,620	377,735
Scenario, Previously Reported [Member]
Unaudited Quarterly Financial Data [Line Items]
Revenues	$ 605,489	$ 606,074	$ 595,154	$ 619,083	$ 703,193	$ 696,289	$ 679,112	$ 666,371
Operating income	224,070	209,373	206,018	216,625	287,058	257,594	246,255	218,331
Income (loss) from continuing operations	301,987	217,246	228,365	3,731,988	213,673	205,375	298,504	190,069
Discontinued operations, net	394	246	35	(157)	47	81	114	155
Net income	302,381	217,492	228,400	3,731,831	213,720	205,456	298,618	190,224
Net income available to Common Shares	$ 276,477	$ 207,543	$ 218,067	$ 3,586,985	$ 202,989	$ 195,859	$ 285,587	$ 178,842
Earnings Per Share, Basic [Abstract]
Net income available to Common Shares	$ 0.76	$ 0.57	$ 0.60	$ 9.84	$ 0.56	$ 0.54	$ 0.79	$ 0.49
Weighted average Common Shares outstanding	365,256	365,109	365,047	364,592	363,828	363,579	363,476	363,098
Earnings Per Share, Diluted [Abstract]
Net income available to Common Shares	$ 0.75	$ 0.56	$ 0.59	$ 9.76	$ 0.55	$ 0.53	$ 0.78	$ 0.49
Weighted average Common Shares outstanding	381,860	382,373	382,065	382,243	381,220	380,663	380,491	380,327
ERPOP [Member]
Unaudited Quarterly Financial Data [Line Items]
Revenues									$ 2,425,800	$ 2,744,965	$ 2,614,748
Operating income									856,086	1,009,238	921,644
Income (loss) from continuing operations									4,479,586	907,621	657,101
Discontinued operations, net									518	397	1,582
Net income									4,480,104	908,018	658,683
Net income available to Units									$ 4,460,583	$ 897,518	$ 651,994
Earnings Per Share, Basic [Abstract]
Net income available to Common Shares									$ 11.75	$ 2.37	$ 1.74
Weighted average Units outstanding									378,829	377,074	374,899
Earnings Per Share, Diluted [Abstract]
Net income available to Common Shares									$ 11.68	$ 2.36	$ 1.73
Weighted average Common Shares outstanding									381,992	380,620	377,735
ERPOP [Member] | Scenario, Previously Reported [Member]
Unaudited Quarterly Financial Data [Line Items]
Revenues	$ 605,489	$ 606,074	$ 595,154	$ 619,083	$ 703,193	$ 696,289	$ 679,112	$ 666,371
Operating income	224,070	209,373	206,018	216,625	287,058	257,594	246,255	218,331
Income (loss) from continuing operations	301,987	217,246	228,365	3,731,988	213,673	205,375	298,504	190,069
Discontinued operations, net	394	246	35	(157)	47	81	114	155
Net income	302,381	217,492	228,400	3,731,831	213,720	205,456	298,618	190,224
Net income available to Units	$ 287,546	$ 215,896	$ 226,847	$ 3,730,294	$ 211,039	$ 203,637	$ 296,941	$ 185,901
Earnings Per Share, Basic [Abstract]
Net income available to Common Shares	$ 0.76	$ 0.57	$ 0.60	$ 9.84	$ 0.56	$ 0.54	$ 0.79	$ 0.49
Weighted average Units outstanding	379,081	379,008	378,934	378,289	377,380	377,147	377,063	376,696
Earnings Per Share, Diluted [Abstract]
Net income available to Common Shares	$ 0.75	$ 0.56	$ 0.59	$ 9.76	$ 0.55	$ 0.53	$ 0.78	$ 0.49
Weighted average Units outstanding	381,860	382,373	382,065	382,243	381,220	380,663	380,491	380,327

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Real Estate and Accumulated Depreciation - Overall Summary and Encumbrances Reconciliation (Details)	12 Months Ended
	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2016 USD ($)
Real Estate and Accumulated Depreciation [Line Items]
Apartment Units				77,458
Overall summary of real estate and accumulated depreciation
Accumulated Depreciation	$ (6,084,616,000)	$ (5,432,805,000)	$ (4,807,709,000)	$ (5,360,389,000)
Changes in total real estate
Balance, beginning of year	28,542,697,000	27,675,383,000	26,800,948,000
Acquisitions and development	832,803,000	964,645,000	1,121,423,000
Improvements	174,981,000	186,104,000	191,243,000
Dispositions and other	(4,164,056,000)	(283,435,000)	(438,231,000)
Balance, end of year	25,386,425,000	28,542,697,000	27,675,383,000
Changes in accumulated depreciation
Balance, beginning of year	(6,084,616,000)	(5,432,805,000)	(4,807,709,000)
Depreciation	705,649,000	765,895,000	758,861,000
Dispositions and other	(1,429,876,000)	(114,084,000)	(133,765,000)
Balance, end of year	(5,360,389,000)	$ (6,084,616,000)	$ (5,432,805,000)
EQR-Fanwell 2007 LP [Member]
Overall summary of real estate and accumulated depreciation
Encumbrances				$ 299,795,866
Real Estate and Accumulated Depreciation Encumbrances Reconciliation [Abstract]
Number of Properties Encumbered				4
EQR-Wellfan 2008 LP [Member]
Overall summary of real estate and accumulated depreciation
Encumbrances				$ 549,337,934
Real Estate and Accumulated Depreciation Encumbrances Reconciliation [Abstract]
Number of Properties Encumbered				10
Archstone Master Property [Domain]
Overall summary of real estate and accumulated depreciation
Encumbrances				$ 796,845,087
Real Estate and Accumulated Depreciation Encumbrances Reconciliation [Abstract]
Number of Properties Encumbered				13
Portfolio Entity Encumbrances [Member]
Real Estate and Accumulated Depreciation Encumbrances Reconciliation [Abstract]
Number of Properties Encumbered				27
Individual Property Encumbrances [Member]
Overall summary of real estate and accumulated depreciation
Encumbrances				$ 2,473,201,938
Investment in Real Estate - Wholly Owned Unencumbered [Member]
Overall summary of real estate and accumulated depreciation
Properties				204
Units				52,102
Investment in Real Estate, Gross				$ 18,448,319,778
Accumulated Depreciation	(3,651,990,171)			(3,651,990,171)
Investment in Real Estate Net				14,796,329,607
Encumbrances				$ 0
Changes in accumulated depreciation
Balance, end of year	(3,651,990,171)
Investment in Real Estate - Wholly Owned Encumbered [Member]
Overall summary of real estate and accumulated depreciation
Properties				79
Units				21,196
Investment in Real Estate, Gross				$ 6,291,785,512
Accumulated Depreciation	(1,497,361,379)			(1,497,361,379)
Investment in Real Estate Net				4,794,424,133
Encumbrances				$ 3,818,071,013
Changes in accumulated depreciation
Balance, end of year	(1,497,361,379)
Wholly Owned Properties
Overall summary of real estate and accumulated depreciation
Properties				283
Units				73,298
Investment in Real Estate, Gross				$ 24,740,105,290
Accumulated Depreciation	(5,149,351,550)			(5,149,351,550)
Investment in Real Estate Net				19,590,753,740
Encumbrances				$ 3,818,071,013
Changes in accumulated depreciation
Balance, end of year	(5,149,351,550)
Investment in Real Estate - Partially Owned Unencumbered [Member]
Overall summary of real estate and accumulated depreciation
Properties				9
Units				1,527
Investment in Real Estate, Gross				$ 288,230,337
Accumulated Depreciation	(98,826,978)			(98,826,978)
Investment in Real Estate Net				189,403,359
Encumbrances				$ 0
Changes in accumulated depreciation
Balance, end of year	(98,826,978)
Investment in Real Estate - Partially Owned Encumbered [Member]
Overall summary of real estate and accumulated depreciation
Properties				8
Units				1,688
Investment in Real Estate, Gross				$ 358,089,848
Accumulated Depreciation	(112,210,888)			(112,210,888)
Investment in Real Estate Net				245,878,960
Encumbrances				$ 301,109,812
Changes in accumulated depreciation
Balance, end of year	(112,210,888)
NONCONTROLLING INTERESTS – PARTIALLY OWNED PROPERTIES
Overall summary of real estate and accumulated depreciation
Properties				17
Units				3,215
Investment in Real Estate, Gross				$ 646,320,185
Accumulated Depreciation	(211,037,866)			(211,037,866)
Investment in Real Estate Net				435,282,319
Encumbrances				$ 301,109,812
Changes in accumulated depreciation
Balance, end of year	(211,037,866)
Unencumbered Properties [Member]
Overall summary of real estate and accumulated depreciation
Properties				213
Units				53,629
Investment in Real Estate, Gross				$ 18,736,550,115
Accumulated Depreciation	(3,750,817,149)			(3,750,817,149)
Investment in Real Estate Net				14,985,732,966
Encumbrances				$ 0
Changes in accumulated depreciation
Balance, end of year	(3,750,817,149)
Encumbered Properties [Member]
Overall summary of real estate and accumulated depreciation
Properties				87
Units				22,884
Investment in Real Estate, Gross				$ 6,649,875,360
Accumulated Depreciation	(1,609,572,267)			(1,609,572,267)
Investment in Real Estate Net				5,040,303,093
Encumbrances				$ 4,119,180,825
Changes in accumulated depreciation
Balance, end of year	(1,609,572,267)
Total Consolidated Investment in Real Estate [Member]
Overall summary of real estate and accumulated depreciation
Properties				300
Units				76,513
Investment in Real Estate, Gross				$ 25,386,425,475
Accumulated Depreciation	(5,360,389,416)			(5,360,389,416)
Investment in Real Estate Net				20,026,036,059
Encumbrances				$ 4,119,180,825
Changes in accumulated depreciation
Balance, end of year	$ (5,360,389,416)

XML

Real Estate and Accumulated Depreciation (Details)	12 Months Ended
	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)
Real Estate and Accumulated Depreciation [Line Items]
Furniture, fixtures and equipment	$ 1,346,300,000	$ 1,207,098,000
Land And Depreciable Property Net	15,800,000,000	17,000,000,000
Real Estate And Accumulated Depreciation Abstract
Accumulated Depreciation	$ (5,360,389,000)	$ (6,084,616,000)	$ (5,432,805,000)	$ (4,807,709,000)
Partially Owned Properties	302
Apartment Units	77,458
100 K Street [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Washington, D.C.
Real Estate And Accumulated Depreciation Units	0
Initial Cost to Company, Land	$ 15,600,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	10,782,320
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	0
Gross Amount Carried at close of period 12/31/2016, Land	15,600,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	10,782,320
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	26,382,320
Accumulated Depreciation	0
Investment in Real Estate Net	26,382,320
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
140 Riverside Boulevard [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	New York, NY
Real Estate And Accumulated Depreciation Units	354
Initial Cost to Company, Land	$ 103,539,100
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	94,082,725
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	6,750,405
Gross Amount Carried at close of period 12/31/2016, Land	103,539,100
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	100,833,130
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	204,372,230
Accumulated Depreciation	(41,010,422)
Investment in Real Estate Net	163,361,808
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
160 Riverside Boulevard [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	New York, NY
Real Estate And Accumulated Depreciation Units	455
Initial Cost to Company, Land	$ 139,933,500
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	190,964,745
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	12,780,175
Gross Amount Carried at close of period 12/31/2016, Land	139,933,500
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	203,744,920
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	343,678,420
Accumulated Depreciation	(81,836,307)
Investment in Real Estate Net	261,842,113
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
170 Amsterdam [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	New York, NY
Real Estate And Accumulated Depreciation Units	236
Initial Cost to Company, Land	$ 0
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	111,872,438
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	60,750
Gross Amount Carried at close of period 12/31/2016, Land	0
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	111,933,188
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	111,933,188
Accumulated Depreciation	(7,014,736)
Investment in Real Estate Net	104,918,452
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
175 Kent [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Brooklyn, NY
Real Estate And Accumulated Depreciation Units	113
Initial Cost to Company, Land	$ 22,037,831
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	53,962,169
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	1,396,338
Gross Amount Carried at close of period 12/31/2016, Land	22,037,831
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	55,358,507
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	77,396,338
Accumulated Depreciation	(12,584,288)
Investment in Real Estate Net	64,812,050
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
180 Montague (fka Brooklyn Heights) [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Brooklyn, NY
Real Estate And Accumulated Depreciation Units	193
Initial Cost to Company, Land	$ 32,400,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	92,675,228
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	2,910,862
Gross Amount Carried at close of period 12/31/2016, Land	32,400,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	95,586,090
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	127,986,090
Accumulated Depreciation	(16,638,099)
Investment in Real Estate Net	111,347,991
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
180 Riverside Boulevard [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	New York, NY
Real Estate And Accumulated Depreciation Units	516
Initial Cost to Company, Land	$ 144,968,250
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	138,346,681
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	11,344,206
Gross Amount Carried at close of period 12/31/2016, Land	144,968,250
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	149,690,887
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	294,659,137
Accumulated Depreciation	(61,661,842)
Investment in Real Estate Net	232,997,295
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
1111 Belle Pre (fka The Madison) [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Alexandria, VA
Real Estate And Accumulated Depreciation Units	360
Initial Cost to Company, Land	$ 18,937,702
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	94,758,679
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	101,850
Gross Amount Carried at close of period 12/31/2016, Land	18,937,702
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	94,860,529
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	113,798,231
Accumulated Depreciation	(12,803,962)
Investment in Real Estate Net	100,994,269
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
1210 Mass [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Washington, D.C.
Real Estate And Accumulated Depreciation Units	144
Initial Cost to Company, Land	$ 9,213,513
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	36,559,189
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	2,112,056
Gross Amount Carried at close of period 12/31/2016, Land	9,213,513
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	38,671,245
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	47,884,758
Accumulated Depreciation	(15,416,324)
Investment in Real Estate Net	32,468,434
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
1401 E. Madison [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Seattle, WA
Real Estate And Accumulated Depreciation Units	0
Initial Cost to Company, Land	$ 10,401,958
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	4,932,954
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	0
Gross Amount Carried at close of period 12/31/2016, Land	10,401,958
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	4,932,954
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	15,334,912
Accumulated Depreciation	0
Investment in Real Estate Net	15,334,912
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
1500 Mass Ave [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Washington, D.C.
Real Estate And Accumulated Depreciation Units	556
Initial Cost to Company, Land	$ 54,638,298
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	40,361,702
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	14,505,801
Gross Amount Carried at close of period 12/31/2016, Land	54,638,298
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	54,867,503
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	109,505,801
Accumulated Depreciation	(21,697,139)
Investment in Real Estate Net	87,808,662
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
1800 Oak (fka Rosslyn) [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Arlington, VA
Real Estate And Accumulated Depreciation Units	314
Initial Cost to Company, Land	$ 31,400,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	109,005,734
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	2,999,587
Gross Amount Carried at close of period 12/31/2016, Land	31,400,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	112,005,321
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	143,405,321
Accumulated Depreciation	(19,795,492)
Investment in Real Estate Net	123,609,829
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
2201 Pershing Drive [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Arlington, VA
Real Estate And Accumulated Depreciation Units	188
Initial Cost to Company, Land	$ 11,321,198
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	49,674,175
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	2,103,036
Gross Amount Carried at close of period 12/31/2016, Land	11,321,198
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	51,777,211
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	63,098,409
Accumulated Depreciation	(9,394,581)
Investment in Real Estate Net	53,703,828
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
2201 Wilson [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Arlington, VA
Real Estate And Accumulated Depreciation Units	219
Initial Cost to Company, Land	$ 21,900,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	78,724,663
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	2,390,730
Gross Amount Carried at close of period 12/31/2016, Land	21,900,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	81,115,393
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	103,015,393
Accumulated Depreciation	(13,936,506)
Investment in Real Estate Net	89,078,887
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
M St 2400 [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Washington, D.C.
Real Estate And Accumulated Depreciation Units	359
Initial Cost to Company, Land	$ 30,006,593
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	114,013,785
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	4,082,076
Gross Amount Carried at close of period 12/31/2016, Land	30,006,593
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	118,095,861
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	148,102,454
Accumulated Depreciation	(45,418,266)
Investment in Real Estate Net	102,684,188
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
315 on A [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Boston, MA
Real Estate And Accumulated Depreciation Units	202
Initial Cost to Company, Land	$ 14,450,070
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	115,824,930
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	517,562
Gross Amount Carried at close of period 12/31/2016, Land	14,450,070
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	116,342,492
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	130,792,562
Accumulated Depreciation	(10,319,919)
Investment in Real Estate Net	120,472,643
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
340 Fremont [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	San Francisco, CA
Real Estate And Accumulated Depreciation Units	348
Initial Cost to Company, Land	$ 42,000,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	244,995,446
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	88
Gross Amount Carried at close of period 12/31/2016, Land	42,000,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	244,995,534
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	286,995,534
Accumulated Depreciation	(4,611,169)
Investment in Real Estate Net	282,384,365
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
3003 Van Ness [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Washington, D.C.
Real Estate And Accumulated Depreciation Units	625
Initial Cost to Company, Land	$ 56,300,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	141,191,580
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	4,018,369
Gross Amount Carried at close of period 12/31/2016, Land	56,300,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	145,209,949
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	201,509,949
Accumulated Depreciation	(27,557,126)
Investment in Real Estate Net	173,952,823
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
45 Worthington [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Boston, MA
Real Estate And Accumulated Depreciation Units	0
Initial Cost to Company, Land	$ 0
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	2,058,673
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	0
Gross Amount Carried at close of period 12/31/2016, Land	0
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	2,058,673
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	2,058,673
Accumulated Depreciation	0
Investment in Real Estate Net	2,058,673
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
420 East 80th Street [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	New York, NY
Real Estate And Accumulated Depreciation Units	155
Initial Cost to Company, Land	$ 39,277,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	23,026,984
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	4,252,598
Gross Amount Carried at close of period 12/31/2016, Land	39,277,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	27,279,582
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	66,556,582
Accumulated Depreciation	(12,559,376)
Investment in Real Estate Net	53,997,206
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
425 Mass [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Washington, D.C.
Real Estate And Accumulated Depreciation Units	559
Initial Cost to Company, Land	$ 28,150,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	138,600,000
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	3,740,413
Gross Amount Carried at close of period 12/31/2016, Land	28,150,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	142,340,413
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	170,490,413
Accumulated Depreciation	(39,542,039)
Investment in Real Estate Net	130,948,374
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
455 I Street [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Washington, D.C.
Real Estate And Accumulated Depreciation Units	0
Initial Cost to Company, Land	$ 12,762,857
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	45,794,997
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	0
Gross Amount Carried at close of period 12/31/2016, Land	12,762,857
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	45,794,997
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	58,557,854
Accumulated Depreciation	0
Investment in Real Estate Net	58,557,854
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
4885 Edgemoor Lane [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Bethesda, MD
Real Estate And Accumulated Depreciation Units	0
Initial Cost to Company, Land	$ 0
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	1,237,673
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	0
Gross Amount Carried at close of period 12/31/2016, Land	0
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	1,237,673
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	1,237,673
Accumulated Depreciation	0
Investment in Real Estate Net	1,237,673
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
4th and Hill [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Los Angeles, CA
Real Estate And Accumulated Depreciation Units	0
Initial Cost to Company, Land	$ 13,131,456
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	11,144,682
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	0
Gross Amount Carried at close of period 12/31/2016, Land	13,131,456
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	11,144,682
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	24,276,138
Accumulated Depreciation	0
Investment in Real Estate Net	24,276,138
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
660 Washington [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	New York, NY
Real Estate And Accumulated Depreciation Units	135
Initial Cost to Company, Land	$ 32,852,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	43,140,551
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	734,411
Gross Amount Carried at close of period 12/31/2016, Land	32,852,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	43,874,962
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	76,726,962
Accumulated Depreciation	(17,905,409)
Investment in Real Estate Net	58,821,553
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
600 Washington [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Boston, MA
Real Estate And Accumulated Depreciation Units	420
Initial Cost to Company, Land	$ 106,100,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	166,311,679
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	2,325,428
Gross Amount Carried at close of period 12/31/2016, Land	106,100,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	168,637,107
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	274,737,107
Accumulated Depreciation	(29,635,573)
Investment in Real Estate Net	245,101,534
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
70 Greene [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Jersey City, NJ
Real Estate And Accumulated Depreciation Units	480
Initial Cost to Company, Land	$ 28,108,899
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	236,763,553
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	1,103,051
Gross Amount Carried at close of period 12/31/2016, Land	28,108,899
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	237,866,604
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	265,975,503
Accumulated Depreciation	(57,907,087)
Investment in Real Estate Net	208,068,416
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
71 Broadway [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	New York, NY
Real Estate And Accumulated Depreciation Units	238
Initial Cost to Company, Land	$ 22,611,600
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	77,492,171
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	12,799,538
Gross Amount Carried at close of period 12/31/2016, Land	22,611,600
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	90,291,709
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	112,903,309
Accumulated Depreciation	(39,723,414)
Investment in Real Estate Net	73,179,895
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
77 Bluxome [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	San Francisco, CA
Real Estate And Accumulated Depreciation Units	102
Initial Cost to Company, Land	$ 5,249,124
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	18,609,876
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	264,502
Gross Amount Carried at close of period 12/31/2016, Land	5,249,124
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	18,874,378
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	24,123,502
Accumulated Depreciation	(4,400,965)
Investment in Real Estate Net	19,722,537
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
77 Park Avenue (fka Hoboken) [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Hoboken, NJ
Real Estate And Accumulated Depreciation Units	301
Initial Cost to Company, Land	$ 27,900,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	168,992,440
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	5,319,200
Gross Amount Carried at close of period 12/31/2016, Land	27,900,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	174,311,640
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	202,211,640
Accumulated Depreciation	(28,587,488)
Investment in Real Estate Net	173,624,152
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
777 Sixth [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	New York, NY
Real Estate And Accumulated Depreciation Units	294
Initial Cost to Company, Land	$ 65,352,706
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	65,747,294
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	1,975,718
Gross Amount Carried at close of period 12/31/2016, Land	65,352,706
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	67,723,012
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	133,075,718
Accumulated Depreciation	(24,056,905)
Investment in Real Estate Net	109,018,813
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
88 Hillside [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Daly City, CA
Real Estate And Accumulated Depreciation Units	95
Initial Cost to Company, Land	$ 7,786,800
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	31,587,325
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	1,965,143
Gross Amount Carried at close of period 12/31/2016, Land	7,786,800
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	33,552,468
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	41,339,268
Accumulated Depreciation	(7,400,305)
Investment in Real Estate Net	33,938,963
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
855 Brannan [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	San Francisco, CA
Real Estate And Accumulated Depreciation Units	0
Initial Cost to Company, Land	$ 41,363,921
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	166,903,627
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	0
Gross Amount Carried at close of period 12/31/2016, Land	41,363,921
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	166,903,627
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	208,267,548
Accumulated Depreciation	0
Investment in Real Estate Net	208,267,548
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Acton Courtyard [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Berkeley, CA
Real Estate And Accumulated Depreciation Units	71
Initial Cost to Company, Land	$ 5,550,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	15,785,509
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	199,531
Gross Amount Carried at close of period 12/31/2016, Land	5,550,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	15,985,040
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	21,535,040
Accumulated Depreciation	(6,078,896)
Investment in Real Estate Net	15,456,144
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Alban Towers [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Washington, D.C.
Real Estate And Accumulated Depreciation Units	229
Initial Cost to Company, Land	$ 18,900,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	89,794,201
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	1,712,897
Gross Amount Carried at close of period 12/31/2016, Land	18,900,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	91,507,098
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	110,407,098
Accumulated Depreciation	(15,639,767)
Investment in Real Estate Net	94,767,331
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Altitude [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Los Angeles, CA
Real Estate And Accumulated Depreciation Units	545
Initial Cost to Company, Land	$ 43,783,485
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	147,918,661
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	25,744
Gross Amount Carried at close of period 12/31/2016, Land	43,783,485
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	147,944,405
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	191,727,890
Accumulated Depreciation	(2,490,933)
Investment in Real Estate Net	189,236,957
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Alton, The [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Irvine, CA
Real Estate And Accumulated Depreciation Units	0
Initial Cost to Company, Land	$ 11,049,027
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	90,857,975
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	0
Gross Amount Carried at close of period 12/31/2016, Land	11,049,027
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	90,857,975
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	101,907,002
Accumulated Depreciation	0
Investment in Real Estate Net	101,907,002
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Arbor Terrace [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Sunnyvale, CA
Real Estate And Accumulated Depreciation Units	175
Initial Cost to Company, Land	$ 9,057,300
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	18,483,642
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	4,162,140
Gross Amount Carried at close of period 12/31/2016, Land	9,057,300
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	22,645,782
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	31,703,082
Accumulated Depreciation	(13,943,284)
Investment in Real Estate Net	17,759,798
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Artech Building [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Berkeley, CA
Real Estate And Accumulated Depreciation Units	27
Initial Cost to Company, Land	$ 1,642,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	9,152,518
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	329,292
Gross Amount Carried at close of period 12/31/2016, Land	1,642,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	9,481,810
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	11,123,810
Accumulated Depreciation	(3,371,389)
Investment in Real Estate Net	7,752,421
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Artisan on Second [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Los Angeles, CA
Real Estate And Accumulated Depreciation Units	118
Initial Cost to Company, Land	$ 8,000,400
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	36,074,600
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	670,299
Gross Amount Carried at close of period 12/31/2016, Land	8,000,400
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	36,744,899
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	44,745,299
Accumulated Depreciation	(9,258,909)
Investment in Real Estate Net	35,486,390
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Artistry Emeryville (fka Emeryville) [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Emeryville, CA
Real Estate And Accumulated Depreciation Units	261
Initial Cost to Company, Land	$ 12,300,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	61,466,267
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	2,277,634
Gross Amount Carried at close of period 12/31/2016, Land	12,300,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	63,743,901
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	76,043,901
Accumulated Depreciation	(12,191,117)
Investment in Real Estate Net	63,852,784
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Atelier [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Brooklyn, NY
Real Estate And Accumulated Depreciation Units	120
Initial Cost to Company, Land	$ 32,401,680
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	47,135,432
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	90,854
Gross Amount Carried at close of period 12/31/2016, Land	32,401,680
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	47,226,286
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	79,627,966
Accumulated Depreciation	(3,149,449)
Investment in Real Estate Net	76,478,517
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Avenue Two [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Redwood City, CA
Real Estate And Accumulated Depreciation Units	123
Initial Cost to Company, Land	$ 7,995,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	18,005,000
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	1,749,322
Gross Amount Carried at close of period 12/31/2016, Land	7,995,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	19,754,322
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	27,749,322
Accumulated Depreciation	(5,134,751)
Investment in Real Estate Net	22,614,571
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Azure [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	San Francisco, CA
Real Estate And Accumulated Depreciation Units	273
Initial Cost to Company, Land	$ 32,855,115
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	152,254,155
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	26,494
Gross Amount Carried at close of period 12/31/2016, Land	32,855,115
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	152,280,649
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	185,135,764
Accumulated Depreciation	(7,791,579)
Investment in Real Estate Net	177,344,185
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Bay Hill [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Long Beach, CA
Real Estate And Accumulated Depreciation Units	160
Initial Cost to Company, Land	$ 7,600,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	27,437,239
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	2,909,175
Gross Amount Carried at close of period 12/31/2016, Land	7,600,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	30,346,414
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	37,946,414
Accumulated Depreciation	(13,103,323)
Investment in Real Estate Net	24,843,091
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Beatrice, The [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	New York, NY
Real Estate And Accumulated Depreciation Units	302
Initial Cost to Company, Land	$ 114,351,405
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	165,648,595
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	1,000,140
Gross Amount Carried at close of period 12/31/2016, Land	114,351,405
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	166,648,735
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	281,000,140
Accumulated Depreciation	(35,148,328)
Investment in Real Estate Net	245,851,812
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Belle Arts Condominium Homes, LLC [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Bellevue, WA
Real Estate And Accumulated Depreciation Units	1
Initial Cost to Company, Land	$ 63,158
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	248,928
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	(5,320)
Gross Amount Carried at close of period 12/31/2016, Land	63,158
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	243,608
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	306,766
Accumulated Depreciation	0
Investment in Real Estate Net	306,766
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Bella Fontaine [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Marina Del Rey, CA
Real Estate And Accumulated Depreciation Units	102
Initial Cost to Company, Land	$ 9,098,808
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	28,701,192
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	683,777
Gross Amount Carried at close of period 12/31/2016, Land	9,098,808
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	29,384,969
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	38,483,777
Accumulated Depreciation	(6,820,566)
Investment in Real Estate Net	31,663,211
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Breakwater at Marina Del Rey [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Marina Del Rey, CA
Real Estate And Accumulated Depreciation Units	224
Initial Cost to Company, Land	$ 0
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	73,189,262
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	1,050,136
Gross Amount Carried at close of period 12/31/2016, Land	0
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	74,239,398
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	74,239,398
Accumulated Depreciation	(14,067,543)
Investment in Real Estate Net	60,171,855
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Briarwood (CA) [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Sunnyvale, CA
Real Estate And Accumulated Depreciation Units	192
Initial Cost to Company, Land	$ 9,991,500
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	22,247,278
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	3,599,062
Gross Amount Carried at close of period 12/31/2016, Land	9,991,500
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	25,846,340
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	35,837,840
Accumulated Depreciation	(15,933,244)
Investment in Real Estate Net	19,904,596
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Bridford Lakes Two [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Greensboro, NC
Real Estate And Accumulated Depreciation Units	0
Initial Cost to Company, Land	$ 1,100,564
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	792,508
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	0
Gross Amount Carried at close of period 12/31/2016, Land	1,100,564
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	792,508
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	1,893,072
Accumulated Depreciation	0
Investment in Real Estate Net	1,893,072
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Brooklyner (fka 111 Lawrence) [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Brooklyn, NY
Real Estate And Accumulated Depreciation Units	490
Initial Cost to Company, Land	$ 40,099,922
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	221,438,631
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	1,827,017
Gross Amount Carried at close of period 12/31/2016, Land	40,099,922
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	223,265,648
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	263,365,570
Accumulated Depreciation	(46,337,376)
Investment in Real Estate Net	217,028,194
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
C on Pico [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Los Angeles, CA
Real Estate And Accumulated Depreciation Units	94
Initial Cost to Company, Land	$ 17,125,766
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	28,074,234
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	7,841
Gross Amount Carried at close of period 12/31/2016, Land	17,125,766
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	28,082,075
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	45,207,841
Accumulated Depreciation	(978,707)
Investment in Real Estate Net	44,229,134
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Cambridge Park [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Cambridge, MA
Real Estate And Accumulated Depreciation Units	312
Initial Cost to Company, Land	$ 31,200,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	106,048,587
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	4,107,045
Gross Amount Carried at close of period 12/31/2016, Land	31,200,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	110,155,632
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	141,355,632
Accumulated Depreciation	(19,695,291)
Investment in Real Estate Net	121,660,341
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Carlyle Mill [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Alexandria, VA
Real Estate And Accumulated Depreciation Units	317
Initial Cost to Company, Land	$ 10,000,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	51,367,913
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	7,872,672
Gross Amount Carried at close of period 12/31/2016, Land	10,000,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	59,240,585
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	69,240,585
Accumulated Depreciation	(28,386,923)
Investment in Real Estate Net	40,853,662
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Cascade [Domain]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Seattle, WA
Real Estate And Accumulated Depreciation Units	0
Initial Cost to Company, Land	$ 23,751,564
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	99,710,750
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	0
Gross Amount Carried at close of period 12/31/2016, Land	23,751,564
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	99,710,750
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	123,462,314
Accumulated Depreciation	0
Investment in Real Estate Net	123,462,314
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Centennial (fka Centennial Court & Centennial Tower) [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Seattle, WA
Real Estate And Accumulated Depreciation Units	408
Initial Cost to Company, Land	$ 9,700,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	70,080,378
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	10,056,055
Gross Amount Carried at close of period 12/31/2016, Land	9,700,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	80,136,433
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	89,836,433
Accumulated Depreciation	(33,705,547)
Investment in Real Estate Net	56,130,886
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Centre Club [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Ontario, CA
Real Estate And Accumulated Depreciation Units	412
Initial Cost to Company, Land	$ 7,436,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	33,014,789
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	7,413,964
Gross Amount Carried at close of period 12/31/2016, Land	7,436,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	40,428,753
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	47,864,753
Accumulated Depreciation	(21,574,006)
Investment in Real Estate Net	26,290,747
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Church Corner [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Cambridge, MA
Real Estate And Accumulated Depreciation Units	85
Initial Cost to Company, Land	$ 5,220,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	16,744,643
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	2,266,923
Gross Amount Carried at close of period 12/31/2016, Land	5,220,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	19,011,566
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	24,231,566
Accumulated Depreciation	(8,540,355)
Investment in Real Estate Net	15,691,211
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
City Gate at Cupertino (fka Cupertino) [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Cupertino, CA
Real Estate And Accumulated Depreciation Units	311
Initial Cost to Company, Land	$ 40,400,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	95,937,046
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	5,626,705
Gross Amount Carried at close of period 12/31/2016, Land	40,400,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	101,563,751
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	141,963,751
Accumulated Depreciation	(17,548,498)
Investment in Real Estate Net	124,415,253
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
City Pointe [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Fullerton, CA
Real Estate And Accumulated Depreciation Units	183
Initial Cost to Company, Land	$ 6,863,792
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	36,476,208
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	857,946
Gross Amount Carried at close of period 12/31/2016, Land	6,863,792
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	37,334,154
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	44,197,946
Accumulated Depreciation	(11,712,818)
Investment in Real Estate Net	32,485,128
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
City Square Bellevue (fka Bellevue) [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Bellevue, WA
Real Estate And Accumulated Depreciation Units	191
Initial Cost to Company, Land	$ 15,100,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	41,876,257
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	3,126,524
Gross Amount Carried at close of period 12/31/2016, Land	15,100,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	45,002,781
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	60,102,781
Accumulated Depreciation	(7,953,824)
Investment in Real Estate Net	52,148,957
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
CityView at Longwood [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Boston, MA
Real Estate And Accumulated Depreciation Units	295
Initial Cost to Company, Land	$ 14,704,898
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	79,195,102
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	10,574,412
Gross Amount Carried at close of period 12/31/2016, Land	14,704,898
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	89,769,514
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	104,474,412
Accumulated Depreciation	(25,961,856)
Investment in Real Estate Net	78,512,556
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Clarendon, The [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Arlington, VA
Real Estate And Accumulated Depreciation Units	292
Initial Cost to Company, Land	$ 30,400,340
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	103,824,660
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	2,143,113
Gross Amount Carried at close of period 12/31/2016, Land	30,400,340
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	105,967,773
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	136,368,113
Accumulated Depreciation	(26,624,877)
Investment in Real Estate Net	109,743,236
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Cleo, The [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Los Angeles, CA
Real Estate And Accumulated Depreciation Units	92
Initial Cost to Company, Land	$ 6,615,467
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	14,829,335
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	3,832,717
Gross Amount Carried at close of period 12/31/2016, Land	6,615,467
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	18,662,052
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	25,277,519
Accumulated Depreciation	(8,171,402)
Investment in Real Estate Net	17,106,117
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Connecticut Heights [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Washington, D.C.
Real Estate And Accumulated Depreciation Units	518
Initial Cost to Company, Land	$ 27,600,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	114,002,295
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	4,856,602
Gross Amount Carried at close of period 12/31/2016, Land	27,600,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	118,858,897
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	146,458,897
Accumulated Depreciation	(20,124,977)
Investment in Real Estate Net	126,333,920
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Corcoran House at DuPont Circle (fka DuPont Circle) [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Washington, D.C.
Real Estate And Accumulated Depreciation Units	138
Initial Cost to Company, Land	$ 13,500,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	26,913,113
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	1,796,515
Gross Amount Carried at close of period 12/31/2016, Land	13,500,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	28,709,628
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	42,209,628
Accumulated Depreciation	(5,801,661)
Investment in Real Estate Net	36,407,967
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Courthouse Plaza [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Arlington, VA
Real Estate And Accumulated Depreciation Units	396
Initial Cost to Company, Land	$ 0
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	87,386,024
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	4,635,703
Gross Amount Carried at close of period 12/31/2016, Land	0
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	92,021,727
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	92,021,727
Accumulated Depreciation	(17,966,254)
Investment in Real Estate Net	74,055,473
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Creekside (San Mateo) [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	San Mateo, CA
Real Estate And Accumulated Depreciation Units	192
Initial Cost to Company, Land	$ 9,606,600
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	21,193,231
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	4,013,129
Gross Amount Carried at close of period 12/31/2016, Land	9,606,600
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	25,206,360
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	34,812,960
Accumulated Depreciation	(15,771,922)
Investment in Real Estate Net	19,041,038
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Cronins Landing [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Waltham, MA
Real Estate And Accumulated Depreciation Units	281
Initial Cost to Company, Land	$ 32,300,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	85,119,324
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	3,914,279
Gross Amount Carried at close of period 12/31/2016, Land	32,300,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	89,033,603
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	121,333,603
Accumulated Depreciation	(15,979,321)
Investment in Real Estate Net	105,354,282
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Crystal Place [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Arlington, VA
Real Estate And Accumulated Depreciation Units	181
Initial Cost to Company, Land	$ 17,200,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	47,918,975
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	3,157,515
Gross Amount Carried at close of period 12/31/2016, Land	17,200,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	51,076,490
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	68,276,490
Accumulated Depreciation	(9,260,208)
Investment in Real Estate Net	59,016,282
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Eagle Canyon [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Chino Hills, CA
Real Estate And Accumulated Depreciation Units	252
Initial Cost to Company, Land	$ 1,808,900
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	16,274,361
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	8,800,432
Gross Amount Carried at close of period 12/31/2016, Land	1,808,900
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	25,074,793
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	26,883,693
Accumulated Depreciation	(17,314,590)
Investment in Real Estate Net	9,569,103
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Edgemont at Bethesda Metro [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Bethesda, MD
Real Estate And Accumulated Depreciation Units	122
Initial Cost to Company, Land	$ 13,092,552
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	43,907,448
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	1,125,457
Gross Amount Carried at close of period 12/31/2016, Land	13,092,552
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	45,032,905
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	58,125,457
Accumulated Depreciation	(10,423,583)
Investment in Real Estate Net	47,701,874
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Elevé [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Glendale, CA
Real Estate And Accumulated Depreciation Units	208
Initial Cost to Company, Land	$ 14,080,560
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	56,419,440
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	415,204
Gross Amount Carried at close of period 12/31/2016, Land	14,080,560
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	56,834,644
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	70,915,204
Accumulated Depreciation	(7,584,216)
Investment in Real Estate Net	63,330,988
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Emerson Place [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Boston, MA
Real Estate And Accumulated Depreciation Units	444
Initial Cost to Company, Land	$ 14,855,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	57,566,636
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	22,690,975
Gross Amount Carried at close of period 12/31/2016, Land	14,855,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	80,257,611
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	95,112,611
Accumulated Depreciation	(52,167,424)
Investment in Real Estate Net	42,945,187
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Encinitas Heights (fka Encinitas) [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Encinitas, CA
Real Estate And Accumulated Depreciation Units	120
Initial Cost to Company, Land	$ 12,000,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	29,207,497
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	617,199
Gross Amount Carried at close of period 12/31/2016, Land	12,000,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	29,824,696
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	41,824,696
Accumulated Depreciation	(5,889,783)
Investment in Real Estate Net	35,934,913
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Encore at Sherman Oaks, The [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Sherman Oaks, CA
Real Estate And Accumulated Depreciation Units	174
Initial Cost to Company, Land	$ 8,700,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	25,446,003
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	1,211,820
Gross Amount Carried at close of period 12/31/2016, Land	8,700,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	26,657,823
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	35,357,823
Accumulated Depreciation	(7,869,084)
Investment in Real Estate Net	27,488,739
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Fountains at Emerald Park (fka Emerald Park) [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Dublin, CA
Real Estate And Accumulated Depreciation Units	324
Initial Cost to Company, Land	$ 25,900,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	83,986,217
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	927,144
Gross Amount Carried at close of period 12/31/2016, Land	25,900,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	84,913,361
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	110,813,361
Accumulated Depreciation	(15,751,998)
Investment in Real Estate Net	95,061,363
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Fremont Center [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Fremont, CA
Real Estate And Accumulated Depreciation Units	322
Initial Cost to Company, Land	$ 25,800,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	78,753,114
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	2,733,097
Gross Amount Carried at close of period 12/31/2016, Land	25,800,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	81,486,211
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	107,286,211
Accumulated Depreciation	(14,742,488)
Investment in Real Estate Net	92,543,723
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Gallery, The [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Hermosa Beach, CA
Real Estate And Accumulated Depreciation Units	169
Initial Cost to Company, Land	$ 18,144,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	46,567,941
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	2,651,435
Gross Amount Carried at close of period 12/31/2016, Land	18,144,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	49,219,376
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	67,363,376
Accumulated Depreciation	(19,871,531)
Investment in Real Estate Net	47,491,845
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Garden Garage [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Boston, MA
Real Estate And Accumulated Depreciation Units	0
Initial Cost to Company, Land	$ 0
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	4,917,373
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	0
Gross Amount Carried at close of period 12/31/2016, Land	0
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	4,917,373
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	4,917,373
Accumulated Depreciation	0
Investment in Real Estate Net	4,917,373
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Gateway at Malden Center [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Malden, MA
Real Estate And Accumulated Depreciation Units	203
Initial Cost to Company, Land	$ 9,209,780
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	25,722,666
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	13,834,746
Gross Amount Carried at close of period 12/31/2016, Land	9,209,780
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	39,557,412
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	48,767,192
Accumulated Depreciation	(21,301,983)
Investment in Real Estate Net	27,465,209
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Geary Court Yard [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	San Francisco, CA
Real Estate And Accumulated Depreciation Units	164
Initial Cost to Company, Land	$ 1,722,400
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	15,471,429
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	4,477,710
Gross Amount Carried at close of period 12/31/2016, Land	1,722,400
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	19,949,139
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	21,671,539
Accumulated Depreciation	(12,574,169)
Investment in Real Estate Net	9,097,370
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Glen Meadow [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Franklin, MA
Real Estate And Accumulated Depreciation Units	288
Initial Cost to Company, Land	$ 2,339,331
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	16,133,588
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	4,347,422
Gross Amount Carried at close of period 12/31/2016, Land	2,339,331
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	20,481,010
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	22,820,341
Accumulated Depreciation	(12,813,162)
Investment in Real Estate Net	10,007,179
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Hampshire Place [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Los Angeles, CA
Real Estate And Accumulated Depreciation Units	259
Initial Cost to Company, Land	$ 10,806,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	30,335,330
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	4,042,761
Gross Amount Carried at close of period 12/31/2016, Land	10,806,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	34,378,091
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	45,184,091
Accumulated Depreciation	(15,493,262)
Investment in Real Estate Net	29,690,829
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Harbor Steps [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Seattle, WA
Real Estate And Accumulated Depreciation Units	758
Initial Cost to Company, Land	$ 59,387,158
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	158,829,432
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	20,957,019
Gross Amount Carried at close of period 12/31/2016, Land	59,387,158
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	179,786,451
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	239,173,609
Accumulated Depreciation	(73,216,856)
Investment in Real Estate Net	165,956,753
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Helios/1610 2nd Avenue [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Seattle, WA
Real Estate And Accumulated Depreciation Units	0
Initial Cost to Company, Land	$ 18,061,674
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	162,443,822
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	0
Gross Amount Carried at close of period 12/31/2016, Land	18,061,674
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	162,443,822
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	180,505,496
Accumulated Depreciation	0
Investment in Real Estate Net	180,505,496
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Heritage at Stone Ridge [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Burlington, MA
Real Estate And Accumulated Depreciation Units	180
Initial Cost to Company, Land	$ 10,800,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	31,808,335
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	1,839,852
Gross Amount Carried at close of period 12/31/2016, Land	10,800,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	33,648,187
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	44,448,187
Accumulated Depreciation	(14,133,220)
Investment in Real Estate Net	30,314,967
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Heritage Ridge [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Lynwood, WA
Real Estate And Accumulated Depreciation Units	197
Initial Cost to Company, Land	$ 6,895,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	18,983,597
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	1,741,466
Gross Amount Carried at close of period 12/31/2016, Land	6,895,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	20,725,063
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	27,620,063
Accumulated Depreciation	(9,305,589)
Investment in Real Estate Net	18,314,474
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Hesby [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	North Hollywood, CA
Real Estate And Accumulated Depreciation Units	308
Initial Cost to Company, Land	$ 23,299,892
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	102,700,108
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	323,337
Gross Amount Carried at close of period 12/31/2016, Land	23,299,892
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	103,023,445
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	126,323,337
Accumulated Depreciation	(13,208,612)
Investment in Real Estate Net	113,114,725
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Highlands at Cherry Hill [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Cherry Hills, NJ
Real Estate And Accumulated Depreciation Units	170
Initial Cost to Company, Land	$ 6,800,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	21,459,108
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	1,219,837
Gross Amount Carried at close of period 12/31/2016, Land	6,800,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	22,678,945
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	29,478,945
Accumulated Depreciation	(9,622,596)
Investment in Real Estate Net	19,856,349
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Highlands At South Plainfield [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	South Plainfield, NJ
Real Estate And Accumulated Depreciation Units	252
Initial Cost to Company, Land	$ 10,080,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	37,526,912
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	1,671,208
Gross Amount Carried at close of period 12/31/2016, Land	10,080,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	39,198,120
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	49,278,120
Accumulated Depreciation	(15,870,459)
Investment in Real Estate Net	33,407,661
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Hikari [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Los Angeles, CA
Real Estate And Accumulated Depreciation Units	128
Initial Cost to Company, Land	$ 9,435,760
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	32,564,240
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	623,527
Gross Amount Carried at close of period 12/31/2016, Land	9,435,760
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	33,187,767
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	42,623,527
Accumulated Depreciation	(8,254,511)
Investment in Real Estate Net	34,369,016
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Hudson Crossing [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	New York, NY
Real Estate And Accumulated Depreciation Units	259
Initial Cost to Company, Land	$ 23,420,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	69,977,699
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	2,182,860
Gross Amount Carried at close of period 12/31/2016, Land	23,420,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	72,160,559
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	95,580,559
Accumulated Depreciation	(30,934,660)
Investment in Real Estate Net	64,645,899
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Hudson Crossing Two [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	New York, NY
Real Estate And Accumulated Depreciation Units	0
Initial Cost to Company, Land	$ 10,599,287
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	3,293,787
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	0
Gross Amount Carried at close of period 12/31/2016, Land	10,599,287
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	3,293,787
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	13,893,074
Accumulated Depreciation	0
Investment in Real Estate Net	13,893,074
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Hudson Pointe [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Jersey City, NJ
Real Estate And Accumulated Depreciation Units	182
Initial Cost to Company, Land	$ 5,350,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	41,114,074
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	4,844,133
Gross Amount Carried at close of period 12/31/2016, Land	5,350,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	45,958,207
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	51,308,207
Accumulated Depreciation	(20,241,451)
Investment in Real Estate Net	31,066,756
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Hunt Club II [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Charlotte, NC
Real Estate And Accumulated Depreciation Units	0
Initial Cost to Company, Land	$ 100,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	0
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	0
Gross Amount Carried at close of period 12/31/2016, Land	100,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	0
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	100,000
Accumulated Depreciation	0
Investment in Real Estate Net	100,000
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Ivory Wood [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Bothell, WA
Real Estate And Accumulated Depreciation Units	144
Initial Cost to Company, Land	$ 2,732,800
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	13,888,282
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	992,859
Gross Amount Carried at close of period 12/31/2016, Land	2,732,800
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	14,881,141
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	17,613,941
Accumulated Depreciation	(6,865,471)
Investment in Real Estate Net	10,748,470
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Jia [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Los Angeles, CA
Real Estate And Accumulated Depreciation Units	280
Initial Cost to Company, Land	$ 14,791,831
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	76,417,368
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	160,373
Gross Amount Carried at close of period 12/31/2016, Land	14,791,831
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	76,577,741
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	91,369,572
Accumulated Depreciation	(11,450,392)
Investment in Real Estate Net	79,919,180
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Junction 47 (fka West Seattle) [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Seattle, WA
Real Estate And Accumulated Depreciation Units	206
Initial Cost to Company, Land	$ 11,726,305
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	55,592,607
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	10,285
Gross Amount Carried at close of period 12/31/2016, Land	11,726,305
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	55,602,892
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	67,329,197
Accumulated Depreciation	(2,870,469)
Investment in Real Estate Net	64,458,728
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Kelvin, The [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Irvine, CA
Real Estate And Accumulated Depreciation Units	194
Initial Cost to Company, Land	$ 15,521,552
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	64,853,448
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	140,201
Gross Amount Carried at close of period 12/31/2016, Land	15,521,552
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	64,993,649
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	80,515,201
Accumulated Depreciation	(5,226,037)
Investment in Real Estate Net	75,289,164
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Kendall Square II [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Cambridge, MA
Real Estate And Accumulated Depreciation Units	0
Initial Cost to Company, Land	$ 0
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	2,361,587
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	0
Gross Amount Carried at close of period 12/31/2016, Land	0
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	2,361,587
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	2,361,587
Accumulated Depreciation	0
Investment in Real Estate Net	2,361,587
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Landings at Port Imperial [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	W. New York, NJ
Real Estate And Accumulated Depreciation Units	276
Initial Cost to Company, Land	$ 27,246,045
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	37,741,050
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	8,727,114
Gross Amount Carried at close of period 12/31/2016, Land	27,246,045
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	46,468,164
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	73,714,209
Accumulated Depreciation	(27,123,316)
Investment in Real Estate Net	46,590,893
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Lincoln Heights [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Quincy, MA
Real Estate And Accumulated Depreciation Units	336
Initial Cost to Company, Land	$ 5,928,400
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	33,595,262
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	12,900,751
Gross Amount Carried at close of period 12/31/2016, Land	5,928,400
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	46,496,013
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	52,424,413
Accumulated Depreciation	(32,166,271)
Investment in Real Estate Net	20,258,142
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Lindley Apartments [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Encino, CA
Real Estate And Accumulated Depreciation Units	129
Initial Cost to Company, Land	$ 5,805,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	25,705,000
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	927,140
Gross Amount Carried at close of period 12/31/2016, Land	5,805,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	26,632,140
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	32,437,140
Accumulated Depreciation	(7,515,112)
Investment in Real Estate Net	24,922,028
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Loft 590 [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Arlington, VA
Real Estate And Accumulated Depreciation Units	212
Initial Cost to Company, Land	$ 20,100,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	67,909,023
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	593,626
Gross Amount Carried at close of period 12/31/2016, Land	20,100,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	68,502,649
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	88,602,649
Accumulated Depreciation	(11,467,543)
Investment in Real Estate Net	77,135,106
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Lofts at Kendall Square (fka Kendall Square) [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Cambridge, MA
Real Estate And Accumulated Depreciation Units	186
Initial Cost to Company, Land	$ 23,300,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	78,445,657
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	4,430,000
Gross Amount Carried at close of period 12/31/2016, Land	23,300,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	82,875,657
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	106,175,657
Accumulated Depreciation	(14,293,167)
Investment in Real Estate Net	91,882,490
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Longacre House [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	New York, NY
Real Estate And Accumulated Depreciation Units	293
Initial Cost to Company, Land	$ 73,170,045
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	53,962,510
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	1,952,072
Gross Amount Carried at close of period 12/31/2016, Land	73,170,045
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	55,914,582
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	129,084,627
Accumulated Depreciation	(20,862,433)
Investment in Real Estate Net	108,222,194
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Longfellow Place [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Boston, MA
Real Estate And Accumulated Depreciation Units	710
Initial Cost to Company, Land	$ 47,096,917
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	150,143,916
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	77,175,848
Gross Amount Carried at close of period 12/31/2016, Land	47,096,917
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	227,319,764
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	274,416,681
Accumulated Depreciation	(140,185,560)
Investment in Real Estate Net	134,231,121
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Mantena [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	New York, NY
Real Estate And Accumulated Depreciation Units	98
Initial Cost to Company, Land	$ 22,346,513
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	61,501,158
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	726,983
Gross Amount Carried at close of period 12/31/2016, Land	22,346,513
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	62,228,141
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	84,574,654
Accumulated Depreciation	(11,547,865)
Investment in Real Estate Net	73,026,789
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Marina 41 (fka Marina Del Rey) [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Marina Del Rey, CA
Real Estate And Accumulated Depreciation Units	623
Initial Cost to Company, Land	$ 0
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	168,842,442
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	5,590,178
Gross Amount Carried at close of period 12/31/2016, Land	0
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	174,432,620
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	174,432,620
Accumulated Depreciation	(34,075,934)
Investment in Real Estate Net	140,356,686
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Mariposa at Playa Del Rey (fka Playa Del Rey) [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Playa Del Rey, CA
Real Estate And Accumulated Depreciation Units	354
Initial Cost to Company, Land	$ 60,900,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	89,311,482
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	4,874,252
Gross Amount Carried at close of period 12/31/2016, Land	60,900,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	94,185,734
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	155,085,734
Accumulated Depreciation	(17,348,528)
Investment in Real Estate Net	137,737,206
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Milano Lofts [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Los Angeles, CA
Real Estate And Accumulated Depreciation Units	99
Initial Cost to Company, Land	$ 8,125,216
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	27,378,784
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	419,390
Gross Amount Carried at close of period 12/31/2016, Land	8,125,216
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	27,798,174
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	35,923,390
Accumulated Depreciation	(5,879,972)
Investment in Real Estate Net	30,043,418
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Mountain View Redevelopment [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Mountain View, CA
Real Estate And Accumulated Depreciation Units	0
Initial Cost to Company, Land	$ 0
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	11,539
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	0
Gross Amount Carried at close of period 12/31/2016, Land	0
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	11,539
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	11,539
Accumulated Depreciation	0
Investment in Real Estate Net	11,539
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Mozaic at Union Station [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Los Angeles, CA
Real Estate And Accumulated Depreciation Units	272
Initial Cost to Company, Land	$ 8,500,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	52,529,446
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	1,742,611
Gross Amount Carried at close of period 12/31/2016, Land	8,500,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	54,272,057
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	62,772,057
Accumulated Depreciation	(20,324,720)
Investment in Real Estate Net	42,447,337
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Murray Hill Tower (fka Murray Hill) [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	New York, NY
Real Estate And Accumulated Depreciation Units	270
Initial Cost to Company, Land	$ 75,800,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	102,705,401
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	5,632,060
Gross Amount Carried at close of period 12/31/2016, Land	75,800,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	108,337,461
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	184,137,461
Accumulated Depreciation	(21,534,636)
Investment in Real Estate Net	162,602,825
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Northglen [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Valencia, CA
Real Estate And Accumulated Depreciation Units	234
Initial Cost to Company, Land	$ 9,360,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	20,778,553
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	3,216,250
Gross Amount Carried at close of period 12/31/2016, Land	9,360,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	23,994,803
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	33,354,803
Accumulated Depreciation	(13,232,302)
Investment in Real Estate Net	20,122,501
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Northpark [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Burlingame, CA
Real Estate And Accumulated Depreciation Units	510
Initial Cost to Company, Land	$ 38,607,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	77,472,217
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	12,538,178
Gross Amount Carried at close of period 12/31/2016, Land	38,607,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	90,010,395
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	128,617,395
Accumulated Depreciation	(29,143,721)
Investment in Real Estate Net	99,473,674
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Northridge [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Pleasant Hill, CA
Real Estate And Accumulated Depreciation Units	221
Initial Cost to Company, Land	$ 5,524,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	14,691,705
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	10,511,874
Gross Amount Carried at close of period 12/31/2016, Land	5,524,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	25,203,579
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	30,727,579
Accumulated Depreciation	(17,391,149)
Investment in Real Estate Net	13,336,430
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Oak Park Combined [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Agoura Hills, CA
Real Estate And Accumulated Depreciation Units	444
Initial Cost to Company, Land	$ 3,390,700
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	30,517,274
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	9,746,651
Gross Amount Carried at close of period 12/31/2016, Land	3,390,700
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	40,263,925
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	43,654,625
Accumulated Depreciation	(28,656,591)
Investment in Real Estate Net	14,998,034
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Oakwood Boston [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Boston, MA
Real Estate And Accumulated Depreciation Units	94
Initial Cost to Company, Land	$ 22,200,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	28,672,979
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	1,529,010
Gross Amount Carried at close of period 12/31/2016, Land	22,200,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	30,201,989
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	52,401,989
Accumulated Depreciation	(5,884,677)
Investment in Real Estate Net	46,517,312
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Oakwood Crystal City [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Arlington, VA
Real Estate And Accumulated Depreciation Units	162
Initial Cost to Company, Land	$ 15,400,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	35,474,336
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	2,425,184
Gross Amount Carried at close of period 12/31/2016, Land	15,400,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	37,899,520
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	53,299,520
Accumulated Depreciation	(6,786,525)
Investment in Real Estate Net	46,512,995
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Oakwood Marina Del Rey [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Marina Del Rey, CA
Real Estate And Accumulated Depreciation Units	597
Initial Cost to Company, Land	$ 0
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	120,795,359
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	2,437,138
Gross Amount Carried at close of period 12/31/2016, Land	0
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	123,232,497
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	123,232,497
Accumulated Depreciation	(24,113,286)
Investment in Real Estate Net	99,119,211
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Oaks [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Santa Clarita, CA
Real Estate And Accumulated Depreciation Units	520
Initial Cost to Company, Land	$ 23,400,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	61,020,438
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	5,042,217
Gross Amount Carried at close of period 12/31/2016, Land	23,400,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	66,062,655
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	89,462,655
Accumulated Depreciation	(31,804,000)
Investment in Real Estate Net	57,658,655
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Ocean Crest [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Solana Beach, CA
Real Estate And Accumulated Depreciation Units	146
Initial Cost to Company, Land	$ 5,111,200
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	11,910,438
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	3,961,557
Gross Amount Carried at close of period 12/31/2016, Land	5,111,200
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	15,871,995
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	20,983,195
Accumulated Depreciation	(9,843,174)
Investment in Real Estate Net	11,140,021
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Odin (fka Tallman) [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Seattle, WA
Real Estate And Accumulated Depreciation Units	301
Initial Cost to Company, Land	$ 16,807,519
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	63,703,105
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	4,853
Gross Amount Carried at close of period 12/31/2016, Land	16,807,519
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	63,707,958
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	80,515,477
Accumulated Depreciation	(3,220,384)
Investment in Real Estate Net	77,295,093
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Old Town Lofts [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Redmond, WA
Real Estate And Accumulated Depreciation Units	149
Initial Cost to Company, Land	$ 7,740,467
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	44,146,181
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	615,810
Gross Amount Carried at close of period 12/31/2016, Land	7,740,467
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	44,761,991
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	52,502,458
Accumulated Depreciation	(3,368,591)
Investment in Real Estate Net	49,133,867
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
One Henry Adams [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	San Francisco, CA
Real Estate And Accumulated Depreciation Units	241
Initial Cost to Company, Land	$ 30,224,393
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	132,422,943
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	0
Gross Amount Carried at close of period 12/31/2016, Land	30,224,393
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	132,422,943
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	162,647,336
Accumulated Depreciation	0
Investment in Real Estate Net	162,647,336
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Pacific Place [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Los Angeles, CA
Real Estate And Accumulated Depreciation Units	430
Initial Cost to Company, Land	$ 32,250,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	110,750,000
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	1,114,418
Gross Amount Carried at close of period 12/31/2016, Land	32,250,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	111,864,418
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	144,114,418
Accumulated Depreciation	(18,609,682)
Investment in Real Estate Net	125,504,736
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Packard Building [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Seattle, WA
Real Estate And Accumulated Depreciation Units	61
Initial Cost to Company, Land	$ 5,911,041
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	19,954,959
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	25,690
Gross Amount Carried at close of period 12/31/2016, Land	5,911,041
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	19,980,649
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	25,891,690
Accumulated Depreciation	(1,315,590)
Investment in Real Estate Net	24,576,100
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Parc 77 [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	New York, NY
Real Estate And Accumulated Depreciation Units	137
Initial Cost to Company, Land	$ 40,504,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	18,025,679
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	5,639,147
Gross Amount Carried at close of period 12/31/2016, Land	40,504,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	23,664,826
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	64,168,826
Accumulated Depreciation	(11,317,834)
Investment in Real Estate Net	52,850,992
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Parc Cameron [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	New York, NY
Real Estate And Accumulated Depreciation Units	166
Initial Cost to Company, Land	$ 37,600,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	9,855,597
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	6,917,858
Gross Amount Carried at close of period 12/31/2016, Land	37,600,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	16,773,455
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	54,373,455
Accumulated Depreciation	(9,519,277)
Investment in Real Estate Net	44,854,178
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Parc Coliseum [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	New York, NY
Real Estate And Accumulated Depreciation Units	177
Initial Cost to Company, Land	$ 52,654,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	23,045,751
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	8,635,413
Gross Amount Carried at close of period 12/31/2016, Land	52,654,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	31,681,164
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	84,335,164
Accumulated Depreciation	(15,575,683)
Investment in Real Estate Net	68,759,481
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Parc East Towers [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	New York, NY
Real Estate And Accumulated Depreciation Units	324
Initial Cost to Company, Land	$ 102,163,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	108,989,402
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	8,841,139
Gross Amount Carried at close of period 12/31/2016, Land	102,163,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	117,830,541
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	219,993,541
Accumulated Depreciation	(44,109,145)
Investment in Real Estate Net	175,884,396
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Parc on Powell (fka Parkside at Emeryville) [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Emeryville, CA
Real Estate And Accumulated Depreciation Units	173
Initial Cost to Company, Land	$ 16,667,059
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	67,690,072
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	48,612
Gross Amount Carried at close of period 12/31/2016, Land	16,667,059
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	67,738,684
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	84,405,743
Accumulated Depreciation	(4,037,098)
Investment in Real Estate Net	80,368,645
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Park at Pentagon Row (fka Pentagon City) [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Arlington, VA
Real Estate And Accumulated Depreciation Units	298
Initial Cost to Company, Land	$ 28,300,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	78,838,184
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	1,353,525
Gross Amount Carried at close of period 12/31/2016, Land	28,300,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	80,191,709
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	108,491,709
Accumulated Depreciation	(14,341,704)
Investment in Real Estate Net	94,150,005
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Park Connecticut [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Washington, D.C.
Real Estate And Accumulated Depreciation Units	142
Initial Cost to Company, Land	$ 13,700,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	59,087,519
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	1,138,671
Gross Amount Carried at close of period 12/31/2016, Land	13,700,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	60,226,190
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	73,926,190
Accumulated Depreciation	(10,132,810)
Investment in Real Estate Net	63,793,380
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Park Hacienda (fka Hacienda) [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Pleasanton, CA
Real Estate And Accumulated Depreciation Units	540
Initial Cost to Company, Land	$ 43,200,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	128,753,359
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	1,303,861
Gross Amount Carried at close of period 12/31/2016, Land	43,200,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	130,057,220
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	173,257,220
Accumulated Depreciation	(24,868,371)
Investment in Real Estate Net	148,388,849
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Park West (CA) [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Los Angeles, CA
Real Estate And Accumulated Depreciation Units	444
Initial Cost to Company, Land	$ 3,033,500
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	27,302,383
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	9,833,303
Gross Amount Carried at close of period 12/31/2016, Land	3,033,500
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	37,135,686
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	40,169,186
Accumulated Depreciation	(26,282,067)
Investment in Real Estate Net	13,887,119
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Parkside [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Union City, CA
Real Estate And Accumulated Depreciation Units	208
Initial Cost to Company, Land	$ 6,246,700
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	11,827,453
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	4,057,554
Gross Amount Carried at close of period 12/31/2016, Land	6,246,700
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	15,885,007
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	22,131,707
Accumulated Depreciation	(11,039,298)
Investment in Real Estate Net	11,092,409
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Pearl, The [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Seattle, WA
Real Estate And Accumulated Depreciation Units	80
Initial Cost to Company, Land	$ 6,972,585
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	26,527,415
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	86,236
Gross Amount Carried at close of period 12/31/2016, Land	6,972,585
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	26,613,651
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	33,586,236
Accumulated Depreciation	(1,802,018)
Investment in Real Estate Net	31,784,218
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Pegasus [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Los Angeles, CA
Real Estate And Accumulated Depreciation Units	322
Initial Cost to Company, Land	$ 18,094,052
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	81,905,948
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	4,353,371
Gross Amount Carried at close of period 12/31/2016, Land	18,094,052
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	86,259,319
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	104,353,371
Accumulated Depreciation	(23,034,817)
Investment in Real Estate Net	81,318,554
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Playa Pacifica [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Hermosa Beach, CA
Real Estate And Accumulated Depreciation Units	285
Initial Cost to Company, Land	$ 35,100,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	33,473,822
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	21,252,912
Gross Amount Carried at close of period 12/31/2016, Land	35,100,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	54,726,734
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	89,826,734
Accumulated Depreciation	(22,557,639)
Investment in Real Estate Net	67,269,095
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Portofino [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Chino Hills, CA
Real Estate And Accumulated Depreciation Units	176
Initial Cost to Company, Land	$ 3,572,400
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	14,660,994
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	3,619,935
Gross Amount Carried at close of period 12/31/2016, Land	3,572,400
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	18,280,929
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	21,853,329
Accumulated Depreciation	(12,064,192)
Investment in Real Estate Net	9,789,137
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Portofino (Val) [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Valencia, CA
Real Estate And Accumulated Depreciation Units	216
Initial Cost to Company, Land	$ 8,640,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	21,487,126
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	4,531,435
Gross Amount Carried at close of period 12/31/2016, Land	8,640,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	26,018,561
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	34,658,561
Accumulated Depreciation	(14,294,138)
Investment in Real Estate Net	20,364,423
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Portside Towers [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Jersey City, NJ
Real Estate And Accumulated Depreciation Units	527
Initial Cost to Company, Land	$ 22,487,006
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	96,842,913
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	20,261,246
Gross Amount Carried at close of period 12/31/2016, Land	22,487,006
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	117,104,159
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	139,591,165
Accumulated Depreciation	(75,662,868)
Investment in Real Estate Net	63,928,297
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Potrero 1010 [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	San Francisco, CA
Real Estate And Accumulated Depreciation Units	453
Initial Cost to Company, Land	$ 40,830,011
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	178,838,375
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	2,685
Gross Amount Carried at close of period 12/31/2016, Land	40,830,011
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	178,841,060
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	219,671,071
Accumulated Depreciation	(4,297,727)
Investment in Real Estate Net	215,373,344
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Prado (fka Glendale) [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Glendale, CA
Real Estate And Accumulated Depreciation Units	264
Initial Cost to Company, Land	$ 0
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	67,977,313
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	2,474,023
Gross Amount Carried at close of period 12/31/2016, Land	0
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	70,451,336
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	70,451,336
Accumulated Depreciation	(12,649,164)
Investment in Real Estate Net	57,802,172
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Prime, The [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Arlington, VA
Real Estate And Accumulated Depreciation Units	256
Initial Cost to Company, Land	$ 32,000,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	64,436,539
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	1,366,624
Gross Amount Carried at close of period 12/31/2016, Land	32,000,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	65,803,163
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	97,803,163
Accumulated Depreciation	(25,533,405)
Investment in Real Estate Net	72,269,758
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Prism at Park Avenue South (fka 400 Park Aveue South (EQR)) [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	New York, NY
Real Estate And Accumulated Depreciation Units	269
Initial Cost to Company, Land	$ 76,292,169
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	171,532,416
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	40,159
Gross Amount Carried at close of period 12/31/2016, Land	76,292,169
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	171,572,575
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	247,864,744
Accumulated Depreciation	(12,053,844)
Investment in Real Estate Net	235,810,900
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Promenade at Town Center I & II [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Valencia, CA
Real Estate And Accumulated Depreciation Units	564
Initial Cost to Company, Land	$ 28,200,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	69,795,915
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	6,603,855
Gross Amount Carried at close of period 12/31/2016, Land	28,200,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	76,399,770
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	104,599,770
Accumulated Depreciation	(35,742,052)
Investment in Real Estate Net	68,857,718
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Quarry Hills [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Quincy, MA
Real Estate And Accumulated Depreciation Units	316
Initial Cost to Company, Land	$ 26,900,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	84,411,162
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	1,276,264
Gross Amount Carried at close of period 12/31/2016, Land	26,900,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	85,687,426
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	112,587,426
Accumulated Depreciation	(15,916,309)
Investment in Real Estate Net	96,671,117
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Red 160 (fka Redmond Way) [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Redmond, WA
Real Estate And Accumulated Depreciation Units	250
Initial Cost to Company, Land	$ 15,546,376
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	65,320,010
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	1,069,525
Gross Amount Carried at close of period 12/31/2016, Land	15,546,376
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	66,389,535
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	81,935,911
Accumulated Depreciation	(13,743,779)
Investment in Real Estate Net	68,192,132
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Redmond Court [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Bellevue, WA
Real Estate And Accumulated Depreciation Units	206
Initial Cost to Company, Land	$ 10,300,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	33,488,745
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	828,734
Gross Amount Carried at close of period 12/31/2016, Land	10,300,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	34,317,479
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	44,617,479
Accumulated Depreciation	(6,900,171)
Investment in Real Estate Net	37,717,308
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Regency Palms [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Huntington Beach, CA
Real Estate And Accumulated Depreciation Units	310
Initial Cost to Company, Land	$ 1,857,400
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	16,713,254
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	5,843,205
Gross Amount Carried at close of period 12/31/2016, Land	1,857,400
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	22,556,459
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	24,413,859
Accumulated Depreciation	(16,685,572)
Investment in Real Estate Net	7,728,287
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Renaissance Villas [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Berkeley, CA
Real Estate And Accumulated Depreciation Units	34
Initial Cost to Company, Land	$ 2,458,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	4,542,000
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	157,541
Gross Amount Carried at close of period 12/31/2016, Land	2,458,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	4,699,541
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	7,157,541
Accumulated Depreciation	(1,716,722)
Investment in Real Estate Net	5,440,819
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Reserve at Mountain View (fka Mountain View) [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Mountain View, CA
Real Estate And Accumulated Depreciation Units	180
Initial Cost to Company, Land	$ 27,000,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	33,029,605
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	3,985,141
Gross Amount Carried at close of period 12/31/2016, Land	27,000,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	37,014,746
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	64,014,746
Accumulated Depreciation	(7,098,473)
Investment in Real Estate Net	56,916,273
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Reserve at Potomac Yard [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Alexandria, VA
Real Estate And Accumulated Depreciation Units	588
Initial Cost to Company, Land	$ 11,918,917
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	68,862,641
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	10,012,055
Gross Amount Carried at close of period 12/31/2016, Land	11,918,917
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	78,874,696
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	90,793,613
Accumulated Depreciation	(34,843,070)
Investment in Real Estate Net	55,950,543
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Reserve at Town Center I-III (WA) [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Mill Creek, WA
Real Estate And Accumulated Depreciation Units	584
Initial Cost to Company, Land	$ 16,769,205
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	77,511,523
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	2,904,720
Gross Amount Carried at close of period 12/31/2016, Land	16,769,205
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	80,416,243
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	97,185,448
Accumulated Depreciation	(27,282,993)
Investment in Real Estate Net	69,902,455
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Residences at Westgate I (fka Westage II) [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Pasadena, CA
Real Estate And Accumulated Depreciation Units	252
Initial Cost to Company, Land	$ 17,859,785
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	108,596,287
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	152,142
Gross Amount Carried at close of period 12/31/2016, Land	17,859,785
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	108,748,429
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	126,608,214
Accumulated Depreciation	(11,706,631)
Investment in Real Estate Net	114,901,583
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Residences at Westgate II (fka Westgage III) [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Pasadena, CA
Real Estate And Accumulated Depreciation Units	88
Initial Cost to Company, Land	$ 12,118,248
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	40,458,283
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	28,122
Gross Amount Carried at close of period 12/31/2016, Land	12,118,248
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	40,486,405
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	52,604,653
Accumulated Depreciation	(2,670,021)
Investment in Real Estate Net	49,934,632
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Rianna I [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Seattle, WA
Real Estate And Accumulated Depreciation Units	78
Initial Cost to Company, Land	$ 2,268,160
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	14,864,482
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	570,971
Gross Amount Carried at close of period 12/31/2016, Land	2,268,160
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	15,435,453
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	17,703,613
Accumulated Depreciation	(4,912,805)
Investment in Real Estate Net	12,790,808
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Ridgewood Village I&II [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	San Diego, CA
Real Estate And Accumulated Depreciation Units	408
Initial Cost to Company, Land	$ 11,809,500
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	34,004,048
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	5,443,381
Gross Amount Carried at close of period 12/31/2016, Land	11,809,500
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	39,447,429
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	51,256,929
Accumulated Depreciation	(23,108,949)
Investment in Real Estate Net	28,147,980
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Riva Terra I (fka Redwood Shores) [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Redwood City, CA
Real Estate And Accumulated Depreciation Units	304
Initial Cost to Company, Land	$ 34,963,355
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	84,587,658
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	1,530,506
Gross Amount Carried at close of period 12/31/2016, Land	34,963,355
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	86,118,164
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	121,081,519
Accumulated Depreciation	(16,714,984)
Investment in Real Estate Net	104,366,535
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Riva Terra II (fka Harborside) [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Redwood City, CA
Real Estate And Accumulated Depreciation Units	149
Initial Cost to Company, Land	$ 17,136,645
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	40,536,531
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	1,833,334
Gross Amount Carried at close of period 12/31/2016, Land	17,136,645
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	42,369,865
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	59,506,510
Accumulated Depreciation	(7,532,830)
Investment in Real Estate Net	51,973,680
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Riverpark [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Redmond, WA
Real Estate And Accumulated Depreciation Units	319
Initial Cost to Company, Land	$ 14,355,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	80,894,049
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	1,100,173
Gross Amount Carried at close of period 12/31/2016, Land	14,355,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	81,994,222
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	96,349,222
Accumulated Depreciation	(18,616,561)
Investment in Real Estate Net	77,732,661
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Rolling Green (Milford) [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Milford, MA
Real Estate And Accumulated Depreciation Units	304
Initial Cost to Company, Land	$ 2,012,350
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	13,452,150
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	7,325,804
Gross Amount Carried at close of period 12/31/2016, Land	2,012,350
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	20,777,954
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	22,790,304
Accumulated Depreciation	(12,541,523)
Investment in Real Estate Net	10,248,781
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Rosecliff II [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Quincy, MA
Real Estate And Accumulated Depreciation Units	130
Initial Cost to Company, Land	$ 4,922,840
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	30,202,160
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	873,630
Gross Amount Carried at close of period 12/31/2016, Land	4,922,840
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	31,075,790
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	35,998,630
Accumulated Depreciation	(7,963,684)
Investment in Real Estate Net	28,034,946
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Sakura Crossing [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Los Angeles, CA
Real Estate And Accumulated Depreciation Units	230
Initial Cost to Company, Land	$ 14,641,990
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	42,858,010
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	703,088
Gross Amount Carried at close of period 12/31/2016, Land	14,641,990
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	43,561,098
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	58,203,088
Accumulated Depreciation	(11,836,842)
Investment in Real Estate Net	46,366,246
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Seventh & James [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Seattle, WA
Real Estate And Accumulated Depreciation Units	96
Initial Cost to Company, Land	$ 663,800
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	5,974,803
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	3,798,267
Gross Amount Carried at close of period 12/31/2016, Land	663,800
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	9,773,070
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	10,436,870
Accumulated Depreciation	(7,029,871)
Investment in Real Estate Net	3,406,999
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Sheffield Court [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Arlington, VA
Real Estate And Accumulated Depreciation Units	597
Initial Cost to Company, Land	$ 3,342,381
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	31,337,332
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	14,316,432
Gross Amount Carried at close of period 12/31/2016, Land	3,342,381
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	45,653,764
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	48,996,145
Accumulated Depreciation	(33,910,069)
Investment in Real Estate Net	15,086,076
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Skycrest [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Valencia, CA
Real Estate And Accumulated Depreciation Units	264
Initial Cost to Company, Land	$ 10,560,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	25,574,457
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	3,079,215
Gross Amount Carried at close of period 12/31/2016, Land	10,560,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	28,653,672
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	39,213,672
Accumulated Depreciation	(16,045,953)
Investment in Real Estate Net	23,167,719
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Skylark [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Union City, CA
Real Estate And Accumulated Depreciation Units	174
Initial Cost to Company, Land	$ 1,781,600
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	16,731,916
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	4,194,009
Gross Amount Carried at close of period 12/31/2016, Land	1,781,600
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	20,925,925
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	22,707,525
Accumulated Depreciation	(12,497,731)
Investment in Real Estate Net	10,209,794
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Skyline Terrace [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Burlingame, CA
Real Estate And Accumulated Depreciation Units	138
Initial Cost to Company, Land	$ 16,836,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	35,414,000
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	4,638,329
Gross Amount Carried at close of period 12/31/2016, Land	16,836,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	40,052,329
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	56,888,329
Accumulated Depreciation	(11,663,739)
Investment in Real Estate Net	45,224,590
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Skyline Towers [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Falls Church, VA
Real Estate And Accumulated Depreciation Units	939
Initial Cost to Company, Land	$ 78,278,200
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	91,485,591
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	39,225,721
Gross Amount Carried at close of period 12/31/2016, Land	78,278,200
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	130,711,312
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	208,989,512
Accumulated Depreciation	(66,807,948)
Investment in Real Estate Net	142,181,564
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
SoMa II [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	San Francisco, CA
Real Estate And Accumulated Depreciation Units	0
Initial Cost to Company, Land	$ 29,406,606
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	3,589,891
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	0
Gross Amount Carried at close of period 12/31/2016, Land	29,406,606
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	3,589,891
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	32,996,497
Accumulated Depreciation	0
Investment in Real Estate Net	32,996,497
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Sonterra at Foothill Ranch [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Foothill Ranch, CA
Real Estate And Accumulated Depreciation Units	300
Initial Cost to Company, Land	$ 7,503,400
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	24,048,507
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	4,962,421
Gross Amount Carried at close of period 12/31/2016, Land	7,503,400
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	29,010,928
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	36,514,328
Accumulated Depreciation	(17,403,278)
Investment in Real Estate Net	19,111,050
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
South City Station (fka South San Francisco) [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	San Francisco, CA
Real Estate And Accumulated Depreciation Units	360
Initial Cost to Company, Land	$ 68,900,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	79,476,861
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	2,331,779
Gross Amount Carried at close of period 12/31/2016, Land	68,900,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	81,808,640
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	150,708,640
Accumulated Depreciation	(15,596,819)
Investment in Real Estate Net	135,111,821
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Southwood [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Palo Alto, CA
Real Estate And Accumulated Depreciation Units	100
Initial Cost to Company, Land	$ 6,936,600
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	14,324,069
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	3,202,676
Gross Amount Carried at close of period 12/31/2016, Land	6,936,600
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	17,526,745
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	24,463,345
Accumulated Depreciation	(11,356,629)
Investment in Real Estate Net	13,106,716
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Springbrook Estates [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Riverside, CA
Real Estate And Accumulated Depreciation Units	0
Initial Cost to Company, Land	$ 18,200,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	0
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	0
Gross Amount Carried at close of period 12/31/2016, Land	18,200,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	0
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	18,200,000
Accumulated Depreciation	0
Investment in Real Estate Net	18,200,000
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Summerset Village II [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Chatsworth, CA
Real Estate And Accumulated Depreciation Units	0
Initial Cost to Company, Land	$ 260,646
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	0
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	0
Gross Amount Carried at close of period 12/31/2016, Land	260,646
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	0
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	260,646
Accumulated Depreciation	0
Investment in Real Estate Net	260,646
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Summit at Sausalito (fka Sausalito) [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Sausalito, CA
Real Estate And Accumulated Depreciation Units	198
Initial Cost to Company, Land	$ 26,000,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	28,435,024
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	3,586,242
Gross Amount Carried at close of period 12/31/2016, Land	26,000,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	32,021,266
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	58,021,266
Accumulated Depreciation	(7,628,434)
Investment in Real Estate Net	50,392,832
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Ten23 (fka 500 West 23rd Street) [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	New York, NY
Real Estate And Accumulated Depreciation Units	111
Initial Cost to Company, Land	$ 0
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	58,881,873
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	165,340
Gross Amount Carried at close of period 12/31/2016, Land	0
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	59,047,213
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	59,047,213
Accumulated Depreciation	(10,287,817)
Investment in Real Estate Net	48,759,396
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Terraces, The [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	San Francisco, CA
Real Estate And Accumulated Depreciation Units	117
Initial Cost to Company, Land	$ 14,087,610
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	16,314,151
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	982,446
Gross Amount Carried at close of period 12/31/2016, Land	14,087,610
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	17,296,597
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	31,384,207
Accumulated Depreciation	(5,171,269)
Investment in Real Estate Net	26,212,938
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Third Square [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Cambridge, MA
Real Estate And Accumulated Depreciation Units	471
Initial Cost to Company, Land	$ 26,767,171
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	218,822,728
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	5,396,605
Gross Amount Carried at close of period 12/31/2016, Land	26,767,171
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	224,219,333
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	250,986,504
Accumulated Depreciation	(62,174,271)
Investment in Real Estate Net	188,812,233
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Three20 [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Seattle, WA
Real Estate And Accumulated Depreciation Units	134
Initial Cost to Company, Land	$ 7,030,766
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	29,005,762
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	703,110
Gross Amount Carried at close of period 12/31/2016, Land	7,030,766
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	29,708,872
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	36,739,638
Accumulated Depreciation	(4,264,421)
Investment in Real Estate Net	32,475,217
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Town Center South Commercial [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	St. Charles, MD
Real Estate And Accumulated Depreciation Units	0
Initial Cost to Company, Land	$ 1,500,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	9,394
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	0
Gross Amount Carried at close of period 12/31/2016, Land	1,500,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	9,394
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	1,509,394
Accumulated Depreciation	0
Investment in Real Estate Net	1,509,394
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Town Square at Mark Center II [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Alexandria, VA
Real Estate And Accumulated Depreciation Units	272
Initial Cost to Company, Land	$ 15,568,464
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	55,029,607
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	2,117,754
Gross Amount Carried at close of period 12/31/2016, Land	15,568,464
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	57,147,361
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	72,715,825
Accumulated Depreciation	(17,050,654)
Investment in Real Estate Net	55,665,171
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Urbana (fka Market Street Landing) [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Seattle, WA
Real Estate And Accumulated Depreciation Units	287
Initial Cost to Company, Land	$ 12,542,418
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	75,766,505
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	283,439
Gross Amount Carried at close of period 12/31/2016, Land	12,542,418
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	76,049,944
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	88,592,362
Accumulated Depreciation	(10,215,162)
Investment in Real Estate Net	78,377,200
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Uwajimaya Village [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Seattle, WA
Real Estate And Accumulated Depreciation Units	176
Initial Cost to Company, Land	$ 8,800,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	22,188,288
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	724,720
Gross Amount Carried at close of period 12/31/2016, Land	8,800,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	22,913,008
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	31,713,008
Accumulated Depreciation	(10,116,792)
Investment in Real Estate Net	21,596,216
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Vantage Pointe [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	San Diego, CA
Real Estate And Accumulated Depreciation Units	679
Initial Cost to Company, Land	$ 9,403,960
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	190,596,040
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	8,156,057
Gross Amount Carried at close of period 12/31/2016, Land	9,403,960
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	198,752,097
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	208,156,057
Accumulated Depreciation	(52,465,809)
Investment in Real Estate Net	155,690,248
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Veloce [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Redmond, WA
Real Estate And Accumulated Depreciation Units	322
Initial Cost to Company, Land	$ 15,322,724
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	76,176,594
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	750,251
Gross Amount Carried at close of period 12/31/2016, Land	15,322,724
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	76,926,845
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	92,249,569
Accumulated Depreciation	(14,412,958)
Investment in Real Estate Net	77,836,611
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Verde Condominium Homes (fka Mission Verde, LLC) [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	San Jose, CA
Real Estate And Accumulated Depreciation Units	108
Initial Cost to Company, Land	$ 5,190,700
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	9,679,109
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	4,206,652
Gross Amount Carried at close of period 12/31/2016, Land	5,190,700
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	13,885,761
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	19,076,461
Accumulated Depreciation	(9,342,080)
Investment in Real Estate Net	9,734,381
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Veridian (fka Silver Spring) [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Silver Spring, MD
Real Estate And Accumulated Depreciation Units	457
Initial Cost to Company, Land	$ 18,539,817
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	130,407,365
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	1,921,459
Gross Amount Carried at close of period 12/31/2016, Land	18,539,817
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	132,328,824
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	150,868,641
Accumulated Depreciation	(34,495,297)
Investment in Real Estate Net	116,373,344
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Villa Solana [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Laguna Hills, CA
Real Estate And Accumulated Depreciation Units	272
Initial Cost to Company, Land	$ 1,665,100
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	14,985,678
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	9,397,116
Gross Amount Carried at close of period 12/31/2016, Land	1,665,100
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	24,382,794
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	26,047,894
Accumulated Depreciation	(18,569,428)
Investment in Real Estate Net	7,478,466
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Village at Del Mar Heights, The (fka Del Mar Heights) [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	San Diego, CA
Real Estate And Accumulated Depreciation Units	168
Initial Cost to Company, Land	$ 15,100,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	40,859,396
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	814,553
Gross Amount Carried at close of period 12/31/2016, Land	15,100,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	41,673,949
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	56,773,949
Accumulated Depreciation	(7,931,652)
Investment in Real Estate Net	48,842,297
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Virginia Square [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Arlington, VA
Real Estate And Accumulated Depreciation Units	231
Initial Cost to Company, Land	$ 0
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	85,940,003
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	2,598,732
Gross Amount Carried at close of period 12/31/2016, Land	0
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	88,538,735
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	88,538,735
Accumulated Depreciation	(15,463,270)
Investment in Real Estate Net	73,075,465
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Vista 99 (fka Tasman) [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	San Jose, CA
Real Estate And Accumulated Depreciation Units	554
Initial Cost to Company, Land	$ 27,709,329
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	175,174,600
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	15,853
Gross Amount Carried at close of period 12/31/2016, Land	27,709,329
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	175,190,453
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	202,899,782
Accumulated Depreciation	(5,630,074)
Investment in Real Estate Net	197,269,708
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Vista Del Lago [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Mission Viejo, CA
Real Estate And Accumulated Depreciation Units	608
Initial Cost to Company, Land	$ 4,525,800
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	40,736,293
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	16,333,057
Gross Amount Carried at close of period 12/31/2016, Land	4,525,800
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	57,069,350
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	61,595,150
Accumulated Depreciation	(43,829,076)
Investment in Real Estate Net	17,766,074
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Vista on Courthouse [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Arlington, VA
Real Estate And Accumulated Depreciation Units	220
Initial Cost to Company, Land	$ 15,550,260
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	69,449,740
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	1,412,841
Gross Amount Carried at close of period 12/31/2016, Land	15,550,260
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	70,862,581
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	86,412,841
Accumulated Depreciation	(21,083,205)
Investment in Real Estate Net	65,329,636
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Walden Park [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Cambridge, MA
Real Estate And Accumulated Depreciation Units	232
Initial Cost to Company, Land	$ 12,448,888
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	52,044,448
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	4,033,426
Gross Amount Carried at close of period 12/31/2016, Land	12,448,888
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	56,077,874
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	68,526,762
Accumulated Depreciation	(15,551,486)
Investment in Real Estate Net	52,975,276
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Water Park Towers [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Arlington, VA
Real Estate And Accumulated Depreciation Units	362
Initial Cost to Company, Land	$ 34,400,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	108,485,859
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	6,380,938
Gross Amount Carried at close of period 12/31/2016, Land	34,400,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	114,866,797
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	149,266,797
Accumulated Depreciation	(20,648,479)
Investment in Real Estate Net	128,618,318
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Watertown Square [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Watertown, MA
Real Estate And Accumulated Depreciation Units	134
Initial Cost to Company, Land	$ 16,800,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	34,074,056
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	1,145,350
Gross Amount Carried at close of period 12/31/2016, Land	16,800,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	35,219,406
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	52,019,406
Accumulated Depreciation	(6,303,140)
Investment in Real Estate Net	45,716,266
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
West 96th [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	New York, NY
Real Estate And Accumulated Depreciation Units	207
Initial Cost to Company, Land	$ 84,800,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	67,055,502
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	4,128,963
Gross Amount Carried at close of period 12/31/2016, Land	84,800,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	71,184,465
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	155,984,465
Accumulated Depreciation	(15,247,357)
Investment in Real Estate Net	140,737,108
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
West End Apartments (fka Emerson Place/ CRP II) [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Boston, MA
Real Estate And Accumulated Depreciation Units	310
Initial Cost to Company, Land	$ 469,546
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	163,123,022
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	2,430,837
Gross Amount Carried at close of period 12/31/2016, Land	469,546
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	165,553,859
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	166,023,405
Accumulated Depreciation	(50,041,771)
Investment in Real Estate Net	115,981,634
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Westchester at Rockville [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Rockville, MD
Real Estate And Accumulated Depreciation Units	192
Initial Cost to Company, Land	$ 10,600,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	44,135,207
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	467,221
Gross Amount Carried at close of period 12/31/2016, Land	10,600,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	44,602,428
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	55,202,428
Accumulated Depreciation	(8,102,186)
Investment in Real Estate Net	47,100,242
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Westmont [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	New York, NY
Real Estate And Accumulated Depreciation Units	163
Initial Cost to Company, Land	$ 64,900,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	61,143,259
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	2,222,721
Gross Amount Carried at close of period 12/31/2016, Land	64,900,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	63,365,980
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	128,265,980
Accumulated Depreciation	(12,146,404)
Investment in Real Estate Net	116,119,576
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Westside [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Los Angeles, CA
Real Estate And Accumulated Depreciation Units	204
Initial Cost to Company, Land	$ 34,200,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	56,962,630
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	2,395,974
Gross Amount Carried at close of period 12/31/2016, Land	34,200,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	59,358,604
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	93,558,604
Accumulated Depreciation	(10,435,607)
Investment in Real Estate Net	83,122,997
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Westside Barrington (fka Westside Villas III) [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Los Angeles, CA
Real Estate And Accumulated Depreciation Units	36
Initial Cost to Company, Land	$ 3,060,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	5,538,871
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	839,038
Gross Amount Carried at close of period 12/31/2016, Land	3,060,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	6,377,909
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	9,437,909
Accumulated Depreciation	(3,354,957)
Investment in Real Estate Net	6,082,952
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Westside Barry (fka Westside Villas VI) [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Los Angeles, CA
Real Estate And Accumulated Depreciation Units	18
Initial Cost to Company, Land	$ 1,530,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	3,023,523
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	547,484
Gross Amount Carried at close of period 12/31/2016, Land	1,530,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	3,571,007
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	5,101,007
Accumulated Depreciation	(1,914,301)
Investment in Real Estate Net	3,186,706
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Westside Beloit (fka Westside Villas I) [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Los Angeles, CA
Real Estate And Accumulated Depreciation Units	21
Initial Cost to Company, Land	$ 1,785,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	3,233,254
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	589,475
Gross Amount Carried at close of period 12/31/2016, Land	1,785,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	3,822,729
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	5,607,729
Accumulated Depreciation	(2,090,807)
Investment in Real Estate Net	3,516,922
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Westside Bundy (fka Westside Villas II) [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Los Angeles, CA
Real Estate And Accumulated Depreciation Units	23
Initial Cost to Company, Land	$ 1,955,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	3,541,435
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	542,370
Gross Amount Carried at close of period 12/31/2016, Land	1,955,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	4,083,805
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	6,038,805
Accumulated Depreciation	(2,154,240)
Investment in Real Estate Net	3,884,565
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Westside Butler (fka Westside Villas IV) [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Los Angeles, CA
Real Estate And Accumulated Depreciation Units	36
Initial Cost to Company, Land	$ 3,060,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	5,539,390
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	838,212
Gross Amount Carried at close of period 12/31/2016, Land	3,060,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	6,377,602
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	9,437,602
Accumulated Depreciation	(3,356,464)
Investment in Real Estate Net	6,081,138
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Westside Villas (fka Westside Villas V & VII) [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Los Angeles, CA
Real Estate And Accumulated Depreciation Units	113
Initial Cost to Company, Land	$ 9,605,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	19,983,385
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	2,301,916
Gross Amount Carried at close of period 12/31/2016, Land	9,605,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	22,285,301
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	31,890,301
Accumulated Depreciation	(11,417,791)
Investment in Real Estate Net	20,472,510
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Windridge (CA) [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Laguna Niguel, CA
Real Estate And Accumulated Depreciation Units	344
Initial Cost to Company, Land	$ 2,662,900
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	23,985,497
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	9,609,243
Gross Amount Carried at close of period 12/31/2016, Land	2,662,900
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	33,594,740
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	36,257,640
Accumulated Depreciation	(24,492,262)
Investment in Real Estate Net	11,765,378
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Wood Creek I [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Pleasant Hill, CA
Real Estate And Accumulated Depreciation Units	256
Initial Cost to Company, Land	$ 9,729,900
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	23,009,768
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	6,948,103
Gross Amount Carried at close of period 12/31/2016, Land	9,729,900
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	29,957,871
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	39,687,771
Accumulated Depreciation	(20,466,696)
Investment in Real Estate Net	19,221,075
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Management Business [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Chicago, IL
Real Estate And Accumulated Depreciation Units	0
Initial Cost to Company, Land	$ 0
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	0
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	110,281,527
Gross Amount Carried at close of period 12/31/2016, Land	0
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	110,281,527
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	110,281,527
Accumulated Depreciation	(86,786,203)
Investment in Real Estate Net	23,495,324
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Operating Partnership [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Chicago, IL
Real Estate And Accumulated Depreciation Units	0
Initial Cost to Company, Land	$ 0
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	25,724
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	0
Gross Amount Carried at close of period 12/31/2016, Land	0
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	25,724
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	25,724
Accumulated Depreciation	0
Investment in Real Estate Net	25,724
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Other
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	N/A
Real Estate And Accumulated Depreciation Units	0
Initial Cost to Company, Land	$ 0
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	0
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	51,888
Gross Amount Carried at close of period 12/31/2016, Land	0
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	51,888
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	51,888
Accumulated Depreciation	(3,279)
Investment in Real Estate Net	48,609
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Investment in Real Estate - Wholly Owned Unencumbered [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Units	52,102
Initial Cost to Company, Land	$ 4,477,036,244
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	13,029,648,911
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	941,634,623
Gross Amount Carried at close of period 12/31/2016, Land	4,477,036,244
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	13,971,283,534
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	18,448,319,778
Accumulated Depreciation	(3,651,990,171)
Investment in Real Estate Net	14,796,329,607
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
101 West End [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	New York, NY
Real Estate And Accumulated Depreciation Units	506
Initial Cost to Company, Land	$ 190,600,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	131,374,708
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	3,789,525
Gross Amount Carried at close of period 12/31/2016, Land	190,600,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	135,164,233
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	325,764,233
Accumulated Depreciation	(29,116,644)
Investment in Real Estate Net	296,647,589
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 105,541,770
Joyce On Pentagon Row 1401 [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Arlington, VA
Real Estate And Accumulated Depreciation Units	326
Initial Cost to Company, Land	$ 9,780,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	89,668,165
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	4,067,409
Gross Amount Carried at close of period 12/31/2016, Land	9,780,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	93,735,574
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	103,515,574
Accumulated Depreciation	(28,321,732)
Investment in Real Estate Net	75,193,842
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 57,324,952
2501 Porter [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Washington, D.C.
Real Estate And Accumulated Depreciation Units	202
Initial Cost to Company, Land	$ 13,000,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	75,271,179
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	2,836,196
Gross Amount Carried at close of period 12/31/2016, Land	13,000,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	78,107,375
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	91,107,375
Accumulated Depreciation	(13,691,308)
Investment in Real Estate Net	$ 77,416,067
Real Estate And Accumulated Depreciation, Encumbrances Reference	(K)
300 East 39th [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	New York, NY
Real Estate And Accumulated Depreciation Units	254
Initial Cost to Company, Land	$ 48,900,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	96,174,639
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	2,284,116
Gross Amount Carried at close of period 12/31/2016, Land	48,900,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	98,458,755
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	147,358,755
Accumulated Depreciation	(18,157,350)
Investment in Real Estate Net	129,201,405
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 59,763,098
303 East 83rd (fka Camargue) [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	New York, NY
Real Estate And Accumulated Depreciation Units	261
Initial Cost to Company, Land	$ 79,400,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	79,122,624
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	2,200,064
Gross Amount Carried at close of period 12/31/2016, Land	79,400,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	81,322,688
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	160,722,688
Accumulated Depreciation	(16,079,870)
Investment in Real Estate Net	$ 144,642,818
Real Estate And Accumulated Depreciation, Encumbrances Reference	(K)
425 Broadway [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Santa Monica, CA
Real Estate And Accumulated Depreciation Units	101
Initial Cost to Company, Land	$ 12,600,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	34,394,772
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	2,855,350
Gross Amount Carried at close of period 12/31/2016, Land	12,600,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	37,250,122
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	49,850,122
Accumulated Depreciation	(6,449,425)
Investment in Real Estate Net	$ 43,400,697
Real Estate And Accumulated Depreciation, Encumbrances Reference	(K)
4701 Willard Ave [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Chevy Chase, MD
Real Estate And Accumulated Depreciation Units	517
Initial Cost to Company, Land	$ 76,921,130
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	153,947,682
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	29,256,068
Gross Amount Carried at close of period 12/31/2016, Land	76,921,130
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	183,203,750
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	260,124,880
Accumulated Depreciation	(41,887,641)
Investment in Real Estate Net	218,237,239
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 92,377,799
55 West Fifth I & II [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	San Mateo, CA
Real Estate And Accumulated Depreciation Units	241
Initial Cost to Company, Land	$ 21,041,710
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	71,931,323
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	11,437,590
Gross Amount Carried at close of period 12/31/2016, Land	21,041,710
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	83,368,913
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	104,410,623
Accumulated Depreciation	(17,523,868)
Investment in Real Estate Net	86,886,755
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 27,229,091
800 Sixth Ave (fka Chelsea) [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	New York, NY
Real Estate And Accumulated Depreciation Units	266
Initial Cost to Company, Land	$ 59,900,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	155,861,605
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	1,300,274
Gross Amount Carried at close of period 12/31/2016, Land	59,900,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	157,161,879
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	217,061,879
Accumulated Depreciation	(27,296,410)
Investment in Real Estate Net	189,765,469
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 76,708,911
929 Mass (fka 929 House) [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Cambridge, MA
Real Estate And Accumulated Depreciation Units	127
Initial Cost to Company, Land	$ 3,252,993
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	21,745,595
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	6,246,692
Gross Amount Carried at close of period 12/31/2016, Land	3,252,993
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	27,992,287
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	31,245,280
Accumulated Depreciation	(16,141,485)
Investment in Real Estate Net	15,103,795
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 1,007,468
Academy Village [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	North Hollywood, CA
Real Estate And Accumulated Depreciation Units	248
Initial Cost to Company, Land	$ 25,000,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	23,593,194
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	8,049,828
Gross Amount Carried at close of period 12/31/2016, Land	25,000,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	31,643,022
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	56,643,022
Accumulated Depreciation	(16,858,183)
Investment in Real Estate Net	39,784,839
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 19,946,425
Acappella [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Pasadena, CA
Real Estate And Accumulated Depreciation Units	143
Initial Cost to Company, Land	$ 5,839,548
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	29,360,452
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	1,816,839
Gross Amount Carried at close of period 12/31/2016, Land	5,839,548
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	31,177,291
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	37,016,839
Accumulated Depreciation	(8,938,860)
Investment in Real Estate Net	28,077,979
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 19,213,624
Alborada [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Fremont, CA
Real Estate And Accumulated Depreciation Units	442
Initial Cost to Company, Land	$ 24,310,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	59,214,129
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	7,336,822
Gross Amount Carried at close of period 12/31/2016, Land	24,310,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	66,550,951
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	90,860,951
Accumulated Depreciation	(36,408,710)
Investment in Real Estate Net	$ 54,452,241
Real Estate And Accumulated Depreciation, Encumbrances Reference	(I)
Alcyone [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Seattle, WA
Real Estate And Accumulated Depreciation Units	161
Initial Cost to Company, Land	$ 11,379,497
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	49,360,503
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	560,007
Gross Amount Carried at close of period 12/31/2016, Land	11,379,497
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	49,920,510
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	61,300,007
Accumulated Depreciation	(5,595,873)
Investment in Real Estate Net	55,704,134
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 28,675,325
Arches, The [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Sunnyvale, CA
Real Estate And Accumulated Depreciation Units	410
Initial Cost to Company, Land	$ 26,650,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	62,850,000
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	1,319,564
Gross Amount Carried at close of period 12/31/2016, Land	26,650,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	64,169,564
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	90,819,564
Accumulated Depreciation	(18,676,294)
Investment in Real Estate Net	$ 72,143,270
Real Estate And Accumulated Depreciation, Encumbrances Reference	(J)
Artisan Square [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Northridge, CA
Real Estate And Accumulated Depreciation Units	140
Initial Cost to Company, Land	$ 7,000,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	20,537,359
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	1,314,168
Gross Amount Carried at close of period 12/31/2016, Land	7,000,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	21,851,527
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	28,851,527
Accumulated Depreciation	(10,748,443)
Investment in Real Estate Net	18,103,084
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 22,749,081
Avanti [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Anaheim, CA
Real Estate And Accumulated Depreciation Units	162
Initial Cost to Company, Land	$ 12,960,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	18,497,682
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	2,706,778
Gross Amount Carried at close of period 12/31/2016, Land	12,960,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	21,204,460
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	34,164,460
Accumulated Depreciation	(8,619,700)
Investment in Real Estate Net	25,544,760
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 25,005,850
Avenir [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Boston, MA
Real Estate And Accumulated Depreciation Units	241
Initial Cost to Company, Land	$ 0
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	114,321,618
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	1,416,319
Gross Amount Carried at close of period 12/31/2016, Land	0
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	115,737,937
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	115,737,937
Accumulated Depreciation	(20,055,604)
Investment in Real Estate Net	95,682,333
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 90,544,765
Bella Vista Apartments at Boca Del Mar [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Woodland Hills, CA
Real Estate And Accumulated Depreciation Units	579
Initial Cost to Company, Land	$ 31,682,754
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	121,095,786
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	4,165,480
Gross Amount Carried at close of period 12/31/2016, Land	31,682,754
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	125,261,266
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	156,944,020
Accumulated Depreciation	(49,400,072)
Investment in Real Estate Net	107,543,948
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 57,848,455
Berkeleyan [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Berkeley, CA
Real Estate And Accumulated Depreciation Units	56
Initial Cost to Company, Land	$ 4,377,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	16,022,110
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	360,831
Gross Amount Carried at close of period 12/31/2016, Land	4,377,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	16,382,941
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	20,759,941
Accumulated Depreciation	(6,147,451)
Investment in Real Estate Net	14,612,490
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 8,188,077
Calvert Woodley [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Washington, D.C.
Real Estate And Accumulated Depreciation Units	136
Initial Cost to Company, Land	$ 12,600,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	43,527,379
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	1,869,918
Gross Amount Carried at close of period 12/31/2016, Land	12,600,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	45,397,297
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	57,997,297
Accumulated Depreciation	(8,314,350)
Investment in Real Estate Net	$ 49,682,947
Real Estate And Accumulated Depreciation, Encumbrances Reference	(K)
Carmel Terrace [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	San Diego, CA
Real Estate And Accumulated Depreciation Units	384
Initial Cost to Company, Land	$ 2,288,300
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	20,596,281
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	11,662,759
Gross Amount Carried at close of period 12/31/2016, Land	2,288,300
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	32,259,040
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	34,547,340
Accumulated Depreciation	(25,490,481)
Investment in Real Estate Net	$ 9,056,859
Real Estate And Accumulated Depreciation, Encumbrances Reference	(J)
Chelsea Square [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Redmond, WA
Real Estate And Accumulated Depreciation Units	113
Initial Cost to Company, Land	$ 3,397,100
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	9,289,074
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	2,167,212
Gross Amount Carried at close of period 12/31/2016, Land	3,397,100
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	11,456,286
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	14,853,386
Accumulated Depreciation	(7,244,601)
Investment in Real Estate Net	7,608,785
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 9,205,288
Citrus Suites [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Santa Monica, CA
Real Estate And Accumulated Depreciation Units	70
Initial Cost to Company, Land	$ 9,000,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	16,950,326
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	1,623,844
Gross Amount Carried at close of period 12/31/2016, Land	9,000,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	18,574,170
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	27,574,170
Accumulated Depreciation	(3,264,484)
Investment in Real Estate Net	$ 24,309,686
Real Estate And Accumulated Depreciation, Encumbrances Reference	(K)
Cleveland House [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Washington, D.C.
Real Estate And Accumulated Depreciation Units	214
Initial Cost to Company, Land	$ 18,300,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	66,392,414
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	3,359,210
Gross Amount Carried at close of period 12/31/2016, Land	18,300,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	69,751,624
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	88,051,624
Accumulated Depreciation	(12,463,465)
Investment in Real Estate Net	$ 75,588,159
Real Estate And Accumulated Depreciation, Encumbrances Reference	(K)
Columbia Crossing [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Arlington, VA
Real Estate And Accumulated Depreciation Units	247
Initial Cost to Company, Land	$ 23,500,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	53,045,073
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	2,467,048
Gross Amount Carried at close of period 12/31/2016, Land	23,500,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	55,512,121
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	79,012,121
Accumulated Depreciation	(10,603,755)
Investment in Real Estate Net	$ 68,408,366
Real Estate And Accumulated Depreciation, Encumbrances Reference	(K)
Deerwood (SD) [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	San Diego, CA
Real Estate And Accumulated Depreciation Units	316
Initial Cost to Company, Land	$ 2,082,095
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	18,739,815
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	14,552,126
Gross Amount Carried at close of period 12/31/2016, Land	2,082,095
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	33,291,941
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	35,374,036
Accumulated Depreciation	(26,781,646)
Investment in Real Estate Net	$ 8,592,390
Real Estate And Accumulated Depreciation, Encumbrances Reference	(J)
DelMarRidge [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	San Diego, CA
Real Estate And Accumulated Depreciation Units	181
Initial Cost to Company, Land	$ 7,801,824
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	36,948,176
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	3,554,417
Gross Amount Carried at close of period 12/31/2016, Land	7,801,824
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	40,502,593
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	48,304,417
Accumulated Depreciation	(13,227,515)
Investment in Real Estate Net	35,076,902
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 39,472,029
Estancia at Santa Clara (fka Santa Clara) [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Santa Clara, CA
Real Estate And Accumulated Depreciation Units	450
Initial Cost to Company, Land	$ 0
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	123,759,804
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	907,589
Gross Amount Carried at close of period 12/31/2016, Land	0
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	124,667,393
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	124,667,393
Accumulated Depreciation	(22,844,872)
Investment in Real Estate Net	$ 101,822,521
Real Estate And Accumulated Depreciation, Encumbrances Reference	(K)
Fairchase [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Fairfax, VA
Real Estate And Accumulated Depreciation Units	392
Initial Cost to Company, Land	$ 23,500,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	87,722,321
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	791,751
Gross Amount Carried at close of period 12/31/2016, Land	23,500,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	88,514,072
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	112,014,072
Accumulated Depreciation	(15,478,802)
Investment in Real Estate Net	$ 96,535,270
Real Estate And Accumulated Depreciation, Encumbrances Reference	(K)
Fairfield [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Stamford, CT
Real Estate And Accumulated Depreciation Units	263
Initial Cost to Company, Land	$ 6,510,200
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	39,690,120
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	7,374,368
Gross Amount Carried at close of period 12/31/2016, Land	6,510,200
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	47,064,488
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	53,574,688
Accumulated Depreciation	(30,942,121)
Investment in Real Estate Net	22,632,567
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 31,281,223
Fine Arts Building [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Berkeley, CA
Real Estate And Accumulated Depreciation Units	100
Initial Cost to Company, Land	$ 7,817,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	26,462,772
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	335,849
Gross Amount Carried at close of period 12/31/2016, Land	7,817,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	26,798,621
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	34,615,621
Accumulated Depreciation	(9,960,485)
Investment in Real Estate Net	24,655,136
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 16,055,441
Flats at DuPont Circle [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Washington, D.C.
Real Estate And Accumulated Depreciation Units	306
Initial Cost to Company, Land	$ 35,200,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	108,768,198
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	891,807
Gross Amount Carried at close of period 12/31/2016, Land	35,200,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	109,660,005
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	144,860,005
Accumulated Depreciation	(18,523,867)
Investment in Real Estate Net	$ 126,336,138
Real Estate And Accumulated Depreciation, Encumbrances Reference	(K)
Gaia Building [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Berkeley, CA
Real Estate And Accumulated Depreciation Units	91
Initial Cost to Company, Land	$ 7,113,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	25,623,826
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	253,313
Gross Amount Carried at close of period 12/31/2016, Land	7,113,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	25,877,139
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	32,990,139
Accumulated Depreciation	(9,605,521)
Investment in Real Estate Net	23,384,618
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 14,492,793
Gaithersburg Station [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Gaithersburg, MD
Real Estate And Accumulated Depreciation Units	389
Initial Cost to Company, Land	$ 17,500,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	74,678,917
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	580,456
Gross Amount Carried at close of period 12/31/2016, Land	17,500,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	75,259,373
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	92,759,373
Accumulated Depreciation	(12,410,304)
Investment in Real Estate Net	80,349,069
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 96,542,458
Glo [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Los Angeles, CA
Real Estate And Accumulated Depreciation Units	201
Initial Cost to Company, Land	$ 16,047,022
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	48,650,963
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	1,928,600
Gross Amount Carried at close of period 12/31/2016, Land	16,047,022
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	50,579,563
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	66,626,585
Accumulated Depreciation	(12,285,651)
Investment in Real Estate Net	54,340,934
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 31,863,038
Hathaway [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Long Beach, CA
Real Estate And Accumulated Depreciation Units	385
Initial Cost to Company, Land	$ 2,512,500
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	22,611,912
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	8,822,118
Gross Amount Carried at close of period 12/31/2016, Land	2,512,500
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	31,434,030
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	33,946,530
Accumulated Depreciation	(23,107,759)
Investment in Real Estate Net	10,838,771
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 46,464,853
Heights on Capitol Hill [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Seattle, WA
Real Estate And Accumulated Depreciation Units	104
Initial Cost to Company, Land	$ 5,425,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	21,138,028
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	561,221
Gross Amount Carried at close of period 12/31/2016, Land	5,425,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	21,699,249
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	27,124,249
Accumulated Depreciation	(8,325,174)
Investment in Real Estate Net	18,799,075
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 25,879,145
Kelvin Court (fka Alta Pacific) [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Irvine, CA
Real Estate And Accumulated Depreciation Units	132
Initial Cost to Company, Land	$ 10,752,145
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	34,628,115
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	487,960
Gross Amount Carried at close of period 12/31/2016, Land	10,752,145
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	35,116,075
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	45,868,220
Accumulated Depreciation	(10,739,451)
Investment in Real Estate Net	35,128,769
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 26,218,004
Kenwood Mews [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Burbank, CA
Real Estate And Accumulated Depreciation Units	141
Initial Cost to Company, Land	$ 14,100,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	24,662,883
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	3,432,035
Gross Amount Carried at close of period 12/31/2016, Land	14,100,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	28,094,918
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	42,194,918
Accumulated Depreciation	(11,624,548)
Investment in Real Estate Net	$ 30,570,370
Real Estate And Accumulated Depreciation, Encumbrances Reference	(J)
La Terrazza at Colma Station [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Colma, CA
Real Estate And Accumulated Depreciation Units	153
Initial Cost to Company, Land	$ 0
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	41,251,044
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	759,840
Gross Amount Carried at close of period 12/31/2016, Land	0
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	42,010,884
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	42,010,884
Accumulated Depreciation	(15,478,760)
Investment in Real Estate Net	26,532,124
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 24,976,920
Laguna Clara [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Santa Clara, CA
Real Estate And Accumulated Depreciation Units	264
Initial Cost to Company, Land	$ 13,642,420
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	29,707,475
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	4,774,728
Gross Amount Carried at close of period 12/31/2016, Land	13,642,420
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	34,482,203
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	48,124,623
Accumulated Depreciation	(17,151,836)
Investment in Real Estate Net	$ 30,972,787
Real Estate And Accumulated Depreciation, Encumbrances Reference	(J)
Liberty Park [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Braintree, MA
Real Estate And Accumulated Depreciation Units	202
Initial Cost to Company, Land	$ 5,977,504
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	26,749,111
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	5,895,100
Gross Amount Carried at close of period 12/31/2016, Land	5,977,504
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	32,644,211
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	38,621,715
Accumulated Depreciation	(15,657,977)
Investment in Real Estate Net	22,963,738
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 24,947,516
Liberty Tower [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Arlington, VA
Real Estate And Accumulated Depreciation Units	235
Initial Cost to Company, Land	$ 16,382,822
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	83,817,078
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	1,647,551
Gross Amount Carried at close of period 12/31/2016, Land	16,382,822
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	85,464,629
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	101,847,451
Accumulated Depreciation	(23,410,128)
Investment in Real Estate Net	78,437,323
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 44,696,782
Longview Place [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Waltham, MA
Real Estate And Accumulated Depreciation Units	348
Initial Cost to Company, Land	$ 20,880,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	90,255,509
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	4,693,142
Gross Amount Carried at close of period 12/31/2016, Land	20,880,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	94,948,651
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	115,828,651
Accumulated Depreciation	(38,397,081)
Investment in Real Estate Net	77,431,570
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 70,777,791
Market Street Village [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	San Diego, CA
Real Estate And Accumulated Depreciation Units	229
Initial Cost to Company, Land	$ 13,740,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	40,757,301
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	1,957,762
Gross Amount Carried at close of period 12/31/2016, Land	13,740,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	42,715,063
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	56,455,063
Accumulated Depreciation	(16,545,350)
Investment in Real Estate Net	$ 39,909,713
Real Estate And Accumulated Depreciation, Encumbrances Reference	(J)
Metro on First [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Seattle, WA
Real Estate And Accumulated Depreciation Units	102
Initial Cost to Company, Land	$ 8,540,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	12,209,981
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	1,040,629
Gross Amount Carried at close of period 12/31/2016, Land	8,540,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	13,250,610
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	21,790,610
Accumulated Depreciation	(5,406,375)
Investment in Real Estate Net	16,384,235
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 22,622,379
Mill Creek [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Milpitas, CA
Real Estate And Accumulated Depreciation Units	516
Initial Cost to Company, Land	$ 12,858,693
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	57,168,503
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	9,258,516
Gross Amount Carried at close of period 12/31/2016, Land	12,858,693
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	66,427,019
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	79,285,712
Accumulated Depreciation	(30,949,901)
Investment in Real Estate Net	48,335,811
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 69,242,252
Moda [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Seattle, WA
Real Estate And Accumulated Depreciation Units	251
Initial Cost to Company, Land	$ 12,649,228
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	36,842,012
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	875,933
Gross Amount Carried at close of period 12/31/2016, Land	12,649,228
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	37,717,945
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	50,367,173
Accumulated Depreciation	(11,291,703)
Investment in Real Estate Net	$ 39,075,470
Real Estate And Accumulated Depreciation, Encumbrances Reference	(L)
Montierra (CA) [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	San Diego, CA
Real Estate And Accumulated Depreciation Units	272
Initial Cost to Company, Land	$ 8,160,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	29,360,938
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	7,732,818
Gross Amount Carried at close of period 12/31/2016, Land	8,160,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	37,093,756
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	45,253,756
Accumulated Depreciation	(22,969,702)
Investment in Real Estate Net	$ 22,284,054
Real Estate And Accumulated Depreciation, Encumbrances Reference	(J)
Mosaic at Metro [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Hyattsville, MD
Real Estate And Accumulated Depreciation Units	260
Initial Cost to Company, Land	$ 0
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	59,580,898
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	813,248
Gross Amount Carried at close of period 12/31/2016, Land	0
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	60,394,146
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	60,394,146
Accumulated Depreciation	(17,426,612)
Investment in Real Estate Net	42,967,534
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 42,327,373
North Pier at Harborside [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Jersey City, NJ
Real Estate And Accumulated Depreciation Units	297
Initial Cost to Company, Land	$ 4,000,159
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	94,290,590
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	3,486,749
Gross Amount Carried at close of period 12/31/2016, Land	4,000,159
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	97,777,339
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	101,777,498
Accumulated Depreciation	(42,656,500)
Investment in Real Estate Net	$ 59,120,998
Real Estate And Accumulated Depreciation, Encumbrances Reference	(I)
Olympus Towers [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Seattle, WA
Real Estate And Accumulated Depreciation Units	328
Initial Cost to Company, Land	$ 14,752,034
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	73,335,425
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	8,245,007
Gross Amount Carried at close of period 12/31/2016, Land	14,752,034
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	81,580,432
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	96,332,466
Accumulated Depreciation	(36,690,596)
Investment in Real Estate Net	59,641,870
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 49,754,197
Park Place at San Mateo (fka San Mateo) [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	San Mateo, CA
Real Estate And Accumulated Depreciation Units	575
Initial Cost to Company, Land	$ 71,900,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	211,907,141
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	9,695,764
Gross Amount Carried at close of period 12/31/2016, Land	71,900,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	221,602,905
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	293,502,905
Accumulated Depreciation	(39,044,321)
Investment in Real Estate Net	$ 254,458,584
Real Estate And Accumulated Depreciation, Encumbrances Reference	(K)
Providence [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Bothell, WA
Real Estate And Accumulated Depreciation Units	200
Initial Cost to Company, Land	$ 3,573,621
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	19,055,505
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	1,328,617
Gross Amount Carried at close of period 12/31/2016, Land	3,573,621
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	20,384,122
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	23,957,743
Accumulated Depreciation	(9,481,448)
Investment in Real Estate Net	$ 14,476,295
Real Estate And Accumulated Depreciation, Encumbrances Reference	(I)
Reserve at Clarendon Centre, The [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Arlington, VA
Real Estate And Accumulated Depreciation Units	252
Initial Cost to Company, Land	$ 10,500,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	52,812,935
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	4,133,203
Gross Amount Carried at close of period 12/31/2016, Land	10,500,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	56,946,138
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	67,446,138
Accumulated Depreciation	(26,559,665)
Investment in Real Estate Net	$ 40,886,473
Real Estate And Accumulated Depreciation, Encumbrances Reference	(J)
Reserve at Eisenhower, The [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Alexandria, VA
Real Estate And Accumulated Depreciation Units	226
Initial Cost to Company, Land	$ 6,500,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	34,585,060
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	2,771,158
Gross Amount Carried at close of period 12/31/2016, Land	6,500,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	37,356,218
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	43,856,218
Accumulated Depreciation	(17,817,428)
Investment in Real Estate Net	$ 26,038,790
Real Estate And Accumulated Depreciation, Encumbrances Reference	(J)
Reserve at Empire Lakes [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Rancho Cucamonga, CA
Real Estate And Accumulated Depreciation Units	467
Initial Cost to Company, Land	$ 16,345,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	73,080,670
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	2,674,707
Gross Amount Carried at close of period 12/31/2016, Land	16,345,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	75,755,377
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	92,100,377
Accumulated Depreciation	(31,075,305)
Investment in Real Estate Net	$ 61,025,072
Real Estate And Accumulated Depreciation, Encumbrances Reference	(I)
Reserve at Fairfax Corners [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Fairfax, VA
Real Estate And Accumulated Depreciation Units	652
Initial Cost to Company, Land	$ 15,804,057
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	63,129,051
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	10,544,380
Gross Amount Carried at close of period 12/31/2016, Land	15,804,057
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	73,673,431
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	89,477,488
Accumulated Depreciation	(35,713,995)
Investment in Real Estate Net	53,763,493
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 84,636,440
Rianna II [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Seattle, WA
Real Estate And Accumulated Depreciation Units	78
Initial Cost to Company, Land	$ 2,161,840
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	14,433,614
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	335,207
Gross Amount Carried at close of period 12/31/2016, Land	2,161,840
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	14,768,821
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	16,930,661
Accumulated Depreciation	(4,665,753)
Investment in Real Estate Net	12,264,908
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 9,179,918
Siena Terrace [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Lake Forest, CA
Real Estate And Accumulated Depreciation Units	356
Initial Cost to Company, Land	$ 8,900,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	24,083,024
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	6,960,564
Gross Amount Carried at close of period 12/31/2016, Land	8,900,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	31,043,588
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	39,943,588
Accumulated Depreciation	(18,827,023)
Investment in Real Estate Net	21,116,565
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 64,374,172
Skyview [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Rancho Santa Margarita, CA
Real Estate And Accumulated Depreciation Units	260
Initial Cost to Company, Land	$ 3,380,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	21,952,863
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	5,142,411
Gross Amount Carried at close of period 12/31/2016, Land	3,380,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	27,095,274
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	30,475,274
Accumulated Depreciation	(15,457,341)
Investment in Real Estate Net	15,017,933
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 47,170,890
SoMa Square Apartments (fka South Market) [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	San Francisco, CA
Real Estate And Accumulated Depreciation Units	410
Initial Cost to Company, Land	$ 79,900,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	177,316,977
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	5,784,763
Gross Amount Carried at close of period 12/31/2016, Land	79,900,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	183,101,740
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	263,001,740
Accumulated Depreciation	(31,584,442)
Investment in Real Estate Net	$ 231,417,298
Real Estate And Accumulated Depreciation, Encumbrances Reference	(K)
Square One [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Seattle, WA
Real Estate And Accumulated Depreciation Units	112
Initial Cost to Company, Land	$ 7,222,544
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	26,277,456
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	18,949
Gross Amount Carried at close of period 12/31/2016, Land	7,222,544
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	26,296,405
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	33,518,949
Accumulated Depreciation	(3,222,469)
Investment in Real Estate Net	$ 30,296,480
Real Estate And Accumulated Depreciation, Encumbrances Reference	(L)
Summerset Village [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Chatsworth, CA
Real Estate And Accumulated Depreciation Units	280
Initial Cost to Company, Land	$ 2,629,804
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	23,670,889
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	7,407,026
Gross Amount Carried at close of period 12/31/2016, Land	2,629,804
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	31,077,915
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	33,707,719
Accumulated Depreciation	(21,189,393)
Investment in Real Estate Net	12,518,326
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 37,994,251
Talleyrand [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Tarrytown, NY
Real Estate And Accumulated Depreciation Units	300
Initial Cost to Company, Land	$ 12,000,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	49,838,160
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	5,280,338
Gross Amount Carried at close of period 12/31/2016, Land	12,000,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	55,118,498
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	67,118,498
Accumulated Depreciation	(29,826,719)
Investment in Real Estate Net	37,291,779
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 34,794,181
Teresina [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Chula Vista, CA
Real Estate And Accumulated Depreciation Units	440
Initial Cost to Company, Land	$ 28,600,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	61,916,670
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	3,924,692
Gross Amount Carried at close of period 12/31/2016, Land	28,600,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	65,841,362
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	94,441,362
Accumulated Depreciation	(27,199,505)
Investment in Real Estate Net	67,241,857
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 39,353,690
Toscana [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Irvine, CA
Real Estate And Accumulated Depreciation Units	563
Initial Cost to Company, Land	$ 39,410,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	50,806,072
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	13,015,608
Gross Amount Carried at close of period 12/31/2016, Land	39,410,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	63,821,680
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	103,231,680
Accumulated Depreciation	(35,049,666)
Investment in Real Estate Net	68,182,014
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 98,021,589
Touriel Building [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Berkeley, CA
Real Estate And Accumulated Depreciation Units	35
Initial Cost to Company, Land	$ 2,736,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	7,810,027
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	178,396
Gross Amount Carried at close of period 12/31/2016, Land	2,736,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	7,988,423
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	10,724,423
Accumulated Depreciation	(3,056,587)
Investment in Real Estate Net	7,667,836
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 4,965,054
Town Square at Mark Center I (fka Millbrook I) [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Alexandria, VA
Real Estate And Accumulated Depreciation Units	406
Initial Cost to Company, Land	$ 24,360,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	86,178,714
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	5,090,465
Gross Amount Carried at close of period 12/31/2016, Land	24,360,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	91,269,179
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	115,629,179
Accumulated Depreciation	(37,802,676)
Investment in Real Estate Net	77,826,503
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 60,195,391
Vantage Hollywood [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Los Angeles, CA
Real Estate And Accumulated Depreciation Units	298
Initial Cost to Company, Land	$ 42,580,326
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	56,014,674
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	126,527
Gross Amount Carried at close of period 12/31/2016, Land	42,580,326
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	56,141,201
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	98,721,527
Accumulated Depreciation	(5,287,978)
Investment in Real Estate Net	93,433,549
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 42,297,038
Versailles [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Woodland Hills, CA
Real Estate And Accumulated Depreciation Units	253
Initial Cost to Company, Land	$ 12,650,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	33,656,292
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	6,676,131
Gross Amount Carried at close of period 12/31/2016, Land	12,650,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	40,332,423
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	52,982,423
Accumulated Depreciation	(19,770,723)
Investment in Real Estate Net	33,211,700
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 30,337,321
Versailles (K-Town) [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Los Angeles, CA
Real Estate And Accumulated Depreciation Units	225
Initial Cost to Company, Land	$ 10,590,975
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	44,409,025
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	1,443,140
Gross Amount Carried at close of period 12/31/2016, Land	10,590,975
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	45,852,165
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	56,443,140
Accumulated Depreciation	(14,149,083)
Investment in Real Estate Net	42,294,057
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 45,950,109
Victor on Venice [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Los Angeles, CA
Real Estate And Accumulated Depreciation Units	115
Initial Cost to Company, Land	$ 10,350,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	35,433,437
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	651,436
Gross Amount Carried at close of period 12/31/2016, Land	10,350,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	36,084,873
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	46,434,873
Accumulated Depreciation	(13,516,691)
Investment in Real Estate Net	$ 32,918,182
Real Estate And Accumulated Depreciation, Encumbrances Reference	(J)
Vintage [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Ontario, CA
Real Estate And Accumulated Depreciation Units	300
Initial Cost to Company, Land	$ 7,059,230
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	47,677,762
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	991,090
Gross Amount Carried at close of period 12/31/2016, Land	7,059,230
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	48,668,852
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	55,728,082
Accumulated Depreciation	(18,740,063)
Investment in Real Estate Net	36,988,019
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 32,972,257
Vintage at 425 Broadway (fka Promenade) [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Santa Monica, CA
Real Estate And Accumulated Depreciation Units	58
Initial Cost to Company, Land	$ 9,000,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	13,961,523
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	1,059,233
Gross Amount Carried at close of period 12/31/2016, Land	9,000,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	15,020,756
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	24,020,756
Accumulated Depreciation	(2,968,658)
Investment in Real Estate Net	$ 21,052,098
Real Estate And Accumulated Depreciation, Encumbrances Reference	(K)
West 54th [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	New York, NY
Real Estate And Accumulated Depreciation Units	222
Initial Cost to Company, Land	$ 60,900,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	48,193,837
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	1,803,032
Gross Amount Carried at close of period 12/31/2016, Land	60,900,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	49,996,869
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	110,896,869
Accumulated Depreciation	(10,859,764)
Investment in Real Estate Net	100,037,105
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 47,159,623
Westgate (fka Westgate I) [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Pasadena, CA
Real Estate And Accumulated Depreciation Units	480
Initial Cost to Company, Land	$ 22,898,848
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	133,559,573
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	1,626,531
Gross Amount Carried at close of period 12/31/2016, Land	22,898,848
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	135,186,104
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	158,084,952
Accumulated Depreciation	(27,829,027)
Investment in Real Estate Net	130,255,925
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 95,942,439
Woodleaf [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Campbell, CA
Real Estate And Accumulated Depreciation Units	178
Initial Cost to Company, Land	$ 8,550,600
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	16,988,183
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	4,564,556
Gross Amount Carried at close of period 12/31/2016, Land	8,550,600
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	21,552,739
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	30,103,339
Accumulated Depreciation	(13,279,360)
Investment in Real Estate Net	16,823,979
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 17,803,590
Portfolio Entity Encumbrances [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Units
Initial Cost to Company, Land
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures
Gross Amount Carried at close of period 12/31/2016, Land
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures
Accumulated Depreciation
Investment in Real Estate Net
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 1,645,978,887
Investment in Real Estate - Wholly Owned Encumbered [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Units	21,196
Initial Cost to Company, Land	$ 1,542,126,523
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	4,432,306,521
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	317,352,468
Gross Amount Carried at close of period 12/31/2016, Land	1,542,126,523
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	4,749,658,989
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	6,291,785,512
Accumulated Depreciation	(1,497,361,379)
Investment in Real Estate Net	4,794,424,133
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 3,818,071,013
2300 Elliott [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Seattle, WA
Real Estate And Accumulated Depreciation Units	92
Initial Cost to Company, Land	$ 796,800
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	7,173,725
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	6,364,098
Gross Amount Carried at close of period 12/31/2016, Land	796,800
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	13,537,823
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	14,334,623
Accumulated Depreciation	(10,501,930)
Investment in Real Estate Net	3,832,693
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Canyon Ridge [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	San Diego, CA
Real Estate And Accumulated Depreciation Units	162
Initial Cost to Company, Land	$ 4,869,448
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	11,955,064
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	3,764,545
Gross Amount Carried at close of period 12/31/2016, Land	4,869,448
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	15,719,609
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	20,589,057
Accumulated Depreciation	(9,906,118)
Investment in Real Estate Net	10,682,939
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Country Oaks [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Agoura Hills, CA
Real Estate And Accumulated Depreciation Units	256
Initial Cost to Company, Land	$ 6,105,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	29,561,865
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	6,382,976
Gross Amount Carried at close of period 12/31/2016, Land	6,105,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	35,944,841
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	42,049,841
Accumulated Depreciation	(18,330,095)
Investment in Real Estate Net	23,719,746
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Harrison Square (fka Elliot Bay) [Domain]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Seattle, WA
Real Estate And Accumulated Depreciation Units	166
Initial Cost to Company, Land	$ 7,600,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	35,844,345
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	4,889,669
Gross Amount Carried at close of period 12/31/2016, Land	7,600,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	40,734,014
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	48,334,014
Accumulated Depreciation	(7,462,882)
Investment in Real Estate Net	40,871,132
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Monterra in Mill Creek [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Mill Creek, WA
Real Estate And Accumulated Depreciation Units	139
Initial Cost to Company, Land	$ 2,800,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	13,255,123
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	935,693
Gross Amount Carried at close of period 12/31/2016, Land	2,800,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	14,190,816
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	16,990,816
Accumulated Depreciation	(6,101,965)
Investment in Real Estate Net	10,888,851
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Rosecliff [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Quincy, MA
Real Estate And Accumulated Depreciation Units	156
Initial Cost to Company, Land	$ 5,460,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	15,721,570
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	3,246,786
Gross Amount Carried at close of period 12/31/2016, Land	5,460,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	18,968,356
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	24,428,356
Accumulated Depreciation	(11,421,082)
Investment in Real Estate Net	13,007,274
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Strayhorse at Arrowhead Ranch [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Glendale, AZ
Real Estate And Accumulated Depreciation Units	136
Initial Cost to Company, Land	$ 4,400,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	12,968,002
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	699,374
Gross Amount Carried at close of period 12/31/2016, Land	4,400,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	13,667,376
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	18,067,376
Accumulated Depreciation	(5,724,191)
Investment in Real Estate Net	12,343,185
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Via Ventura (CA) (fka Ventura) [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Ventura, CA
Real Estate And Accumulated Depreciation Units	192
Initial Cost to Company, Land	$ 8,600,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	44,308,202
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	703,519
Gross Amount Carried at close of period 12/31/2016, Land	8,600,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	45,011,721
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	53,611,721
Accumulated Depreciation	(9,035,652)
Investment in Real Estate Net	44,576,069
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Wood Creek II (fka Willow Brook (CA))
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Pleasant Hill, CA
Real Estate And Accumulated Depreciation Units	228
Initial Cost to Company, Land	$ 5,055,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	38,388,672
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	6,380,861
Gross Amount Carried at close of period 12/31/2016, Land	5,055,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	44,769,533
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	49,824,533
Accumulated Depreciation	(20,343,063)
Investment in Real Estate Net	29,481,470
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Investment in Real Estate - Partially Owned Unencumbered [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Units	1,527
Initial Cost to Company, Land	$ 45,686,248
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	209,176,568
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	33,367,521
Gross Amount Carried at close of period 12/31/2016, Land	45,686,248
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	242,544,089
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	288,230,337
Accumulated Depreciation	(98,826,978)
Investment in Real Estate Net	189,403,359
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 0
Bellevue Meadows [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Bellevue, WA
Real Estate And Accumulated Depreciation Units	180
Initial Cost to Company, Land	$ 4,507,100
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	12,574,814
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	5,224,512
Gross Amount Carried at close of period 12/31/2016, Land	4,507,100
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	17,799,326
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	22,306,426
Accumulated Depreciation	(12,054,134)
Investment in Real Estate Net	10,252,292
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 16,493,902
Canyon Creek (CA) [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	San Ramon, CA
Real Estate And Accumulated Depreciation Units	268
Initial Cost to Company, Land	$ 5,425,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	18,812,120
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	7,124,649
Gross Amount Carried at close of period 12/31/2016, Land	5,425,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	25,936,769
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	31,361,769
Accumulated Depreciation	(14,964,999)
Investment in Real Estate Net	16,396,770
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 28,108,382
Lantern Cove [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Foster City, CA
Real Estate And Accumulated Depreciation Units	232
Initial Cost to Company, Land	$ 6,945,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	23,064,976
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	6,190,412
Gross Amount Carried at close of period 12/31/2016, Land	6,945,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	29,255,388
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	36,200,388
Accumulated Depreciation	(16,167,257)
Investment in Real Estate Net	20,033,131
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 36,395,508
Schooner Bay I [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Foster City, CA
Real Estate And Accumulated Depreciation Units	168
Initial Cost to Company, Land	$ 5,345,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	20,390,618
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	5,003,636
Gross Amount Carried at close of period 12/31/2016, Land	5,345,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	25,394,254
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	30,739,254
Accumulated Depreciation	(14,020,421)
Investment in Real Estate Net	16,718,833
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 28,811,122
Schooner Bay II [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Foster City, CA
Real Estate And Accumulated Depreciation Units	144
Initial Cost to Company, Land	$ 4,550,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	18,064,764
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	4,440,120
Gross Amount Carried at close of period 12/31/2016, Land	4,550,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	22,504,884
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	27,054,884
Accumulated Depreciation	(12,562,453)
Investment in Real Estate Net	14,492,431
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 26,116,380
Surrey Downs [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Bellevue, WA
Real Estate And Accumulated Depreciation Units	122
Initial Cost to Company, Land	$ 3,057,100
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	7,848,618
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	2,931,955
Gross Amount Carried at close of period 12/31/2016, Land	3,057,100
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	10,780,573
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	13,837,673
Accumulated Depreciation	(6,893,799)
Investment in Real Estate Net	6,943,874
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 9,801,248
Virgil Square [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Los Angeles, CA
Real Estate And Accumulated Depreciation Units	142
Initial Cost to Company, Land	$ 5,500,000
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	15,216,613
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	2,761,807
Gross Amount Carried at close of period 12/31/2016, Land	5,500,000
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	17,978,420
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	23,478,420
Accumulated Depreciation	(7,925,733)
Investment in Real Estate Net	15,552,687
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 9,869,581
Wisconsin Place [Domain]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Description Of Location	Chevy Chase, MD
Real Estate And Accumulated Depreciation Units	432
Initial Cost to Company, Land	$ 0
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	172,089,355
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	1,021,679
Gross Amount Carried at close of period 12/31/2016, Land	0
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	173,111,034
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	173,111,034
Accumulated Depreciation	(27,622,092)
Investment in Real Estate Net	145,488,942
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 145,513,689
Investment in Real Estate - Partially Owned Encumbered [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Units	1,688
Initial Cost to Company, Land	$ 35,329,200
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	288,061,878
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	34,698,770
Gross Amount Carried at close of period 12/31/2016, Land	35,329,200
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	322,760,648
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	358,089,848
Accumulated Depreciation	(112,210,888)
Investment in Real Estate Net	245,878,960
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 301,109,812
Total Consolidated Investment in Real Estate [Member]
Real Estate And Accumulated Depreciation Abstract
Real Estate And Accumulated Depreciation Units	76,513
Initial Cost to Company, Land	$ 6,100,178,215
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements	17,959,193,878
Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Building And Fixtures	1,327,053,382
Gross Amount Carried at close of period 12/31/2016, Land	6,100,178,215
Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements And Furnitures And Fixtures	19,286,247,260
Real Estate And Accumulated Depreciation Carrying Amount Of Land And Buildings And Improvements And Furnitures And Fixtures	25,386,425,475
Accumulated Depreciation	(5,360,389,416)
Investment in Real Estate Net	20,026,036,059
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 4,119,180,825
Partially Owned Properties – Unconsolidated
Real Estate And Accumulated Depreciation Abstract
Partially Owned Properties	2
Apartment Units	945
Depreciable Property [Member]
Real Estate and Accumulated Depreciation [Line Items]
Furniture, fixtures and equipment	$ 1,346,300,284
Building [Member]
Real Estate And Accumulated Depreciation Abstract
Property, Plant and Equipment, Estimated Useful Lives	30
Renovations and Improvements Minimum [Member]
Real Estate And Accumulated Depreciation Abstract
Property, Plant and Equipment, Estimated Useful Lives	5
Renovations and Improvements Maximum [Member]
Real Estate And Accumulated Depreciation Abstract
Property, Plant and Equipment, Estimated Useful Lives	15
Replacements Minimum [Member]
Real Estate And Accumulated Depreciation Abstract
Property, Plant and Equipment, Estimated Useful Lives	5
Replacements Maximum [Member]
Real Estate And Accumulated Depreciation Abstract
Property, Plant and Equipment, Estimated Useful Lives	10
Management Business Renovations and Improvements Minimum [Member] [Member]
Real Estate And Accumulated Depreciation Abstract
Property, Plant and Equipment, Estimated Useful Lives	3
Management Business Renovations and Improvements Maximum [Member] [Member]
Real Estate And Accumulated Depreciation Abstract
Property, Plant and Equipment, Estimated Useful Lives	7