EQUITY RESIDENTIAL

ERP OPERATING LIMITED PARTNERSHIP

Schedule III - Real Estate and Accumulated Depreciation

Overall Summary

December 31, 2017

	Properties (H)		Apartment Units (H)		Investment in Real Estate, Gross		Accumulated Depreciation			Investment in Real Estate, Net		Encumbrances (1)
Wholly Owned Unencumbered		215		55,954	$	19,776,737,815	$	(4,363,244,353	)	$	15,413,493,462	$	—
Wholly Owned Encumbered		71		18,497		5,600,381,309		(1,440,591,113	)		4,159,790,196		3,316,375,422
Wholly Owned Properties		286		74,451		25,377,119,124		(5,803,835,466	)		19,573,283,658		3,316,375,422
Partially Owned Unencumbered		9		1,527		289,986,862		(108,651,639	)		181,335,223		—
Partially Owned Encumbered		8		1,688		359,790,405		(127,891,086	)		231,899,319		302,346,576
Partially Owned Properties		17		3,215		649,777,267		(236,542,725	)		413,234,542		302,346,576
Total Unencumbered Properties		224		57,481		20,066,724,677		(4,471,895,992	)		15,594,828,685		—
Total Encumbered Properties		79		20,185		5,960,171,714		(1,568,482,199	)		4,391,689,515		3,618,721,998
Total Consolidated Investment in Real Estate		303		77,666	$	26,026,896,391	$	(6,040,378,191	)	$	19,986,518,200	$	3,618,721,998

(1)	See attached Encumbrances Reconciliation.

EQUITY RESIDENTIAL

ERP OPERATING LIMITED PARTNERSHIP

Schedule III - Real Estate and Accumulated Depreciation

Encumbrances Reconciliation

December 31, 2017

Portfolio/Entity Encumbrances	Number of Properties Encumbered by		See Properties With Note:	Amount
EQR-Wellfan 2008 LP (R)		10	I	$	549,547,007
Archstone Master Property Holdings LLC		13	J		797,306,782
Portfolio/Entity Encumbrances		23			1,346,853,789
Individual Property Encumbrances					2,271,868,209
Total Encumbrances per Financial Statements				$	3,618,721,998

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Schedule III – Real Estate and Accumulated Depreciation

(Amounts in thousands)

The changes in total real estate for the years ended December 31, 2017, 2016 and 2015 are as follows:

	2017			2016			2015
Balance, beginning of year	$	25,386,425		$	28,542,697		$	27,675,383
Acquisitions and development		710,960			832,803			964,645
Improvements		204,113			174,981			186,104
Dispositions and other		(274,602	)		(4,164,056	)		(283,435	)
Balance, end of year (1)	$	26,026,896		$	25,386,425		$	28,542,697

The changes in accumulated depreciation for the years ended December 31, 2017, 2016 and 2015 are as follows:

	2017			2016			2015
Balance, beginning of year	$	5,360,389		$	6,084,616		$	5,432,805
Depreciation		743,749			705,649			765,895
Dispositions and other		(63,760	)		(1,429,876	)		(114,084	)
Balance, end of year (1)	$	6,040,378		$	5,360,389		$	6,084,616

(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, 2017

Description							Initial Cost to Company				Cost Capitalized Subsequent to Acquisition (Improvements, net) (E)		Gross Amount Carried at Close of Period 12/31/17
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 12/31/17		Encumbrances
Wholly Owned Unencumbered:
100 K Street	Washington, D.C.		—	(F)		—	$	15,600,000	$	30,003,159	$	—	$	15,600,000	$	30,003,159	$	45,603,159	$	—		$	45,603,159	$	—
140 Riverside Boulevard	New York, NY	G		2003		354		103,539,100		94,082,725		8,607,947		103,539,100		102,690,672		206,229,772		(44,828,691	)		161,401,081		—
160 Riverside Boulevard	New York, NY	G		2001		455		139,933,500		190,964,745		14,965,349		139,933,500		205,930,094		345,863,594		(89,280,987	)		256,582,607		—
170 Amsterdam	New York, NY	G		2015		236		—		112,081,768		135,722		—		112,217,490		112,217,490		(11,505,275	)		100,712,215		—
175 Kent	Brooklyn, NY	G		2011		113		22,037,831		53,962,169		1,534,419		22,037,831		55,496,588		77,534,419		(14,450,457	)		63,083,962		—
180 Montague (fka Brooklyn Heights)	Brooklyn, NY	G		2000		193		32,400,000		92,675,228		3,547,996		32,400,000		96,223,224		128,623,224		(20,134,074	)		108,489,150		—
180 Riverside Boulevard	New York, NY	G		1998		516		144,968,250		138,346,681		12,874,009		144,968,250		151,220,690		296,188,940		(67,181,115	)		229,007,825		—
1111 Belle Pre (fka The Madison)	Alexandria, VA	G		2014		360		18,937,702		94,759,478		148,954		18,937,702		94,908,432		113,846,134		(17,565,898	)		96,280,236		—
1210 Mass	Washington, D.C.	G		2004		144		9,213,513		36,559,189		2,403,479		9,213,513		38,962,668		48,176,181		(16,940,349	)		31,235,832		—
1401 E. Madison	Seattle, WA	G		(F)		—		10,401,958		7,932,051		—		10,401,958		7,932,051		18,334,009		—			18,334,009		—
1500 Mass Ave	Washington, D.C.	G		1951		556		54,638,298		40,361,702		14,859,237		54,638,298		55,220,939		109,859,237		(24,493,269	)		85,365,968		—
1800 Oak (fka Rosslyn)	Arlington, VA	G		2003		314		31,400,000		109,005,734		3,172,464		31,400,000		112,178,198		143,578,198		(23,997,938	)		119,580,260		—
2201 Pershing Drive	Arlington, VA	G		2012		188		11,321,198		49,674,175		2,176,089		11,321,198		51,850,264		63,171,462		(11,636,674	)		51,534,788		—
2201 Wilson	Arlington, VA	G		2000		219		21,900,000		78,724,663		3,493,731		21,900,000		82,218,394		104,118,394		(17,067,795	)		87,050,599		—
2400 M St	Washington, D.C.	G		2006		359		30,006,593		114,013,785		4,296,314		30,006,593		118,310,099		148,316,692		(49,487,043	)		98,829,649		—
249 Third Street (fka Kendall Square II)	Cambridge, MA	G		(F)		—		4,603,326		4,330,982		—		4,603,326		4,330,982		8,934,308		—			8,934,308		—
315 on A	Boston, MA	G		2013		202		14,450,070		115,824,930		623,402		14,450,070		116,448,332		130,898,402		(14,489,301	)		116,409,101		—
340 Fremont (fka Rincon Hill)	San Francisco, CA		—	2016		348		42,000,000		247,606,631		4,551		42,000,000		247,611,182		289,611,182		(14,159,585	)		275,451,597		—
3003 Van Ness (fka Van Ness)	Washington, D.C.		—	1970		625		56,300,000		141,191,580		5,117,966		56,300,000		146,309,546		202,609,546		(33,088,622	)		169,520,924		—
45 Worthington (CityView II)	Boston, MA		—	(F)		—		—		2,349,475		—		—		2,349,475		2,349,475		—			2,349,475		—
420 East 80th Street	New York, NY		—	1961		155		39,277,000		23,026,984		4,675,293		39,277,000		27,702,277		66,979,277		(13,594,720	)		53,384,557		—
425 Mass	Washington, D.C.	G		2009		559		28,150,000		138,600,000		3,974,856		28,150,000		142,574,856		170,724,856		(44,144,101	)		126,580,755		—
455 Eye Street	Washington, D.C.	G		2017		174		11,941,407		61,030,786		—		11,941,407		61,030,786		72,972,193		(1,082,263	)		71,889,930		—
4701 Willard	Chevy Chase, MD	G		1966		517		76,921,130		153,947,682		29,902,775		76,921,130		183,850,457		260,771,587		(50,471,131	)		210,300,456		—
4885 Edgemoor Lane	Bethesda, MD		—	(F)		—		—		1,958,883		—		—		1,958,883		1,958,883		—			1,958,883		—
4th and Hill	Los Angeles, CA		—	(F)		—		13,131,456		13,790,436		—		13,131,456		13,790,436		26,921,892		—			26,921,892		—
600 Washington	New York, NY	G		2004		135		32,852,000		43,140,551		870,871		32,852,000		44,011,422		76,863,422		(19,355,357	)		57,508,065		—
660 Washington (fka Boston Common)	Boston, MA	G		2006		420		106,100,000		166,311,679		2,888,133		106,100,000		169,199,812		275,299,812		(35,392,580	)		239,907,232		—
70 Greene	Jersey City, NJ	G		2010		480		28,108,899		236,763,553		1,657,070		28,108,899		238,420,623		266,529,522		(65,784,128	)		200,745,394		—
71 Broadway	New York, NY	G		1997		238		22,611,600		77,492,171		14,064,394		22,611,600		91,556,565		114,168,165		(43,472,173	)		70,695,992		—
77 Bluxome	San Francisco, CA		—	2007		102		5,249,124		18,609,876		402,201		5,249,124		19,012,077		24,261,201		(5,178,232	)		19,082,969		—
77 Park Avenue (fka Hoboken)	Hoboken, NJ	G		2000		301		27,900,000		168,992,440		6,060,186		27,900,000		175,052,626		202,952,626		(35,032,130	)		167,920,496		—
777 Sixth	New York, NY	G		2002		294		65,352,706		65,747,294		3,136,354		65,352,706		68,883,648		134,236,354		(26,152,102	)		108,084,252		—
88 Hillside	Daly City, CA	G		2011		95		7,786,800		31,587,325		2,479,165		7,786,800		34,066,490		41,853,290		(8,687,690	)		33,165,600		—
855 Brannan	San Francisco, CA	G		(F)		—		41,363,921		255,551,895		249		41,363,921		255,552,144		296,916,065		(1,845,523	)		295,070,542		—
Acappella	Pasadena, CA		—	2002		143		5,839,548		29,360,452		2,048,185		5,839,548		31,408,637		37,248,185		(10,041,304	)		27,206,881		—
Acton Courtyard	Berkeley, CA	G		2003		71		5,550,000		15,785,509		215,312		5,550,000		16,000,821		21,550,821		(6,583,929	)		14,966,892		—
Alban Towers	Washington, D.C.		—	1934		229		18,900,000		89,794,201		3,280,842		18,900,000		93,075,043		111,975,043		(18,879,861	)		93,095,182		—
Alborada	Fremont, CA		—	1999		442		24,310,000		59,214,129		9,118,031		24,310,000		68,332,160		92,642,160		(39,048,480	)		53,593,680		—
Altitude (fka Village at Howard Hughes, The (Lots 1 & 2))	Los Angeles, CA		—	2016		545		43,783,485		147,964,006		61,899		43,783,485		148,025,905		191,809,390		(8,474,037	)		183,335,353		—
Alton, The (fka Millikan)	Irvine, CA		—	2017		344		11,049,027		95,745,832		4,433		11,049,027		95,750,265		106,799,292		(3,470,417	)		103,328,875		—
Arbor Terrace	Sunnyvale, CA		—	1979		175		9,057,300		18,483,642		7,806,335		9,057,300		26,289,977		35,347,277		(15,015,023	)		20,332,254		—
Artech Building	Berkeley, CA	G		2002		27		1,642,000		9,152,518		493,478		1,642,000		9,645,996		11,287,996		(3,706,713	)		7,581,283		—
Artisan on Second	Los Angeles, CA		—	2008		118		8,000,400		36,074,600		880,695		8,000,400		36,955,295		44,955,695		(10,464,974	)		34,490,721		—
Artistry Emeryville (fka Emeryville)	Emeryville, CA		—	1994		261		12,300,000		61,466,267		4,320,134		12,300,000		65,786,401		78,086,401		(14,859,853	)		63,226,548		—
Atelier	Brooklyn, NY		—	2015		120		32,401,680		47,135,432		276,205		32,401,680		47,411,637		79,813,317		(4,883,375	)		74,929,942		—
Avenue Two	Redwood City, CA		—	1972		123		7,995,000		18,005,000		2,027,422		7,995,000		20,032,422		28,027,422		(5,941,287	)		22,086,135		—

EQUITY RESIDENTIAL

ERP OPERATING LIMITED PARTNERSHIP

Schedule III - Real Estate and Accumulated Depreciation

December 31, 2017

Description							Initial Cost to Company				Cost Capitalized Subsequent to Acquisition (Improvements, net) (E)		Gross Amount Carried at Close of Period 12/31/17
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 12/31/17		Encumbrances
Azure (fka Mission Bay-Block 13)	San Francisco, CA		—	2015		273		32,855,115		152,627,844		141,813		32,855,115		152,769,657		185,624,772		(13,532,368	)		172,092,404		—
Bay Hill	Long Beach, CA		—	2002		160		7,600,000		27,437,239		3,327,400		7,600,000		30,764,639		38,364,639		(14,290,928	)		24,073,711		—
Beatrice, The	New York, NY	G		2010		302		114,351,405		165,648,595		1,368,317		114,351,405		167,016,912		281,368,317		(40,862,593	)		240,505,724		—
Belle Arts Condominium Homes, LLC	Bellevue, WA		—	2000		1		63,158		236,157		2,098		63,158		238,255		301,413		(75,056	)		226,357		—
Belle Fontaine	Marina Del Rey, CA		—	2003		102		9,098,808		28,701,192		771,386		9,098,808		29,472,578		38,571,386		(7,870,020	)		30,701,366		—
Breakwater at Marina Del Rey	Marina Del Rey, CA		—	1964-1969		224		—		73,189,262		1,974,133		—		75,163,395		75,163,395		(17,008,793	)		58,154,602		—
Briarwood (CA)	Sunnyvale, CA		—	1985		192		9,991,500		22,247,278		3,973,927		9,991,500		26,221,205		36,212,705		(16,926,737	)		19,285,968		—
Bridford Lakes II	Greensboro, NC		—	(F)		—		200,000		—		—		200,000		—		200,000		—			200,000		—
Brooklyner, The (fka 111 Lawrence)	Brooklyn, NY	G		2010		490		40,099,922		221,438,631		2,859,816		40,099,922		224,298,447		264,398,369		(53,947,636	)		210,450,733		—
C on Pico	Los Angeles, CA		—	2014		94		17,125,766		28,074,234		63,493		17,125,766		28,137,727		45,263,493		(2,749,575	)		42,513,918		—
Carlyle Mill	Alexandria, VA		—	2002		317		10,000,000		51,367,913		8,305,516		10,000,000		59,673,429		69,673,429		(30,572,284	)		39,101,145		—
Cascade	Seattle, WA	G		2017		477		23,751,564		145,844,715		—		23,751,564		145,844,715		169,596,279		(2,364,423	)		167,231,856		—
Centennial (fka Centennial Court & Centennial Tower)	Seattle, WA	G		1991/2001		408		9,700,000		70,080,378		11,471,751		9,700,000		81,552,129		91,252,129		(36,965,435	)		54,286,694		—
Centre Club Combined	Ontario, CA		—	1994 & 2002		412		7,436,000		33,014,789		8,651,651		7,436,000		41,666,440		49,102,440		(23,210,064	)		25,892,376		—
Church Corner	Cambridge, MA	G		1987		85		5,220,000		16,744,643		2,757,280		5,220,000		19,501,923		24,721,923		(9,327,871	)		15,394,052		—
City Gate at Cupertino (fka Cupertino)	Cupertino, CA		—	1998		311		40,400,000		95,937,046		7,063,652		40,400,000		103,000,698		143,400,698		(21,491,582	)		121,909,116		—
City Pointe	Fullerton, CA	G		2004		183		6,863,792		36,476,208		1,132,781		6,863,792		37,608,989		44,472,781		(12,911,899	)		31,560,882		—
City Square Bellevue (fka Bellevue)	Bellevue, WA	G		1998		191		15,100,000		41,876,257		3,341,276		15,100,000		45,217,533		60,317,533		(9,816,078	)		50,501,455		—
CityView at Longwood	Boston, MA	G		1970		295		14,704,898		79,195,102		12,908,253		14,704,898		92,103,355		106,808,253		(29,583,293	)		77,224,960		—
Clarendon, The	Arlington, VA	G		2005		292		30,400,340		103,824,660		2,206,298		30,400,340		106,030,958		136,431,298		(30,102,780	)		106,328,518		—
Cleo, The	Los Angeles, CA		—	1989		92		6,615,467		14,829,335		3,872,824		6,615,467		18,702,159		25,317,626		(8,706,067	)		16,611,559		—
Connecticut Heights	Washington, D.C.		—	1974		518		27,600,000		114,002,295		6,582,335		27,600,000		120,584,630		148,184,630		(24,518,831	)		123,665,799		—
Corcoran House at DuPont Circle (fka DuPont Circle)	Washington, D.C.	G		1961		138		13,500,000		26,913,113		1,863,273		13,500,000		28,776,386		42,276,386		(6,924,238	)		35,352,148		—
Courthouse Plaza	Arlington, VA	G		1990		396		—		87,386,024		5,468,028		—		92,854,052		92,854,052		(21,556,859	)		71,297,193		—
Creekside (San Mateo)	San Mateo, CA		—	1985		192		9,606,600		21,193,231		4,232,377		9,606,600		25,425,608		35,032,208		(16,783,870	)		18,248,338		—
Cronins Landing	Waltham, MA	G		1998		281		32,300,000		85,119,324		6,002,941		32,300,000		91,122,265		123,422,265		(19,414,857	)		104,007,408		—
Crystal Place	Arlington, VA		—	1986		181		17,200,000		47,918,975		3,541,443		17,200,000		51,460,418		68,660,418		(11,376,670	)		57,283,748		—
Eagle Canyon	Chino Hills, CA		—	1985		252		1,808,900		16,274,361		9,576,378		1,808,900		25,850,739		27,659,639		(18,419,631	)		9,240,008		—
Edgemont at Bethesda Metro	Bethesda, MD		—	1989		122		13,092,552		43,907,448		1,433,098		13,092,552		45,340,546		58,433,098		(11,970,483	)		46,462,615		—
Elevé	Glendale, CA	G		2013		208		14,080,560		56,419,440		574,833		14,080,560		56,994,273		71,074,833		(9,935,529	)		61,139,304		—
Emerson Place	Boston, MA	G		1962		444		14,855,000		57,566,636		27,713,125		14,855,000		85,279,761		100,134,761		(55,294,608	)		44,840,153		—
Encore at Sherman Oaks, The	Sherman Oaks, CA		—	1988		174		8,700,000		25,446,003		1,503,675		8,700,000		26,949,678		35,649,678		(8,805,442	)		26,844,236		—
Fountains at Emerald Park (fka Emerald Park)	Dublin, CA		—	2000		324		25,900,000		83,986,217		1,101,209		25,900,000		85,087,426		110,987,426		(18,972,556	)		92,014,870		—
Fremont Center	Fremont, CA	G		2002		322		25,800,000		78,753,114		3,691,593		25,800,000		82,444,707		108,244,707		(18,108,606	)		90,136,101		—
Gallery, The	Hermosa Beach, CA		—	1971		169		18,144,000		46,567,941		2,765,229		18,144,000		49,333,170		67,477,170		(21,549,332	)		45,927,838		—
Garden Garage	Boston, MA		—	(F)		—		—		12,858,392		—		—		12,858,392		12,858,392		—			12,858,392		—
Gateway at Malden Center	Malden, MA	G		1988		203		9,209,780		25,722,666		14,271,535		9,209,780		39,994,201		49,203,981		(23,167,536	)		26,036,445		—
Geary Court Yard	San Francisco, CA		—	1990		164		1,722,400		15,471,429		4,981,389		1,722,400		20,452,818		22,175,218		(13,455,847	)		8,719,371		—
Girard	Boston, MA	G		2016		160		—		102,450,329		412,971		—		102,863,300		102,863,300		(2,991,518	)		99,871,782		—
Hampshire Place	Los Angeles, CA		—	1989		259		10,806,000		30,335,330		5,889,198		10,806,000		36,224,528		47,030,528		(16,825,383	)		30,205,145		—
Harbor Steps	Seattle, WA	G		2000		758		59,387,158		158,829,432		28,544,042		59,387,158		187,373,474		246,760,632		(80,511,164	)		166,249,468		—
Helios (fka 2nd+Pine)	Seattle, WA	G		2017		398		18,061,674		202,039,273		—		18,061,674		202,039,273		220,100,947		(3,845,290	)		216,255,657		—
Heritage at Stone Ridge	Burlington, MA		—	2005		180		10,800,000		31,808,335		2,313,536		10,800,000		34,121,871		44,921,871		(15,330,866	)		29,591,005		—
Heritage Ridge	Lynwood, WA		—	1999		197		6,895,000		18,983,597		3,339,062		6,895,000		22,322,659		29,217,659		(10,066,945	)		19,150,714		—
Hesby	North Hollywood, CA		—	2013		308		23,299,892		102,700,108		575,827		23,299,892		103,275,935		126,575,827		(17,235,969	)		109,339,858		—
Highlands at South Plainfield	South Plainfield, NJ		—	2000		252		10,080,000		37,526,912		1,968,410		10,080,000		39,495,322		49,575,322		(17,281,612	)		32,293,710		—
Hikari	Los Angeles, CA	G		2007		128		9,435,760		32,564,240		813,913		9,435,760		33,378,153		42,813,913		(9,383,982	)		33,429,931		—
Hudson Crossing	New York, NY	G		2003		259		23,420,000		69,977,699		2,333,449		23,420,000		72,311,148		95,731,148		(33,463,902	)		62,267,246		—

EQUITY RESIDENTIAL

ERP OPERATING LIMITED PARTNERSHIP

Schedule III - Real Estate and Accumulated Depreciation

December 31, 2017

Description							Initial Cost to Company				Cost Capitalized Subsequent to Acquisition (Improvements, net) (E)		Gross Amount Carried at Close of Period 12/31/17
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 12/31/17		Encumbrances
Hudson Pointe	Jersey City, NJ		—	2003		182		5,350,000		41,114,074		6,026,931		5,350,000		47,141,005		52,491,005		(22,111,343	)		30,379,662		—
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		1,259,914		2,732,800		15,148,196		17,880,996		(7,400,504	)		10,480,492		—
Jia (fka Chinatown Gateway)	Los Angeles, CA	G		2014		280		14,791,831		77,426,315		281,313		14,791,831		77,707,628		92,499,459		(15,513,371	)		76,986,088		—
Junction 47 (fka West Seattle)	Seattle, WA	G		2015		206		11,726,305		56,108,989		36,260		11,726,305		56,145,249		67,871,554		(5,156,854	)		62,714,700		—
Kelvin, The (fka Modera)	Irvine, CA		—	2015		194		15,521,552		64,853,448		385,466		15,521,552		65,238,914		80,760,466		(7,677,409	)		73,083,057		—
Landings at Port Imperial	W. New York, NJ		—	1999		276		27,246,045		37,741,050		10,790,636		27,246,045		48,531,686		75,777,731		(29,235,083	)		46,542,648		—
Lincoln Heights	Quincy, MA		—	1991		336		5,928,400		33,595,262		13,797,904		5,928,400		47,393,166		53,321,566		(34,170,500	)		19,151,066		—
Lindley Apartments	Encino, CA		—	2004		129		5,805,000		25,705,000		1,086,410		5,805,000		26,791,410		32,596,410		(8,393,740	)		24,202,670		—
Lofts 590	Arlington, VA		—	2005		212		20,100,000		67,909,023		688,579		20,100,000		68,597,602		88,697,602		(13,789,656	)		74,907,946		—
Lofts at Kendall Square (fka Kendall Square)	Cambridge, MA		—	1998		186		18,696,674		78,445,657		5,737,350		18,696,674		84,183,007		102,879,681		(17,496,435	)		85,383,246		—
Longacre House	New York, NY	G		2000		293		73,170,045		53,962,510		2,572,439		73,170,045		56,534,949		129,704,994		(22,561,960	)		107,143,034		—
Longfellow Place	Boston, MA	G		1975		710		47,096,917		150,143,916		86,838,642		47,096,917		236,982,558		284,079,475		(154,305,979	)		129,773,496		—
Mantena	New York, NY	G		2012		98		22,346,513		61,501,158		813,638		22,346,513		62,314,796		84,661,309		(13,828,043	)		70,833,266		—
Marina 41 (fka Marina Del Rey)	Marina Del Rey, CA		—	1973		623		—		168,842,442		6,492,153		—		175,334,595		175,334,595		(40,843,073	)		134,491,522		—
Mariposa at Playa Del Rey (fka Playa Del Rey)	Playa Del Rey, CA		—	2004		354		60,900,000		89,311,482		5,201,127		60,900,000		94,512,609		155,412,609		(21,025,902	)		134,386,707		—
Milano Lofts	Los Angeles, CA	G		1925/2006		99		8,125,216		27,378,784		1,088,041		8,125,216		28,466,825		36,592,041		(6,979,083	)		29,612,958		—
Mosaic at Metro	Hyattsville, MD		—	2008		260		—		59,580,898		955,743		—		60,536,641		60,536,641		(19,462,344	)		41,074,297		—
Mountain View Redevelopment	Mountain View, CA		—	(F)		—		—		17,876		—		—		17,876		17,876		—			17,876		—
Mozaic at Union Station	Los Angeles, CA		—	2007		272		8,500,000		52,529,446		2,126,281		8,500,000		54,655,727		63,155,727		(22,181,465	)		40,974,262		—
Murray Hill Tower (fka Murray Hill)	New York, NY	G		1974		270		75,800,000		102,705,401		8,886,567		75,800,000		111,591,968		187,391,968		(25,690,086	)		161,701,882		—
North Pier at Harborside	Jersey City, NJ		—	2003		297		4,000,159		94,290,590		4,047,215		4,000,159		98,337,805		102,337,964		(46,111,052	)		56,226,912		—
Northglen	Valencia, CA		—	1988		234		9,360,000		20,778,553		4,506,094		9,360,000		25,284,647		34,644,647		(14,197,899	)		20,446,748		—
Northpark	Burlingame, CA		—	1972		510		38,607,000		77,472,217		13,899,131		38,607,000		91,371,348		129,978,348		(32,707,629	)		97,270,719		—
Northridge	Pleasant Hill, CA		—	1974		221		5,524,000		14,691,705		10,828,364		5,524,000		25,520,069		31,044,069		(18,623,618	)		12,420,451		—
Oak Park Combined	Agoura Hills, CA		—	1989 & 1990		444		3,390,700		30,517,274		10,331,701		3,390,700		40,848,975		44,239,675		(30,282,737	)		13,956,938		—
Oakwood Boston	Boston, MA	G		1901		94		22,200,000		28,672,979		1,616,791		22,200,000		30,289,770		52,489,770		(7,037,665	)		45,452,105		—
Oakwood Crystal City	Arlington, VA		—	1987		162		15,400,000		35,474,336		3,757,149		15,400,000		39,231,485		54,631,485		(8,406,119	)		46,225,366		—
Oakwood Marina Del Rey	Marina Del Rey, CA	G		1969		597		—		120,795,359		2,723,823		—		123,519,182		123,519,182		(29,036,612	)		94,482,570		—
Oaks	Santa Clarita, CA		—	2000		520		23,400,000		61,020,438		5,585,786		23,400,000		66,606,224		90,006,224		(34,133,995	)		55,872,229		—
Ocean Crest	Solana Beach, CA		—	1986		146		5,111,200		11,910,438		4,250,627		5,111,200		16,161,065		21,272,265		(10,492,882	)		10,779,383		—
Odin (fka Tallman)	Seattle, WA		—	2015		301		16,807,519		63,645,480		9,233		16,807,519		63,654,713		80,462,232		(5,819,185	)		74,643,047		—
Old Town Lofts	Redmond, WA	G		2014		149		7,740,467		44,146,181		784,750		7,740,467		44,930,931		52,671,398		(5,125,092	)		47,546,306		—
One Henry Adams	San Francisco, CA	G		2016		241		30,224,393		137,031,168		6,724		30,224,393		137,037,892		167,262,285		(5,417,321	)		161,844,964		—
Pacific Place	Los Angeles, CA		—	2008		430		32,250,000		110,750,000		1,483,644		32,250,000		112,233,644		144,483,644		(23,253,190	)		121,230,454		—
Packard Building	Seattle, WA	G		2010		61		5,911,041		19,954,959		226,050		5,911,041		20,181,009		26,092,050		(2,148,366	)		23,943,684		—
Parc 77	New York, NY	G		1903		137		40,504,000		18,025,679		6,041,700		40,504,000		24,067,379		64,571,379		(12,290,428	)		52,280,951		—
Parc Cameron	New York, NY	G		1927		166		37,600,000		9,855,597		7,300,028		37,600,000		17,155,625		54,755,625		(10,340,621	)		44,415,004		—
Parc Coliseum	New York, NY	G		1910		177		52,654,000		23,045,751		8,978,751		52,654,000		32,024,502		84,678,502		(16,948,295	)		67,730,207		—
Parc East Towers	New York, NY	G		1977		324		102,163,000		108,989,402		10,236,255		102,163,000		119,225,657		221,388,657		(48,273,891	)		173,114,766		—
Parc on Powell (fka Parkside at Emeryville)	Emeryville, CA	G		2015		173		16,667,059		65,071,885		224,676		16,667,059		65,296,561		81,963,620		(6,675,129	)		75,288,491		—
Park at Pentagon Row (fka Pentagon City)	Arlington, VA	G		1990		298		28,300,000		78,838,184		1,995,147		28,300,000		80,833,331		109,133,331		(17,268,528	)		91,864,803		—
Park Connecticut	Washington, D.C.		—	2000		142		13,700,000		59,087,519		1,447,815		13,700,000		60,535,334		74,235,334		(12,311,907	)		61,923,427		—
Park Hacienda (fka Hacienda)	Pleasanton, CA		—	2000		540		43,200,000		128,753,359		2,520,251		43,200,000		131,273,610		174,473,610		(29,930,085	)		144,543,525		—
Park West (CA)	Los Angeles, CA		—	1987/1990		444		3,033,500		27,302,383		10,420,073		3,033,500		37,722,456		40,755,956		(27,786,714	)		12,969,242		—
Parkside	Union City, CA		—	1979		208		6,246,700		11,827,453		5,452,846		6,246,700		17,280,299		23,526,999		(11,589,006	)		11,937,993		—
Pearl, The	Seattle, WA	G		2008		80		6,972,585		26,527,415		556,995		6,972,585		27,084,410		34,056,995		(2,841,186	)		31,215,809		—

EQUITY RESIDENTIAL

ERP OPERATING LIMITED PARTNERSHIP

Schedule III - Real Estate and Accumulated Depreciation

December 31, 2017

Description							Initial Cost to Company				Cost Capitalized Subsequent to Acquisition (Improvements, net) (E)		Gross Amount Carried at Close of Period 12/31/17
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 12/31/17		Encumbrances
Pegasus	Los Angeles, CA	G		1949/2003		322		18,094,052		81,905,948		4,943,360		18,094,052		86,849,308		104,943,360		(26,155,411	)		78,787,949		—
Playa Pacifica	Hermosa Beach, CA		—	1972		285		35,100,000		33,473,822		22,912,647		35,100,000		56,386,469		91,486,469		(25,547,975	)		65,938,494		—
Portofino	Chino Hills, CA		—	1989		176		3,572,400		14,660,994		3,713,205		3,572,400		18,374,199		21,946,599		(12,779,600	)		9,166,999		—
Portofino (Val)	Valencia, CA		—	1989		216		8,640,000		21,487,126		5,380,999		8,640,000		26,868,125		35,508,125		(15,359,183	)		20,148,942		—
Portside Towers	Jersey City, NJ	G		1992-1997		527		22,487,006		96,842,913		21,767,146		22,487,006		118,610,059		141,097,065		(80,249,602	)		60,847,463		—
Potrero 1010	San Francisco, CA	G		2016		453		40,830,011		178,932,843		16,775		40,830,011		178,949,618		219,779,629		(11,563,892	)		208,215,737		—
Prado (fka Glendale)	Glendale, CA		—	1988		264		—		67,977,313		3,211,660		—		71,188,973		71,188,973		(15,429,230	)		55,759,743		—
Prime, The	Arlington, VA		—	2002		256		32,000,000		64,436,539		1,417,186		32,000,000		65,853,725		97,853,725		(27,697,067	)		70,156,658		—
Prism at Park Avenue South (fka 400 Park Avenue South)	New York, NY	G		2015		269		76,292,169		172,553,723		90,272		76,292,169		172,643,995		248,936,164		(18,802,832	)		230,133,332		—
Promenade at Town Center I & II	Valencia, CA		—	2001		564		28,200,000		69,795,915		8,077,724		28,200,000		77,873,639		106,073,639		(38,490,478	)		67,583,161		—
Providence	Bothell, WA		—	2000		200		3,573,621		19,055,505		2,051,612		3,573,621		21,107,117		24,680,738		(10,234,226	)		14,446,512		—
Quarry Hills	Quincy, MA		—	2006		316		26,900,000		84,411,162		2,089,632		26,900,000		86,500,794		113,400,794		(19,076,341	)		94,324,453		—
Radius Koreatown	Los Angeles, CA		—	2014/2016		301		32,494,154		84,645,202		22,940		32,494,154		84,668,142		117,162,296		(2,949,192	)		114,213,104		—
Red 160 (fka Redmond Way)	Redmond, WA	G		2011		250		15,546,376		65,320,010		1,166,488		15,546,376		66,486,498		82,032,874		(16,019,260	)		66,013,614		—
Redmond Court	Bellevue, WA		—	1977		206		10,300,000		33,488,745		900,433		10,300,000		34,389,178		44,689,178		(8,390,947	)		36,298,231		—
Regency Palms	Huntington Beach, CA		—	1969		310		1,857,400		16,713,254		6,014,242		1,857,400		22,727,496		24,584,896		(17,510,000	)		7,074,896		—
Renaissance Villas	Berkeley, CA	G		1998		34		2,458,000		4,542,000		184,192		2,458,000		4,726,192		7,184,192		(1,859,882	)		5,324,310		—
Reserve at Empire Lakes	Rancho Cucamonga, CA		—	2005		467		16,345,000		73,080,670		3,031,630		16,345,000		76,112,300		92,457,300		(33,721,496	)		58,735,804		—
Reserve at Mountain View (fka Mountain View)	Mountain View, CA		—	1965		180		27,000,000		33,029,605		6,606,368		27,000,000		39,635,973		66,635,973		(8,901,550	)		57,734,423		—
Reserve at Potomac Yard	Alexandria, VA		—	2002		588		11,918,917		68,862,641		13,703,091		11,918,917		82,565,732		94,484,649		(38,310,647	)		56,174,002		—
Reserve at Town Center I-III (WA)	Mill Creek, WA	G		2001, 2009, 2014		584		16,768,705		77,511,523		3,631,274		16,768,705		81,142,797		97,911,502		(30,389,852	)		67,521,650		—
Residences at Westgate I (fka Westgate II)	Pasadena, CA	G		2014		252		17,859,785		109,033,369		244,721		17,859,785		109,278,090		127,137,875		(16,997,966	)		110,139,909		—
Residences at Westgate II (fka Westgate III)	Pasadena, CA	G		2015		88		12,118,248		40,420,828		50,108		12,118,248		40,470,936		52,589,184		(4,259,073	)		48,330,111		—
Rianna I	Seattle, WA	G		2000		78		2,268,160		14,864,482		594,152		2,268,160		15,458,634		17,726,794		(5,412,019	)		12,314,775		—
Rianna II	Seattle, WA	G		2002		78		2,161,840		14,433,614		387,624		2,161,840		14,821,238		16,983,078		(5,134,291	)		11,848,787		—
Ridgewood Village I&II	San Diego, CA		—	1997		408		11,809,500		34,004,048		5,628,651		11,809,500		39,632,699		51,442,199		(24,659,415	)		26,782,784		—
Riva Terra I (fka Redwood Shores)	Redwood City, CA		—	1986		304		34,963,355		84,587,658		3,238,246		34,963,355		87,825,904		122,789,259		(20,223,427	)		102,565,832		—
Riva Terra II (fka Harborside)	Redwood City, CA		—	1986		149		17,136,645		40,536,531		2,064,253		17,136,645		42,600,784		59,737,429		(9,084,137	)		50,653,292		—
Riverpark	Redmond, WA	G		2009		321		14,355,000		80,894,049		3,514,535		14,355,000		84,408,584		98,763,584		(21,590,814	)		77,172,770		—
Rosecliff II	Quincy, MA		—	2005		130		4,922,840		30,202,160		1,107,943		4,922,840		31,310,103		36,232,943		(9,015,949	)		27,216,994		—
Sakura Crossing	Los Angeles, CA	G		2009		230		14,641,990		42,858,010		945,394		14,641,990		43,803,404		58,445,394		(13,215,641	)		45,229,753		—
Seventh & James	Seattle, WA		—	1992		96		663,800		5,974,803		3,891,414		663,800		9,866,217		10,530,017		(7,394,440	)		3,135,577		—
Sheffield Court	Arlington, VA		—	1986		597		3,342,381		31,337,332		14,580,051		3,342,381		45,917,383		49,259,764		(35,827,987	)		13,431,777		—
Skycrest	Valencia, CA		—	1999		264		10,560,000		25,574,457		4,456,198		10,560,000		30,030,655		40,590,655		(17,139,075	)		23,451,580		—
Skylark	Union City, CA		—	1986		174		1,781,600		16,731,916		5,392,507		1,781,600		22,124,423		23,906,023		(13,428,913	)		10,477,110		—
Skyline Terrace	Burlingame, CA		—	1967 & 1987		138		16,836,000		35,414,000		5,163,764		16,836,000		40,577,764		57,413,764		(13,281,197	)		44,132,567		—
Skyline Towers	Falls Church, VA	G		1971		939		78,278,200		91,485,591		43,209,046		78,278,200		134,694,637		212,972,837		(72,629,553	)		140,343,284		—
SoMa II	San Francisco, CA		—	(F)		—		29,406,606		5,393,139		—		29,406,606		5,393,139		34,799,745		—			34,799,745		—
Sonterra at Foothill Ranch	Foothill Ranch, CA		—	1997		300		7,503,400		24,048,507		5,811,134		7,503,400		29,859,641		37,363,041		(18,657,410	)		18,705,631		—
South City Station (fka South San Francisco)	San Francisco, CA	G		2007		360		68,900,000		79,476,861		2,784,286		68,900,000		82,261,147		151,161,147		(18,547,168	)		132,613,979		—
Southwood	Palo Alto, CA		—	1985		100		6,936,600		14,324,069		4,215,343		6,936,600		18,539,412		25,476,012		(12,007,752	)		13,468,260		—
Springbrook Estates	Riverside, CA		—	(F)		—		18,200,000		—		—		18,200,000		—		18,200,000		—			18,200,000		—
Springline	Seattle, WA	G		2016		136		9,163,666		47,910,981		149,570		9,163,666		48,060,551		57,224,217		(2,733,027	)		54,491,190		—
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		6,286,153		26,000,000		34,721,177		60,721,177		(9,412,796	)		51,308,381		—

EQUITY RESIDENTIAL

ERP OPERATING LIMITED PARTNERSHIP

Schedule III - Real Estate and Accumulated Depreciation

December 31, 2017

Description								Initial Cost to Company				Cost Capitalized Subsequent to Acquisition (Improvements, net) (E)		Gross Amount Carried at Close of Period 12/31/17
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 12/31/17		Encumbrances
Ten23 (fka 500 West 23rd Street)	New York, NY	G		2011			111		—		58,881,873		200,907		—		59,082,780		59,082,780		(12,278,031	)		46,804,749		—
Terraces, The	San Francisco, CA	G		1975			117		14,087,610		16,314,151		1,262,327		14,087,610		17,576,478		31,664,088		(5,789,387	)		25,874,701		—
Third Square	Cambridge, MA	G		2008/2009			471		26,767,171		218,822,728		6,733,059		26,767,171		225,555,787		252,322,958		(70,108,714	)		182,214,244		—
Three20	Seattle, WA	G		2013			134		7,030,766		29,005,762		729,045		7,030,766		29,734,807		36,765,573		(5,577,508	)		31,188,065		—
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		—
Town Square at Mark Center II	Alexandria, VA		—	2001			272		15,568,464		55,029,607		3,744,364		15,568,464		58,773,971		74,342,435		(19,047,027	)		55,295,408		—
Urbana (fka Market Street Landing)	Seattle, WA	G		2014			287		12,542,418		75,766,505		346,564		12,542,418		76,113,069		88,655,487		(14,010,017	)		74,645,470		—
Uwajimaya Village	Seattle, WA		—	2002			176		8,800,000		22,188,288		1,728,090		8,800,000		23,916,378		32,716,378		(10,901,158	)		21,815,220		—
Vantage Pointe	San Diego, CA	G		2009			679		9,403,960		190,596,040		9,156,867		9,403,960		199,752,907		209,156,867		(59,435,552	)		149,721,315		—
Veloce	Redmond, WA	G		2009			322		15,322,724		76,176,594		1,246,516		15,322,724		77,423,110		92,745,834		(17,729,126	)		75,016,708		—
Venn at Main	Bellevue, WA	G		2016			350		26,626,498		151,653,323		139,573		26,626,498		151,792,896		178,419,394		(3,058,972	)		175,360,422		—
Verde Condominium Homes (fka Mission Verde, LLC)	San Jose, CA		—	1986			108		5,190,700		9,679,109		4,309,244		5,190,700		13,988,353		19,179,053		(9,877,543	)		9,301,510		—
Veridian (fka Silver Spring)	Silver Spring, MD	G		2009			457		18,539,817		130,407,365		3,078,639		18,539,817		133,486,004		152,025,821		(39,137,932	)		112,887,889		—
Villa Solana	Laguna Hills, CA		—	1984			272		1,665,100		14,985,678		9,752,842		1,665,100		24,738,520		26,403,620		(19,582,595	)		6,821,025		—
Village at Del Mar Heights, The (fka Del Mar Heights)	San Diego, CA		—	1986			168		15,100,000		40,859,396		1,315,901		15,100,000		42,175,297		57,275,297		(9,628,990	)		47,646,307		—
Vintage	Ontario, CA		—	2005-2007			300		7,059,230		47,677,762		1,233,489		7,059,230		48,911,251		55,970,481		(20,304,558	)		35,665,923		—
Virginia Square	Arlington, VA	G		2002			231		—		85,940,003		4,594,826		—		90,534,829		90,534,829		(18,797,549	)		71,737,280		—
Vista 99 (fka Tasman)	San Jose, CA		—	2016			554		27,709,329		176,023,094		113,479		27,709,329		176,136,573		203,845,902		(12,631,445	)		191,214,457		—
Vista Del Lago	Mission Viejo, CA		—	1986-1988			608		4,525,800		40,736,293		16,741,744		4,525,800		57,478,037		62,003,837		(46,045,156	)		15,958,681		—
Vista on Courthouse	Arlington, VA		—	2008			220		15,550,260		69,449,740		1,823,317		15,550,260		71,273,057		86,823,317		(23,435,882	)		63,387,435		—
Walden Park	Cambridge, MA		—	1966			232		12,448,888		52,044,448		4,293,327		12,448,888		56,337,775		68,786,663		(17,603,707	)		51,182,956		—
Water Park Towers	Arlington, VA		—	1989			362		34,400,000		108,485,859		9,546,702		34,400,000		118,032,561		152,432,561		(25,460,371	)		126,972,190		—
Watertown Square	Watertown, MA	G		2005			134		16,800,000		34,074,056		1,348,261		16,800,000		35,422,317		52,222,317		(7,618,267	)		44,604,050		—
West 96th	New York, NY	G		1987			207		84,800,000		67,055,502		5,265,243		84,800,000		72,320,745		157,120,745		(17,919,572	)		139,201,173		—
West End Apartments (fka Emerson Place/CRP II)	Boston, MA	G		2008			310		469,546		163,123,022		2,821,262		469,546		165,944,284		166,413,830		(55,691,880	)		110,721,950		—
Westchester at Rockville	Rockville, MD		—	2009			192		10,600,000		44,135,207		703,338		10,600,000		44,838,545		55,438,545		(9,691,644	)		45,746,901		—
Westmont	New York, NY	G		1986			163		64,900,000		61,143,259		2,724,370		64,900,000		63,867,629		128,767,629		(14,415,326	)		114,352,303		—
Westside	Los Angeles, CA		—	2004			204		34,200,000		56,962,630		2,861,832		34,200,000		59,824,462		94,024,462		(12,610,533	)		81,413,929		—
Westside Barrington (fka Westside Villas III)	Los Angeles, CA		—	1999			36		3,060,000		5,538,871		920,282		3,060,000		6,459,153		9,519,153		(3,618,136	)		5,901,017		—
Westside Barry (Westside Villas VI)	Los Angeles, CA		—	1989			18		1,530,000		3,023,523		599,854		1,530,000		3,623,377		5,153,377		(2,053,667	)		3,099,710		—
Westside Beloit (fka Westside Villas I)	Los Angeles, CA		—	1999			21		1,785,000		3,233,254		628,089		1,785,000		3,861,343		5,646,343		(2,239,628	)		3,406,715		—
Westside Bundy (fka Westside Villas II)	Los Angeles, CA		—	1999			23		1,955,000		3,541,435		642,479		1,955,000		4,183,914		6,138,914		(2,324,838	)		3,814,076		—
Westside Butler (fka Westside Villas IV)	Los Angeles, CA		—	1999			36		3,060,000		5,539,390		949,817		3,060,000		6,489,207		9,549,207		(3,619,180	)		5,930,027		—
Westside Villas (fka Westside Villas V &VII)	Los Angeles, CA		—	1999 & 2001			113		9,605,000		19,983,385		2,493,267		9,605,000		22,476,652		32,081,652		(12,289,331	)		19,792,321		—
Windridge (CA)	Laguna Niguel, CA		—	1989			344		2,662,900		23,985,497		10,800,566		2,662,900		34,786,063		37,448,963		(25,964,327	)		11,484,636		—
Wood Creek I	Pleasant Hill, CA		—	1987			256		9,729,900		23,009,768		8,661,346		9,729,900		31,671,114		41,401,014		(21,717,920	)		19,683,094		—
Management Business	Chicago, IL		—	(D)			—		—		—		112,328,951		—		112,328,951		112,328,951		(92,675,414	)		19,653,537		—
Operating Partnership	Chicago, IL		—	(F)			—		—		9,047,067		—		—		9,047,067		9,047,067		—			9,047,067		—
Other	N/A		—		—		—		—		—		70,353		—		70,353		70,353		(15,311	)		55,042		—
Wholly Owned Unencumbered							55,954		4,618,857,608		14,026,732,412		1,131,147,795		4,618,857,608		15,157,880,207		19,776,737,815		(4,363,244,353	)		15,413,493,462		—

Wholly Owned Encumbered:
101 West End	New York, NY	G		2000			506		190,600,000		131,374,708		4,465,890		190,600,000		135,840,598		326,440,598		(33,939,026	)		292,501,572		103,730,409
1401 Joyce on Pentagon Row	Arlington, VA		—	2004			326		9,780,000		89,668,165		4,811,215		9,780,000		94,479,380		104,259,380		(31,540,500	)		72,718,880		57,354,529
2501 Porter	Washington, D.C.		—	1988			202		13,000,000		75,271,179		4,572,192		13,000,000		79,843,371		92,843,371		(16,734,740	)		76,108,631	(J)
300 East 39th (fka East 39th)	New York, NY	G		2001			254		48,900,000		96,174,639		3,532,467		48,900,000		99,707,106		148,607,106		(21,799,732	)		126,807,374		60,451,283
303 East 83rd (fka Camargue)	New York, NY	G		1976			261		79,400,000		79,122,624		3,673,574		79,400,000		82,796,198		162,196,198		(18,995,345	)		143,200,853	(J)
425 Broadway	Santa Monica, CA	G		2001			101		12,600,000		34,394,772		3,577,985		12,600,000		37,972,757		50,572,757		(8,081,082	)		42,491,675	(J)

EQUITY RESIDENTIAL

ERP OPERATING LIMITED PARTNERSHIP

Schedule III - Real Estate and Accumulated Depreciation

December 31, 2017

Description							Initial Cost to Company				Cost Capitalized Subsequent to Acquisition (Improvements, net) (E)		Gross Amount Carried at Close of Period 12/31/17
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 12/31/17		Encumbrances
55 West Fifth I & II (fka Townhouse Plaza and Gardens)	San Mateo, CA		—	1964/1972		241		21,041,710		71,931,323		12,415,912		21,041,710		84,347,235		105,388,945		(21,523,119	)		83,865,826		26,356,053
800 Sixth Ave (fka Chelsea)	New York, NY	G		2003		266		59,900,000		155,861,605		2,180,446		59,900,000		158,042,051		217,942,051		(32,855,478	)		185,086,573		77,654,125
929 Mass (fka 929 House)	Cambridge, MA	G		1975		127		3,252,993		21,745,595		6,801,241		3,252,993		28,546,836		31,799,829		(17,379,493	)		14,420,336		578,381
Academy Village	North Hollywood, CA		—	1989		248		25,000,000		23,593,194		8,511,551		25,000,000		32,104,745		57,104,745		(18,102,739	)		39,002,006		19,965,907
Alcyone	Seattle, WA	G		2004		162		11,379,497		49,360,503		973,758		11,379,497		50,334,261		61,713,758		(7,663,311	)		54,050,447		28,247,417
Arches, The	Sunnyvale, CA		—	1974		410		26,650,000		62,850,000		1,807,099		26,650,000		64,657,099		91,307,099		(20,704,043	)		70,603,056	(I)
Artisan Square	Northridge, CA		—	2002		140		7,000,000		20,537,359		1,462,204		7,000,000		21,999,563		28,999,563		(11,523,867	)		17,475,696		22,757,833
Avanti	Anaheim, CA		—	1987		162		12,960,000		18,497,682		3,682,239		12,960,000		22,179,921		35,139,921		(9,463,903	)		25,676,018		25,012,978
Avenir Apartments	Boston, MA	G		2009		241		—		114,321,618		1,981,881		—		116,303,499		116,303,499		(24,093,714	)		92,209,785		88,921,043
Bella Vista I, II, III Combined	Woodland Hills, CA		—	2003-2007		579		31,682,754		121,095,786		6,014,382		31,682,754		127,110,168		158,792,922		(53,777,824	)		105,015,098		57,907,496
Berkeleyan	Berkeley, CA	G		1998		56		4,377,000		16,022,110		382,895		4,377,000		16,405,005		20,782,005		(6,678,279	)		14,103,726		8,194,316
Calvert Woodley	Washington, D.C.		—	1962		136		12,600,000		43,527,379		2,058,223		12,600,000		45,585,602		58,185,602		(10,036,657	)		48,148,945	(J)
Carmel Terrace	San Diego, CA		—	1988-1989		384		2,288,300		20,596,281		11,891,883		2,288,300		32,488,164		34,776,464		(26,616,700	)		8,159,764	(I)
Chelsea Square	Redmond, WA		—	1991		113		3,397,100		9,289,074		2,525,829		3,397,100		11,814,903		15,212,003		(7,732,982	)		7,479,021		9,219,668
Citrus Suites	Santa Monica, CA		—	1978		70		9,000,000		16,950,326		1,886,846		9,000,000		18,837,172		27,837,172		(4,064,530	)		23,772,642	(J)
Cleveland House	Washington, D.C.		—	1953		214		18,300,000		66,392,414		3,953,014		18,300,000		70,345,428		88,645,428		(15,198,718	)		73,446,710	(J)
Columbia Crossing	Arlington, VA		—	1991		247		23,500,000		53,045,073		2,637,583		23,500,000		55,682,656		79,182,656		(12,776,595	)		66,406,061	(J)
Deerwood (SD)	San Diego, CA		—	1990		316		2,082,095		18,739,815		14,811,438		2,082,095		33,551,253		35,633,348		(28,255,938	)		7,377,410	(I)
Del Mar Ridge	San Diego, CA		—	1998		181		7,801,824		36,948,176		3,819,678		7,801,824		40,767,854		48,569,678		(14,687,909	)		33,881,769		39,502,426
Estancia at Santa Clara (fka Santa Clara)	Santa Clara, CA		—	2000		450		—		123,759,804		1,306,632		—		125,066,436		125,066,436		(27,568,376	)		97,498,060	(J)
Fairchase	Fairfax, VA		—	2007		392		23,500,000		87,722,321		956,574		23,500,000		88,678,895		112,178,895		(18,576,327	)		93,602,568	(J)
Fairfield	Stamford, CT	G		1996		263		6,510,200		39,690,120		7,711,222		6,510,200		47,401,342		53,911,542		(32,614,560	)		21,296,982		31,314,687
Fine Arts Building	Berkeley, CA	G		2004		100		7,817,000		26,462,772		379,630		7,817,000		26,842,402		34,659,402		(10,821,726	)		23,837,676		15,964,066
Flats at DuPont Circle	Washington, D.C.		—	1967		306		35,200,000		108,768,198		1,152,022		35,200,000		109,920,220		145,120,220		(22,256,517	)		122,863,703	(J)
Gaia Building	Berkeley, CA	G		2000		91		7,113,000		25,623,826		317,100		7,113,000		25,940,926		33,053,926		(10,427,553	)		22,626,373		14,501,551
Gaithersburg Station	Gaithersburg, MD	G		2013		389		17,500,000		74,678,917		814,507		17,500,000		75,493,424		92,993,424		(15,197,790	)		77,795,634		95,368,543
Glo	Los Angeles, CA	G		2008		201		16,047,022		48,650,963		3,068,235		16,047,022		51,719,198		67,766,220		(14,061,824	)		53,704,396		32,031,227
Hathaway	Long Beach, CA		—	1987		385		2,512,500		22,611,912		9,165,543		2,512,500		31,777,455		34,289,955		(24,359,922	)		9,930,033		46,479,980
Heights on Capitol Hill	Seattle, WA	G		2006		104		5,425,000		21,138,028		1,483,284		5,425,000		22,621,312		28,046,312		(9,090,011	)		18,956,301		25,887,074
Kelvin Court (fka Alta Pacific)	Irvine, CA		—	2008		132		10,752,145		34,628,115		648,366		10,752,145		35,276,481		46,028,626		(11,953,874	)		34,074,752		26,226,033
Kenwood Mews	Burbank, CA		—	1991		141		14,100,000		24,662,883		3,580,534		14,100,000		28,243,417		42,343,417		(12,733,507	)		29,609,910	(I)
La Terrazza at Colma Station	Colma, CA	G		2005		155		—		41,251,044		1,206,497		—		42,457,541		42,457,541		(16,832,082	)		25,625,459		24,987,438
Laguna Clara	Santa Clara, CA		—	1972		264		13,642,420		29,707,475		4,969,596		13,642,420		34,677,071		48,319,491		(18,383,225	)		29,936,266	(I)
Liberty Park	Braintree, MA		—	2000		202		5,977,504		26,749,111		6,357,010		5,977,504		33,106,121		39,083,625		(17,080,472	)		22,003,153		24,956,877
Liberty Tower	Arlington, VA	G		2008		235		16,382,822		83,817,078		1,975,311		16,382,822		85,792,389		102,175,211		(26,194,514	)		75,980,697		43,515,440
Longview Place	Waltham, MA		—	2004		348		20,880,000		90,255,509		5,422,745		20,880,000		95,678,254		116,558,254		(41,854,802	)		74,703,452		70,793,963
Market Street Village	San Diego, CA		—	2006		229		13,740,000		40,757,301		2,123,013		13,740,000		42,880,314		56,620,314		(18,041,199	)		38,579,115	(I)
Metro on First	Seattle, WA	G		2002		102		8,540,000		12,209,981		2,141,118		8,540,000		14,351,099		22,891,099		(5,948,086	)		16,943,013		22,629,291
Mill Creek	Milpitas, CA		—	1991		516		12,858,693		57,168,503		9,899,985		12,858,693		67,068,488		79,927,181		(33,621,630	)		46,305,551		69,262,254
Moda	Seattle, WA	G		2009		251		12,649,228		36,842,012		1,017,073		12,649,228		37,859,085		50,508,313		(12,489,032	)		38,019,281	(K)
Montierra (CA)	San Diego, CA		—	1990		272		8,160,000		29,360,938		7,947,448		8,160,000		37,308,386		45,468,386		(24,130,197	)		21,338,189	(I)
Olympus Towers	Seattle, WA	G		2000		328		14,752,034		73,335,425		8,745,325		14,752,034		82,080,750		96,832,784		(39,929,257	)		56,903,527		49,788,935
Park Place at San Mateo (fka San Mateo)	San Mateo, CA	G		2001		575		71,900,000		211,907,141		11,404,928		71,900,000		223,312,069		295,212,069		(47,760,787	)		247,451,282	(J)
Reserve at Clarendon Centre, The	Arlington, VA	G		2003		252		10,500,000		52,812,935		4,599,506		10,500,000		57,412,441		67,912,441		(28,603,885	)		39,308,556	(I)
Reserve at Eisenhower, The	Alexandria, VA		—	2002		226		6,500,000		34,585,060		3,865,452		6,500,000		38,450,512		44,950,512		(19,227,311	)		25,723,201	(I)
Reserve at Fairfax Corner	Fairfax, VA		—	2001		652		15,804,057		63,129,051		11,326,169		15,804,057		74,455,220		90,259,277		(38,763,866	)		51,495,411		84,677,136
Siena Terrace	Lake Forest, CA		—	1988		356		8,900,000		24,083,024		7,129,612		8,900,000		31,212,636		40,112,636		(20,109,124	)		20,003,512		64,414,512
Skyview	Rancho Santa Margarita, CA		—	1999		260		3,380,000		21,952,863		5,298,716		3,380,000		27,251,579		30,631,579		(16,612,037	)		14,019,542		47,183,965
SoMa Square Apartments (fka South Market)	San Francisco, CA	G		1986		410		79,900,000		177,316,977		9,300,349		79,900,000		186,617,326		266,517,326		(38,289,333	)		228,227,993	(J)

EQUITY RESIDENTIAL

ERP OPERATING LIMITED PARTNERSHIP

Schedule III - Real Estate and Accumulated Depreciation

December 31, 2017

Description							Initial Cost to Company				Cost Capitalized Subsequent to Acquisition (Improvements, net) (E)		Gross Amount Carried at Close of Period 12/31/17
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 12/31/17		Encumbrances
Square One	Seattle, WA		—	2014		112		7,222,544		26,277,456		29,629		7,222,544		26,307,085		33,529,629		(4,313,830	)		29,215,799	(K)
Summerset Village	Chatsworth, CA		—	1985		280		2,629,804		23,670,889		7,787,016		2,629,804		31,457,905		34,087,709		(22,465,064	)		11,622,645		38,007,297
Talleyrand	Tarrytown, NY		—	1997-1998		300		12,000,000		49,838,160		6,352,043		12,000,000		56,190,203		68,190,203		(31,701,891	)		36,488,312		34,811,455
Teresina	Chula Vista, CA		—	2000		440		28,600,000		61,916,670		5,715,027		28,600,000		67,631,697		96,231,697		(29,443,097	)		66,788,600		38,425,773
Toscana	Irvine, CA		—	1991/1993		563		39,410,000		50,806,072		17,577,052		39,410,000		68,383,124		107,793,124		(37,833,043	)		69,960,081		98,047,399
Touriel Building	Berkeley, CA	G		2004		35		2,736,000		7,810,027		186,222		2,736,000		7,996,249		10,732,249		(3,315,964	)		7,416,285		4,969,645
Town Square at Mark Center I (fka Millbrook I)	Alexandria, VA		—	1996		406		24,360,000		86,178,714		7,407,814		24,360,000		93,586,528		117,946,528		(41,076,185	)		76,870,343		60,225,838
Vantage Hollywood	Los Angeles, CA		—	1987		298		42,580,326		56,014,674		457,365		42,580,326		56,472,039		99,052,365		(7,801,330	)		91,251,035		41,416,137
Versailles	Woodland Hills, CA		—	1991		253		12,650,000		33,656,292		7,159,381		12,650,000		40,815,673		53,465,673		(21,305,317	)		32,160,356		30,347,501
Versailles (K-Town)	Los Angeles, CA		—	2008		225		10,590,975		44,409,025		1,547,377		10,590,975		45,956,402		56,547,377		(15,658,207	)		40,889,170		45,964,864
Victor on Venice	Los Angeles, CA	G		2006		115		10,350,000		35,433,437		797,872		10,350,000		36,231,309		46,581,309		(14,701,990	)		31,879,319	(I)
Vintage at 425 Broadway (fka Promenade)	Santa Monica, CA	G		1934/2001		60		9,000,000		13,961,523		1,555,558		9,000,000		15,517,081		24,517,081		(3,564,636	)		20,952,445	(J)
West 54th	New York, NY	G		2001		222		60,900,000		48,193,837		3,225,501		60,900,000		51,419,338		112,319,338		(12,886,577	)		99,432,761		47,667,759
Westgate (fka Westgate I)	Pasadena, CA		—	2010		480		22,898,848		133,484,573		2,262,866		22,898,848		135,747,439		158,646,287		(32,510,875	)		126,135,412		95,981,749
Woodleaf	Campbell, CA		—	1984		178		8,550,600		16,988,183		5,069,445		8,550,600		22,057,628		30,608,228		(14,254,057	)		16,354,171		17,819,380
Portfolio/Entity Encumbrances (1)						—		—		—		—		—		—		—		—			—		1,346,853,789
Wholly Owned Encumbered						18,497		1,401,915,995		3,881,590,219		316,875,095		1,401,915,995		4,198,465,314		5,600,381,309		(1,440,591,113	)		4,159,790,196		3,316,375,422

Partially Owned Unencumbered:
2300 Elliott	Seattle, WA		—	1992		92		796,800		7,173,725		6,717,795		796,800		13,891,520		14,688,320		(10,921,953	)		3,766,367		—
Canyon Ridge	San Diego, CA		—	1989		162		4,869,448		11,955,064		3,954,912		4,869,448		15,909,976		20,779,424		(10,552,909	)		10,226,515		—
Country Oaks	Agoura Hills, CA		—	1985		256		6,105,000		29,561,865		6,647,900		6,105,000		36,209,765		42,314,765		(19,712,219	)		22,602,546		—
Harrison Square (fka Elliot Bay)	Seattle, WA	G		1992		166		7,600,000		35,844,345		5,069,730		7,600,000		40,914,075		48,514,075		(9,358,506	)		39,155,569		—
Monterra in Mill Creek	Mill Creek, WA		—	2003		139		2,800,000		13,255,123		1,003,101		2,800,000		14,258,224		17,058,224		(6,620,281	)		10,437,943		—
Rosecliff	Quincy, MA		—	1990		156		5,460,000		15,721,570		3,530,721		5,460,000		19,252,291		24,712,291		(12,249,762	)		12,462,529		—
Strayhorse at Arrowhead Ranch	Glendale, AZ		—	1998		136		4,400,000		12,968,002		802,003		4,400,000		13,770,005		18,170,005		(6,164,596	)		12,005,409		—
Via Ventura (CA) (fka Ventura)	Ventura, CA		—	2002		192		8,600,000		44,308,202		845,940		8,600,000		45,154,142		53,754,142		(10,983,822	)		42,770,320		—
Wood Creek II (fka Willow Brook (CA))	Pleasant Hill, CA		—	1985		228		5,055,000		38,388,672		6,551,944		5,055,000		44,940,616		49,995,616		(22,087,591	)		27,908,025		—
Partially Owned Unencumbered						1,527		45,686,248		209,176,568		35,124,046		45,686,248		244,300,614		289,986,862		(108,651,639	)		181,335,223		—

Partially Owned Encumbered:
Bellevue Meadows	Bellevue, WA		—	1983		180		4,507,100		12,574,814		5,487,604		4,507,100		18,062,418		22,569,518		(12,705,342	)		9,864,176		16,504,927
Canyon Creek (CA)	San Ramon, CA		—	1984		268		5,425,000		18,812,120		7,580,209		5,425,000		26,392,329		31,817,329		(16,113,349	)		15,703,980		28,129,557
Lantern Cove	Foster City, CA		—	1985		232		6,945,000		23,064,976		6,401,023		6,945,000		29,465,999		36,410,999		(17,362,236	)		19,048,763		36,410,267
Schooner Bay I	Foster City, CA		—	1985		168		5,345,000		20,390,618		5,132,524		5,345,000		25,523,142		30,868,142		(15,015,057	)		15,853,085		28,825,496
Schooner Bay II	Foster City, CA		—	1985		144		4,550,000		18,064,764		4,600,065		4,550,000		22,664,829		27,214,829		(13,411,541	)		13,803,288		26,130,631
Surrey Downs	Bellevue, WA		—	1986		122		3,057,100		7,848,618		3,159,103		3,057,100		11,007,721		14,064,821		(7,377,616	)		6,687,205		9,810,499
Virgil Square	Los Angeles, CA		—	1979		142		5,500,000		15,216,613		2,890,085		5,500,000		18,106,698		23,606,698		(8,612,798	)		14,993,900		9,877,693
Wisconsin Place	Chevy Chase, MD		—	2009		432		—		172,089,355		1,148,714		—		173,238,069		173,238,069		(37,293,147	)		135,944,922		146,657,506
Partially Owned Encumbered						1,688		35,329,200		288,061,878		36,399,327		35,329,200		324,461,205		359,790,405		(127,891,086	)		231,899,319		302,346,576

Total Consolidated Investment in Real Estate						77,666	$	6,101,789,051	$	18,405,561,077	$	1,519,546,263	$	6,101,789,051	$	19,925,107,340	$	26,026,896,391	$	(6,040,378,191	)	$	19,986,518,200	$	3,618,721,998

(1)	See attached Encumbrances Reconciliation.

EQUITY RESIDENTIAL

ERP OPERATING LIMITED PARTNERSHIP

Schedule III - Real Estate and Accumulated Depreciation

December 31, 2017

NOTES:

(A)

The balance of furniture & fixtures included in the total investment in real estate amount was $1,548,960,951 as of December 31, 2017.

(B)

The cost, net of accumulated depreciation, for Federal Income Tax purposes as of December 31, 2017 was approximately $14.8 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, replacements and renovations 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 computer equipment and 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 building improvements, replacements and renovations incurred subsequent to each property’s acquisition date.

(F)

Primarily 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 (including parking garages).

(H)

Total properties and apartment units exclude two unconsolidated properties containing 945 apartment units.

(I)

Through (J) See Encumbrances Reconciliation schedule.

(K)

Boot property for Bond Partnership mortgage pool.

S-1