Equity, Capital and Other Interests (Tables)

3 Months Ended

Mar. 31, 2017

Changes in Issued and Outstanding Common Shares and Units

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 quarter ended March 31, 2017:

	2017
Common Shares
Common Shares outstanding at January 1,		365,870,924
Common Shares Issued:
Conversion of OP Units		1,087,684
Exercise of share options		72,596
Employee Share Purchase Plan (ESPP)		29,808
Restricted share grants, net		76,745
Common Shares outstanding at March 31,		367,137,757
Units
Units outstanding at January 1,		14,626,075
Restricted unit grants, net		289,081
Conversion of OP Units to Common Shares		(1,087,684	)
Units outstanding at March 31,		13,827,472
Total Common Shares and Units outstanding at March 31,		380,965,229
Units Ownership Interest in Operating Partnership		3.6	%

Changes in Redemption Value of Redeemable Noncontrolling Interests and Limited Partners Interest

The following table presents the changes in the redemption value of the Redeemable Noncontrolling Interests – Operating Partnership for the quarter ended March 31, 2017 (amounts in thousands):

	2017
Balance at January 1,	$	442,092
Change in market value		(50,766	)
Change in carrying value		(31,593	)
Balance at March 31,	$	359,733

Issued and Outstanding Preferred Shares and Preference Units

The following table presents the Company’s issued and outstanding Preferred Shares as of March 31, 2017 and December 31, 2016:

				Amounts in thousands
	Redemption Date (1)	Annual Dividend per Share (2)		March 31, 2017		December 31, 2016
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 March 31, 2017 and December 31, 2016	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]

Changes in Issued and Outstanding Common Shares and Units

The following tables present the changes in the Operating Partnership’s issued and outstanding Units and in the limited partners’ Units for the quarter ended March 31, 2017:

	2017
General and Limited Partner Units
General and Limited Partner Units outstanding at January 1,		380,496,999
Issued to General Partner:
Exercise of EQR share options		72,596
EQR’s Employee Share Purchase Plan (ESPP)		29,808
EQR's restricted share grants, net		76,745
Issued to Limited Partners:
Restricted unit grants, net		289,081
General and Limited Partner Units outstanding at March 31,		380,965,229
Limited Partner Units
Limited Partner Units outstanding at January 1,		14,626,075
Limited Partner restricted unit grants, net		289,081
Conversion of Limited Partner OP Units to EQR Common Shares		(1,087,684	)
Limited Partner Units outstanding at March 31,		13,827,472
Limited Partner Units Ownership Interest in Operating Partnership		3.6	%

Changes in Redemption Value of Redeemable Noncontrolling Interests and Limited Partners Interest

The following table presents the changes in the redemption value of the Redeemable Limited Partners for the quarter ended March 31, 2017 (amounts in thousands):

	2017
Balance at January 1,	$	442,092
Change in market value		(50,766	)
Change in carrying value		(31,593	)
Balance at March 31,	$	359,733

Issued and Outstanding Preferred Shares and Preference Units

The following table presents the Operating Partnership's issued and outstanding “Preference Units” as of March 31, 2017 and December 31, 2016:

				Amounts in thousands
	Redemption Date (1)	Annual Dividend per Unit (2)		March 31, 2017		December 31, 2016
Preference Units:
8.29% Series K Cumulative Redeemable Preference Units; liquidation value $50 per unit; 745,600 units issued and outstanding at March 31, 2017 and December 31, 2016	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.