<SEC-DOCUMENT>0000950170-24-069342.txt : 20240708
<SEC-HEADER>0000950170-24-069342.hdr.sgml : 20240708
<ACCEPTANCE-DATETIME>20240605162305
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950170-24-069342
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20240605

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EQUITY RESIDENTIAL
		CENTRAL INDEX KEY:			0000906107
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		IRS NUMBER:				363877868
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		EQUITY RESIDENTIAL
		STREET 2:		TWO NORTH RIVERSIDE PLAZA, SUITE 400
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		3129281178

	MAIL ADDRESS:	
		STREET 1:		TWO NORTH RIVERSIDE PLAZA
		STREET 2:		SUITE 400
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EQUITY RESIDENTIAL PROPERTIES TRUST
		DATE OF NAME CHANGE:	19930524

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ERP OPERATING LTD PARTNERSHIP
		CENTRAL INDEX KEY:			0000931182
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		IRS NUMBER:				363894853
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		TWO N RIVERSIDE PLZ
		STREET 2:		STE 400
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		3124741300

	MAIL ADDRESS:	
		STREET 1:		TWO N RIVERSIDE PLAZA
		STREET 2:		SUITE 450
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<html>
 <head>
  <title>CORRESP</title>
 </head>
 <body style="margin: auto!important;padding: 8px;">
  <div style="min-height:1in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:9pt;font-family:Arial;min-width:fit-content;">&#160;</font></p>
   <table style="margin-left:0.06944444444444445in;border-spacing:0;table-layout:fixed;width:99.0%;border-collapse:separate;">
    <tr style="visibility:collapse;">
     <td style="width:76.04%;"></td>
     <td style="width:23.96%;"></td>
    </tr>
    <tr style="height:8pt;word-break:break-word;white-space:pre-wrap;">
     <td style="border-top:1pt solid #ffffff;padding-top:0.069in;border-right:1pt solid #ffffff;border-left:1pt solid #ffffff;padding-left:0.069in;vertical-align:top;padding-bottom:0.069in;border-bottom:1pt solid #ffffff;padding-right:0.069in;"><p style="font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><img src="img133243593_0.jpg" alt="img133243593_0.jpg" style="width:211px;height:87px;">&#160;</p></td>
     <td style="border-top:1pt solid #ffffff;padding-top:0.069in;border-right:1pt solid #ffffff;padding-left:0.069in;vertical-align:top;padding-bottom:0.069in;border-bottom:1pt solid #ffffff;padding-right:0.069in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-family:Arial;min-width:fit-content;">&#160;</font></p><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-family:Arial;min-width:fit-content;">&#160;</font></p><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#666666;white-space:pre-wrap;font-family:Arial;min-width:fit-content;">2 N. Riverside Plaza</font></p><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#666666;white-space:pre-wrap;font-family:Arial;min-width:fit-content;">Suite 400</font></p><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#666666;white-space:pre-wrap;font-family:Arial;min-width:fit-content;">Chicago, IL 60606</font></p><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-family:Arial;min-width:fit-content;">&#160;</font></p><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#666666;white-space:pre-wrap;font-family:Arial;min-width:fit-content;">EquityApartments.com</font></p></td>
    </tr>
   </table><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:9pt;font-family:Arial;min-width:fit-content;">&#160;</font></p></div>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">June 5, 2024</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">VIA EDGAR</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Mr. Peter McPhun</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Mr. Mark Rakip</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Division of Corporation Finance</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Office of Real Estate &amp; Construction</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">U.S. Securities and Exchange Commission</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Washington, D.C. 20549</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="margin-left:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Re: 	Equity Residential</font></p>
  <p style="margin-left:13.333%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">ERP Operating Limited Partnership</font></p>
  <p style="margin-left:13.333%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Form 10-K for the fiscal year ended December 31, 2023</font></p>
  <p style="margin-left:13.333%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Filed February 15, 2024</font></p>
  <p style="margin-left:13.333%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">File No. 001-12252</font></p>
  <p style="margin-left:13.333%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">File No. 000-24920</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Mr. McPhun and Mr. Rakip,</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">On behalf of Equity Residential and ERP Operating Limited Partnership (collectively, the &#x201c;Company&#x201d;), this letter responds to the comment set forth in your letter dated May 29, 2024.  For your convenience, we have repeated the comment provided in your letter:</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">  </font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;text-decoration:underline;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Form 10-K for fiscal year ended December 31, 2023</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;text-decoration:underline;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Item 8. Financial Statements and Supplementary Data</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;text-decoration:underline;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Consolidated Financial Statements</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;text-decoration:underline;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Notes to Consolidated Financial Statements</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;text-decoration:underline;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">17. Reportable Segments, page F-56</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <div style="margin-left:3.333%;display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:3.333%;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;min-width:3.447919145106397%;display:inline-flex;justify-content:flex-start;">1.</font><div style="width:100%;display:inline;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">We note you do not appear to provide a reconciliation for your segment measure of profit or loss of Net operating income. In future periodic filings, including your subsequent interim Form 10-Q filings, please provide a reconciliation to reconcile your segment measure to Net (loss) income before income tax. Refer to ASC 280-10-50-30b.</font></div></div>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">The Company acknowledges the Staff&#x2019;s comment and in response will revise its disclosure in future periodic filings accordingly, beginning with the Form 10-Q for the quarter ended June 30, 2024.</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <div style="flex-direction:column;display:flex;padding-bottom:0.5in;min-height:1in;justify-content:flex-end;box-sizing:border-box;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Arial;min-width:fit-content;">&#160;</font></p></div>
  <hr style="page-break-after:always;">
  <div style="min-height:1in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:9pt;font-family:Arial;min-width:fit-content;">&#160;</font></p>
   <table style="margin-left:0.06944444444444445in;border-spacing:0;table-layout:fixed;width:99.0%;border-collapse:separate;">
    <tr style="visibility:collapse;">
     <td style="width:76.04%;"></td>
     <td style="width:23.96%;"></td>
    </tr>
    <tr style="height:8pt;word-break:break-word;white-space:pre-wrap;">
     <td style="border-top:1pt solid #ffffff;padding-top:0.069in;border-right:1pt solid #ffffff;border-left:1pt solid #ffffff;padding-left:0.069in;vertical-align:top;padding-bottom:0.069in;border-bottom:1pt solid #ffffff;padding-right:0.069in;"><p style="font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><img src="img133243593_0.jpg" alt="img133243593_0.jpg" style="width:211px;height:87px;">&#160;</p></td>
     <td style="border-top:1pt solid #ffffff;padding-top:0.069in;border-right:1pt solid #ffffff;padding-left:0.069in;vertical-align:top;padding-bottom:0.069in;border-bottom:1pt solid #ffffff;padding-right:0.069in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-family:Arial;min-width:fit-content;">&#160;</font></p><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-family:Arial;min-width:fit-content;">&#160;</font></p><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#666666;white-space:pre-wrap;font-family:Arial;min-width:fit-content;">2 N. Riverside Plaza</font></p><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#666666;white-space:pre-wrap;font-family:Arial;min-width:fit-content;">Suite 400</font></p><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#666666;white-space:pre-wrap;font-family:Arial;min-width:fit-content;">Chicago, IL 60606</font></p><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-family:Arial;min-width:fit-content;">&#160;</font></p><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#666666;white-space:pre-wrap;font-family:Arial;min-width:fit-content;">EquityApartments.com</font></p></td>
    </tr>
   </table><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:9pt;font-family:Arial;min-width:fit-content;">&#160;</font></p></div>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Mr. Peter McPhun</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Mr. Mark Rakip</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">June 5, 2024</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Page 2</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Please feel free to contact me at (312) 928-1239 should you require any additional information or have any questions.</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">  </font></p>
  <p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Sincerely,</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Equity Residential</font><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">                       </font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">ERP Operating Limited Partnership</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">By Equity Residential, its General Partner</font></p>
  <p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">    </font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">/s/ Robert A. Garechana</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Robert. A. Garechana</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Executive Vice President and</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">Chief Financial Officer</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <table style="border-spacing:0;table-layout:fixed;width:100.0%;border-collapse:separate;">
   <tr style="visibility:collapse;">
    <td style="width:8.86%;"></td>
    <td style="width:88.02%;"></td>
    <td style="width:3.12%;"></td>
   </tr>
   <tr style="height:12pt;word-break:break-word;white-space:pre-wrap;">
    <td style="padding-top:0.021in;padding-left:0.021in;vertical-align:bottom;padding-bottom:0.021in;padding-right:0.021in;"><p style="font-size:12pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;min-width:fit-content;">cc:</font></p></td>
    <td style="padding-top:0.021in;padding-left:0.021in;vertical-align:bottom;padding-bottom:0.021in;padding-right:0.021in;"><p style="font-size:12pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;min-width:fit-content;">Nathan Brames, Ernst &amp; Young LLP</font></p></td>
    <td style="padding-top:0.021in;padding-left:0.021in;vertical-align:bottom;padding-bottom:0.021in;padding-right:0.021in;"><p style="font-size:12pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;min-width:fit-content;"> </font></p></td>
   </tr>
   <tr style="height:12pt;word-break:break-word;white-space:pre-wrap;">
    <td style="padding-top:0.021in;padding-left:0.021in;vertical-align:bottom;padding-bottom:0.021in;padding-right:0.021in;"><p style="font-size:12pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="color:#000000;white-space:pre-wrap;min-width:fit-content;"> </font></p></td>
    <td style="padding-top:0.021in;padding-left:0.021in;vertical-align:bottom;padding-bottom:0.021in;padding-right:0.021in;"><p style="font-size:12pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;min-width:fit-content;">&#160;</font></p></td>
    <td style="vertical-align:middle;"><p style="font-size:12pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;min-width:fit-content;">&#160;</font></p></td>
   </tr>
  </table>
  <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
  <div style="flex-direction:column;display:flex;padding-bottom:0.5in;min-height:1in;justify-content:flex-end;box-sizing:border-box;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Arial;min-width:fit-content;">&#160;</font></p></div>
  <hr style="page-break-after:always;">
 </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>img133243593_0.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 img133243593_0.jpg
M_]C_X  02D9)1@ ! @   0 !  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" ", 6L# 2(  A$! Q$!_\0
M'P   04! 0$! 0$           $" P0%!@<("0H+_\0 M1   @$# P($ P4%
M! 0   %] 0(#  01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T? D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$  P$! 0$!
M 0$! 0        $" P0%!@<("0H+_\0 M1$  @$"! 0#! <%! 0  0)W  $"
M Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O 58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,!  (1 Q$ /P#W^BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
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M -\,WEU<>+/$4,US-)%%*!$CN65/F;H#T_"D7PSK]_--/J/B.Y@8N=D5DQ5
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M1@*HP *=0!S>O^%&UO4[>_BU*:SF@CV*T2\]3R#D8ZU2_P"$,U3_ *&[5/\
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' HHHH __V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
