EXHIBIT 99.1

Exhibit 99.1



Equity Residential Reports Third Quarter Results;
Announces Additional $500 Million Share Buyback Program


CHICAGO--(BUSINESS WIRE)--Nov. 1, 2005--Equity Residential
(NYSE:EQR) today reported results for the quarter and nine months
ended September 30, 2005. All per share results are reported on a
fully diluted basis.
"Our third quarter results were driven by very good same-store
revenue growth, strong condominium sales and excellent progress on our
portfolio reconfiguration. Continued success in these areas as well as
good job growth and household formations in our key markets should
lead to a strong finish to 2005 and a very good 2006," said Bruce W.
Duncan, Equity Residential's CEO.

Third Quarter 2005

For the quarter ended September 30, 2005, the company reported
earnings of $0.86 per share compared to $0.26 per share in the third
quarter of 2004. The quarterly increase is primarily attributable to
$0.63 per share in higher gains on property and condominium sales,
partially offset by $0.04 per share in higher interest expense.
Funds from Operations (FFO) for the quarter ended September 30,
2005 were $0.56 per share compared to $0.50 per share in the same
period of 2004. The positive variance was primarily the result of
$0.07 per share in higher gains on condominium sales and $0.02 per
share of improved same-store results, offset by the previously
mentioned $0.04 per share of higher interest expense.
Total revenues from continuing operations for the quarter were
$504.4 million compared to $456.6 million in the third quarter of
2004. The primary components of this $47.8 million increase in
revenues include the properties acquired since October 1, 2004 as well
as an approximate $18.4 million increase in third quarter same-store
revenues.

Nine Months Ended September 30, 2005

For the nine months ended September 30, 2005, the company reported
earnings of $2.05 per share compared to $1.00 per share in the same
period of 2004. The increase for the period is primarily attributable
to higher gains on property and condominium sales and the previously
announced gain due to eBay Inc.'s acquisition of the company's
ownership interest in Rent.com.
FFO for the nine months ended September 30, 2005 were $1.86 per
share compared to $1.58 per share in the same period of 2004.
Total revenues from continuing operations for the nine months
ended September 30, 2005 were $1.5 billion compared to $1.3 billion in
the same period of 2004.

Same-Store Results

On a same-store third quarter to third quarter comparison, which
includes 165,673 units, revenues increased 4.3 percent, expenses
increased 6.2 percent and net operating income (NOI) increased 3.0
percent. The increase in same-store expenses in the third quarter of
2005 includes approximately $3.7 million of additional insurance
expense related to the impact of two property fires and Hurricane
Katrina. Without the fire and hurricane related insurance expenses,
the same-store expense and NOI increases would have been 4.1 percent
and 4.4 percent, respectively, for the quarter.
On a sequential same-store comparison for these same 165,673 units
from second quarter 2005 to third quarter 2005, revenues increased 1.5
percent, expenses increased 5.0 percent and NOI decreased 0.8 percent.
Without the fire and hurricane related insurance expenses, the
same-store expense and NOI increases for the sequential period would
have been 2.9 percent and 0.6 percent, respectively.
On a same-store nine-month to nine-month comparison, which
includes 158,005 units, revenues increased 3.2 percent, expenses
increased 5.6 percent and NOI increased 1.6 percent. Without the fire
and hurricane related insurance expenses, the same-store expense and
NOI increases for the period would have been 4.8 percent and 2.2
percent, respectively.

Acquisitions/Dispositions

During the third quarter of 2005, the company acquired six
properties, consisting of 2,294 units, for an aggregate purchase price
of $416.0 million at an average capitalization (cap) rate of 5.7
percent and one land parcel for $1.4 million.
Also during the quarter, the company sold 15 properties,
consisting of 4,218 units, for an aggregate sale price of $433.0
million at an average cap rate of 5.2 percent. In addition, the
company sold 569 condominium units for $183.9 million and a 248-unit
property in the process of being converted to condominiums for $45.9
million.
In the first nine months of 2005, the company acquired 26
properties, consisting of 7,168 units, for an aggregate purchase price
of $1.1 billion at an average cap rate of 5.6 percent and three land
parcels for $46.7 million. In addition, the company sold 39
properties, consisting of 10,212 units, for an aggregate sale price of
$1.1 billion at an average cap rate of 5.0 percent. In addition, the
company sold 1,341 condominium units for $382.2 million, a 248-unit
property in the process of being converted to condominiums for $45.9
million and two land parcels for $36.3 million.
"We have had an excellent year in our transaction activity,
garnering very good prices on the sale of assets and executing on
opportunities to add high-quality, well-located properties to our
portfolio," said David J. Neithercut, Equity Residential's President.

Share Buyback Authorization

The company also announced a new common share repurchase program
in the amount of $500 million. The new authorization is in addition to
the $85 million remaining under the company's existing $200 million
authorization approved in July 2002.
The new program authorizes the company to repurchase common shares
from time to time through the open market or privately negotiated
transactions, subject to financial and market conditions and legal
requirements.

Fourth Quarter/Full Year 2005 Results

Equity Residential expects to announce fourth quarter/full year
2005 results on Wednesday, February 1, 2006 and host a conference call
to discuss those results at 10:00 a.m. CT that day.
Equity Residential is the largest publicly traded apartment
company in America. Nationwide, Equity Residential owns or has
investments in 922 properties in 32 states and the District of
Columbia consisting of 195,575 units. For more information on Equity
Residential, please visit our website at www.equityresidential.com.

Forward-Looking Statements

The company lists parameters for 2005 results in the final page of
this release. 2005 results will depend upon a slowdown in multifamily
starts and economic recovery and job growth. The forward-looking
statements contained in this news release regarding 2005 results are
further subject to certain risks and uncertainties including, without
limitation, the risks described under the heading "Risk Factors" in
our Annual Report on Form 10-K filed with the Securities and Exchange
Commission (SEC) and available on our website,
www.equityresidential.com. This news release also contains
forward-looking statements concerning development properties. The
total number of units and cost of development and completion dates
reflect the company's best estimates and are subject to uncertainties
arising from changing economic conditions (such as costs of labor and
construction materials), completion and local government regulation.
The company assumes no obligation to update or supplement
forward-looking statements that become untrue because of subsequent
events.

A live web cast of the company's conference call discussing these
results and outlook for the remainder of 2005 will take place today at
10:00 a.m. Central. Please visit the Investor Information section of
the company's web site at www.equityresidential.com for the link. A
replay of the web cast will be available for two weeks at this site.


EQUITY RESIDENTIAL
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands except per share data)
(Unaudited)


Nine Months Ended Quarter Ended
September 30, September 30,
----------------------- -----------------------
2005 2004 2005 2004
----------- ----------- ----------- -----------
REVENUES
Rental income $1,453,829 $1,316,790 $501,776 $454,128
Fee and asset
management 8,456 9,268 2,630 2,436
----------- ----------- ----------- -----------

Total revenues 1,462,285 1,326,058 504,406 456,564
----------- ----------- ----------- -----------

EXPENSES
Property and
maintenance 411,187 362,372 146,341 129,612
Real estate taxes
and insurance 162,711 159,407 59,701 62,480
Property management 63,254 56,850 21,924 18,865
Fee and asset
management 7,518 6,500 2,595 2,144
Depreciation 378,123 334,352 129,701 116,170
General and
administrative 45,012 34,778 14,243 11,961
----------- ----------- ----------- -----------

Total expenses 1,067,805 954,259 374,505 341,232
----------- ----------- ----------- -----------

Operating income 394,480 371,799 129,901 115,332

Interest and other
income 65,471 6,841 2,878 2,655
Interest:
Expense
incurred, net (281,762) (242,361) (97,997) (81,862)
Amortization
of deferred
financing
costs (4,996) (4,583) (1,730) (1,781)
----------- ----------- ----------- -----------

Income before
allocation to Minority
Interests, income
(loss) from
investments in
unconsolidated
entities, net
gain on sales
of unconsolidated
entities and
discontinued
operations 173,193 131,696 33,052 34,344
Allocation to Minority
Interests:
Operating
Partnership (43,060) (21,223) (18,078) (5,485)
Preference
Interests (6,431) (15,158) (1,159) (5,052)
Junior Preference
Units (11) (67) (4) (5)
Partially Owned
Properties 672 1,107 (1,624) 811
Premium on
redemption of
Preference
Interests (4,134) (1,117) (22) (1,117)
Income (loss) from
investments in
unconsolidated
entities (450) (7,468) (235) 329
Net gain on sales of
unconsolidated
entities 124 4,407 - 2
----------- ----------- ----------- -----------
Income from continuing
operations 119,903 92,177 11,930 23,827
Net gain on sales of
discontinued
operations 513,419 207,653 254,178 58,394
Discontinued
operations, net 2,585 21,866 1,416 5,288
----------- ----------- ----------- -----------
Net income 635,907 321,696 267,524 87,509
Preferred distributions (39,004) (40,671) (12,961) (13,346)
Premium on redemption
of Preferred Shares (4,316) - (4,316) -
----------- ----------- ----------- -----------
Net income available to
Common Shares $592,587 $281,025 $250,247 $74,163
=========== =========== =========== ===========

Earnings per share -
basic:
Income from continuing
operations available
to Common Shares $0.39 $0.24 $0.04 $0.05
=========== =========== =========== ===========
Net income available to
Common Shares $2.08 $1.01 $0.87 $0.26
=========== =========== =========== ===========
Weighted average Common
Shares outstanding 285,331 278,876 286,182 280,167
=========== =========== =========== ===========

Earnings per share -
diluted:
Income from continuing
operations available
to Common Shares $0.39 $0.24 $0.04 $0.05
=========== =========== =========== ===========
Net income available to
Common Shares $2.05 $1.00 $0.86 $0.26
=========== =========== =========== ===========
Weighted average Common
Shares outstanding 310,211 302,739 311,564 304,028
=========== =========== =========== ===========

Distributions declared
per Common Share
outstanding $1.2975 $1.2975 $0.4325 $0.4325
=========== =========== =========== ===========



EQUITY RESIDENTIAL
CONSOLIDATED STATEMENTS OF FUNDS FROM OPERATIONS
(Amounts in thousands except per share data)
(Unaudited)

Nine Months Ended Quarter Ended
September 30, September 30,
----------------------- -----------------------
2005 2004 2005 2004
----------- ----------- ----------- -----------

Net income $635,907 $321,696 $267,524 $87,509
Allocation to
Minority Interests -
Operating
Partnership 43,060 21,223 18,078 5,485
Adjustments:
Depreciation 378,123 334,352 129,701 116,170
Depreciation -
Non-real estate
additions (3,928) (4,025) (1,243) (1,308)
Depreciation -
Partially Owned
and
Unconsolidated
Properties 2,136 2,828 2,774 (880)
Net (gain) on
sales of
unconsolidated
entities (124) (4,407) - (2)
Discontinued
operations:
Depreciation 13,028 33,530 2,182 9,951
Net (gain) on
sales of
discontinued
operations (513,419) (207,653) (254,178) (58,394)
Net
incremental
gain on
sales of
condominium
units 56,667 15,669 27,631 7,199
Net gain on
sales of
land parcels 10,366 5,483 - (53)
----------- ----------- ----------- -----------

FFO (1)(2) 621,816 518,696 192,469 165,677
Preferred
distributions (39,004) (40,671) (12,961) (13,346)
Premium on redemption
of Preferred Shares (4,316) - (4,316) -
----------- ----------- ----------- -----------

FFO available to
Common Shares and OP
Units - basic $578,496 $478,025 $175,192 $152,331
=========== =========== =========== ===========

FFO available to
Common Shares and OP
Units - diluted $579,432 $480,890 $175,466 $153,225
=========== =========== =========== ===========

FFO per share and OP
Unit - basic $1.89 $1.59 $0.57 $0.51
=========== =========== =========== ===========

FFO per share and OP
Unit - diluted $1.86 $1.58 $0.56 $0.50
=========== =========== =========== ===========

Weighted average
Common Shares and
OP Units
outstanding -
basic 306,171 299,929 306,915 300,900
=========== =========== =========== ===========

Weighted average
Common Shares and
OP Units
outstanding -
diluted 311,015 305,189 312,272 306,315
=========== =========== =========== ===========


(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 of depreciable property,
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. Once the Company commences the conversion of units to
condominiums, it simultaneously discontinues depreciation of such
property.

(2) The Company believes that FFO is helpful to investors as a
supplemental measure of the operating performance of a real estate
company, because it is a recognized measure 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 can help compare the operating performance of
a company's real estate between periods or as compared to
different companies. FFO in and of itself does not represent net
income or net cash flows from operating activities in accordance
with GAAP. Therefore, FFO should not be exclusively considered as
an alternative to net income or to net cash flows from operating
activities as determined by GAAP or as a measure of liquidity. The
Company's calculation of FFO 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.



EQUITY RESIDENTIAL
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands except for share amounts)
(Unaudited)

September 30, December 31,
2005 2004
------------- -------------
ASSETS
Investment in real estate
Land $2,283,157 $2,183,818
Depreciable property 12,670,716 12,350,900
Construction in progress (including
land) 330,965 317,903
------------- -------------
Investment in real estate 15,284,838 14,852,621
Accumulated depreciation (2,805,552) (2,599,827)
------------- -------------
Investment in real estate, net 12,479,286 12,252,794

Cash and cash equivalents 306,933 83,505
Investments in unconsolidated entities 11,390 11,461
Rents receivable 940 1,681
Deposits - restricted 305,366 82,194
Escrow deposits - mortgage 36,389 35,800
Deferred financing costs, net 40,041 34,986
Goodwill, net 30,000 30,000
Other assets 101,484 112,854
------------- -------------
Total assets $13,311,829 $12,645,275
============= =============

LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Mortgage notes payable $3,323,932 $3,166,739
Notes, net 3,443,588 3,143,067
Lines of credit - 150,000
Accounts payable and accrued expenses 124,908 87,422
Accrued interest payable 64,201 70,411
Rents received in advance and other
liabilities 490,894 227,588
Security deposits 49,977 49,501
Distributions payable 143,572 142,437
------------- -------------
Total liabilities 7,641,072 7,037,165
------------- -------------

Commitments and contingencies
Minority Interests:
Operating Partnership 340,037 319,841
Preference Interests 60,000 206,000
Junior Preference Units 184 184
Partially Owned Properties 10,716 9,557
------------- -------------
Total Minority Interests 410,937 535,582
------------- -------------

Shareholders' equity:
Preferred Shares of beneficial
interest, $0.01 par value;
100,000,000 shares authorized;
3,349,630 shares issued and
outstanding as of September 30,
2005 and 4,108,658 shares issued
and outstanding as of
December 31, 2004 504,741 636,216
Common Shares of beneficial interest,
$0.01 par value; 1,000,000,000 shares
authorized; 288,165,764 shares issued
and outstanding as of September 30, 2005
and 285,076,915 shares issued and
outstanding as of December 31, 2004 2,882 2,851
Paid in capital 5,207,399 5,112,311
Deferred compensation - (18)
Distributions in excess of accumulated
earnings (437,639) (657,462)
Accumulated other comprehensive loss (17,563) (21,370)
------------- -------------
Total shareholders' equity 5,259,820 5,072,528
------------- -------------
Total liabilities and shareholders'
equity $13,311,829 $12,645,275
============= =============



September YTD 2005 vs. September YTD 2004
YTD over YTD Same-Store Results

$ in Millions - 158,005 Same-Store Units

Description Revenues Expenses NOI (1)
----------- ----------- ----------- -----------
YTD 2005 $1,240.3 $512.9 $727.4
YTD 2004 $1,201.5 $485.8 $715.7
----------- ----------- -----------
Change $38.8 $27.1 $11.7
=========== =========== ===========
Change 3.2% 5.6% 1.6%


Third Quarter 2005 vs. Third Quarter 2004
Quarter over Quarter Same-Store Results

$ in Millions - 165,673 Same-Store Units

Description Revenues Expenses NOI (1)
----------- ----------- ----------- -----------
Q3 2005 $446.6 $187.4 $259.2
Q3 2004 $428.2 $176.5 $251.7
----------- ----------- -----------
Change $18.4 $10.9 $7.5
=========== =========== ===========
Change 4.3% 6.2% 3.0%


Third Quarter 2005 vs. Second Quarter 2005
Sequential Quarter over Quarter Same-Store Results

$ in Millions - 165,673 Same-Store Units(a)

Description Revenues Expenses NOI (1)
----------- ----------- ----------- -----------
Q3 2005 $446.6 $187.4 $259.2
Q2 2005 $439.8 $178.4 $261.4
----------- ----------- -----------
Change $6.8 $9.0 $(2.2)
=========== =========== ===========
Change 1.5% 5.0% (0.8%)

(a) Includes the same units as the Third Quarter 2005 vs. Third
Quarter 2004 Same Store results for comparability purposes.


Same-Store Occupancy Statistics

YTD 2005 94.2% Q3 2005 94.7% Q3 2005 94.7%
YTD 2004 93.5% Q3 2004 93.6% Q2 2005 94.2%
----------- ----------- ---------
Change 0.7% Change 1.1% Change 0.5%


(1) The Company's primary financial measure for evaluating each of its
apartment communities is net operating income ("NOI"). NOI
represents rental income less property and maintenance expense,
real estate tax and insurance expense, and property management
expense. The Company believes that NOI is helpful to investors as
a supplemental measure of the operating performance of a real
estate company because it is a direct measure of the actual
operating results of the Company's apartment communities.



Same Store NOI Reconciliation
September YTD 2005 vs. September YTD 2004

The following table provides a reconciliation of operating income per
the consolidated statements of operations to NOI for the Nine-Month
2005 Same Store Properties:

Nine Months Ended
September 30,
---------------------------
2005 2004
------------- -------------
(Amounts in millions)

Operating income $394.5 $371.8
Adjustments:
Insurance (hurricane property damage) - 14.1
Non-same store operating results (89.2) (36.6)
Fee and asset management revenue (8.5) (9.3)
Fee and asset management expense 7.5 6.5
Depreciation 378.1 334.4
General and administrative 45.0 34.8
------------- -------------

Same store NOI $727.4 $715.7
============= =============



Same Store NOI Reconciliation
Third Quarter 2005 vs. Third Quarter 2004

The following table presents a reconciliation of operating income per
the consolidated statements of operations to NOI for the Third Quarter
2005 Same Store Properties:

Quarter Ended
September 30,
---------------------------
2005 2004
------------- -------------
(Amounts in millions)

Operating income $129.9 $115.3
Adjustments:
Insurance (hurricane property damage) - 14.1
Non-same store operating results (14.6) (5.6)
Fee and asset management revenue (2.6) (2.4)
Fee and asset management expense 2.6 2.1
Depreciation 129.7 116.2
General and administrative 14.2 12.0
------------- -------------

Same store NOI $259.2 $251.7
============= =============



September YTD 2005 vs. September YTD 2004
Same-Store Results by Market

--------------------------------
Increase (Decrease) from
Prior Year
-------------------------------------------------------------------

Sep
Sep YTD 05
YTD 05 Weighted
% of Average
Actual Occupancy
Markets Units NOI % Revenues Expenses NOI Occupancy
-------------------------------------------------------------------
1 South
Florida 9,346 6.8% 95.4% 7.6% 5.4% 9.2% 1.2%
2 Boston 5,397 6.4% 93.9% (2.2%) 6.9%(7.3%) (1.3%)
3 San
Francisco
Bay Area 5,990 6.1% 95.7% 2.6% 5.9% 0.8% 0.8%
4 Los Angeles 4,781 5.7% 95.5% 4.6% 7.8% 3.1% 0.7%
5 Phoenix 8,988 4.9% 94.3% 7.7% 5.8% 9.1% 3.4%
6 DC Suburban
Virginia 4,078 4.3% 94.8% 6.6% 1.9% 8.9% (0.2%)
7 Atlanta 9,082 4.2% 94.3% 0.7% 3.5%(1.6%) 0.6%
8 New England
(excl
Boston) 6,210 4.1% 93.6% 0.2% 7.7%(5.2%) (1.4%)
9 San Diego 3,486 4.0% 95.2% 4.3% 8.0% 2.6% 0.1%
10 Dallas/
Ft Worth 8,608 3.8% 94.8% 1.2% 6.4%(3.8%) 1.2%
11 Seattle/
Tacoma 6,290 3.7% 95.4% 4.5% 5.7% 3.7% 1.7%
12 Denver 6,360 3.5% 94.6% 0.5% 4.7%(1.8%) 1.6%
13 New York
Metro Area 2,574 3.4% 95.6% 5.5% 5.6% 5.4% 1.0%
14 DC Suburban
Maryland 4,739 3.4% 93.7% 3.3% 5.9% 1.9% (0.2%)
15 Inland
Empire, CA 3,504 3.3% 94.3% 5.6% 10.9% 3.2% (1.0%)
16 Orange Co 3,013 3.3% 95.2% 4.6% 9.6% 2.3% 0.3%
17 Orlando 5,382 3.2% 96.0% 10.0% 5.3% 13.3% 1.6%
18 Houston 5,282 2.3% 92.5% (2.2%) 5.6%(9.6%) 1.5%
19 Minn/St Paul 3,826 2.2% 92.1% 0.0% 0.7%(0.6%) 1.3%
20 Jacksonville 3,917 2.2% 94.4% 6.5% 3.6% 8.5% 2.2%
-------------------------------------------------------
Top 20
Markets 110,853 80.8% 94.6% 3.4% 5.8% 1.9% 0.9%
All Other
Markets 47,152 19.2% 93.2% 2.6% 4.8% 0.7% 0.1%
-------------------------------------------------------
Total 158,005 100.0% 94.2% 3.2% 5.6% 1.6% 0.7%
=======================================================



Third Quarter 2005 vs. Third Quarter 2004
Same-Store Results by Market

--------------------------------
Increase (Decrease) from
Prior Quarter
-------------------------------------------------------------------
3Q 2005
3Q 2005 Weighted
% of Average
Actual Occupancy
Markets Units NOI % Revenues Expenses NOI Occupancy
-------------------------------------------------------------------
1 South
Florida 10,166 7.1% 95.0% 8.7% 4.8% 11.5% 0.8%
2 Los Angeles 5,630 6.3% 96.2% 5.9% 9.7% 4.1% 1.7%
3 Boston 5,533 6.3% 94.8% (2.2%) 4.5%(5.8%) (0.7%)
4 San
Francisco
Bay Area 5,990 5.8% 96.5% 4.1% 7.0% 2.5% 1.6%
5 DC Suburban
Virginia 4,956 5.1% 95.1% 5.6% 4.1% 6.3% 0.0%
6 Atlanta 10,772 4.8% 94.8% 1.1% 6.9%(3.3%) 0.6%
7 Phoenix 8,988 4.5% 94.7% 9.5% 5.8% 12.3% 3.2%
8 Seattle/
Tacoma 7,351 4.4% 95.4% 6.2% 7.2% 5.5% 1.9%
9 New England
(excl
Boston) 6,210 3.9% 93.9% 0.6% 7.6%(4.2%) (0.5%)
10 San Diego 3,486 3.8% 95.9% 3.8% 6.5% 2.5% (0.1%)
11 New York
Metro Area 2,756 3.6% 96.3% 6.5% 8.9% 5.1% 1.2%
12 Orlando 5,978 3.5% 96.5% 10.9% 5.9% 14.5% 0.8%
13 Denver 6,804 3.5% 95.4% 4.0% 2.6% 4.9% 2.3%
14 Dallas/
Ft Worth 8,608 3.3% 94.7% 2.3% 8.8%(4.6%) 1.2%
15 DC Suburban
Maryland 4,739 3.2% 93.3% 3.6% 5.5% 2.5% 0.1%
16 Inland
Empire, CA 3,504 3.1% 94.4% 6.7% 11.3% 4.5% 0.1%
17 Orange Co 3,013 3.1% 95.7% 5.1% 10.6% 2.5% 0.6%
18 Minn/St Paul 3,826 2.2% 95.0% 5.3% (2.0%) 11.8% 4.5%
19 Houston 5,282 2.1% 94.9% (0.1%) 7.5%(7.9%) 3.4%
20 Jacksonville 3,988 2.1% 94.3% 8.3% 6.1% 9.9% 1.7%
-------------------------------------------------------
Top 20
Markets 117,580 81.7% 95.1% 4.6% 6.4% 3.4% 1.3%

All Other
Markets 48,093 18.3% 93.9% 3.2% 5.4% 1.1% 0.8%
-------------------------------------------------------
Total 165,673 100.0% 94.7% 4.3% 6.2% 3.0% 1.1%
=======================================================



Third Quarter 2005 vs. Second Quarter 2005(a)
Sequential Same-Store Results by Market

--------------------------------
Increase (Decrease) from
Prior Quarter
-------------------------------------------------------------------

3Q 2005
3Q 2005 Weighted
% of Average
Actual Occupancy
Markets Units NOI % Revenues Expenses NOI Occupancy
-------------------------------------------------------------------
1 South
Florida 10,166 7.1% 95.0% 2.2% 4.0% 1.0% (0.3%)
2 Los Angeles 5,630 6.3% 96.2% 2.3% 7.2%(0.1%) 0.8%
3 Boston 5,533 6.3% 94.8% (0.5%) 0.1%(0.9%) 0.9%
4 San
Francisco
Bay Area 5,990 5.8% 96.5% 2.2% 7.1%(0.6%) 1.0%
5 DC Suburban
Virginia 4,956 5.1% 95.1% 1.3% 4.6%(0.2%) (0.9%)
6 Atlanta 10,772 4.8% 94.8% 0.4% 8.0%(5.3%) 0.5%
7 Phoenix 8,988 4.5% 94.7% 1.7% 7.3%(2.0%) 0.9%
8 Seattle/
Tacoma 7,351 4.4% 95.4% 1.3% 8.1%(3.3%) (0.4%)
9 New England
(excl
Boston) 6,210 3.9% 93.9% 1.0% (0.7%) 2.3% 0.2%
10 San Diego 3,486 3.8% 95.9% 2.3% 3.5% 1.7% 0.8%
11 New York
Metro Area 2,756 3.6% 96.3% 2.7% 5.4% 1.1% 0.3%
12 Orlando 5,978 3.5% 96.5% 4.3% 5.2% 3.7% 0.7%
13 Denver 6,804 3.5% 95.4% 1.1% 8.2%(3.0%) 0.5%
14 Dallas/
Ft Worth 8,608 3.3% 94.7% 0.9% 7.2%(5.6%) (0.1%)
15 DC Suburban
Maryland 4,739 3.2% 93.3% (0.2%) 1.2%(1.0%) (1.1%)
16 Inland
Empire, CA 3,504 3.1% 94.4% 1.9% 9.2%(1.6%) (0.3%)
17 Orange Co 3,013 3.1% 95.7% 2.2% 6.6% 0.2% 0.6%
18 Minn/St Paul 3,826 2.2% 95.0% 4.5% (2.1%) 10.2% 2.1%
19 Houston 5,282 2.1% 94.9% 3.1% 6.7%(1.0%) 3.0%
20 Jacksonville 3,988 2.1% 94.3% 1.9% 5.9%(0.6%) (0.7%)
-------------------------------------------------------
Top 20
Markets 117,580 81.7% 95.1% 1.7% 5.2%(0.5%) 0.4%

All Other
Markets 48,093 18.3% 93.9% 1.0% 4.6%(2.1%) 0.7%
-------------------------------------------------------
Total 165,673 100.0% 94.7% 1.5% 5.0%(0.8%) 0.5%
=======================================================

(a) Includes the same units as the Third Quarter 2005 vs. Third
Quarter 2004 Same Store results for comparability purposes.



Portfolio as of September 30, 2005

Properties Units
----------- -----------

Wholly Owned
Properties 829 173,411
Partially Owned
Properties
(Consolidated) 36 6,134
Unconsolidated
Properties 57 16,030
----------- -----------
922 195,575



Portfolio Rollforward 2005

Properties Units $ Millions Cap Rate
----------- ----------- ----------- -----------

12/31/2004 939 200,149
Acquisitions:
Rental Properties 26 7,168 $1,145.8 5.6%
Land Parcels - - $46.7
Dispositions:
Rental Properties(1) (39) (10,212) $(1,077.0) 5.0%
Condominium Units (5) (1,589) $(428.1)
Land Parcels - - $(36.3)
Completed Developments 1 141
Unit Configuration
Changes - (82)
----------- -----------
9/30/2005 922 195,575



Portfolio Rollforward Q3 2005

Properties Units $ Millions Cap Rate
----------- ----------- ----------- -----------

6/30/2005 933 198,420
Acquisitions:
Rental Properties 6 2,294 $416.0 5.7%
Land Parcels - - $1.4
Dispositions:
Rental Properties (15) (4,218) $433.0 5.2%
Condominium Units (2) (817) $229.8
Unit Configuration
Changes - (104)
----------- -----------
9/30/2005 922 195,575


(1) Cap rate was 5.6% excluding the sale of Water Terrace.



- ----------------------------------------------------------------------
Portfolio Summary
As of September 30, 2005
% of % of 2005
Market Properties Units Units NOI Budget

Boston 34 6,566 3.4% 5.9%
DC Northern Virginia 17 5,578 2.9% 4.9%
New York Metro Area 15 4,064 2.1% 4.8%
New England (excluding
Boston) 45 6,118 3.1% 3.6%
DC Suburban Maryland 24 5,351 2.7% 3.1%
--------------------------------------------
Atlantic Region 135 27,677 14.2% 22.4%

South Florida 48 10,684 5.5% 6.3%
Orlando 33 7,234 3.7% 3.8%
North Florida 50 7,733 4.0% 3.2%
Tampa/Ft Myers 27 4,694 2.4% 1.7%
--------------------------------------------
Florida Region 158 30,345 15.5% 14.8%

Raleigh/Durham 16 4,100 2.1% 1.4%
Charlotte 11 3,391 1.7% 1.0%
--------------------------------------------
Carolina Region 27 7,491 3.8% 2.4%

Atlanta 61 12,702 6.5% 5.0%
--------------------------------------------
Georgia Region 61 12,702 6.5% 5.0%

Minneapolis/St Paul 18 3,982 2.0% 1.9%
Chicago 9 3,241 1.7% 1.6%
Southeastern Michigan 21 2,845 1.5% 1.2%
Nashville 11 2,729 1.4% 1.0%
Columbus 31 3,415 1.7% 0.8%
Indianapolis 29 3,056 1.6% 0.7%
Northern Ohio 24 1,944 1.0% 0.5%
Southern Ohio 20 1,634 0.8% 0.4%
Milwaukee 3 686 0.4% 0.4%
Lexington 7 656 0.3% 0.2%
Louisville 8 608 0.3% 0.1%
St Louis 1 192 0.1% 0.0%
--------------------------------------------
Midwest Region 182 24,988 12.8% 9.0%

Lexford Other 44 3,653 1.9% 0.9%



- ----------------------------------------------------------------------
Portfolio Summary
As of September 30, 2005
% of % of 2005
Market Properties Units Units NOI Budget

Dallas/Ft Worth 34 10,225 5.2% 3.5%
Houston 17 5,282 2.7% 1.9%
Austin 13 3,868 2.0% 1.3%
Tulsa 7 1,828 0.9% 0.5%
San Antonio 6 1,861 1.0% 0.4%
Kansas City 1 288 0.1% 0.2%
--------------------------------------------
Texas Region 78 23,352 11.9% 7.8%

Phoenix 37 10,628 5.4% 4.4%
Tucson 2 558 0.3% 0.1%
Albuquerque 2 369 0.2% 0.1%
--------------------------------------------
Arizona Region 41 11,555 5.9% 4.5%

Denver 28 8,899 4.6% 4.3%
--------------------------------------------
Colorado Region 28 8,899 4.6% 4.3%

Los Angeles 31 6,479 3.3% 6.3%
San Diego 11 3,486 1.8% 3.5%
Inland Empire, CA 12 3,971 2.0% 3.0%
Orange County, CA 8 3,013 1.5% 2.9%
--------------------------------------------
Southern Cal Region 62 16,949 8.7% 15.7%

San Francisco Bay Area 26 6,249 3.2% 4.9%
Central Valley, CA 10 1,595 0.8% 0.5%
--------------------------------------------
Northern Cal Region 36 7,844 4.0% 5.4%

Seattle 38 8,308 4.2% 5.1%
Portland, OR 12 4,153 2.1% 1.8%
Tacoma 7 2,341 1.2% 1.0%
--------------------------------------------
Washington Region 57 14,802 7.6% 7.8%
--------------------------------------------
Total 909 190,257 97.3% 100.0%
Condominium Conversion 12 1,585 0.8% 0.0%
Ft. Lewis - Military
Housing 1 3,733 1.9% 0.0%
--------------------------------------------
Grand Total 922 195,575 100.0% 100.0%



Debt Summary as of September 30, 2005

Weighted
Average
$ Millions(1) Rate(1)
------------- -------------

Secured $3,324 5.65%
Unsecured 3,443 5.93%
------------- -------------
Total $6,767 5.80%

Fixed Rate $5,679 6.39%
Floating Rate 1,088 3.61%
------------- -------------
Total $6,767 5.80%

Above Totals Include:
---------------------
Tax Exempt:
Fixed $135 3.80%
Floating 616 2.83%
------------- -------------
Total $751 3.14%

Unsecured Revolving Credit Facilities $- 3.52%

(1) Net of the effect of any derivative instruments.


Debt Maturity Schedule as of September 30, 2005

Year $ Millions % of Total
----- ------------- -------------

2005 $39 0.6%
2006 (1) 596 8.8%
2007 378 5.6%
2008 616 9.1%
2009 860 12.7%
2010 262 3.9%
2011 721 10.6%
2012 523 7.7%
2013 567 8.4%
2014+ 2,205 32.6%
------------- -------------
Total $6,767 100.0%

(1) Includes $150 million of unsecured debt with a final maturity of
2026 that is putable in 2006.



Selected Unsecured Public Debt Covenants

September 30,
2005
-------------

Total Debt to Adjusted Total Assets (not to exceed 60%) 42.1%


Secured Debt to Adjusted Total Assets (not to exceed 40%) 20.7%


Consolidated Income Available For Debt Service To
Maximum Annual Service Charges
(must be at least 1.5 to 1) 2.79


Total Unsecured Assets to Unsecured Debt
(must be at least 150%) 298.8%


These selected covenants relate to ERP Operating Limited Partnership's
("ERPOP") outstanding unsecured public debt. Equity Residential is the
general partner of ERPOP. The terms are defined in the original
indenture.



Capital Structure as of September 30, 2005
(Amounts in thousands except for share and per share amounts)

Secured Debt $3,323,932 49%
Unsecured Debt 3,443,588 51%
Lines of Credit - -
------------ ----
Total Debt 6,767,520 100% 36%

Common Shares 288,165,764 93%
OP Units 20,606,812 7%
------------- ------
Total Shares and OP
Units 308,772,576 100%
Common Share Equivalents
(see below) 1,679,537
-------------
Total outstanding at
quarter-end 310,452,113
Common Share Price at
September 30, 2005 $37.85
-------------
11,750,612 96%
Perpetual Preferred
Equity (see below) 515,500 4%
------------ ----
Total Equity 12,266,112 100% 64%

Total Market
Capitalization $19,033,632 100%


Convertible Preferred Equity as of September 30, 2005
(Amounts in thousands except for share and per share amounts)

Annual
Dividend Annual
Outstanding Liquidation Rate Per Dividend
Series Shares/Units Value Share/Unit Amount
- ---------------------- ------------ ----------- ----------- ----------
Preferred Shares:
7.00% Series E 554,696 $13,868 $1.75 $971
7.00% Series H 34,934 873 1.75 61
Preference Interests:
7.625% Series H 190,000 9,500 3.8125 724
7.625% Series I 270,000 13,500 3.8125 1,029
7.625% Series J 230,000 11,500 3.8125 877
Junior Preference
Units:
8.00% Series B 7,367 184 2.00 15
------------ ----------- ----------
Total Convertible
Preferred Equity 1,286,997 $49,425 $3,677


Weighted Common
Average Conversion Share
Series Rate Ratio Equivalents
- ---------------------- ------------- ------------- -------------
Preferred Shares:
7.00% Series E 1.1128 617,266
7.00% Series H 1.4480 50,584
Preference Interests:
7.625% Series H 1.5108 287,052
7.625% Series I 1.4542 392,634
7.625% Series J 1.4108 324,484
Junior Preference
Units:
8.00% Series B 1.020408 7,517
-------------
Total Convertible
Preferred Equity 7.44% 1,679,537



Perpetual Preferred Equity as of September 30, 2005 (1)
(Amounts in thousands except for share and per share amounts)

Annual
Dividend Annual Weighted
Outstanding Liquidation Rate Dividend Average
Series Shares/Units Value Share/Unit Amount Per Rate
- -------------- ------------ ----------- ------------ -------- --------
Preferred
Shares:
9 1/8%
Series C 460,000 $115,000 $22.81252 $10,494
8.60%
Series D 700,000 175,000 21.50 15,050
8.29%
Series K 1,000,000 50,000 4.145 4,145
6.48%
Series N 600,000 150,000 16.20 9,720
Preference
Interests:
7.875%
Series G 510,000 25,500 3.9375 2,008
------------ ----------- --------
Total Perpetual
Preferred
Equity 3,270,000 $515,500 $41,417 8.03%

(1) Excludes $125.0 million for the 9 1/8% Series B Preferred Shares
which was redeemed for cash on 10/17/05 and was included in rents
received in advance and other liabilities in the consolidated
balance sheets at 9/30/05.



Common Share and Operating Partnership Unit (OP Unit)
Weighted Average Amounts Outstanding

YTD 3Q05 YTD 3Q04 3Q05 3Q04
------------ ------------ ------------ ------------

Weighted Average
Amounts
Outstanding for
Net Income
Purposes:
Common Shares -
basic 285,331,211 278,876,118 286,181,532 280,167,146
Shares issuable
from assumed
conversion/
vesting of:
- OP Units 20,839,532 21,052,706 20,733,194 20,732,726
- share
options/
restricted
shares 4,040,522 2,809,917 4,648,912 3,127,725
------------ ------------ ------------ ------------
Total Common
Shares and OP
Units - diluted 310,211,265 302,738,741 311,563,638 304,027,597

Weighted Average
Amounts
Outstanding for
FFO Purposes:
OP Units - basic 20,839,532 21,052,706 20,733,194 20,732,726
Common Shares -
basic 285,331,211 278,876,118 286,181,532 280,167,146
------------ ------------ ------------ ------------
Total Common
Shares and OP
Units - basic 306,170,743 299,928,824 306,914,726 300,899,872
Shares issuable
from assumed
conversion/
vesting of:
- convertible
preferred
shares/units 803,417 2,450,609 708,559 2,287,258
- share options/
restricted
shares 4,040,522 2,809,917 4,648,912 3,127,725
------------ ------------ ------------ ------------
Total Common
Shares and OP
Units - diluted 311,014,682 305,189,350 312,272,197 306,314,855

Period Ending
Amounts
Outstanding:
OP Units 20,606,812
Common Shares 288,165,764
------------
Total Common
Shares and OP
Units 308,772,576



- ----------------------------------------------------------------------
Unconsolidated Entities as of September 30, 2005
(Amounts in thousands except for project and unit amounts)


Institutional
Joint Lexford /
Ventures Other Totals
-------------- ----------- ---------

Total projects 45 11 56 (1)
-------------- ----------- ---------

Total units 10,846 1,451 12,297 (1)
-------------- ----------- ---------

Company's ownership percentage 25.0% 10.7%

Company's share of outstanding
debt (2) $121,200 $2,847 $124,047
-------------- ----------- ---------


Operating information for the
nine-months ended 9/30/05
(at 100%):
Operating revenue $70,023 $6,645 $76,668
Operating expenses 31,723 3,490 35,213
-------------- ----------- ---------
Net operating income 38,300 3,155 41,455
Depreciation 16,391 1,421 17,812
Other 286 2 288
-------------- ----------- ---------
Operating income 21,623 1,732 23,355
Interest and other income 300 27 327
Interest:
Expense incurred, net (28,085) (1,553) (29,638)
Amortization of
deferred financing
costs (463) (136) (599)
-------------- ----------- ---------
Net (loss) income $(6,625) $70 $(6,555)
============== =========== =========

(1) Totals exclude Fort Lewis Military Housing consisting of one
property and 3,733 units, which is not accounted for under the
equity method of accounting, but is included in the Company's
property/unit counts at September 30, 2005.

(2) All debt is non-recourse to the Company.



Consolidated Development Projects as of September 30, 2005
(Amounts in thousands except for project and unit amounts)


Total Total Book
No. of Capital Value To
Projects Location Units Cost(1) Date(1)(2)
- ----------------------------------------------------------------------

Projects Under
Development
- --------------
2400 M St Washington, D.C. 359 $111,947 $95,479
Union Station Los Angeles, CA 278 57,727 39,711
Indian Ridge Waltham, MA 264 47,032 42,538
Bella Vista III (3) Woodland Hills,
CA 264 70,649 30,817
Vintage Ontario, CA 300 52,412 13,896
------------------------------

Total Projects Under
Development 1,465 339,767 222,441

Completed Not
Stabilized:
- -------------
1210 Massachusetts Washington, D.C.
Ave. (Sovereign Park) 144 39,702 39,441
------------------------------

Total Projects
Completed Not
Stabilized 144 39,702 39,441

Completed And Stabilized
During the Quarter:
- ------------------------
City View at the Lombard, IL
Highlands (3) 403 65,539 64,932
------------------------------

Total Projects
Completed And
Stabilized During the
Quarter 403 65,539 64,932
------------------------------


Total Projects 2,012 $445,008 $326,814
==============================


Projects Location Percentage Percentage Percentage
Completed Leased Occupied
- ----------------------------------------------------------------------

Projects Under
Development
- --------------
2400 M St Washington, D.C. 85% - -
Union Station Los Angeles, CA 59% - -
Indian Ridge Waltham, MA 96% 53% 51%
Bella Vista III (3) Woodland Hills,
CA 15% - -
Vintage Ontario, CA 4% - -

Total Projects Under
Development

Completed Not
Stabilized:
- -------------
1210 Massachusetts Washington, D.C.
Ave. (Sovereign Park) 100% 92% 90%

Completed And Stabilized
During the Quarter:
- ------------------------
City View at the Lombard, IL
Highlands (3) 100% 99% 97%


Estimated Estimated
Completion Stabilization
Projects Location Date Date
- ----------------------------------------------------------------------

Projects Under
Development
- --------------
2400 M St Washington, D.C. 1Q 2006 3Q 2007
Union Station Los Angeles, CA 1Q 2006 4Q 2006
Indian Ridge Waltham, MA 4Q 2005 4Q 2006
Bella Vista III (3) Woodland Hills, CA 4Q 2006 3Q 2007
Vintage Ontario, CA 1Q 2007 4Q 2007

Completed Not
Stabilized:
- -------------
1210 Massachusetts Washington, D.C. Completed 4Q 2005
Ave. (Sovereign Park)

Completed And Stabilized
During the Quarter:
- ------------------------
City View at the Lombard, IL Completed 3Q 2005
Highlands (3)


Total
Capital Q3 2005
NOI CONTRIBUTION FROM DEVELOPMENT PROJECTS Cost (1) NOI
--------------------
Projects Under Development $339,767 $50
Completed Not Stabilized 39,702 284
Completed And Stabilized During the Quarter 65,539 726
--------------------
Total Development/Newly Stabilized NOI
Contribution $445,008 $1,060
====================

(1) Total capital cost represents estimated development cost for
projects under development and all capitalized costs incurred to
date plus any estimates of costs remaining to be funded for all
completed projects.

(2) Of the total book value to date, $129.1 million has been
transferred to land and depreciable property and $197.7 million is
currently reflected as construction in progress ("CIP"). The
remaining $133.3 million of CIP represents land held for future
development and related costs and land and related development
costs for uncompleted condominium projects. Of the $118.2 million
remaining to be invested, $77.4 million will be funded through
third party construction mortgages.

(3) Projects are wholly owned. All others are partially owned.



Consolidated Condominium Conversion Projects as of September 30, 2005
(Amounts in thousands except for project and unit amounts)

Units
-----------------------------
Available
for Sale
----------------
Project Estimated Sold
Start Close Units Not
Projects Location Date Out Date Total Closed Closed Available
- ----------------------------------------------------------------------

For Sale
- --------
Four Lakes Lisle, IL Q4 2001 Q1 2006 942 813 30 99
Venetian I
& II Phoenix, AZ Q1 2004 Q4 2005 264 218 46 -
Watermarke
(1) Irvine, CA Q3 2004 Q1 2006 535 426 77 32
Atlas (1) Washington,
DC Q4 2004 Q1 2006 141 106 22 13
Grand Plantation,
Marquis FL Q4 2004 Q1 2006 198 71 126 1
Tuscany Scottsdale,
Villas AZ Q4 2004 Q1 2006 180 79 100 1
Fairway Pembroke
Greens Pines, FL Q1 2005 Q2 2006 152 - 131 21
Magnuson
Pointe Seattle, WA Q1 2005 Q2 2006 105 - 32 73
Timber Ridge Woodinville,
WA Q1 2005 Q1 2007 203 - 18 185
Braewood Bothell, WA Q2 2005 Q2 2006 84 - - 84
Fifth Avenue
North Seattle, WA Q2 2005 Q2 2006 62 - - 62
Milano Scottsdale,
Terrace AZ Q2 2005 Q3 2006 224 - - 224
South Palm
Place Tamarac, FL Q2 2005 Q4 2006 208 - - 208
-----------------------------

3,298 1,713 582 1,003

Closed Out
- ----------
Country Club Mill Creek,
Estates WA Q1 2004 Q2 2005 151 151 - -
Grand Oasis Coral Springs,
FL Q2 2004 Q2 2005 198 198 - -
Sterling Bellevue,
Heights WA Q2 2004 Q2 2005 116 116 - -
Verona Scottsdale,
AZ Q2 2004 Q2 2005 108 108 - -
Radius at Washington,
Logan Circle DC
(1) Q2 2004 Q3 2005 170 170 - -
Riviera Coconut
Palms (2) Creek, FL Q2 2005 Q3 2005 248 248 - -
Projects
closed out
prior to 2005 388 388 - -
-----------------------------

1,379 1,379 - -

Totals 19 4,677 3,092 582 1,003
=============================


2005 YTD Activity
-----------------------------
Project Estimated FFO
Start Close Units Sales Incremental
Projects Location Date Out Date Closed Price Gain on Sale
- ----------------------------------------------------------------------

For Sale
- --------
Four Lakes Lisle, IL Q4 2001 Q1 2006 166 $ 24,993 $ 3,891
Venetian I
& II Phoenix, AZ Q1 2004 Q4 2005 125 24,490 6,879
Watermarke
(1) Irvine, CA Q3 2004 Q1 2006 381 165,565 17,160
Atlas (1) Washington,
DC Q4 2004 Q1 2006 106 60,131 5,858
Grand Plantation,
Marquis FL Q4 2004 Q1 2006 71 12,277 3,815
Tuscany Scottsdale,
Villas AZ Q4 2004 Q1 2006 79 13,046 4,185
Fairway Pembroke
Greens Pines, FL Q1 2005 Q2 2006 - - -
Magnuson Seattle, WA Q1 2005 Q2 2006
Pointe - - -
Timber Ridge Woodinville,
WA Q1 2005 Q1 2007 - - -
Braewood Bothell, WA Q2 2005 Q2 2006 - - -
Fifth Avenue
North Seattle, WA Q2 2005 Q2 2006 - - -
Milano Scottsdale,
Terrace AZ Q2 2005 Q3 2006 - - -
South Palm
Place Tamarac, FL Q2 2005 Q4 2006 - - -
-----------------------------

928 300,502 41,788

Closed Out
- ----------
Country Club Mill Creek,
Estates WA Q1 2004 Q2 2005 86 14,883 2,850
Grand Oasis Coral Springs,
FL Q2 2004 Q2 2005 89 12,875 3,430
Sterling Bellevue,
Heights WA Q2 2004 Q2 2005 76 16,083 2,991
Verona Scottsdale,
AZ Q2 2004 Q2 2005 108 16,092 3,314
Radius at Washington,
Logan Circle DC
(1) Q2 2004 Q3 2005 54 21,837 3,676
Riviera Coconut
Palms (2) Creek, FL Q2 2005 Q3 2005 248 45,880 4,568
Projects
closed out
prior to 2005 - - (103)
-----------------------------

661 127,650 20,726

Totals 19 1,589 $428,152 $ 62,514
=============================


Gross incremental gain on sales of
condominium units $ 62,514
Provision for income
taxes (5,847)
------------
Net incremental gain on sales of
condominium units 56,667
Property management and general and
administrative expenses (2,174)
Discontinued operating
income 1,193
------------

Net Income - Condominium
Division (3) $ 55,686
============


3Q 2005
------------------------------
Project Estimated FFO
Start Close Units Sales Incremental
Projects Location Date Out Date Closed Price Gain on Sale
- ----------------------------------------------------------------------

For Sale
- --------
Four Lakes Lisle, IL Q4 2001 Q1 2006 70 $ 11,131 $ 1,836
Venetian I
& II Phoenix, AZ Q1 2004 Q4 2005 70 13,563 3,958
Watermarke
(1) Irvine, CA Q3 2004 Q1 2006 172 73,403 8,326
Atlas (1) Washington,
DC Q4 2004 Q1 2006 106 60,131 5,858
Grand Plantation,
Marquis FL Q4 2004 Q1 2006 71 12,277 3,815
Tuscany Scottsdale,
Villas AZ Q4 2004 Q1 2006 79 13,046 4,185
Fairway Pembroke
Greens Pines, FL Q1 2005 Q2 2006 - - -
Magnuson
Pointe Seattle, WA Q1 2005 Q2 2006 - - -
Timber Woodinville,
Ridge WA Q1 2005 Q1 2007 - - -
Braewood Bothell, WA Q2 2005 Q2 2006 - - -
Fifth
Avenue
North Seattle, WA Q2 2005 Q2 2006 - - -
Milano Scottsdale,
Terrace AZ Q2 2005 Q3 2006 - - -
South Palm
Place Tamarac, FL Q2 2005 Q4 2006 - - -
------------------------------

568 183,551 27,978

Closed Out
- ----------
Country Club Mill Creek,
Estates WA Q1 2004 Q2 2005 - - (17)
Grand Oasis Coral Springs,
FL Q2 2004 Q2 2005 - - (43)
Sterling Bellevue,
Heights WA Q2 2004 Q2 2005 - - 12
Verona Scottsdale,
AZ Q2 2004 Q2 2005 - - (20)
Radius at
Logan Washington,
Circle (1) DC Q2 2004 Q3 2005 1 400 449
Riviera Coconut
Palms (2) Creek, FL Q2 2005 Q3 2005 248 45,880 4,568
Projects
closed out
prior to 2005 - - (32)
------------------------------

249 46,280 4,917

Totals 19 817 $229,831 $ 32,895
==============================


Gross incremental gain on sales of
condominium units $ 32,895
Provision for income
taxes (5,264)
------------
Net incremental gain on sales
of condominium units 27,631
Property management and general and
administrative expenses (701)
Discontinued operating
income 943
------------

Net Income - Condominium
Division (3) $ 27,873
============

(1) Partially owned projects; incremental gain on sale represents
portion attributable to the Company.
(2) Riviera Palms was purchased on May 4, 2005 and was disposed of in
its entirety on September 15, 2005
(3) Excludes interest income and interest expense specific to
condominium conversion projects.



Maintenance Expenses and Capitalized Improvements to Real Estate
For the Nine Months Ended September 30, 2005
(Amounts in thousands except for unit and per unit amounts)


---------------------------------------------
Maintenance Expenses
---------------------------------------------
Total Avg. Avg. Avg.
Units Expense Per Payroll Per Per
(1) (2) Unit (3) Unit Total Unit
-------- ------- ------ ------- ------ -------- ------

Established
Properties (6) 148,198 $69,103 $466 $61,705 $416 $130,808 $882

New Acquisition
Properties (7) 23,468 11,322 574 8,093 411 19,415 985

Other (8) 7,879 10,070 7,565 17,635
-------- -------- -------- ---------

Total 179,545 $90,495 $77,363 $167,858
======== ======== ======== =========


----------------------------------------------------
Capitalized Improvements to Real Estate
----------------------------------------------------
Avg. Building Avg. Avg.
Replacements Per Improvements Per Per
(4) Unit (5) Unit Total Unit
------------ ----- ----------- ----- -------- ------

Established
Properties (6) $43,850 $296 $63,303 $427 $107,153 $723

New Acquisition
Properties (7) 4,022 204 12,557 637 16,579 841

Other (8) 16,719 26,823 43,542
------------ ----------- ---------

Total $64,591 $102,683 $167,274
============ =========== =========


-------------------
Total Expenditures
-------------------
Avg.
Grand Per
Total Unit
--------- ---------

Established
Properties (6) $237,961 $1,605

New Acquisition
Properties (7) 35,994 1,826

Other (8) 61,177
---------

Total $335,132
=========

(1) Total units exclude 16,030 unconsolidated units.

(2) Maintenance expenses include general maintenance costs, unit
turnover costs including interior painting, regularly scheduled
landscaping and tree trimming costs, security, exterminating, fire
protection, snow and ice removal, elevator repairs, and other
miscellaneous building repair costs.

(3) Maintenance payroll includes employee costs for maintenance,
cleaning, housekeeping, and landscaping.

(4) Replacements include new expenditures inside the units such as
carpets, appliances, mechanical equipment, fixtures and vinyl
flooring.

(5) Building improvements include roof replacement, paving, amenities
and common areas, building mechanical equipment systems, exterior
painting and siding, major landscaping, vehicles and office and
maintenance equipment.

(6) Wholly Owned Properties acquired prior to January 1, 2003.

(7) Wholly Owned Properties acquired during 2003, 2004 and 2005. Per
unit amounts are based on a weighted average of 19,707 units.

(8) Includes properties either Partially Owned or sold during the
period, commercial space, condominium conversions and $4.5 million
included in building improvements spent on eight specific assets
related to major renovations and repositioning of these assets.



Discontinued Operations
(Amounts in thousands)

Nine Months Ended Quarter Ended
September 30, September 30,
----------------------- -----------------------
2005 2004 2005 2004
----------------------- -----------------------

REVENUES
Rental income $59,432 $131,939 $12,026 $39,796
----------- ----------- ----------- -----------
Total revenues 59,432 131,939 12,026 39,796
----------- ----------- ----------- -----------

EXPENSES (1)
Property and
maintenance 25,380 49,077 5,219 14,993
Real estate taxes and
insurance 8,758 15,710 1,486 4,851
Property management 338 374 135 182
Depreciation 13,028 33,530 2,182 9,951
----------- ----------- ----------- -----------
Total expenses 47,504 98,691 9,022 29,977
----------- ----------- ----------- -----------

Discontinued operating
income 11,928 33,248 3,004 9,819

Interest and other
income 210 142 64 43
Interest (2):
Expense incurred,
net (9,079) (10,658) (1,415) (4,258)
Amortization of
deferred
financing costs (474) (866) (237) (316)
----------- ----------- ----------- -----------
Discontinued
operations, net $2,585 $21,866 $1,416 $5,288
=========== =========== =========== ===========


(1) Includes expenses paid in the current period for properties sold
in prior periods related to the Company's period of ownership.

(2) Includes only interest expense specific to secured mortgage notes
payable for properties sold.



As a result of the Securities and Exchange Commission's Regulation
FD, the Company will provide earnings guidance in its quarterly
earnings release. These projections are based on current expectations
and are forward-looking.


2005 Earnings Guidance (per share diluted)
------------------------------------------

Q4 2005 2005
-------------- --------------

Expected EPS (1) $0.39 to $0.42 $2.44 to $2.47
Add: Expected depreciation expense 0.41 1.66
Less: Expected net gain on sales (1) (0.23) (1.67)

-------------- --------------
Expected FFO (2) $0.57 to $0.60 $2.43 to $2.46
============== ==============


Same-Store Assumptions
----------------------

2005
--------------

Physical occupancy 94.3%

Revenue change 3.6%

Expense change 5.3%

NOI change 2.5%

Acquisitions $2.0 billion

Dispositions $1.4 billion

(1) Earnings per share ("EPS") represents net income per share
calculated in accordance with accounting principles generally
accepted in the United States. Expected EPS is calculated on a
basis consistent with actual EPS. Due to the uncertain timing and
extent of property dispositions and the resulting gains/losses on
sales, actual EPS could differ materially from expected EPS.
(2) 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), excluding
gains (or losses) from sales of depreciable property, 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. Expected FFO
is calculated on a basis consistent with actual FFO.



CONTACT: Equity Residential
Marty McKenna, 312-928-1901