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Business Description
Equity Residential (EQR), formerly known as Equity Residential Properties Trust, is a self-administered and self-managed equity real estate investment trust (REIT). As of December 31, 2001, the Company owned or had interests in a portfolio of 1,076 multi-family properties containing 224,801 apartment units. The Company's properties are comprised of 697 garden properties, 28 mid/high-rise properties and 351 ranch properties. Resident leases are generally for 12 months in length and typically require security deposits. EQR's properties are located in 36 states with its corporate headquarters located in Chicago, Illinois. The Company also leases, under operating leases, over 35 divisional, regional and area property management offices throughout the United States.

Financial Information
EQR is a self-administered and self-managed REIT which acquires, owns, and operates multifamily properties. EQR currently owns 983 multifamily residential properties. For the six months ended 6/02, total revenues fell 1% to $1.03 billion. Net income from continuing operations before extraordinary item and acct. chg. applicable to Com. rose 2% to $134.4 million. Results reflect the absence of interest income from investment in mortgage notes, offset by decreased impairment charges.