Equity Residential reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company has posted total revenues of $539,162,000 against $446,448,000 a year ago. Operating income was $117,529,000 against $114,476,000 a year ago. Loss from continuing operations was $153,352,000 against $13,426,000 a year ago. Loss from continuing operations available to common shares was $0.44 against $0.06 a year ago. Net income was $1,061,034,000 against $152,167,000 a year ago. Net income attributable to controlling interests was $1,017,686,000 against $145,299,000 a year ago. The difference is due primarily to approximately $1.07 billion in increased gains on property sales between periods as a direct result of the company's portfolio transformation process. Net income available to common shares was $3.01 against $0.47 a year ago. FFO was $80,144,000 against $191,764,000 a year ago. FFO diluted per share and unit was $0.22 against $0.60 a year ago. The company has established a Normalized FFO guidance range of $0.67 to $0.71 per share for the second quarter of 2013. The difference between the company's first quarter 2013 Normalized FFO of $0.64 per share and the midpoint of the second quarter guidance range of $0.69 per share is primarily due to the positive impact of approximately $0.04 per share from higher same store NOI; the positive impact of approximately $0.18 per share from the Archstone stabilized properties; the negative impact of approximately $0.11 per share from 2012 and 2013 transaction activity other than Archstone; the negative impact of approximately $0.04 per share from the company's issuance of common shares in connection with its purchase of Archstone; and the negative impact of approximately $0.02 from higher interest expense and other items.

Equity Residential announced that the company has named David S. Santee as its Chief Operating Officer. In this role, Mr. Santee will lead both the company's operations and property management organizations. Since 2006, Mr. Santee has served as the company's Executive Vice President - Operations with responsibility for the company's revenue, marketing, information technology, facilities and procurement groups. Mr. Santee joined Equity Residential in 1994 and has served in a variety of roles in the company's property management organization including having responsibility for the operations of more than 70,000 apartment units.

Equity Residential announced that its Board of Trustees declared dividends on the company's common and preferred shares. A common share dividend for the first quarter of $0.40 per share will be paid on April 12, 2013 to shareholders of record on March 22, 2013. A quarterly dividend of $1.03625 per share will be paid on April 1, 2013 to shareholders of record on March 22, 2013 of the company's Series K Preferred Shares.