Businessweek

Equity Residential, a real estate investment trust, engages in the acquisition, development and management of apartment properties in the United States. The company is an owner of multifamily properties. Its corporate headquarters are located in Chicago, Illinois and also operates property management offices throughout the United States. The company is the general partner of, and as of December 31, 2010, owned an approximate 95.5% ownership interest in, ERP Operating Limited Partnership, an Illinois limited partnership (the Operating Partnership). The company is structured as an umbrella partnership REIT (UPREIT), under which property ownership and business operations are conducted through the Operating Partnership and its subsidiaries. As of December 31, 2010, the company, directly or indirectly through investments in title holding entities, owned all or a portion of 451 properties located in 17 states and the District of Columbia consisting of 129,604 apartment units. Tax Status The company has elected to be taxed as a REIT under the Internal Revenue Code and would not be subject to federal income tax to the extent that it distributes at least 90% of its REIT taxable income to stockholders. History Equity Residential was founded in 1966.