931182--3/8/2006--ERP_OPERATING_LTD_PARTNERSHIP

related topics
{debt, indebtedness, cash}
{investment, property, distribution}
{cost, regulation, environmental}
{loss, insurance, financial}
{acquisition, growth, future}
{loan, real, estate}
{interest, director, officer}
{personnel, key, retain}
{regulation, change, law}
The following Risk Factors may contain defined terms that are different from those used in the other sections of this report. Unless otherwise indicated, when used in this section, the terms we and us refer to ERP Operating Limited Partnership, an Illinois limited partnership, and its subsidiaries. ERP Operating Limited Partnership is controlled by its general partner, Equity Residential, a Maryland real estate investment trust. We May be Unable to Renew Leases or Relet Units as Leases Expire New Acquisitions, Developments and/or Condominium Conversion Projects May Fail to Perform as Expected and Competition for Acquisitions May Result in Increased Prices for Properties Because Real Estate Investments Are Illiquid, We May Not Be Able To Sell Properties When Appropriate Changes in Laws and Litigation Risk Could Affect Our Business Environmental Problems are Possible and can be Costly Insurance Policy Deductibles and Exclusions Scheduled Debt Payments Could Adversely Affect Our Financial Condition (1) Includes $150.0 million of 7.57% unsecured debt with a final maturity of 2026 that is putable in 2006. Also includes $215.0 million outstanding on the Operating Partnership s short-term $600.0 million unsecured revolving credit facility. This facility was terminated on January 20, 2006 in conjunction with the Operating Partnership s $400.0 million unsecured note issuance which closed on January 19, 2006. (2) Includes $554.0 million outstanding on the Operating Partnership s long term unsecured revolving credit facility, which matures on May 29, 2008. Financial Covenants Could Adversely Affect the Operating Partnership s Financial Condition Our Degree of Leverage Could Limit Our Ability to Obtain Additional Financing Rising Interest Rates Could Adversely Affect Cash Flow We Depend on Our Key Personnel Control and Influence by Significant OP Unit holders Could be Exercised in a Manner Adverse to Other OP Unit holders Our Success is Dependent on our General Partner s Compliance With Federal Income Tax Requirements Our General Partner s Compliance with REIT Distribution Requirements May Affect Our Financial Condition Distribution Requirements May Increase the Indebtedness of the Operating Partnership

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