Equity Residential (EQR) is a real estate investment trust (REIT). EQR is focused on the acquisition, development and management of apartment properties in the United States markets. The Company is an owner of multifamily properties in the United States. EQR is the general partner of, and as of December 31, 2008, owned an approximate 94.2% ownership interest in, ERP Operating Limited Partnership. As of December 31, 2008, the Company, directly or indirectly through investments in title holding entities, owned all or a portion of 548 properties in 23 states and the District of Columbia consisting of 147,244 units. During the year ended December 31, 2008, EQR acquired apartment properties consisting of 7 properties and 2,141 units. In addition, it sold apartment properties consisting of 41 properties and 10,127 units, as well as 130 condominium units. In 2008, the Company acquired the entire equity interest in seven rental properties and one military housing property.