For the third quarter of 2012, the company reported earnings of $0.72 per share compared to $0.35 per share in the third quarter of 2011. The difference is due primarily to higher gains on property sales, the Archstone-related fee and the other items discussed above.

Nine Months Ended September 30, 2012

FFO for the nine months ended September 30, 2012 was $2.16 per share compared to $1.77 per share in the same period of 2011.

For the nine months ended September 30, 2012, the company reported Normalized FFO of $2.02 per share compared to $1.78 per share in the same period of 2011.

For the nine months ended September 30, 2012, the company reported earnings of $1.52 per share compared to $2.62 per share in the same period of 2011.

Same Store Results

On a same store third quarter to third quarter comparison, which includes 105,902 apartment units, revenues increased 5.8%, expenses increased 2.9% and NOI increased 7.4%.

On a same store nine-month to nine-month comparison, which includes 102,241 apartment units, revenues increased 5.5%, expenses increased 2.2% and NOI increased 7.4%.

Acquisitions/Dispositions

During the third quarter of 2012, the company acquired four properties with a total of 540 apartment units for an aggregate purchase price of $236.3 million at a weighted average capitalization (cap) rate of 4.3%.

Also during the quarter, the company acquired, for future development, two land parcels in Seattle and one in Southern California for an aggregate purchase price of $38.5 million. The company expects to start construction in early 2014 of 640 apartment units on the Seattle land parcels for a total development cost of approximately $226.0 million. The company expects to start construction in 2014 of 154 apartment units on the Southern California land parcel for a total development cost of approximately $43.2 million.

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