Item 6. Selected Financial Data

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Item 6. Selected Financial Data

The following tables set forth selected financial and operating information on a historical basis for the Company and the Operating Partnership. The following information should be read in conjunction with all of the financial statements and notes thereto included elsewhere in this Form 10-K. The historical operating and balance sheet data have been derived from the historical financial statements of the Company and the Operating Partnership. Certain capitalized terms as used herein are defined in the Notes to Consolidated Financial Statements.

EQUITY RESIDENTIAL

CONSOLIDATED HISTORICAL FINANCIAL INFORMATION

(Financial information in thousands except for per share and property data)

	Year Ended December 31,
	2018			2017			2016			2015			2014
OPERATING DATA:
Total revenues from continuing operations	$	2,578,434		$	2,471,406		$	2,425,800		$	2,744,965		$	2,614,748
Interest and other income	$	15,317		$	6,136		$	65,773		$	7,372		$	4,462
Net gain (loss) on sales of real estate properties	$	256,810		$	157,057		$	4,044,055		$	335,134		$	212,685
Income from continuing operations	$	685,192		$	628,381		$	4,479,586		$	907,621		$	657,101
Discontinued operations, net	$	—		$	—		$	518		$	397		$	1,582
Net income	$	685,192		$	628,381		$	4,480,104		$	908,018		$	658,683
Net income available to Common Shares	$	654,445		$	600,363		$	4,289,072		$	863,277		$	627,163
Earnings per share – basic:
Income from continuing operations available to Common Shares	$	1.78		$	1.64		$	11.75		$	2.37		$	1.73
Net income available to Common Shares	$	1.78		$	1.64		$	11.75		$	2.37		$	1.74
Weighted average Common Shares outstanding		368,052			366,968			365,002			363,498			361,181
Earnings per share – diluted:
Income from continuing operations available to Common Shares	$	1.77		$	1.63		$	11.68		$	2.36		$	1.72
Net income available to Common Shares	$	1.77		$	1.63		$	11.68		$	2.36		$	1.73
Weighted average Common Shares outstanding		383,695			382,678			381,992			380,620			377,735
Distributions declared per Common Share outstanding	$	2.16		$	2.015		$	13.015		$	2.21		$	2.00
BALANCE SHEET DATA (at end of period):
Real estate, before accumulated depreciation	$	26,511,022		$	26,026,896		$	25,386,425		$	25,182,352		$	27,675,383
Real estate, after accumulated depreciation	$	19,814,741		$	19,986,518		$	20,026,036		$	20,276,946		$	22,242,578
Real estate held for sale	$	—		$	—		$	—		$	2,181,135		$	—
Total assets	$	20,394,209		$	20,570,599		$	20,704,148		$	23,110,196		$	22,902,160
Total debt	$	8,817,939		$	8,957,291		$	8,987,258		$	10,921,366		$	10,796,407
Redeemable Noncontrolling Interests – Operating Partnership	$	379,106		$	366,955		$	442,092		$	566,783		$	500,733
Total shareholders' equity	$	10,173,204		$	10,242,464		$	10,229,078		$	10,470,368		$	10,368,456
Total Noncontrolling Interests	$	226,445		$	231,399		$	231,906		$	225,987		$	339,320
OTHER DATA:
Total properties (at end of period)		307			305			302			394			391
Total apartment units (at end of period)		79,482			78,611			77,458			109,652			109,225
Funds from operations available to Common Shares and Units – basic (1)	$	1,204,867		$	1,204,904		$	1,123,530		$	1,323,786		$	1,190,915
Normalized funds from operations available to Common Shares and Units – basic (1)	$	1,248,710		$	1,199,237		$	1,179,650		$	1,317,802		$	1,196,446
Cash flow provided by (used for):
Operating activities	$	1,356,295		$	1,265,788		$	1,214,123		$	1,356,628		$	1,324,611
Investing activities	$	(376,834	)	$	(594,296	)	$	5,903,942		$	(695,814	)	$	(678,468	)
Financing activities	$	(963,910	)	$	(789,818	)	$	(7,054,092	)	$	(666,167	)	$	(685,412	)

ERP OPERATING LIMITED PARTNERSHIP

CONSOLIDATED HISTORICAL FINANCIAL INFORMATION

(Financial information in thousands except for per Unit and property data)

	Year Ended December 31,
	2018			2017			2016			2015			2014
OPERATING DATA:
Total revenues from continuing operations	$	2,578,434		$	2,471,406		$	2,425,800		$	2,744,965		$	2,614,748
Interest and other income	$	15,317		$	6,136		$	65,773		$	7,372		$	4,462
Net gain (loss) on sales of real estate properties	$	256,810		$	157,057		$	4,044,055		$	335,134		$	212,685
Income from continuing operations	$	685,192		$	628,381		$	4,479,586		$	907,621		$	657,101
Discontinued operations, net	$	—		$	—		$	518		$	397		$	1,582
Net income	$	685,192		$	628,381		$	4,480,104		$	908,018		$	658,683
Net income available to Units	$	679,384		$	622,967		$	4,460,583		$	897,518		$	651,994
Earnings per Unit – basic:
Income from continuing operations available to Units	$	1.78		$	1.64		$	11.75		$	2.37		$	1.73
Net income available to Units	$	1.78		$	1.64		$	11.75		$	2.37		$	1.74
Weighted average Units outstanding		380,921			379,869			378,829			377,074			374,899
Earnings per Unit – diluted:
Income from continuing operations available to Units	$	1.77		$	1.63		$	11.68		$	2.36		$	1.72
Net income available to Units	$	1.77		$	1.63		$	11.68		$	2.36		$	1.73
Weighted average Units outstanding		383,695			382,678			381,992			380,620			377,735
Distributions declared per Unit outstanding	$	2.16		$	2.015		$	13.015		$	2.21		$	2.00
BALANCE SHEET DATA (at end of period):
Real estate, before accumulated depreciation	$	26,511,022		$	26,026,896		$	25,386,425		$	25,182,352		$	27,675,383
Real estate, after accumulated depreciation	$	19,814,741		$	19,986,518		$	20,026,036		$	20,276,946		$	22,242,578
Real estate held for sale	$	—		$	—		$	—		$	2,181,135		$	—
Total assets	$	20,394,209		$	20,570,599		$	20,704,148		$	23,110,196		$	22,902,160
Total debt	$	8,817,939		$	8,957,291		$	8,987,258		$	10,921,366		$	10,796,407
Redeemable Limited Partners	$	379,106		$	366,955		$	442,092		$	566,783		$	500,733
Total partners’ capital	$	10,401,942		$	10,469,155		$	10,450,375		$	10,691,747		$	10,582,867
Noncontrolling Interests – Partially Owned Properties	$	(2,293	)	$	4,708		$	10,609		$	4,608		$	124,909
OTHER DATA:
Total properties (at end of period)		307			305			302			394			391
Total apartment units (at end of period)		79,482			78,611			77,458			109,652			109,225
Funds from operations available to Units – basic (1)	$	1,204,867		$	1,204,904		$	1,123,530		$	1,323,786		$	1,190,915
Normalized funds from operations available to Units – basic (1)	$	1,248,710		$	1,199,237		$	1,179,650		$	1,317,802		$	1,196,446
Cash flow provided by (used for):
Operating activities	$	1,356,295		$	1,265,788		$	1,214,123		$	1,356,628		$	1,324,611
Investing activities	$	(376,834	)	$	(594,296	)	$	5,903,942		$	(695,814	)	$	(678,468	)
Financing activities	$	(963,910	)	$	(789,818	)	$	(7,054,092	)	$	(666,167	)	$	(685,412	)

(1)	See Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, for a reconciliation of net income to FFO, FFO available to Common Shares and Units / Units, Normalized FFO and Normalized FFO available to Common Shares and Units / Units and the definitions of these non-GAAP financial measures.

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