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. As a result of the adoption of new lease accounting guidance on January 1, 2019, prior period amounts were not adjusted and continue to be reported in accordance with our historic accounting policies (see Note 2 in the Notes to Consolidated Financial Statements for further discussion).

EQUITY RESIDENTIAL

CONSOLIDATED HISTORICAL FINANCIAL INFORMATION

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

	Year Ended December 31,
	2019			2018			2017			2016			2015
OPERATING DATA:
Total revenues from continuing operations	$	2,701,075		$	2,578,434		$	2,471,406		$	2,425,800		$	2,744,965
Net gain (loss) on sales of real estate properties	$	447,637		$	256,810		$	157,057		$	4,044,055		$	335,134
Interest and other income	$	2,817		$	15,317		$	6,136		$	65,773		$	7,372
Income from continuing operations	$	1,009,708		$	685,192		$	628,381		$	4,479,586		$	907,621
Discontinued operations, net	$	—		$	—		$	—		$	518		$	397
Net income	$	1,009,708		$	685,192		$	628,381		$	4,480,104		$	908,018
Net income available to Common Shares	$	967,287		$	654,445		$	600,363		$	4,289,072		$	863,277
Earnings per share – basic:
Income from continuing operations available to Common Shares	$	2.61		$	1.78		$	1.64		$	11.75		$	2.37
Net income available to Common Shares	$	2.61		$	1.78		$	1.64		$	11.75		$	2.37
Weighted average Common Shares outstanding		370,461			368,052			366,968			365,002			363,498
Earnings per share – diluted:
Income from continuing operations available to Common Shares	$	2.60		$	1.77		$	1.63		$	11.68		$	2.36
Net income available to Common Shares	$	2.60		$	1.77		$	1.63		$	11.68		$	2.36
Weighted average Common Shares outstanding		386,333			383,695			382,678			381,992			380,620
Distributions declared per Common Share outstanding	$	2.27		$	2.16		$	2.015		$	13.015		$	2.21
BALANCE SHEET DATA (at end of period):
Real estate, before accumulated depreciation	$	27,533,607		$	26,511,022		$	26,026,896		$	25,386,425		$	25,182,352
Real estate, after accumulated depreciation	$	20,256,821		$	19,814,741		$	19,986,518		$	20,026,036		$	20,276,946
Real estate held for sale	$	—		$	—		$	—		$	—		$	2,181,135
Total assets	$	21,172,769		$	20,394,209		$	20,570,599		$	20,704,148		$	23,110,196
Total debt	$	9,036,956		$	8,817,939		$	8,957,291		$	8,987,258		$	10,921,366
Redeemable Noncontrolling Interests – Operating Partnership	$	463,400		$	379,106		$	366,955		$	442,092		$	566,783
Total shareholders' equity	$	10,315,506		$	10,173,204		$	10,242,464		$	10,229,078		$	10,470,368
Total Noncontrolling Interests	$	229,020		$	226,445		$	231,399		$	231,906		$	225,987
OTHER DATA:
Total properties (at end of period)		309			307			305			302			394
Total apartment units (at end of period)		79,962			79,482			78,611			77,458			109,652
Funds from operations available to Common Shares and Units – basic (1)	$	1,311,058		$	1,204,867		$	1,204,904		$	1,123,530		$	1,323,786
Normalized funds from operations available to Common Shares and Units – basic (1)	$	1,348,068		$	1,248,710		$	1,199,237		$	1,179,650		$	1,317,802
Cash flow provided by (used for):
Operating activities	$	1,456,984		$	1,356,295		$	1,265,788		$	1,214,123		$	1,356,628
Investing activities	$	(771,824	)	$	(376,834	)	$	(594,296	)	$	5,903,942		$	(695,814	)
Financing activities	$	(684,474	)	$	(963,910	)	$	(789,818	)	$	(7,054,092	)	$	(666,167	)

ERP OPERATING LIMITED PARTNERSHIP

CONSOLIDATED HISTORICAL FINANCIAL INFORMATION

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

	Year Ended December 31,
	2019			2018			2017			2016			2015
OPERATING DATA:
Total revenues from continuing operations	$	2,701,075		$	2,578,434		$	2,471,406		$	2,425,800		$	2,744,965
Net gain (loss) on sales of real estate properties	$	447,637		$	256,810		$	157,057		$	4,044,055		$	335,134
Interest and other income	$	2,817		$	15,317		$	6,136		$	65,773		$	7,372
Income from continuing operations	$	1,009,708		$	685,192		$	628,381		$	4,479,586		$	907,621
Discontinued operations, net	$	—		$	—		$	—		$	518		$	397
Net income	$	1,009,708		$	685,192		$	628,381		$	4,480,104		$	908,018
Net income available to Units	$	1,003,321		$	679,384		$	622,967		$	4,460,583		$	897,518
Earnings per Unit – basic:
Income from continuing operations available to Units	$	2.61		$	1.78		$	1.64		$	11.75		$	2.37
Net income available to Units	$	2.61		$	1.78		$	1.64		$	11.75		$	2.37
Weighted average Units outstanding		383,368			380,921			379,869			378,829			377,074
Earnings per Unit – diluted:
Income from continuing operations available to Units	$	2.60		$	1.77		$	1.63		$	11.68		$	2.36
Net income available to Units	$	2.60		$	1.77		$	1.63		$	11.68		$	2.36
Weighted average Units outstanding		386,333			383,695			382,678			381,992			380,620
Distributions declared per Unit outstanding	$	2.27		$	2.16		$	2.015		$	13.015		$	2.21
BALANCE SHEET DATA (at end of period):
Real estate, before accumulated depreciation	$	27,533,607		$	26,511,022		$	26,026,896		$	25,386,425		$	25,182,352
Real estate, after accumulated depreciation	$	20,256,821		$	19,814,741		$	19,986,518		$	20,026,036		$	20,276,946
Real estate held for sale	$	—		$	—		$	—		$	—		$	2,181,135
Total assets	$	21,172,769		$	20,394,209		$	20,570,599		$	20,704,148		$	23,110,196
Total debt	$	9,036,956		$	8,817,939		$	8,957,291		$	8,987,258		$	10,921,366
Redeemable Limited Partners	$	463,400		$	379,106		$	366,955		$	442,092		$	566,783
Total partners’ capital	$	10,543,343		$	10,401,942		$	10,469,155		$	10,450,375		$	10,691,747
Noncontrolling Interests – Partially Owned Properties	$	1,183		$	(2,293	)	$	4,708		$	10,609		$	4,608
OTHER DATA:
Total properties (at end of period)		309			307			305			302			394
Total apartment units (at end of period)		79,962			79,482			78,611			77,458			109,652
Funds from operations available to Units – basic (1)	$	1,311,058		$	1,204,867		$	1,204,904		$	1,123,530		$	1,323,786
Normalized funds from operations available to Units – basic (1)	$	1,348,068		$	1,248,710		$	1,199,237		$	1,179,650		$	1,317,802
Cash flow provided by (used for):
Operating activities	$	1,456,984		$	1,356,295		$	1,265,788		$	1,214,123		$	1,356,628
Investing activities	$	(771,824	)	$	(376,834	)	$	(594,296	)	$	5,903,942		$	(695,814	)
Financing activities	$	(684,474	)	$	(963,910	)	$	(789,818	)	$	(7,054,092	)	$	(666,167	)

(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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