This excerpt taken from the EQR 10-K filed Mar 14, 2005.
When evaluating potential dispositions, the Company generally considers the following factors:
low barrier-to-entry (high supply);
weak economic predictors (low demand);
markets where the Company does not intend to establish long-term concentrations;
age or location of a particular property; and
opportunistic selling based on demand and price of high quality assets, including condominium conversions.
The Company generally reinvests the proceeds received from property dispositions primarily to achieve its acquisition and development strategies. In addition, when feasible, the Company may structure these transactions as tax deferred exchanges.