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This excerpt taken from the EQR 8-K filed Mar 6, 2007. LINCOLN GREEN Notes to Statements of Revenue and Certain Expenses (Continued) 3. Related Party Transactions An affiliate of Lincoln Green performed the property management function and charged total management fees of approximately $115,000 and $75,000 for the year ended December 31, 2005 and the period from January 1, 2006 to July 18, 2006 (unaudited), respectively. An affiliate of Lincoln Green allocated insurance expense under a master policy to the Property and various affiliated properties. Insurance expense for the year ended December 31, 2005 and the period from January 1, 2006 to July 18, 2006 (unaudited) is approximately $44,000 and $26,000, respectively, and is included in real estate taxes and insurance in the accompanying statements. 43 Report of Independent Registered Public Accounting Firm The
Board of Trustees and Shareholders The Partners ERP Operating Limited Partnership We have audited the accompanying statement of revenue and certain expenses of Uptown Square for the year ended December 31, 2005. This statement is the responsibility of the management of Uptown Square (the “Property”). Our responsibility is to express an opinion on this statement based on our audit. We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the statement is free of material misstatement. We were not engaged to perform an audit of the Property’s internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Property’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statement, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. The accompanying statement was prepared for the purpose of complying with the rules and regulations of the Securities and Exchange Commission for inclusion in a Current Report on Form 8-K of Equity Residential and ERP Operating Limited Partnership, as described in Note 1, and is not intended to be a complete presentation of the Property’s revenue and expenses. In our opinion, the statement referred to above presents fairly, in all material respects, the revenue and certain expenses of Uptown Square for the year ended December 31, 2005, in conformity with U.S. generally accepted accounting principles.
Chicago, Illinois February 22, 2007
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