<Page>
Exhibit 21
LIST OF SUBSIDIARIES OF EQUITY RESIDENTIAL PROPERTIES TRUST
<Table>
<Caption>
ENTITY
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1 EQUITY RESIDENTIAL PROPERTIES TRUST (POST WRP MERGER)
2 ERP OPERATING LIMITED PARTNERSHIP
3 BEL APARTMENT PROPERTIES TRUST
4 BEL COMMUNITIES PROPERTY TRUST
5 BEL MULTIFAMILY PROPERTY TRUST
6 BEL RESIDENTIAL PROPERTIES TRUST
7 GROVE OPERATING LP
8 EQUITY RESIDENTIAL PROPERTIES MANAGEMENT CORP
9 EQUITY RESIDENTIAL PROPERTIES MANAGEMENT L.P.
10 EQUITY RESIDENTIAL PROPERTIES MANAGEMENT CORP II
11 EQUITY RESIDENTIAL PROPERTIES MANAGEMENT L.P. II
12 CORPORATE QUARTERS, INC.
13 CORPORATE QUARTERS, LTD
14 CORPORATE STAY INTERNATIONAL, INC.
15 EQUITY RESIDENTIAL FOUNDATION
16 EVANS WITHYCOMBE MANAGEMENT INC.
17 GLOBE BUSINESS RESOURCES, INC.
18 GLOBE FURNITURE RENTALS, INC.
19 GLOBE HOLDING CO., INC.
20 GRAN TREE CORPORTION
21 RESERVE SQUARE, INC.
22 WADLINGTON INVESTMENTS GENERAL PARTNERSHIP
23 AMBERGATE APARTMENTS, LTD
24 ARTERY NORTHAMPTON LIMITED PARTNERSHIP
25 BEL-APT, L.L.C.
26 BEL-COMMUNITIES, LLC
27 BEL-EQR I LIMITED PARNTERSHIP
28 BEL-EQR I, L.L.C.
29 BEL-EQR II LIMITED PARNTERSHIP
30 BEL-EQR II, L.L.C.
31 BEL-EQR III, LIMITED PARTNERSHIP
32 BEL-EQR III, LLC
33 BEL-EQR IV, LIMITED PARTNERSHIP
34 BEL-EQR IV, LLC
35 BEL-EQR NORTHLAKE GP, LLC
36 BEL-MULTIFAMILY, LLC
37 BEL-RES, L.L.C.
38 BUENA VISTA PLACE ASSOCIATES
39 Capital Realty Investors Tax Exempt Fund, L.P.
40 CAPREIT Arbor Glen L.P.
41 CAPREIT BOTANY ARMS, L.P.
42 CAPREIT BRECKENRIDGE
43 CAPREIT Cedars L.P.
44 CAPREIT CHIMNEYS, L.P.
45 CAPREIT CLARION, L.P.
46 CAPREIT CONCORDE BRIDGE, L.P.
47 CAPREIT CREEKWOOD, L.P.
48 CAPREIT Farmington Gates L.P.
49 CAPREIT GARDEN LAKE, L.P.
50 CAPREIT GLENEAGLE, L.P.
51 CAPREIT GREYEAGLE, L.P.
52 CAPREIT HAMPTON ARMS, L.P.
53 CAPREIT HIDDEN OAKS, L.P.
54 CAPREIT MARINER'S WHARF, L.P.
55 CAPREIT Ridgeway Commons L.P.
56 CAPREIT River Oak L.P.
57 CAPREIT SILVER SPRINGS, L.P.
</Table>
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LIST OF SUBSIDIARIES OF EQUITY RESIDENTIAL PROPERTIES TRUST
<Table>
<Caption>
ENTITY
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58 CAPREIT Westwood Pines L.P.
59 CAPREIT Woodcrest Villa L.P.
60 CHARLES RIVER PARK "D" CO.
61 COUNTRY CLUB ASSOCIATES LIMITED PARTNERSHIP
62 COUNTRY RIDGE GENERAL PARTNERSHIP
63 COVE INVESTMENTS, LLC
64 CRICO of Trailway Pond II, L.P.
65 CRICO of White Bear Woods I, L.P.
66 CRICO of Ethan's I, L.P.
67 CRICO of Ethan's II, L.P.
68 CRICO of Fountain Place, L.P.
69 CRICO of James Street Crossing, L.P.
70 CRICO of Ocean Walk, L.P.
71 CRICO of Regency Woods, L.P.
72 CRICO of Trailway Pond I, L.P.
73 CRICO of Valley Creek I, L.P.
74 CRICO of Valley Creek II, L.P.
75 CRICO of Woodlane Place, L.P.
76 CRICO Royal Oaks, L.P.
77 DUXFORD, LLC
78 EQR/KB CALIFORNIA RCI, LLC
79 EQR/LINCOLN FT. LEWIS COMMUNITIES, LLC
80 E-G-ONE ASSOCIATES
81 E-G-TWO ASSOCIATES
82 E-LODGE ASSOCIATES LIMITED PARTNERSHIP
83 EQR-740 RIVER DRIVE, LLC
84 EQR-ARBORS FINANCING, LP
85 EQR-ARIZONA, L.L.C.
86 EQR-ARTCAPLOAN, L.L.C.
87 EQR-BELLEVUE MEADOW GP LP
88 EQR-BELLEVUE MEADOW LP
89 EQR-BENEVA PLACE, LLC
90 EQR-BOND PARTNERSHIP
91 EQR-BRAMBLEWOOD GP LP
92 EQR-BRAMBLEWOOD LP
93 EQR-BRETON HAMMOCKS FINANCING LIMITED PARTNERSHIP
94 EQR-BRIARWOOD GP LP
95 EQR-BRIARWOOD LP
96 EQR-BROADWAY LP
97 EQR-BROOKDALE VILLAGE, LLC
98 EQR-BS FINANCING LIMITED PARTNERSHIP
99 EQR-CALIFORNIA EXCHANGE, LLC (FKA EQR-REGATTA, LLC)
100 EQR-CALIFORNIA, L.L.C
101 EQR-CAMELLERO FINANCING LIMITED PARTNERSHIP
102 EQR-CANTER CHASE GENERAL PARTNERSHIP
103 EQR-CEDAR RIDGE GP, LLC
104 EQR-CEDAR RIDGE LP
105 EQR-CHARDONNAY PARK, L.L.C.
106 EQR-CHASE KNOLLS LENDER, LLC
107 EQR-CHICKASAW CROSSING, LLC
108 EQR-COACHMAN TRAILS, LLC
109 EQR-CODELLE LIMITED PARTNERSHIP
110 EQR-CODELLE, LLC
111 EQR-CONNOR LIMITED PARTNERSHIP
112 EQR-CONNOR, LLC
113 EQR-CONTINENTAL VILLAS FINANCING LIMITED PARTNERSHIP
114 EQR-CREEKSIDE OAKS GENERAL PARTNERSHIP
115 EQR-DARTMOUTH WOODS GENERAL PARTNERSHIP
</Table>
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LIST OF SUBSIDIARIES OF EQUITY RESIDENTIAL PROPERTIES TRUST
<Table>
<Caption>
ENTITY
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116 EQR-EASTBRIDGE, LLC
117 EQR-EASTBRIDGE, LP
118 EQR-EMERALD PLACE FINANCING LIMITED PARTNERSHIP
119 EQR-EOI FINANCING LIMITED PARTNERSHIP
120 EQR-ESSEX PLACE FINANCING LIMITED PARTNERSHIP
121 EQR-FAIRFAX CORNER, LLC
122 EQR-FAIRFIELD, LLC
123 EQR-FANCAP 2000A LIMITED PARTNERSHIP
124 EQR-FANCAP 2000A, LLC (d/b/a EQR-TENNESSEE LOAN PORTFOLIO, LLC)
125 EQR-FERNBROOK, LLC
126 EQR-FIELDERS CROSSING GP, LLC
127 EQR-FIELDERS CROSSING LP
128 EQR-FLATLANDS, LLC
129 EQR-FOREST PLACE, LLC
130 EQR-GEORGIAN WOODS, LLC
131 EQR-GOVERNOR'S PLACE FINANCING LIMITED PARTNERSHIP
132 EQR-GRANDVIEW II GP, LP
133 EQR-GRANDVIEW II LP
134 EQR-GREENHAVEN GP LP
135 EQR-GREENHAVEN LP
136 EQR-HIGHLINE OAKS, L.L.C.
137 EQR-HOLDING, LLC
138 EQR-HOLDING, LLC2
139 EQR-HORIZON PLACE, LLC
140 EQR-IRONWOOD, L.L.C.
141 EQR/KB CALIFORNIA RCI, LLC
142 EQR-KEYSTONE FINANCING GENERAL PARTNERSHIP
143 EQR-LAKESHORE AT PRESTON LP
144 EQR-LAKEVILLE RESORT GENERAL PARTNERSHIP
145 EQR-LAKEWOOD GREENS GP, LLC
146 EQR-LAKEWOOD GREENS LP
147 EQR-LEXINGTON FARM, LLC
148 EQR-LINCOLN GREEN I AND II GP LIMITED PARTNERSHIP
149 EQR/LINCOLN FORT LEWIS COMMUNITIES, LLC
150 EQR-LINCOLN VILLAGE (CA) I GP LP
151 EQR-LINCOLN VILLAGE (CA) I LP
152 EQR-LINCOLN VILLAGE (CA) II GP LP
153 EQR-LINCOLN VILLAGE (CA) II LP
154 EQR-LODGE (OK) GP LIMITED PARTNERSHIP
155 EQR-MARKS A, L.L.C.
156 EQR-MARKS B, L.L.C.
157 EQR-MARTINS LANDING, LLC
158 EQR-MET CA FINANCING LIMITED PARTNERSHIP
159 EQR-MET FINANCING LIMITED PARTNERSHIP
160 EQR-MISSION HILLS, LLC
161 EQR-MISSOURI, L.L.C.
162 EQR-MOSAIC, LLC
163 EQR-MOUNTAIN SHADOWS LP
164 EQR-MOUNTAIN SHADOWS GP LP
165 ERP NEW ENGLAND PROGRAM, LLC
166 EQR-NEW LLC
167 EQR-NEW LLC2
168 EQR-NEW LLC3
169 EQR-NORTH CREEK, LLC
170 EQR-NORTH HILL, L.L.C.
171 EQR-OREGON, L.L.C.
172 EQR-OVERLOOK MANOR II, LLC
173 EQR-PARK PLACE I GENERAL PARTNERSHIP
</Table>
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LIST OF SUBSIDIARIES OF EQUITY RESIDENTIAL PROPERTIES TRUST
<Table>
<Caption>
ENTITY
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174 EQR-PARK PLACE II GENERAL PARTNERSHIP
175 EQR-PARKSIDE, LP
176 EQR-PARKSIDE, GP LP
177 EQR-PINE MEADOWS GARDEN GENERAL PARTNERSHIP
178 EQR-PINETREE/WESTBROOKE, LLC
179 EQR-PLANTATION FINANCING LIMITED PARTNERSHIP
180 EQR-PLANTATION, L.L.C.
181 EQR-PLEASANT RIDGE LP
182 EQR-PORTLAND CENTER, LLC
183 EQR-PRESTON BEND, G.P.
184 EQR-RESERVE SQUARE LIMITED PARTNERSHIP
185 EQR-RIVEROAKS, LLC
186 EQR-RIVER PARK LP
187 EQR-RIVERVIEW CONDOS, LLC
188 EQR-S & T, LLC
189 EQR-SABLE PALM AT LAKE BUENA VISTA, LLC
190 EQR-SANDSTONE LP
191 EQR-SCAKRBOROUGH SQUARE, LLC
192 EQR-SIENA TERRACE, LLC
193 EQR-SMOKETREE, LLC
194 EQR-SONTERRA AT FOOTHILLS RANCH LP
195 EQR-SOUTHWOOD GP LP
196 EQR-SOUTHWOOD LP
197 EQR-SOUTHWOOD LP I LP
198 EQR-SOUTHWOOD LP II LP
199 EQR-SPINNAKER COVE, L.L.C.
200 EQR-SUERTE, LLC
201 EQR-SUMMER CREEK, LLC
202 EQR-SUMMERWOOD GP LP
203 EQR-SUMMERWOOD LP
204 EQR-SURREY DOWNS LP LP
205 EQR-SWN LINE FINANCING LIMITED PARTNERSHIP
206 EQR-TALLEYRAND, LLC
207 EQR-TENNESSEE LP
208 EQR-THE LAKES AT VININGS, LLC
209 EQR-THE PALMS, LLC
210 EQR-THE RETREAT, LLC
211 EQR-THE WATERFORD AT DEERWOOD, LLC
212 EQR-THE WATERFORD AT ORANGE PARK, LLC
213 EQR-THE WATERFORD AT REGENCY, LLC
214 EQR-TOWNHOMES OF MEADOWBROOK, LLC
215 EQR-TRAILS AT DOMINION GENERAL PARTNERSHIP
216 EQR-VALENCIA, LLC (AKA EQR-PORTOFINO, LLC)
217 EQR-VALLEY PARK SOUTH FINANCING LIMITED PARTNERSHIP
218 EQR-VILLA LONG BEACH, LLC
219 EQR-VILLA SERENAS GENERAL PARTNERSHIP
220 EQR-VILLA SERENAS SUCCESSOR BORROWER, LLC
221 EQR-VILLAGE OAKS GENERAL PARTNERSHIP
222 EQR-VILLAS OF JOSEY RANCH GP, LLC
223 EQR-VILLAS OF JOSEY RANCH LP
224 EQR-VININGS AT ASHLEY LAKE, L.L.C.
225 EQR-VIRGINIA, L.L.C.
226 EQR-WARWICK, L.L.C.
227 EQR-WASHINGTON, L.L.C.
228 EQR-WATERFALL, L.L.C.
229 EQR-WATERMARKE I, LLC
230 EQR-WATERMARKE II, LLC
231 EQR-WATSON G.P.
</Table>
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LIST OF SUBSIDIARIES OF EQUITY RESIDENTIAL PROPERTIES TRUST
<Table>
<Caption>
ENTITY
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232 EQR-WELLINGTON, L.L.C.
233 EQR-WEST COAST PORTFOLIO GP, LLC
234 EQR-WIMBLEDON OAKS LP
235 EQR-WOOD FOREST, LLC
236 EQR-WOODRIDGE I GP LP
237 EQR-WOODRIDGE I LP
238 EQR-WOODRIDGE II GP LP
239 EQR-WOODRIDGE II LP
240 EQR-WOODRIDGE III LP
241 EQR-WOODRIDGE, LLC
242 EQR-WYNDRIDGE II, L.L.C.
243 EQR-WYNDRIDGE III, L.L.C.
244 EQR-YORKTOWNE FINANCING LIMITED PARTNERSHIP
245 EQUITY-GREEN I VENTURE LIMITED PARTNERSHIP
246 EQUITY-GREEN II VENTURE LIMITED PARTNERSHIP
247 EQUITY-LODGE VENTURE LTD.
248 ERP-SOUTHEAST PROPERTIES, LLC
249 EVANS WITHYCOMBE FINANCE, L.P.
250 EVANS WITHYCOMBE RESIDENTIAL LIMITED PARTNERSHIP
251 FOREST PLACE ASSOCIATES
252 FOUR LAKES CONDOMINIUM, LLC
253 FOURTH TOWNE CENTRE LIMITED PARTNERSHIP
254 FPAII, L.P.
255 GEARY COURTYARD ASSOCIATES
256 GEORGIAN WOODS ANNEX ASSOCIATES
257 GLENLAKE CLUB L.P.
258 GREEN GATE APARTMENTS, LTD
259 GREENTREE APARTMENTS LP
260 GREENWICH WOODS LIMITED PARTNERSHIP
261 HORIZON PLACE ASSOCIATES
262 HUNTERS'S GLEN GENERAL PARTNERSHIP
263 HUNTINGTON, LLC
264 LANDON LEGACY PARTNERS LIMITED
265 LANDON PRAIRIE CREEK PARTNERS LIMITED
266 LENOX PLACE LP
267 MCCASLIN HIDDEN LAKES, LTD.
268 MCCASLIN RIVERHILL, LTD.
269 MCKINLEY HILLS PARTNERS-85,
270 MERRY LAND DOWNREIT I LP
271 NORTHRIDGE LAKES LP
272 NRL ASSOCIATES LP
273 OAKLAND HILLS OPERATING PARTNERSHIP, LTD
274 OAKS AT BAYMEADOWS ASSOCIATES
275 OAKS AT REGENCY ASSOCIATES
276 OLD REDWOODS, LLC
277 PINES WHISPER, LLC
278 ROLIDO PARQUE GP
279 SARASOTA BENEVA PLACE ASSOICATES, LTD.
280 SCARBOROUGH ASSOCIATES
281 SECOND COUNRTY CLUB ASSOCIATES LIMITED PARTNERSHIP
282 SECOND GEORGIAN WOODS LIMITED PARTNERSHIP
283 SECOND TOWNE CENTRE LP
284 SONGBIRD GENERAL PARTNERSHIP
285 SUMMIT CENTER, LLC
286 SUMMIT PLACE, LLC
287 THE CROSSINGS ASSOCIATES
288 THE GATES OF REDMOND, L.L.C.
289 THE LANDINGS HOLDING COMPANY, LLC
</Table>
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LIST OF SUBSIDIARIES OF EQUITY RESIDENTIAL PROPERTIES TRUST
<Table>
<Caption>
ENTITY
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290 THE LANDINGS URBAN RENEWAL COMPANY, LLC
291 THE WIMBERLY APARTMENT HOMES, LTD.
292 THIRD GREENTREE ASSOCIATES LP
293 THIRD TOWNE CENTRE LIMITED PARTNERSHIP
294 TOWERS AT PORTSIDE URBAN RENEWAL COMPANY, LLC
295 WATERMARKE ASSOCIATES
296 WINDSOR PLACE, LLC
297 WOOD FOREST ASSOCIATES
298 WOODCREST (AUGUSTA), LLC
299 ANE ASSOCIATES, LLC
300 AVON PLACE ASSOCIATES, LLC
301 FOXWOODBURG, LLC
302 GPT 929 HOUSE, LLC
303 GPT ABINGTON GLEN, LLC
304 GPT ABINGTON LAND, LLC
305 GPT ACTON, LLC
306 GPT BRIAR KNOLL, LLC
307 GPT CC, LLC
308 GPT CEDAR GLEN, LLC
309 GPT CG, LLC
310 GPT CHESTNUT GLEN, LLC
311 GPT CONWAY COURT, LLC
312 GPT EAST HAVEN, LLC
313 GPT EAST PROVIDENCE, LLC
314 GPT ENFIELD, LLC
315 GPT FREEPORT, LLC
316 GPT GLEN GROVE, LLC
317 GPT GLEN MEADOW, LLC
318 GPT GOF II, LLC
319 GPT GOSNOLD GROVE, LLC
320 GPT GP III, LLC
321 GPT HERITAGE GREEN, LLC
322 GPT HG, LLC
323 GPT HIGHLAND GLEN, LLC
324 GPT HIGHMEADOW, LLC
325 GPT HILLTOP, LLC
326 GPT JACLEN TOWER, LLC
327 GPT LONGFELLOW GLEN, LLC
328 GPT LONGMEADOW ASSOCIATES, LLC
329 GPT NEHOIDEN GLEN, LLC
330 GPT NOONAN GLEN, LLC
331 GPT NORTON GLEN, LLC
332 GPT OLD MILL GLEN, LLC
333 GPT PHILLIPS PARK, LLC
334 GPT PLAINVILLE, LLC
335 GPT RG AMHERST, LLC
336 GPT RG FALL RIVER, LLC
337 GPT RG MILFORD, LLC
338 GPT RG, LLC
339 GPT RIBBON MILL, LLC
340 GPT ROCKINGHAM GLEN, LLC
341 GPT SHG, LLC
342 GPT STURBRIDGE, LLC
343 GPT SUMMER HILL GLEN, LLC
344 GPT TANGLEWOOD, LLC
345 GPT WEBSTER GREEN, LLC
346 GPT WEST SPRINGFIELD, LLC
347 GPT WESTFIELD, LLC
</Table>
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LIST OF SUBSIDIARIES OF EQUITY RESIDENTIAL PROPERTIES TRUST
<Table>
<Caption>
ENTITY
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348 GPT WESTWOOD GLEN, LLC
349 GPT WG, LLC
350 GPT WILG, LLC
351 GPT WILKENS GLEN, LLC
352 GPT WINCHESTER WOODS, LLC
353 GPT WINDSOR, LLC
354 GR CEDAR GLEN, LP
355 GR CONWAY COURT, LP
356 GR FARMINGTON SUMMIT, LLC
357 GR HIGHLAND GLEN, LP
358 GR NORTHEAST APARTMENT ASSOCIATES, LLC
359 GR ROCKINGHAM GLEN, LP
360 GR SUMMER HILL GLEN, LP
361 GR WEST HARTFORD CENTRE, LLC
362 GR WEST WOOD GLEN, LP
363 GR WESTWYND ASSOCIATES, LLC
364 GR WILKENS GLEN, LP
365 GR-HERITAGE COURT ASSOCIATES, LLC (FKA GR-HERITAGE COURT ASSOCIATES, LP)
366 GROVE DEVELOPMENT, LLC
367 GROVE ROCKY HILL, LLC
368 KISMUL, LLC (FKA KISMUL CORP)
369 WHARF HOLDING, LLC
370 MULTIFAMILY PORTFOLIO GP LIMITED PARTNERSHIP
371 MULTIFAMILY PORTFOLIO LP LIMITED PARTNERSHIP
372 BROOKSIDE PLACE G.P. CORP. - SEE NOTE 1
373 CANYON CREEK VILLAGE G.P. CORP. - SEE NOTE 1
374 COBBLESTONE VILLAGE G.P. CORP. - SEE NOTE 1
375 COUNTRY OAKS G.P. CORP. - SEE NOTE 1
376 DEERFIELD G.P. CORP. - SEE NOTE 1
377 EDGEWATER G.P. CORP. - SEE NOTE 1
378 FEATHER RIVER G.P. CORP. - SEE NOTE 1
379 FOX RIDGE G.P. CORP. - SEE NOTE 1
380 HIDDEN LAKE G.P. CORP. - SEE NOTE 1
381 LAKEVIEW G.P. CORP. - SEE NOTE 1
382 LAKEWOOD COMMUNITY RENTALS G.P. CORP. - SEE NOTE 1
383 LANTERN COVE G.P. CORP. - SEE NOTE 1
384 MESA DEL OSO G.P. CORP. - SEE NOTE 1
385 SCHOONER BAY I G.P. CORP. - SEE NOTE 1
386 SCHOONER BAY II G.P. CORP. - SEE NOTE 1
387 SOUTH SHORE G.P. CORP. - SEE NOTE 1
388 TIERRA ANTIGUA G.P. CORP. - SEE NOTE 1
389 WATERFIELD SQUARE I G.P. CORP. - SEE NOTE 1
390 WATERFIELD SQUARE II G.P. CORP. - SEE NOTE 1
391 WILLOW BROOK G.P. CORP. - SEE NOTE 1
392 WILLOW CREEK G.P. CORP. - SEE NOTE 1
393 MULTIFAMILY PORTFOLIO PARTNERS, INC. - SEE NOTE 1
394 BROOKSIDE PLACE ASSOCIATES, L.P. - SEE NOTE 1
395 CANYON CREEK VILLAGE ASSOCIATES, L.P. - SEE NOTE 1
396 COBBLESTONE VILLAGE COMMUNITY RENTALS, L.P. - SEE NOTE 1
397 COUNTRY OAKS ASSOCIATES, L.P. - SEE NOTE 1
398 DEERFIELD ASSOCIATES, L.P. - SEE NOTE 1
399 EDGEWATER COMMUNITY RENTALS, L.P. - SEE NOTE 1
400 FEATHER RIVER COMMUNITY RENTALS, L.P. - SEE NOTE 1
401 FOX RIDGE ASSOCIATES, L.P. - SEE NOTE 1
402 HIDDEN LAKE ASSOCIATES, L.P. - SEE NOTE 1
403 LAKEVIEW COMMUNITY RENTALS, L.P. - SEE NOTE 1
404 LAKEWOOD COMMUNITY RENTALS, L.P. - SEE NOTE 1
405 LANTERN COVE ASSOCIATES, L.P. - SEE NOTE 1
</Table>
<Page>
LIST OF SUBSIDIARIES OF EQUITY RESIDENTIAL PROPERTIES TRUST
<Table>
<Caption>
ENTITY
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406 MESA DEL OSO ASSOCIATES, L.P. - SEE NOTE 1
407 SCHOONER BAY I ASSOCIATES, L.P. - SEE NOTE 1
408 SCHOONER BAY II ASSOCIATES, L.P. - SEE NOTE 1
409 SOUTH SHORE ASSOCIATES, L.P. - SEE NOTE 1
410 TIERRA ANTIGUA ASSOCIATES, L.P. - SEE NOTE 1
411 WATERFIELD SQUARE I ASSOCIATES, L.P. - SEE NOTE 1
412 WATERFIELD SQUARE II ASSOCIATES, L.P. - SEE NOTE 1
413 WILLOW BROOK ASSOCIATES, L.P. - SEE NOTE 1
414 WILLOW CREEK COMMUNITY RENTALS, L.P. - SEE NOTE 1
415 LEXFORD PROPERTIES, LP
416 CRP SERVICE COMPANY, LLC
417 EQUITY APARTMENT MANAGEMENT, LLC (AKA LEXFORD PROPERTIES MANAGEMENT, LLC)
418 RESIDENTIAL INSURANCE AGENCY, LLC (DE)
419 RESIDENTIAL INSURANCE AGENCY, LLC (OH)
420 ARGUS LAND COMPANY, INC.
421 GUILFORD COMPANY, INC.
422 LEXFORD GUILFORD, INC.
423 MERIDAN GUILFORD BGP CORPORATION
424 MERIDAN GUILFORD CGP CORPORATION
425 MERIDAN GUILFORD NLPGP CORPORATION
426 MERIDAN GUILFORD PGP CORPORATION
427 NHP HS FOUR, INC.
428 AMBERWOODS APTS OF BARTOW COUNTY, LTD
429 AMERWOODS APTS OF BARTOW COUNTY, II, LTD
430 ANNHURST APTS OF COLUMBUS, LTD
431 APPLE RIDGE APTS OF CIRCLEVILLE, II, LTD
432 BARRINGTON APTS OF BEDFORD, LTD
433 BRIDGE POINT APTS, LTD
434 CARLETON COURT APTS OF ANN ARBOR, LTD
435 CRC, LLC
436 CRSI SPV 30231, LLC
437 CRSI SPV 35, LLC
438 CRSI SPV 50903, LLC
439 CRSI SPV 59, LLC
440 CRSI SPV 96, LLC
441 EQR-LEXFORD LENDER, LLC
442 EQR-LEXINGTON FARM, LLC
443 ESSEX SQUARE APTS, LTD
444 FORSYTHIA COURT APTS OF COLUMBUS, LTD
445 FOXTON APTS OF SEYMOUR, LTD
446 GARDEN TERRACE APTS, III, LTD
447 GREENGLEN ATPS OF WHEELERSBURG, LTD
448 GREENLEAF APARTMENTS, LTD
449 GREENTREE APTS, II, LTD
450 GREENTREE APTS, LTD
451 HEATHMOORE APTS OF INDIANAPOLIS, II, LTD
452 HICKORY MILL APTS OF HURRICANE, II, LTD
453 HILLVIEW TERRACE APTS, LTD
454 KINGS CROSSING APTS, LTD
455 LAKSPUR APTS OF COLUMBUS, II, LTD
456 LEXFORD FLKB II, LLC
457 LEXFORD FLKB, LLC
458 LEXFORD GAKB II, LLC
459 LEXFORD GAKB, LLC
460 LEXFORD GP II, LLC
461 LEXFORD GP XV, LLC
462 LEXFORD GP XVIII, LLC
463 LEXFORD GP, LLC
</Table>
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LIST OF SUBSIDIARIES OF EQUITY RESIDENTIAL PROPERTIES TRUST
<Table>
<Caption>
ENTITY
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464 LEXFORD GUILFORD GP, LLC
465 LEXFORD GUILFORD LP, LLC
466 LEXFORD HIDDEN POINTE GP LLC
467 LEXFORD HIDDEN POINTE LP LLC
468 LEXFORD INDUSTRIES DEVELOPMENT, LLC
469 LEXFORD PARTNERS, LLC
470 MONTROSE SQUARE APTS OF HILLSBORO, II LTD
471 MOULTRIE APTS, LTD
472 MULBERRY APTS OF HILLIARD, LTD
473 NEWBERRY APTS OF GROVE CITY, LTD
474 NORTHWOOD APTS, LTD
475 NORWOOD APTS OF GWINNET COUNTY, LTD
476 OLYMPIAN VILLAGE APTS, LTD
477 PALM SIDE APTS, LTD
478 PARKWAY NORTH APTS, LTD
479 PARKWOOD VILLAGE APTS OF DOUGLASVILLE, II, LP
480 PARKWOOD VILLAGE APTS OF DOUGLASVILLE, LTD
481 PINE GROVE APTS ROSEVILLE, II, LTD
482 PINE GROVE APTS ROSEVILLE,LTD
483 POPLAR COURT APTS., LTD
484 RAMBLEWOOD APTS OF RICHMOND COUNTY, LTD
485 REDWOOD HOLLOW APTS OF SMYRNA, LTD
486 RIDGEWOOD APTS OF LEXINGTON, II, LTD
487 RIVERWOOD APTS, LTD
488 ROANOKE APTS OF JEFFERSON COUNTY, LTD
489 SANDLEWOOD APTS OF ALEXANDRIA, LTD
490 SHANNON WOODS APTS OF UNION CITY, II, LTD
491 SLATE RUN APTS OF BEDFORD, LTD
492 SPRINGFIELD WOODGATE APTS, LTD
493 SPRINGTREE APTS, LTD
494 SUGARTREE APTS, II, LTD
495 THE CHARLESTON EAST MOTEL, LP
496 THE CHARLESTON EAST/SAGINAW TWP VENTURE
497 THYMEWOOD APTS, LTD
498 WILLOWOOD APTS OF TROTWOOD, LTD
499 WILLOWOOD EAST APTS OF INDIANAPOLIS, LTD
500 WINDRUSH APTS, LTD
501 WINTER WOODS APTS, II, LTD
502 WINTHROP COURT APTS OF COLUMBUS, LTD
503 CENTERPOINT APARTMENT ASSOC, LP
504 GC CHAPARRAL ASSOC, LP
505 GC COUNTRY CLUB WOODS ASSOC, LP
506 GC COUNTRY CLUB WOODS, LP
507 GC GREENBRIAR ASSOC, LTD
508 GC GREENBRIAR, LP
509 GC HESSIAN HILLS ASSOC, LP
510 GC HESSIAN HILLS, LP
511 GC HIGH RIVER ASSOC, LP
512 GC HIGH RIVER, LP
513 GC PEMBROKE ASSOC, LP
514 GC SOUTHEAST PARTNERS, LP
515 GC SPRING LAKE MANOR ASSOC, LP
516 GC SPRING LAKE MANOR, LP
517 GC THREE CHOPT WEST ASSOC, LP
518 GC THREE CHOPT WEST, LP
519 GC TOWN & COUNTRY/COUNTRY PLACE ASSOC, LP
520 GC TOWN & COUNTRY/COUNTRY PLACE, LP
521 GC TOWNHOUSE ASSOC, LP
</Table>
<Page>
LIST OF SUBSIDIARIES OF EQUITY RESIDENTIAL PROPERTIES TRUST
<Table>
<Caption>
ENTITY
----------------------------------------------------------------------
522 GC TOWNHOUSE, LP
523 GC TWIN GATES EAST ASSOC, LP
524 GC TWIN GATES EAST, LP
525 GC WILL-O-WISP ARMS, LP
526 GC WILL-O-WISP ASSOC, LP
527 GUILFORD PARTNERS II
528 HESSIAN HILLS APARTMENT ASSOC, LTD
529 HIGH RIVER ASSOC, LTD
530 HIGH RIVER PHASE I, LTD
531 MERIDIAN SOUTHEAST PARTNERS, LP
532 MOBILE ASSOC, LTD
533 MONTGOMERY REAL ESTATE INVESTORS, LTD
534 PEMBROKE LAKE APARTMENT ASSOC, LTD
535 RAVENWOOD ASSOC, LTD
536 RICHMOND APARTMENT ASSOC, LTD
537 SPRING LAKE MANOR ASSOC, LTD
538 TOWNHOUSE APARTMENT ASSOC, LTD
539 TWIN GATES APARTMENT ASSOC, LTD
540 WILL-O-WISP ASSOC, LP
541 WINTER PARK ASSOC, LP
542 CARDINAL APTS SERVICES, INC.
543 CARDINAL ASSOCIATES CENTRAL MANAGEMENT
544 CARDINAL DIVERSIFIED PROPERTIES
545 CARDINAL GP XII CORP
546 CARDINAL IND OF FLORDIA SERVICES CORP
547 CARDINAL IND OF GEORGIA SERVICES CORP
548 CRSI SPV 101, INC.
549 CRSI SPV 103, INC.
550 CRSI SPV 10455, INC.
551 CRSI SPV 10725, INC.
552 CRSI SPV 18, INC.
553 CRSI SPV 1996 PW2, INC.
554 CRSI SPV 1996 PW3, INC.
555 CRSI SPV 20129, INC.
556 CRSI SPV 20218, INC.
557 CRSI SPV 20224, INC.
558 CRSI SPV 20284, INC.
559 CRSI SPV 20449, INC.
560 CRSI SPV 20471, INC.
561 CRSI SPV 22, INC.
562 CRSI SPV 30130, INC.
563 CRSI SPV 30150, INC.
564 CRSI SPV 30184, INC.
565 CRSI SPV 30197, INC.
566 CRSI SPV 52, INC.
567 CRSI SPV 67, INC.
568 CRSI SPV 75, INC.
569 CRSI SPV 95, INC.
570 EQR-BENEVA PLACE, INC.
571 EQR-CHICKASAW CROSSING, INC.
572 EQR-FOREST PLACE, INC.
573 EQR-HORIZON PLACE, INC.
574 EQR-QRS HIGHLINE OAKS, INC
575 EQR-QRS RIDGEMONT/MOUNTAIN BROOK, INC
576 EQR-QRS SPINNAKER COVE, INC.
577 EQR-QRS WYNDRIDGE II, INC.
578 EQR-QRS WYNDRIDGE III, INC.
579 EQR-SABLE PALM AT LAKE BUENA VISTA, INC.
</Table>
<Page>
LIST OF SUBSIDIARIES OF EQUITY RESIDENTIAL PROPERTIES TRUST
<Table>
<Caption>
ENTITY
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580 EQR-THE WATERFORD AT DEERWOOD, INC.
581 EQR-THE WATERFORD AT ORANGE PARK, INC.
582 EQR-THE WATERFORD AT REGENCY, INC.
583 EQR-WOOD FOREST, INC.
584 ERP-QRS AMBERGATE, INC.
585 ERP-QRS ARBORS, INC.
586 ERP-QRS BRETON HAMMOCKS, INC.
587 ERP-QRS BS, INC.
588 ERP-QRS CAMELLERO, INC.
589 ERP-QRS CANTER CHASE, INC.
590 ERP-QRS CEDAR CREST, INC.
591 ERP-QRS CEDAR RIDGE, INC.
592 ERP-QRS CHAPARRAL CREEK, INC.
593 ERP-QRS CONTINENTAL VILLAS, INC.
594 ERP-QRS COUNTRY CLUB I, INC.
595 ERP-QRS COUNTRY CLUB II, INC.
596 ERP-QRS COUNTRY RIDGE, INC.
597 ERP-QRS CPRT II, INC.
598 ERP-QRS CPRT, INC.
599 ERP-QRS CREEKSIDE OAKS, INC.
600 ERP-QRS DARTMOUTH WOODS, INC.
601 ERP-QRS DORAL, INC.
602 ERP-QRS EMERALD PLACE, INC.
603 ERP-QRS EOI, INC.
604 ERP-QRS ESSEX PLACE, INC.
605 ERP-QRS FAIRFIELD, INC.
606 ERP-QRS FLATLANDS, INC.
607 ERP-QRS GEORGIAN WOODS ANNEX, INC.
608 ERP-QRS GLENLAKE CLUB, INC.
609 ERP-QRS GOVERNOR'S PLACE, INC.
610 ERP-QRS GREENGATE, INC.
611 ERP-QRS GREENWICH WOODS, INC.
612 ERP-QRS GROVE L.P., INC.
613 ERP-QRS HARBOR POINTE, INC.
614 ERP-QRS HUNTER'S GLEN, INC.
615 ERP-QRS LAKEVILLE RESORT, INC.
616 ERP-QRS LAKEWOOD GREENS, INC.
617 ERP-QRS LINCOLN GREEN, INC.
618 ERP-QRS LINCOLN, INC.
619 ERP-QRS LODGE (OK), INC.
620 ERP-QRS LONGFELLOW, INC.
621 ERP-QRS MAGNUM, INC.
622 ERP-QRS MET CA, INC.
623 ERP-QRS MET, INC.
624 ERP-QRS NORTHAMPTON I, INC.
625 ERP-QRS OAKLAND HILLS, INC.
626 ERP-QRS PARK PLACE I, INC.
627 ERP-QRS PARK PLACE II, INC.
628 ERP-QRS PINE MEADOWS GARDEN, INC.
629 ERP-QRS PLANTATION, INC.
630 ERP-QRS PRESTON BEND, INC.
631 ERP-QRS RESERVE SQUARE, INC.
632 ERP-QRS ROLIDO PARQUE, INC.
633 ERP-QRS S&T, INC.
634 ERP-QRS SLEEPY HOLLOW, INC.
635 ERP-QRS SONGBIRD, INC.
636 ERP-QRS SONTERRA AT FOOTHILLS RANCH, INC.
637 ERP-QRS STONEBROOK, INC.
</Table>
<Page>
LIST OF SUBSIDIARIES OF EQUITY RESIDENTIAL PROPERTIES TRUST
<Table>
<Caption>
ENTITY
----------------------------------------------------------------------
638 ERP-QRS SUNNY OAK VILLAGE, INC.
639 ERP-QRS SWN LINE, INC.
640 ERP-QRS TANASBOURNE TERRACE, INC.
641 ERP-QRS TENNESSEE, INC.
642 ERP-QRS TOWNE CENTRE III, INC.
643 ERP-QRS TOWNE CENTRE IV, INC.
644 ERP-QRS TRAILS AT DOMINION, INC. (fka ERP-QRS Marbrisa, Inc.)
645 ERP-QRS VALLEY PARK SOUTH, INC.
646 ERP-QRS VILLA SERENAS, INC.
647 ERP-QRS VILLAGE OAKS, INC.
648 ERP-QRS WATSON, INC.
649 ERP-QRS WELLINGTON HILL, INC.
650 ERP-QRS YORKTOWNE, INC.
651 EVANS WITHYCOMBE FINANCE, INC
652 MERRY LAND APARTMENT COMMUNITIES, INC.
653 QRS IRONWOOD, INC.
654 QRS MARKS A, INC.
655 QRS MARKS B, INC.
656 QRS MISSOURI, INC.
657 QRS WARWICK, INC.
658 QRS-740 RIVER DRIVE, INC.
659 QRS-ARBORETUM, INC.
660 QRS-ARTBHOLDER, INC.
661 QRS-ARTCAPLOAN, INC.
662 QRS-BOND, INC.
663 QRS-CHARDONNAY PARK, INC
664 QRS-CODELLE, INC.
665 QRS-CONNOR, INC.
666 QRS-COVE, INC.
667 QRS-FANCAP 2000A, INC.B275
668 QRS-FERNBROOK, INC.
669 QRS-GATES OF REDMOND, INC
670 QRS-GREENTREE I, INC.
671 QRS-GREENTREE III, INC.
672 QRS-LLC, INC.
673 QRS-NORTH HILL, INC
674 QRS-PINES, INC.
675 QRS-PORTLAND CENTER, INC.
676 QRS-SCARBOROUGH, INC.
677 QRS-SIENA TERRACE, INC.
678 QRS-SMOKETREE, INC.
679 QRS-SUMMIT CENTER, INC.
680 QRS-TOWERS AT PORTSIDE, INC.
681 QRS-TOWNHOMES OF MEADOWBROOK, INC.
682 QRS-VININGS AT ASHLEY LAKE, INC.
683 QRS-WATERFALL, INC.
684 QRS-WOODRIDGE, INC.
685 WADLINGTON, INC.
686 WHRP, INC.
</Table>