EQUITY RESIDENTIAL — Director's Dealing 2011

May 3, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: EQUITY RESIDENTIAL (EQR)
CIK: 0000906107
Period of Report: 2011-04-29

Reporting Person: SPECTOR GERALD A (Director, Vice Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-04-29	Common Shares Of Beneficial Interest	M	51316	$23.55	Acquired	322261.8093	Direct
2011-04-29	Common Shares Of Beneficial Interest	S	51316	$59.2192	Disposed	270945.8093	Direct
2011-05-02	Common Shares Of Beneficial Interest	M	28527	$29.25	Acquired	299472.8093	Direct
2011-05-02	Common Shares Of Beneficial Interest	S	28527	$60.0114	Disposed	270945.8093	Direct
2011-05-03	Common Shares Of Beneficial Interest	M	80383	$29.25	Acquired	351328.8093	Direct
2011-05-03	Common Shares Of Beneficial Interest	S	80383	$60.009	Disposed	270945.8093	Direct
2011-05-03	Common Shares Of Beneficial Interest	G	2510	—	Disposed	268435.8093	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-04-29	Non-qualified Stock Option (Right to Buy)	$23.55	M	51316	Disposed	2013-02-07	Common Shares Of Beneficial Interest (51316)	Direct
2011-05-02	Non-qualified Stock Option (Right to Buy)	$29.25	M	28527	Disposed	2014-01-27	Common Shares Of Beneficial Interest (28527)	Direct
2011-05-03	Non-qualified Stock Option (Right to Buy)	$29.25	M	80383	Disposed	2014-01-27	Common Shares Of Beneficial Interest (80383)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares Of Beneficial Interest	3473	Indirect
Common Shares Of Beneficial Interest	25015	Indirect
Common Shares Of Beneficial Interest	9581	Indirect
Common Shares Of Beneficial Interest	67594	Indirect

Footnotes

F1: Direct total includes restricted shares of the Company scheduled to vest in the future.

F2: The price represents the weighted average price of the shares sold. The shares were sold within a range of $59.00 to $59.415. The reporting person will provide, upon request by the SEC staff, the issuer, or any security holder of the issuer, full information regarding the number of shares sold at each separate price.

F3: The price represents the weighted average price of the shares sold. The shares were sold within a range of $60.00 to $60.04. The reporting person will provide, upon request by the SEC staff, the issuer, or any security holder of the issuer, full information regarding the number of shares sold at each separate price.

F4: The price represents the weighted average price of the shares sold. The shares were sold within a range of $60.00 to $60.03. The reporting person will provide, upon request by the SEC staff, the issuer, or any security holder of the issuer, full information regarding the number of shares sold at each separate price.

F5: Represents shares beneficially owned by Mr. Spector as custodian for his minor children. Mr. Spector disclaims beneficial ownership of said shares.

F6: Represents shares held by the Spector Family Dynasty Trust (the "SFDT"). Mr. Spector is the sole trustee of the SFDT and, as such, may be deemed the beneficial owner of the shares reported herein.

F7: Represents shares owned by Principal Trust Company, as Trustee of the Equity Residential Supplemental Executive Retirement Plan, for the benefit of the reporting person.

F8: Represents shares beneficially owned by Mr. Spector's spouse. Mr. Spector disclaims beneficial ownership of said shares.

F9: Represents share options scheduled to vest in approximately three equal installments on February 7, 2004, February 7, 2005 and February 7, 2006.

F10: Represents share options scheduled to vest in approximately three equal installments on January 27, 2005, January 27, 2006 and January 27, 2007.