EQUITY RESIDENTIAL — Director's Dealing 2011

Aug 1, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: EQUITY RESIDENTIAL (EQR)
CIK: 0000906107
Period of Report: 2011-07-29

Reporting Person: TENNISON MARK N (Executive Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-07-29	Common Shares Of Beneficial Interest	M	2496	$53.50	Acquired	13377	Direct
2011-07-29	Common Shares Of Beneficial Interest	M	10214	$38.57	Acquired	23591	Direct
2011-07-29	Common Shares Of Beneficial Interest	M	14539	$23.07	Acquired	38130	Direct
2011-07-29	Common Shares Of Beneficial Interest	S	27249	$60.9958	Disposed	10881	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-07-29	Non-qualified Stock Option (Right to Buy)	$53.50	M	2496	Disposed	2017-02-08	Common Shares Of Beneficial Interest (2496)	Direct
2011-07-29	Non-qualified Stock Option (Right to Buy)	$38.57	M	10214	Disposed	2018-02-07	Common Shares Of Beneficial Interest (10214)	Direct
2011-07-29	Non-qualified Stock Option (Right to Buy)	$23.07	M	14539	Disposed	2019-02-06	Common Shares Of Beneficial Interest (14539)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares Of Beneficial Interest	228.2821	Indirect
Common Shares Of Beneficial Interest	34722.829	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 $60.91 to $61.09. 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: Represents shares acquired through profit sharing contributions and dividend reinvestment activity in the reporting person's account with the Equity Residential Advantage 401(k) Retirement Savings Plan, a plan qualified under Section 401(k) of the Internal Revenue Code of 1986, as amended. Such shares represent acquisitions through April 8, 2011.

F4: Represents shares owned by Principal Trust Company, as Trustee of the Equity Residential Supplemental Executive Retirement Plan, for the benefit of the reporting person.

F5: Represents share options scheduled to vest in three equal installments on February 8, 2008, February 8, 2009 and February 8, 2010. The reporting person disclaims beneficial ownership of a portion of such options except to the extent of his pecuniary interest therein.

F6: Represents share options scheduled to vest in three equal installments on February 7, 2009, February 7, 2010 and February 7, 2011. The reporting person disclaims beneficial ownership of a portion of such options except to the extent of his pecuniary interest therein.

F7: Represents share options scheduled to vest in approximately three equal installments on February 6, 2010, February 6, 2011 and February 6, 2012. The reporting person disclaims beneficial ownership of a portion of such options except to the extent of his pecuniary interest therein.