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: 2011-05-02

Reporting Person: NEAL JOHN E (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-05-02	Common Shares Of Beneficial Interest	M	2998	$53.50	Acquired	11217.2107	Direct
2011-05-02	Common Shares Of Beneficial Interest	M	7398	$23.07	Acquired	18615.2107	Direct
2011-05-02	Common Shares Of Beneficial Interest	S	10396	$60.0034	Disposed	8219.2107	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-05-02	Non-qualified Stock Option (Right to Buy)	$53.50	M	2998	Disposed	2017-02-08	Common Shares Of Beneficial Interest (2998)	Direct
2011-05-02	Non-qualified Stock Option (Right to Buy)	$23.07	M	7398	Disposed	2019-02-06	Common Shares Of Beneficial Interest (7398)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares Of Beneficial Interest	15694.165	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 $59.91 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.

F3: Represents shares owned by Principal Trust Company, as Trustee of the Equity Residential Supplemental Executive Retirement Plan, for the benefit of the reporting person.

F4: Represents share options scheduled to vest in approximately three equal installments on August 8, 2007, February 8, 2008 and February 8, 2009.

F5: Represents share options scheduled to vest in approximately three equal installments on February 6, 2010, February 6, 2011 and February 6, 2012.