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Equity Residential Calls Series N Preferred Shares For Redemption

Equity Residential (NYSE: EQR) today announced that it has called for redemption, on August 20, 2012, all of its outstanding Series N Depositary Shares, each representing 1/10 of a 6.48% Series N Cumulative Redeemable Preferred Share of Beneficial Interest. The Series N Depositary Shares will be redeemed at a price of $25.00 per share, plus $0.1575 per share in accrued and unpaid dividends. As of the close of business on July 19, 2012, there were 6,000,000 Series N Depositary Shares outstanding with a liquidation value of $150 million. From the redemption date forward, dividends will no longer accrue and holders will have no rights other than the right to receive the redemption price, without interest, upon surrender of the Series N Depositary Shares.

A notice of redemption and related materials will be mailed to holders of the Series N Depositary Shares on Friday, July 20, 2012. Holders of the Series N Depositary Shares that hold their shares through the Depository Trust Company (“DTC”) will be redeemed in accordance with the applicable procedures of DTC. Questions relating to the notice of redemption and related materials should be directed to Computershare Inc., Equity Residential’s transfer agent and the paying agent for the redemption of the Series N Depositary Shares (the “Paying Agent”), at 1-800-546-5141. The address of the Paying Agent is Computershare, Corporate Actions, P.O. Box 43014, Providence, RI 02940-3014.

Equity Residential is an S&P 500 company focused on the acquisition, development and management of high quality apartment properties in top U.S. growth markets. Equity Residential owns or has investments in 421 properties located in 14 states and the District of Columbia, consisting of 120,355 apartment units. For more information on Equity Residential, please visit our website at www.equityapartments.com.

Forward-Looking Statements

In addition to historical information, this press release contains forward-looking statements and information within the meaning of the federal securities laws. These statements are based on current expectations, estimates, projections and assumptions made by management. While Equity Residential’s management believes the assumptions underlying its forward-looking statements are reasonable, such information is inherently subject to uncertainties and may involve certain risks, including, without limitation, changes in general market conditions, including the rate of job growth and cost of labor and construction material, the level of new multifamily construction and development, competition and local government regulation. Other risks and uncertainties are described under the heading “Risk Factors” in our Annual Report on Form 10-K and subsequent periodic reports filed with the Securities and Exchange Commission (SEC) and available on our website, www.equityapartments.com. Many of these uncertainties and risks are difficult to predict and beyond management’s control. Forward-looking statements are not guarantees of future performance, results or events. Equity Residential assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.



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