Equity Residential Completes Public Offering Of 21,850,000 Common Shares

Equity Residential (NYSE: EQR) today announced the completion of its previously announced public offering of 21.85 million common shares at $54.75 per share, which includes 2.85 million common shares sold pursuant to the underwriters’ full exercise of their over-allotment option to purchase additional shares. The offering generated net proceeds to the Company of approximately $1.2 billion, after deducting the underwriting discounts and commissions and estimated offering expenses payable by the Company.

The Company intends to use the net proceeds to fund a portion of the cash purchase price for the previously announced acquisition of assets of Archstone Enterprise LP. If the acquisition is not consummated, the Company plans to use the net proceeds from the offering for working capital and general company purposes.

Morgan Stanley, BofA Merrill Lynch, Deutsche Bank Securities and Wells Fargo Securities served as joint book-running managers for the offering. The offering of the common shares was made under the Company’s existing shelf registration statement. The prospectus supplement and accompanying base prospectus relating to the offering may be obtained from Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New York, New York, 10014, Attention: Prospectus Department, telephone: (866) 718-1649 or email: prospectus@morganstanley.com; BofA Merrill Lynch, 222 Broadway, New York, New York 10038, Attn: Prospectus Department, email: dg.prospectus_requests@baml.com; Deutsche Bank Securities Inc., Attn.: Prospectus Group, 60 Wall Street, New York, New York 10005-2836, telephone: (800) 503-4611 or email: prospectus.CPDG@db.com; and Wells Fargo Securities LLC Attention: Equity Syndicate Department, 375 Park Avenue, New York, New York, 10152, telephone: (800) 326-5897 or email: cmclientsupport@wellsfargo.com.

A registration statement relating to the common shares has been filed with the Securities and Exchange Commission and has become effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the common shares in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Any offer or sale will be made only by means of the prospectus supplement and prospectus or authorized free writing prospectus relating to the offering which have or will be filed with the Securities and Exchange Commission.

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