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

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

Business Wire

CHICAGO -- December 04, 2012

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

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:

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

About Equity Residential

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 418 properties
located in 13 states and the District of Columbia, consisting of 118,986
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.


Equity Residential
Marty McKenna
(312) 928-1901
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