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Equity Residential calls Preferred Series C Shares for redemption

Equity Residential, the largest publicly traded apartment company in America, has called for redemption, as of September 11, 2006, all $115.0 million liquidation value of its outstanding Series C Depositary Shares, each representing a one-tenth fractional interest in a 9.125% Series C Preferred Share of Beneficial Interest.

The Series C Depositary Shares will be redeemed at a price of $25.00 per depositary share, plus $0.3548611 per depositary share, representing accrued and unpaid dividends for the period from July 16, 2006 through September 11, 2006.



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