Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
TUOMI FREDERICK C
   2. Issuer Name and Ticker or Trading Symbol
EQUITY RESIDENTIAL [EQR] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Executive Vice President
(Last)
(First)
(Middle)
TWO NORTH RIVERSIDE PLAZA, SUITE 400		 3. Date of Earliest Transaction (Month/Day/Year)
09/05/2006
(Street)

CHICACGO, IL 60606		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Shares of Beneficial Interest 09/05/2006   M   3,800 A $ 25.844 31,348 (1) D  
Common Shares of Beneficial Interest 09/05/2006   M   500 A $ 25.844 31,848 (1) D  
Common Shares of Beneficial Interest 09/05/2006   M   29,600 A $ 25.844 61,448 (1) D  
Common Shares of Beneficial Interest 09/05/2006   M   6,100 A $ 25.844 67,548 (1) D  
Common Shares of Beneficial Interest 09/05/2006   S   29,600 D $ 50 37,948 (1) D  
Common Shares of Beneficial Interest 09/05/2006   S   6,100 D $ 50.01 31,848 (1) D  
Common Shares of Beneficial Interest 09/05/2006   S   3,800 D $ 50.02 28,048 (1) D  
Common Shares of Beneficial Interest 09/05/2006   S   500 D $ 50.03 27,548 (1) D  
Common Shares of Beneficial Interest               142,790 (2) I SERP Account

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Non-Qualified Stock Option (right to buy) $ 27.2             01/16/2003 01/16/2012 Common Shares of Beneficial Interest 54,687   54,687 (3) D  
Non-Qualified Stock Option (right to buy) $ 27.6             07/11/2002 07/11/2011 Common Shares of Beneficial Interest 65,000   65,000 (4) D  
Non-Qualified Stock Option (right to buy) $ 29.25             01/27/2004 01/27/2014 Common Shares of Beneficial Interest 65,268   65,268 (5) D  
Non-Qualified Stock Option (right to buy) $ 31.76             02/03/2005 02/03/2015 Common Shares of Beneficial Interest 66,290   66,290 (6) D  
Non-Qualified Stock Option (right to buy) $ 42.8             02/03/2007 02/03/2017 Common Shares of Beneficial Interest 45,918   45,918 (7) D  
Non-Qualified Stock Option (right to buy) $ 25.844 09/05/2006   M     29,600 01/18/2002 01/18/2011 Common Shares of Beneficial Interest 29,600 $ 50 52,936 (8) D  
Non-Qualified Stock Option (right to buy) $ 25.844 09/05/2006   M     6,100 01/18/2002 01/18/2011 Common Shares of Beneficial Interest 6,100 $ 50.01 46,836 (8) D  
Non-Qualified Stock Option (right to buy) $ 25.844 09/05/2006   M     3,800 01/18/2002 01/18/2011 Common Shares of Beneficial Interest 3,800 $ 50.02 43,036 (8) D  
Non-Qualified Stock Option (right to buy) $ 25.844 09/05/2006   M     500 01/18/2002 01/18/2011 Common Shares of Beneficial Interest 500 $ 50.03 42,536 (8) D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
TUOMI FREDERICK C
TWO NORTH RIVERSIDE PLAZA, SUITE 400
CHICACGO, IL 60606		       Executive Vice President  

Signatures

 By: Barbara Shuman, Attorney-in-fact   09/07/2006
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(6) Share options reported on this line will become exercisable in three equal installments on February 3, 2006; February 3, 2007 and February 3, 2008.
(7) Share options reported on this line become exercisable in three equal installments on February 3, 2007, February 3, 2008 and February 3, 2009.
(4) One-third of the share options reported on this line are exercisable; one-third will become exercisable on July 11, 2003; and one-third will become exercisable on July 11, 2004.
(1) Shares reported on this line are owned directly and some of the shares (including the shares which are subject to the grant award reported herein) are subject to vesting.
(5) Share options reported on this line will become exercisable in three equal installments on January 27, 2005; January 27, 2006 and January 27, 2007.
(2) Shares reported herein are owned by the AST Trust Company, as Trustee of the Equity Residential Supplemental Retirement Plan for the benefit of the reporting person and were acquired through Equity Residential's Employee Share Purchase Plan.
(8) 55,024 share options reported herein are currently exercisable; and 27,512 share options will become exercisable on January 18, 2004.
(3) 18,229 share options reported herein are currently exercisable; 18,229 share options are scheduled to vest on January 16, 2004; 18,229 share options are scheduled to vest on January 16, 2005.

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