Sec Form 4 Filing - Wetzel Mark L @ EQUITY RESIDENTIAL - 2006-09-11

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 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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1. Name and Address of Reporting Person Wetzel Mark L 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) Chief Accounting Officer (Last) (First) (Middle) TWO NORTH RIVERSIDE PLAZA, SUITE 400 3. Date of Earliest Transaction (MM/DD/YY) 09/11/2006 (Street) CHICAGO, IL60606 4. If Amendment, Date Original Filed (MM/DD/YY) 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 (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 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 09/11/2006 M 4,613 A $ 23.55 10,780 ( 1 ) D Common Shares of Beneficial Interest 09/11/2006 M 5,531 A $ 29.25 16,311 ( 1 ) D Common Shares of Beneficial Interest 09/11/2006 M 2,360 A $ 31.76 18,671 ( 1 ) D Common Shares of Beneficial Interest 09/11/2006 S 4,613 D $ 50.15 14,058 ( 1 ) D Common Shares of Beneficial Interest 09/11/2006 S 2,360 D $ 50.17 11,698 ( 1 ) D Common Shares of Beneficial Interest 09/11/2006 S 5,531 D $ 50.17 6,167 ( 1 ) D Common Shares of Beneficial Interest 18,983.77 ( 2 ) I SERP Account

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 (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 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 (MM/DD/YY) 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) $ 42.8 02/03/2007 02/03/2017 Common Shares of Beneficial Interest 5,108 5,108 ( 3 ) D Non-Qualified Stock Option (right to buy) $ 23.55 09/11/2006 M 4,613 02/07/2005 02/07/2013 Common Shares of Beneficial Interest 4,613 $ 50.15 0 ( 4 ) D Non-Qualified Stock Option (right to buy) $ 29.25 09/11/2006 M 5,531 01/27/2005 01/27/2014 Common Shares of Beneficial Interest 5,531 $ 50.17 2,766 ( 5 ) D Non-Qualified Stock Option (right to buy) $ 31.76 09/11/2006 M 2,360 02/03/2006 02/03/2008 Common Shares of Beneficial Interest 2,360 $ 50.17 4,722 ( 6 ) D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other Wetzel Mark L TWO NORTH RIVERSIDE PLAZA, SUITE 400 CHICAGO, IL60606 Chief Accounting Officer Signatures By: Barbara Shuman, Attorney-in-fact 09/12/2006 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Shares reported on this line are owned directly and some are subject to vesting. ( 6 )Share options reported on this line become exercisable in three equal installments on February 3, 2006, February 3, 2007 and February 3, 2008. ( 4 )Share options reported on this line become exercisable in three equal installments on February 7, 2004, February 7, 2005 and February 7, 2006. ( 3 )Share options reported on this line become exercisable in three equal installments on February 3, 2007, February 3, 2008 and February 3, 2009. ( 5 )Share options reported on this line 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.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* 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).

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