<SEC-DOCUMENT>0001193125-16-635618.txt : 20160629
<SEC-HEADER>0001193125-16-635618.hdr.sgml : 20160629
<ACCEPTANCE-DATETIME>20160629090032
ACCESSION NUMBER:		0001193125-16-635618
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20160629
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160629
DATE AS OF CHANGE:		20160629

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EQUITY RESIDENTIAL
		CENTRAL INDEX KEY:			0000906107
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				363877868
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12252
		FILM NUMBER:		161737469

	BUSINESS ADDRESS:	
		STREET 1:		EQUITY RESIDENTIAL
		STREET 2:		TWO NORTH RIVERSIDE PLAZA, SUITE 400
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		3129281178

	MAIL ADDRESS:	
		STREET 1:		TWO NORTH RIVERSIDE PLAZA
		STREET 2:		SUITE 400
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EQUITY RESIDENTIAL PROPERTIES TRUST
		DATE OF NAME CHANGE:	19930524

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ERP OPERATING LTD PARTNERSHIP
		CENTRAL INDEX KEY:			0000931182
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				363894853
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-24920
		FILM NUMBER:		161737470

	BUSINESS ADDRESS:	
		STREET 1:		TWO N RIVERSIDE PLZ
		STREET 2:		STE 400
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		3124741300

	MAIL ADDRESS:	
		STREET 1:		TWO N RIVERSIDE PLAZA
		STREET 2:		SUITE 450
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d340704d8k.htm
<DESCRIPTION>8-K
<TEXT>
<HTML><HEAD>
<TITLE>8-K</TITLE>
</HEAD>
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, DC 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM 8-K
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant
to Section&nbsp;13 or 15(d) </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of Earliest Event Reported): June 29, 2016 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>EQUITY RESIDENTIAL </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in its charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


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<TD VALIGN="top" ALIGN="center"><B>Maryland</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>1-12252</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>13-3675988</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of incorporation)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(IRS Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification Number)</B></P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>ERP OPERATING LIMITED PARTNERSHIP </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in its charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>Illinois</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>0-24920</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>36-3894853</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of incorporation)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(I.R.S. Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification Number)</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Two North Riverside Plaza</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Suite 400, Chicago, Illinois</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of principal executive offices)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>60606</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Zip Code)</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Registrant&#146;s telephone number, including area code: (312)&nbsp;474-1300 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Not applicable </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former
name or former address, if changed since last report.) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below
if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<I>see</I> General Instruction A.2 below): </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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<TD WIDTH="12%" VALIGN="top" ALIGN="left"><B>Item&nbsp;1.01</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Entry into a Material Definitive Agreement. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On June&nbsp;29, 2016, Equity Residential
(the &#147;Company&#148;) and its operating partnership, ERP Operating Limited Partnership (the &#147;Operating Partnership&#148;), entered into a Distribution Agreement (a &#147;Distribution Agreement&#148;) with each of J.P. Morgan Securities LLC,
Barclays Capital Inc., Merrill Lynch, Pierce, Fenner&nbsp;&amp; Smith Incorporated, BNY Mellon Capital Markets, LLC, Morgan Stanley&nbsp;&amp; Co. LLC, Mitsubishi UFJ Securities (USA), Inc., Scotia Capital (USA) Inc. and UBS Securities LLC, as sales
agents (individually, a &#147;Sales Agent&#148; and together, the &#147;Sales Agents&#148;), with respect to the issuance and sale of up to 13,000,000 common shares of beneficial interest, par value $0.01 per share, of the Company (the
&#147;Shares&#148;) from time to time during a three-year period in &#147;at the market&#148; offerings or certain other transactions (the &#147;ATM Program&#148;). The 13,000,000 Shares consist of 13,000,000 Shares that remain unsold under the
prospectus supplement dated July&nbsp;31, 2013 to the prospectus dated July&nbsp;30, 2013, which expired upon the filing of the automatic shelf registration statement discussed below. The Distribution Agreement provides that each Sales Agent will be
entitled to compensation not to exceed 2.0% of the gross sales price per share for any of the Shares sold under the Distribution Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Shares will be issued pursuant to the prospectus supplement filed on June&nbsp;29, 2016 and the Company&#146;s automatic shelf
registration statement on Form S-3 (File No.&nbsp;333-212284) filed on June&nbsp;28, 2016 with the Securities and Exchange Commission. This Current Report shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there
be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Distribution Agreement is filed as Exhibit 1.1 to this Current Report. The description of the Distribution Agreement does not purport to
be complete and is qualified in its entirety by reference to the Distribution Agreement filed herewith as an exhibit to the Current Report. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="12%" VALIGN="top" ALIGN="left"><B>Item&nbsp;7.01</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Regulation FD Disclosure. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Automatic Shelf Registration&nbsp;&amp; Share Repurchase Program </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The automatic shelf registration statement referred to above was filed to replace the Company&#146;s automatic shelf registration that was scheduled to expire
on July&nbsp;30, 2016.&nbsp;The Company also maintains a share repurchase program with authorization for the repurchase of up to 13&nbsp;million Shares. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="12%" VALIGN="top" ALIGN="left"><B>Item&nbsp;9.01</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Financial Statements and Exhibits. </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top">Exhibits. </TD></TR></TABLE>

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<TD WIDTH="92%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Number</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"><B>Description</B></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;1.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Distribution Agreement, dated June 29, 2016, among the Company, the Operating Partnership, J.P. Morgan Securities LLC, Barclays Capital Inc., Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated, BNY Mellon Capital Markets, LLC,
Morgan Stanley &amp; Co. LLC, Mitsubishi UFJ Securities (USA), Inc., Scotia Capital (USA) Inc. and UBS Securities LLC</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;5.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Opinion of DLA Piper LLP (US)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>23.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Consent of DLA Piper LLP (US) (included in Exhibit&nbsp;5.1)</TD></TR>
</TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, each registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"><B>EQUITY RESIDENTIAL</B></TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date: June 29, 2016</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Bruce C. Strohm</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Bruce C. Strohm</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Its:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Executive Vice President, General Counsel and Corporate Secretary</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"><B>ERP OPERATING LIMITED PARTNERSHIP</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Equity Residential, its general partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date: June 29, 2016</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Bruce C. Strohm</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Bruce C. Strohm</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Its:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Executive Vice President, General Counsel and Corporate Secretary</TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>d340704dex11.htm
<DESCRIPTION>EX-1.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-1.1</TITLE>
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 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 1.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DISTRIBUTION AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">June&nbsp;29, 2016 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">J.P. Morgan Securities LLC
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">383 Madison Avenue </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York 10179 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Merrill Lynch, Pierce, Fenner&nbsp;&amp; Smith </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;Incorporated </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">One Bryant
Park </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York 10036 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BNY Mellon Capital Markets,
LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">101 Barclay Street, 3W </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York 10286 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Morgan Stanley&nbsp;&amp; Co. LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1585 Broadway </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York 10036 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Scotia Capital (USA) Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">250 Vesey Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York 10281 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Barclays Capital Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">745 Seventh Avenue </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York 10019 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">UBS Securities LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1285 Avenue of the Americas </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York 10019 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mitsubishi UFJ Securities (USA), Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1221 Avenue of the
Americas, 6<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Floor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York 10020 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Equity Residential, a
Maryland real estate investment trust ( &#147;<B>EQR</B>&#148;), and ERP Operating Limited Partnership, an Illinois limited partnership ( &#147;<B>ERP</B>&#148; and, together with EQR, the &#147;<B>Transaction Entities</B>&#148;), confirm their
agreement with J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner&nbsp;&amp; Smith Incorporated, BNY Mellon Capital Markets, LLC, Morgan </P>

<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Stanley&nbsp;&amp; Co. LLC, Scotia Capital (USA) Inc., Barclays Capital Inc., UBS Securities LLC and Mitsubishi UFJ Securities (USA), Inc., as agents and/or principals under any Terms Agreement
(as defined in Section&nbsp;1(a) below) (the &#147;<B>Agents</B>&#148;), with respect to the issuance and sale from time to time by EQR, in the manner and subject to the terms and conditions described below in this Distribution Agreement (this
&#147;<B>Agreement</B>&#148;), of up to 13,000,000 common shares (the &#147;<B>Maximum Number</B>&#148;) of beneficial interest, $0.01 par value per share (the &#147;<B>Common Shares</B>&#148;), of EQR on the terms set forth in Section&nbsp;1 of
this Agreement. Such shares are hereinafter collectively referred to as the &#147;<B>Shares</B>&#148; and are described in the Prospectus referred to below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The Transaction Entities have jointly filed with the Securities and Exchange Commission (the &#147;<B>Commission</B>&#148;) a registration
statement on Form S-3 (No. 333-212284) (the &#147;<B>registration statement</B>&#148;) for the registration of the Shares and other securities of the Transaction Entities under the Securities Act of 1933, as amended, and the rules and regulations of
the Commission thereunder (collectively, the &#147;<B>Act</B>&#148;); and such registration statement sets forth the terms of the offering, sale and plan of distribution of the Shares and contains additional information concerning the Transaction
Entities and their business. Except where the context otherwise requires, &#147;<B>Registration Statement</B>,&#148; as used herein, means the registration statement, as amended at the time of such registration statement&#146;s effectiveness for
purposes of Section&nbsp;11 of the Act, as such section applies to the Agents, including (1)&nbsp;all documents filed as a part thereof or incorporated or deemed to be incorporated by reference therein and (2)&nbsp;any information contained or
incorporated by reference in a prospectus filed with the Commission pursuant to Rule 424(b) under the Act, to the extent such information is deemed, pursuant to Rule 430B or Rule 430C under the Act, to be part of the registration statement at the
effective time. &#147;<B>Base Prospectus</B>&#148; means the prospectus dated June&nbsp;28, 2016 filed as part of the Registration Statement, including the documents incorporated by reference therein as of the date of such prospectus;
&#147;<B>Prospectus Supplement</B>&#148; means the most recent prospectus supplement relating to the Shares, to be filed by EQR with the Commission pursuant to Rule 424(b) under the Act on or before the second business day after the date of its
first use in connection with a public offering or sale of Shares pursuant hereto (or such earlier time as may be required under the Act), in the form furnished by EQR to the Agents in connection with the offering of the Shares;
&#147;<B>Prospectus</B>&#148; means the Prospectus Supplement (and any additional prospectus supplement prepared in accordance with the provision of Section&nbsp;4(h) of this Agreement and filed in accordance with the provisions of Rule 424(b))
together with the Base Prospectus attached to or used with the Prospectus Supplement; and &#147;<B>Permitted Free Writing Prospectus</B>&#148; has the meaning set forth in Section&nbsp;3(b). Any reference herein to the Registration Statement, the
Base Prospectus, the Prospectus Supplement, the Prospectus or any Permitted Free Writing Prospectus shall, unless otherwise stated, be deemed to refer to and include the documents, if any, incorporated by reference, or deemed to be incorporated by
reference, therein (the &#147;<B>Incorporated Documents</B>&#148;), including, unless the context otherwise requires, the documents, if any, filed as exhibits to such Incorporated Documents. Any reference herein to the terms &#147;amend,&#148;
&#147;amendment&#148; or &#147;supplement&#148; with respect to the Registration Statement, the Base Prospectus, the Prospectus Supplement, the Prospectus or any Permitted Free Writing Prospectus shall, unless stated otherwise, be deemed to refer to
and include the filing of any document under the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder (collectively, the &#147;<B>Exchange Act</B>&#148;) on or after the initial effective date of the Registration
Statement, or the date of the Base Prospectus, the Prospectus Supplement, the Prospectus or such </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Permitted Free Writing Prospectus, as the case may be, and deemed to be incorporated therein by reference. References in this Agreement to financial statements or other information that is
&#147;contained,&#148; &#147;included,&#148; &#147;described,&#148; &#147;set forth&#148; or &#147;provided&#148; in the Registration Statement, the Base Prospectus, the Prospectus Supplement, the Prospectus or any Permitted Free Writing Prospectus
and any similar references shall, unless stated otherwise, include any information incorporated or deemed to be incorporated by reference therein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The Transaction Entities and the Agents agree as follows: </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <U>Issuance and Sale</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Upon the basis of the representations, warranties and agreements and subject to the terms and conditions set forth herein and provided EQR
provides the Agents with any due diligence materials and information reasonably requested by the Agents necessary for the Agents to satisfy their due diligence obligations, on any Exchange Business Day (as defined below) selected by EQR, EQR and the
Agent of EQR&#146;s choice (i.e. the applicable Agent) shall enter into an agreement in accordance with Section&nbsp;2 hereof regarding the number of Shares to be placed by the applicable Agent, as agent, and the manner in which and other terms upon
which such placement is to occur (each such transaction being referred to as an &#147;<B>Agency Transaction</B>&#148;). EQR may also offer to sell the Shares directly to the applicable Agent, as principal, in which event such parties shall enter
into a separate agreement (each, a &#147;<B>Terms Agreement</B>&#148;) in substantially the form of Exhibit A hereto (with such changes thereto as may be agreed upon by the Company and the applicable Agent to accommodate a transaction involving
additional underwriters), relating to such sale in accordance with Section&nbsp;2(g) of this Agreement (each such transaction being referred to as a &#147;<B>Principal Transaction</B>&#148;). As used herein, (i)&nbsp;the &#147;<B>Term</B>&#148;
shall be the period commencing on the date hereof and ending on the earlier of (x)&nbsp;the date on which the aggregate number of Shares issued and sold pursuant to this Agreement and any Terms Agreements is equal to the Maximum Number and
(y)&nbsp;any termination of this Agreement pursuant to Section&nbsp;8, (ii)&nbsp;an &#147;<B>Exchange Business Day</B>&#148; means any day during the Term that is a trading day for the Exchange other than a day on which trading on the Exchange is
scheduled to close prior to its regular weekday closing time, and (iii)&nbsp;&#147;<B>Exchange</B>&#148; means the New York Stock Exchange. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Subject to the terms and conditions set forth below, EQR appoints the Agents as sales agents in connection with the offer and sale of
Shares in any Agency Transactions entered into hereunder. The Agents will use commercially reasonable efforts, consistent with their normal trading and sales practices, to sell such Shares in accordance with the terms and subject to the conditions
hereof and of the applicable Transaction Acceptance (as defined below). Neither EQR nor any Agent shall have any obligation to enter into an Agency Transaction. EQR shall be obligated to issue and sell through an Agent, and such Agent shall be
obligated to use commercially reasonable efforts, consistent with its normal trading and sales practices and as provided herein and in the applicable Transaction Acceptance, to place Shares only if and when EQR makes a Transaction Proposal (as
defined below) to such Agent related to such an Agency Transaction and a Transaction Acceptance related to such Agency Transaction has been delivered to EQR by such Agent as provided in Section&nbsp;2 below. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Each Agent, as agent in any Agency Transaction, hereby covenants and agrees not to make any
sales of the Shares on behalf of EQR pursuant to this Agreement other than (A)&nbsp;by means of ordinary brokers&#146; transactions between members of the Exchange that qualify for delivery of a Prospectus in accordance with Rule 153 under the Act
and meet the definition of an &#147;at the market offering&#148; under Rule 415(a)(4) under the Act (such transactions are hereinafter referred to as &#147;<B>At the Market Offerings</B>&#148;) and (B)&nbsp;such other sales of the Shares on behalf
of EQR in its capacity as agent of EQR as shall be agreed by EQR and the applicable Agent in writing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) If Shares are to be sold in an
Agency Transaction in an At the Market Offering, the applicable Agent will confirm in writing to EQR the number of Shares sold on any Exchange Business Day and the related Gross Sales Price and Net Sales Price (as each of such terms is defined in
Section&nbsp;2(b) below) no later than prior to the opening of trading on the immediately following Exchange Business Day. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) If EQR
shall default on its obligation to deliver Shares to the applicable Agent pursuant to the terms of any Agency Transaction or Terms Agreement, the Transaction Entities shall (i)&nbsp;indemnify and hold harmless such Agent and its successors and
assigns from and against any and all losses, claims, damages, liabilities and expenses arising from or as a result of such default by EQR and (ii)&nbsp;notwithstanding any such default, pay to such Agent the commission to which it would otherwise be
entitled in connection with such sale in accordance with Section&nbsp;2(b) below. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) EQR acknowledges and agrees that (i)&nbsp;there can
be no assurance that any Agent will be successful in selling the Shares, (ii)&nbsp;no Agent shall incur liability or obligation to EQR or any other person or entity if it does not sell Shares for any reason other than a failure by such Agent to use
its commercially reasonable efforts consistent with its normal trading and sales practices and applicable law and regulations to sell such Shares in accordance with the terms of this Agreement, and (iii)&nbsp;no Agent shall be under any obligation
to purchase Shares on a principal basis pursuant to this Agreement, except as may otherwise be specifically agreed by any Agent and the Transaction Entities in a Terms Agreement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <U>Transaction Acceptances and Terms Agreements</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) EQR may, from time to time during the Term, propose to any Agent that they enter into an Agency Transaction to be executed on a specified
Exchange Business Day or over a specified period of Exchange Business Days, which proposal shall be made to the applicable Agent by any means permissible under Section&nbsp;10 hereof from any of the individuals listed as an authorized representative
of EQR on Schedule A hereto to make such sales and shall set forth the information specified below (each, a &#147;<B>Transaction Proposal</B>&#148;). If the applicable Agent agrees to the terms of such proposed Agency Transaction or if EQR and the
applicable Agent mutually agree to modified terms for such proposed Agency Transaction, then the applicable Agent shall promptly deliver to EQR by any means permissible under Section&nbsp;10 hereof a notice (each, a &#147;<B>Transaction
Acceptance</B>&#148;) confirming the terms of such proposed Agency Transaction as set forth in such Transaction Proposal or setting forth the modified terms for such proposed Agency Transaction as agreed by EQR and the applicable Agent, as the case
may be, whereupon such </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Transaction Acceptance shall become a binding agreement between EQR and the applicable Agent. Each Transaction Proposal shall specify: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top">the Exchange Business Day(s) on which the Shares subject to such Agency Transaction are intended to be sold (each, a &#147;<B>Purchase Date</B>&#148;); </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top">the maximum number of Shares to be sold by the applicable Agent (the &#147;<B>Specified Number</B>&#148;) on, or over the course of, such Purchase Date(s), or as otherwise agreed between EQR and the applicable Agent and
documented in the relevant Transaction Acceptance; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top">the lowest price, if any, at which EQR is willing to sell Shares on each such Purchase Date or a formula pursuant to which such lowest price shall be determined (each, a &#147;<B>Floor Price</B>&#148;); and
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top">if other than 2% of the Gross Sales Price, the applicable Agent&#146;s discount or commission. </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:8%; font-size:10pt; font-family:Times New Roman">A Transaction Proposal shall not set forth a Specified Number of Shares that, when added to the aggregate number of Shares
previously purchased and to be purchased pursuant to pending Transaction Acceptances (if any) hereunder and any Terms Agreements, results or could result in the sale of a total number of Shares that exceeds the Maximum Number of Shares nor shall it
set forth a Floor Price which is lower than the minimum price authorized from time to time by EQR&#146;s board of trustees or, if permitted by applicable law and EQR&#146;s charter and by-laws, a duly authorized committee thereof. EQR shall have
responsibility for maintaining records with respect to the aggregate number of Shares sold and for otherwise monitoring the availability of Shares for sale under the Registration Statement and for ensuring that the aggregate number of Shares offered
and sold does not exceed, and the price at which any Shares are offered or sold is not lower than, the aggregate number of Shares and the minimum price, respectively, authorized from time to time by EQR&#146;s board of trustees or, if permitted by
applicable law and EQR&#146;s charter and by-laws, a duly authorized committee thereof. In the event that more than one Transaction Acceptance with respect to any Purchase Date(s) is delivered by the applicable Agent to EQR, the latest Transaction
Acceptance shall govern any sales of Shares for the relevant Purchase Date(s), except to the extent of any action occurring pursuant to a prior Transaction Acceptance and prior to the delivery to EQR of the latest Transaction Acceptance. EQR or the
applicable Agent may, upon notice to the other such party by telephone (confirmed promptly by e-mail), suspend or terminate the offering of the Shares pursuant to Agency Transactions for any reason; <I>provided</I>, <I>however</I>, that such
suspension or termination shall not affect or impair the parties&#146; respective obligations with respect to the Shares sold hereunder prior to the giving of such notice or their respective obligations under any Terms Agreement. Notwithstanding the
foregoing, if the terms of any Agency Transaction contemplate that Shares shall be sold on more than one Purchase Date, then EQR and the applicable Agent shall mutually agree to such additional </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


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terms and conditions as they deem reasonably necessary in respect of such multiple Purchase Dates, and such additional terms and conditions shall be set forth in or confirmed by, as the case may
be, the relevant Transaction Acceptance and be binding to the same extent as any other terms contained therein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The Purchase Date(s)
in respect of the Shares deliverable pursuant to any Transaction Acceptance shall be set forth in or confirmed by, as the case may be, the applicable Transaction Acceptance. Except as otherwise agreed between EQR and the applicable Agent, the
applicable Agent&#146;s commission for any Shares sold through such Agent as sales agent pursuant to this Agreement shall be a percentage, not to exceed 2%, of the actual sales price of such Shares (the &#147;<B>Gross Sales Price</B>&#148;), which
commission shall be as set forth in or confirmed by, as the case may be, the applicable Transaction Acceptance; <I>provided</I>, <I>however</I>, that such commission shall not apply when the applicable Agent acts as principal, in which case such
commission or a discount shall be set forth in the applicable Terms Agreement. Notwithstanding the foregoing, in the event EQR engages an Agent for a sale of Shares in an Agency Transaction that would constitute a &#147;distribution,&#148; within
the meaning of Rule 100 of Regulation M under the Exchange Act or a &#147;block&#148; within the meaning of Rule 10b-18(a)(5) under the Exchange Act, EQR will provide the applicable Agent, at the applicable Agent&#146;s request and upon reasonable
advance notice to EQR, on or prior to the Settlement Date the opinions of counsel, accountants&#146; letters and officers&#146; certificates pursuant to Section&nbsp;6 hereof, each dated the Settlement Date (as defined below), and such other
documents and information as the applicable Agent shall reasonably request, and EQR and the applicable Agent will agree to compensation that is customary for the Agents with respect to such transaction. The Gross Sales Price, less the applicable
Agent&#146;s commission and after deduction for any transaction fees, transfer taxes or similar taxes or fees imposed by any governmental, regulatory or self-regulatory organization in respect of the sale of the applicable Shares is referred to
herein at the &#147;<B>Net Sales Price</B>.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Payment of the Net Sales Price for Shares sold on any Purchase Date pursuant to a
Transaction Acceptance shall be made to EQR by wire transfer of immediately available funds to the account of EQR (which EQR shall provide to the applicable Agent at least one Exchange Business Day prior to the applicable Agency Settlement Date (as
defined below)) against delivery of such Shares to the applicable Agent&#146;s account, or an account of the applicable Agent&#146;s designee, at The Depository Trust Company through its Deposit and Withdrawal at Custodian System
(&#147;<B>DWAC</B>&#148;) or by such other means of delivery as may be agreed to by EQR and the applicable Agent. Such payment and delivery shall be made at or about 10:00 a.m. (New York City time) on the third Exchange Business Day (or such other
day as may, from time to time, become standard industry practice for settlement of such a securities issuance or as agreed to by EQR and the applicable Agent) following each Purchase Date (each, an &#147;<B>Agency Settlement Date</B>&#148;). For
purposes of the previous sentence, Exchange Business Day also includes days on which trading on the Exchange is scheduled to close prior to its regular weekday closing time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) If, as set forth in or confirmed by, as the case may be, the related Transaction Acceptance, a Floor Price has been agreed to by the
parties with respect to a Purchase Date, and the applicable Agent thereafter determines and notifies EQR that the Gross Sales Price for such Agency Transaction would not be at least equal to such Floor Price, then EQR shall not be obligated to issue
and sell through the applicable Agent, and the applicable Agent shall not be </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


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obligated to place, the Shares proposed to be sold pursuant to such Agency Transaction on such Purchase Date, unless EQR and the applicable Agent otherwise agree in writing. No Agent shall sell
Shares below the Floor Price, and such Floor Price may be adjusted by EQR at any time upon notice to the Agents and confirmation to EQR. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) If any party has reason to believe that the exemptive provisions set forth in Rule 101(c)(1) of Regulation M under the Exchange Act are
not satisfied with respect to the Shares, it shall promptly notify the other parties, and sales of the Shares under this Agreement, any Transaction Acceptance or any Terms Agreement shall be suspended until that or other exemptive provisions have
been satisfied in the reasonable judgment of each party. On or prior to the delivery of a prospectus that is required (whether physically or through compliance with Rule 172 under the Act or any similar rule) in connection with the offering or sale
of the Shares, EQR shall calculate the average daily trading volume (as defined under &#147;<B>ADTV</B>&#148; by Rule 100 of Regulation M under the Exchange Act) of the Common Shares based on market data provided by Bloomberg L.P. or such other
sources as agreed upon by EQR and the Agents. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(f)</TD>
<TD ALIGN="left" VALIGN="top">(i) If EQR wishes to issue and sell the Shares pursuant to this Agreement but other than as set forth in Section&nbsp;2(a) of this Agreement, it will notify the applicable Agent of the proposed terms of the Principal
Transaction. If the applicable Agent, acting as principal, wishes to accept such proposed terms (which it may decline to do for any reason in its sole discretion) or, following discussions with EQR, wishes to accept amended terms, the Transaction
Entities and the applicable Agent shall enter into a Terms Agreement setting forth the terms of such Principal Transaction. </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">(ii) The terms set forth in a Terms Agreement shall not be binding on the Transaction Entities or the applicable Agent unless and until the
Transaction Entities and the applicable Agent have each executed and delivered such Terms Agreement accepting all of the terms of such Terms Agreement. In the event of a conflict between the terms of this Agreement and the terms of a Terms
Agreement, the terms of such Terms Agreement shall control. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) Each sale of the Shares to the applicable Agent in a Principal
Transaction shall be made in accordance with the terms of this Agreement and a Terms Agreement, which shall provide for the sale of such Shares to, and the purchase thereof by, the applicable Agent. A Terms Agreement may also specify certain
provisions relating to the reoffering of such Shares by the applicable Agent. The commitment of the applicable Agent to purchase the Shares pursuant to any Terms Agreement shall be deemed to have been made on the basis of the representations,
warranties and agreements of the Transaction Entities contained, and shall be subject to the terms and conditions set forth, in this Agreement and such Terms Agreement. Any such Terms Agreement shall specify the number of the Shares to be purchased
by the applicable Agent pursuant thereto, the price to be paid to EQR for such Shares, any provisions relating to rights of, and default by, underwriters, if any, acting together with the applicable Agent in the reoffering of the Shares, and the
time and date (each such time and date being referred to herein as a &#147;<B>Principal Settlement Date</B>&#148; and, together with any Agency Settlement Date, a &#147;<B>Settlement Date</B>&#148;) and place of delivery of and payment for such
Shares. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) Notwithstanding any other provision of this Agreement, EQR shall not offer, sell or deliver,
or request the offer or sale, of any Shares pursuant to this Agreement (whether in an Agency Transaction or a Principal Transaction) and, by notice to the Agents given by telephone (confirmed promptly by e-mail), shall cancel any instructions for
the offer or sale of any Shares during any period in which EQR is in possession of material non-public information and an Agent shall not be obligated to offer or sell any Shares during any period in which such Agent reasonably believes that EQR is,
or could be deemed to be, in possession of material non-public information. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) EQR agrees that any offer to sell, any solicitation of an
offer to buy, or any sales of Shares by EQR shall be effected only by or through one Agent on any Exchange Business Day. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(j) Anything in
this Agreement to the contrary notwithstanding, EQR shall not authorize the issuance and sale of, and no Agent, as sales agent, shall be permitted to sell, any Shares at a price lower than the minimum price, or in a number or with an aggregate gross
or net sales price in excess of the number or aggregate gross or net sales price, as the case may be, authorized from time to time to be issued and sold under this Agreement and any Terms Agreement, in each case by EQR&#146;s board of trustees or,
if permitted by applicable law and EQR&#146;s charter and by-laws, a duly authorized committee thereof, or in a number in excess of the number of Shares approved for listing on the Exchange, or in excess of the number or amount of Shares available
for issuance on the Registration Statement or as to which EQR has paid the applicable registration fee, it being understood and agreed by the parties hereto that compliance with any such limitations by EQR, and the communications of any such
limitations by EQR to the Agents, shall be the sole responsibility of EQR. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. <U>Representations, Warranties and Agreements of the
Transaction Entities</U>. Each of EQR and ERP, jointly and severally, represent and warrant to, and agree with, the Agents, on and as of (i)&nbsp;the date hereof, (ii)&nbsp;each date on which EQR delivers a Transaction Proposal, (iii)&nbsp;each date
on which the Transaction Entities execute and deliver a Terms Agreement, (iv)&nbsp;each Time of Sale (as defined in Section&nbsp;3(a)), (v)&nbsp;each Settlement Date and (vi)&nbsp;each Bring-Down Delivery Date (as defined in Section&nbsp;6(b)) (each
such date listed in (i)&nbsp;through (vi), a &#147;<B>Representation Date</B>&#148;), as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The Registration Statement is an
&#147;automatic shelf registration statement&#148; as defined under Rule 405 of the Act that has been filed with the Commission not earlier than three years prior to the date hereof; there is no order preventing or suspending the use of the
Registration Statement, the Prospectus or any Permitted Free Writing Prospectus, and, to the knowledge of EQR and ERP, no proceeding for that purpose or pursuant to Section&nbsp;8A of the Act against EQR or ERP or related to the offering has been
initiated or threatened by the Commission; no notice of objection of the Commission to the use of such Registration Statement pursuant to Rule 401(g)(2) under the Act has been received by EQR or ERP; the Registration Statement complied when it
initially became effective, complies as of the date hereof and, as then amended or supplemented, as of each other Representation Date will comply, in all material respects, with the requirements of the Act; the conditions to the use of Form S-3ASR
in connection with the offering and sale of the Shares as contemplated hereby have been satisfied; the Registration Statement meets, and the offering and sale of the Shares as contemplated hereby </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>


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comply with, the requirements of Rule 415 under the Act (including, without limitation, Rule&nbsp;415(a)(5)); the Prospectus complied or will comply, at the time it was or will be filed with the
Commission, and will comply, as then amended or supplemented, as of each Representation Date, in all material respects, with the requirements of the Act; the Registration Statement did not, as of the time of its initial effectiveness, and does not
or will not, as then amended or supplemented, as of each Representation Date, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading;
as of each Representation Date, the Prospectus, as then amended or supplemented, together with all of the then issued Permitted Free Writing Prospectuses, if any, will not contain an untrue statement of a material fact or omit to state a material
fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading;<I> provided, however, </I>that neither EQR nor ERP makes any representation or warranty with respect to any statement
in or omission from the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus made in reliance upon and in conformity with information concerning the Agents and furnished in writing by or on behalf of the Agents expressly
for use in the Registration Statement, the Prospectus or such Permitted Free Writing Prospectus (it being understood that such information consists solely of the information specified in Section&nbsp;9(b)), and provided further, that the foregoing
representations and warranties are given on the basis that any statement contained in a document incorporated or deemed to be incorporated prior to any Settlement Date shall be deemed not to be contained in the Registration Statement, the Prospectus
or such Permitted Free Writing Prospectus to the extent that such statement has been modified or superseded by any subsequent statement in such documents. As used herein, &#147;<B>Time of Sale</B>&#148; means (i)&nbsp;with respect to each offering
of Shares pursuant to this Agreement, the time of the applicable Agent&#146;s initial entry into contracts with investors for the sale of such Shares or initial sale of such Shares on the Exchange, as applicable, and (ii)&nbsp;with respect to each
offering of Shares pursuant to any relevant Terms Agreement, the time of sale of such Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Other than the offering pursuant to the
prospectus supplement dated July&nbsp;31, 2013 to the prospectus dated July&nbsp;30, 2013 (Reg. No.&nbsp;333-190248), which offering was automatically terminated upon filing of the Registration Statement, prior to the execution of this Agreement,
EQR has not, directly or indirectly, offered or sold any of the Shares by means of any &#147;prospectus&#148; (within the meaning of the Act) or used any &#147;prospectus&#148; (within the meaning of the Act) in connection with the offer or sale of
the Shares, in each case other than the Base Prospectus. EQR represents and agrees that, unless it obtains the prior consent of the Agents, until the termination of this Agreement, it has not made and will not make any offer relating to the Shares
that would constitute an &#147;issuer free writing prospectus&#148; (as defined in Rule 433 under the Act) or that would otherwise constitute a &#147;free writing prospectus&#148; (as defined in Rule 405 under the Act) other than any Permitted Free
Writing Prospectus. Any such free writing prospectus relating to the Shares consented to by the Agents (including any Free Writing Prospectus prepared by EQR solely for use in connection with the offering contemplated by a particular Terms
Agreement) is hereinafter referred to as a &#147;<B>Permitted Free Writing Prospectus</B>&#148;. EQR has complied and will comply in all material respects with the requirements of Rule 433 under the Act applicable to any Permitted Free Writing
Prospectus, including timely filing with the Commission where required, legending and record keeping. The conditions set forth in one or more of subclauses (i)&nbsp;through (iv), inclusive, of Rule 433(b)(1) under the Act are satisfied, and the
registration statement relating to the offering of the Shares contemplated </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>


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hereby, as initially filed with the Commission, includes a prospectus that, other than by reason of Rule 433 under the Act, satisfies the requirements of Section&nbsp;10 of the Act; EQR is not
disqualified, by reason of Rule 164(f) or (g)&nbsp;under the Act, from using, in connection with the offer and sale of the Shares, &#147;free writing prospectuses&#148; (as defined in Rule 405 under the Act) pursuant to Rules 164 and 433 under the
Act; EQR was not as of each eligibility determination date for purposes of Rules 164 and 433 under the Act with respect to the offering of the Shares contemplated by the Registration Statement and this Agreement, and is not, an &#147;ineligible
issuer&#148; and was as of each such eligibility date, and is, a &#147;well-known seasoned issuer&#148; (each as defined in Rule 405 under the Act). EQR has paid or, no later than the business day after the date of this Agreement, will pay the
registration fee for the offering of the Maximum Number of Shares pursuant to Rule 457 under the Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) The Incorporated Documents,
when they were filed with the Commission (or, if any amendment with respect to any such document was filed, when such amendment was filed), conformed in all material respects to the requirements of the Act or the Exchange Act, as applicable, and
none of such documents contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not
misleading; and any further documents so filed during the Term and incorporated by reference in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus, when such documents become effective or are filed with the
Commission, as the case may be, will conform in all material respects to the requirements of the Act or the Exchange Act, as applicable, and will not contain any untrue statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)
The consolidated financial statements of EQR and ERP and related notes included or incorporated by reference in the Registration Statement and the Prospectus present fairly in all material respects the financial position of EQR, ERP and their
consolidated subsidiaries as at the dates indicated and the results of their operations specified, and except as may otherwise be stated in the Registration Statement and the Prospectus, have been prepared in accordance with generally accepted
accounting principles (&#147;<B>GAAP</B>&#148;) applied on a consistent basis throughout such periods. The supporting schedules included or incorporated by reference in the Registration Statement present fairly in accordance with GAAP the
information required to be stated therein. The financial information and statistical data included in the Registration Statement and the Prospectus present fairly in all material respects the information included therein and have been prepared on a
basis consistent with that of the financial statements included in the Registration Statement and the Prospectus. The pro forma financial statements included in the Registration Statement and the Prospectus, if any, comply in all material respects
with the applicable requirements of Rule&nbsp;11-02 of Regulation&nbsp;S-X (&#147;<B><FONT STYLE="white-space:nowrap">Regulation&nbsp;S-X</FONT></B>&#148;) of the Commission and the pro forma adjustments have been properly applied to the historical
amounts in the compilation of such statements, and the assumptions used in the preparation thereof are, in the opinion of EQR and ERP, reasonable; and no other pro forma financial information is required to be included or incorporated by reference
in the Registration Statement; all disclosures contained in the Registration Statement or the Prospectus, regarding &#147;non-GAAP financial measures&#148; (as such term is defined by the rules and regulations of the Commission) comply with
Regulation G of the Exchange Act and Item&nbsp;10 of Regulation S-K of the Act, to the extent applicable. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) Any financial statements or financial information required by Rule&nbsp;3-14 or
Article&nbsp;11 of Regulation&nbsp;S-X (collectively, the &#147;<B>Rule&nbsp;3-14 Information</B>&#148;) to be included or incorporated by reference in the Registration Statement or the Prospectus, together with the related notes and schedules, have
been included or incorporated by reference therein as required by the Act and the Exchange Act, and present fairly the material factors considered by EQR or ERP, as the case may be, when assessing each such property; and there are no properties for
which EQR or ERP is required to disclose Rule&nbsp;3-14 Information other than as included or incorporated by reference in the Registration Statement and the Prospectus. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) Since the respective dates as of which information is given in the Registration Statement, the Prospectus and any Permitted Free Writing
Prospectus, except as otherwise stated therein, (i)&nbsp;there has been no material adverse change in the financial condition or in the earnings, assets, business affairs or business prospects of EQR, ERP and their respective subsidiaries,
considered as a single enterprise, whether or not arising in the ordinary course of business, (ii)&nbsp;there have been no material transactions entered into by EQR, ERP or any of their respective subsidiaries, which are material with respect to
EQR, ERP and their respective subsidiaries considered as a single enterprise, (iii)&nbsp;none of EQR, ERP or any of their respective subsidiaries have incurred any material obligation or liability, direct, contingent or otherwise, (iv)&nbsp;there
has been no material change in the short-term debt or long-term debt of EQR or ERP and (v)&nbsp;except for (a)&nbsp;regular quarterly distributions on EQR&#146;s Common Shares and preferred shares of beneficial interest, $0.01 par value (the
&#147;<B>Preferred Shares</B>&#148;) and (b)&nbsp;as disclosed in the Prospectus, there has been no dividend or distribution of any kind declared, paid or made by EQR on any class of its shares of beneficial interest. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) EQR, ERP and each of their respective subsidiaries have been duly organized and are validly existing and in good standing under the laws
of their respective jurisdictions of organization, and have all power and authority necessary to own, hold, lease and operate their respective properties and conduct the businesses in which they are engaged as described in the Registration Statement
and the Prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) EQR, ERP and each of their respective subsidiaries are duly qualified to do business and are in good standing in
each jurisdiction in which their respective ownership or lease of property or the conduct of their respective businesses required such qualification, except where the failure to be so qualified or in good standing would not, individually or in the
aggregate, have a material adverse effect on the financial condition or in the earnings, assets, business affairs or business prospects of the Transaction Entities and their respective subsidiaries, considered as a single enterprise, whether or not
arising in the ordinary course of business, or any material adverse effect on the Transaction Entities&#146; ability to consummate the transactions contemplated by, or to execute, deliver and perform their obligations under, this Agreement or any
Terms Agreement (a &#147;<B>Material Adverse Effect</B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) The capitalization of EQR is as set forth in the Registration
Statement, the Prospectus and any Permitted Free Writing Prospectus and all of the issued and outstanding Common Shares and the Preferred Shares have been duly authorized and validly issued and are fully paid and non-assessable; and none of such
shares of beneficial interest were issued in violation of preemptive or other similar rights of any securityholder of EQR. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(j) The capitalization of ERP is as set forth in the Registration Statement, the Prospectus and
any Permitted Free Writing Prospectus and all of the outstanding partnership interests of ERP have been duly authorized and validly issued and the capital contributions with respect thereto have been made in full; the partnership interests owned by
EQR are owned in the percentage amount set forth in the Registration Statement, the Prospectus and any Permitted Free Writing Prospectus free and clear of any security interest, mortgage, pledge, lien, encumbrance, claim or equity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(k) Except for transactions described in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus, the property
acquisition agreements with respect to the sale or issuance of Common Shares or units of limited partnership interests in ERP or the registration of Common Shares or Common Shares underlying units of limited partnership interests in ERP which are
not material in amount and outstanding shares, LTIP units and options granted to employees and trustees for compensatory purposes, there are no outstanding rights, warrants or options to acquire, or instruments convertible into or exchangeable for,
or agreements or understandings with respect to the sale or issuance or registration under the Act of, any shares of beneficial interest or capital stock of, or partnership or other equity interest in, EQR, ERP or any subsidiary of EQR or ERP. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(l) All of the issued and outstanding shares of beneficial interest or capital stock, partnership and limited liability company interests, as
the case may be, of each subsidiary owned, directly or indirectly, by EQR or ERP have been duly and validly authorized and issued and, in the case of capital stock, fully paid and non-assessable and, with respect to the shares of capital stock,
partnership and limited liability company interests owned by EQR, ERP, another subsidiary and/or certain affiliated entities, are owned by EQR, ERP, another subsidiary and/or certain affiliated entities, respectively, as described in the
Registration Statement, the Prospectus and any Permitted Free Writing Prospectus, in each case free and clear of any security interest, mortgage, pledge, lien, encumbrance, claim or equity, except for security interests, mortgages, pledges, liens,
encumbrances, claims or equities the foreclosure of which would not have a Material Adverse Effect. Except as disclosed in the Registration Statement and the Prospectus, neither EQR nor ERP owns a direct or indirect equity interest in any entity
other than their respective subsidiaries, except for such interests as, in the aggregate, are not material to the financial condition or the earnings, assets or business affairs of EQR, ERP and their respective subsidiaries considered as a single
enterprise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(m) Except as described in each of the Registration Statement and the Prospectus, as of the date hereof, with respect to
share options (the &#147;<B>Share Options</B>&#148;) and all other awards (&#147;<B>Other Awards</B>&#148;) granted pursuant to any equity incentive plan of EQR and its subsidiaries within the past five (5)&nbsp;years, (i)&nbsp;each Share Option
designated by EQR at the time of grant as an &#147;incentive share option&#148; under Section&nbsp;422 of the Internal Revenue Code of 1986, as amended (the &#147;<B>Code</B>&#148;), so qualifies, (ii)&nbsp;each grant of a Share Option and each
grant of an Other Award was duly authorized no later than the date on which the grant of such Share Option or Other Award, as the case may be, was by its terms to be effective (the &#147;<B>Grant Date</B>&#148;) by all necessary corporate action,
including, as applicable, approval by the board of trustees of EQR (or a duly constituted and authorized committee thereof) and any required shareholder approval by the necessary number of votes or written consents, and the award agreement governing
such grant (if any) was duly executed and delivered by each party thereto, (iii)&nbsp;each such grant of a Share </P>
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Option or an Other Award was made in accordance with the terms of such equity incentive plan, the Exchange Act and all other applicable laws and regulatory rules or requirements, including the
rules of the Exchange and any other exchange on which securities of EQR are traded, (iv)&nbsp;the per share exercise price of each Share Option or Other Award in the form of a share appreciation right or similar award was equal to or greater than
the fair market value of a share of Common Shares on the applicable Grant Date, (v)&nbsp;at the time of grant and at all times thereafter, all Share Options and Other Awards qualified for an exemption from Sections 162(m) and 409A of the Code,
(vi)&nbsp;each grant of a Share Option and each grant of an Other Award was made in material compliance with all applicable laws (including but not limited to applicable securities and tax laws), the recipients and holders of all Share Options and
Other Awards have received timely and complete information, in the form of a prospectus when required, regarding the terms conditions, securities laws, and tax consequences relating to their Share Options and Other Awards as the case may be, and
(vii)&nbsp;each such grant of a Share Option or an Other Award was properly accounted for in accordance with GAAP in the financial statements (including the related notes) of EQR and disclosed in EQR&#146;s filings with the Commission in accordance
with the Exchange Act and all other applicable laws. EQR has not knowingly granted, and there is no and has been no policy or practice of EQR of granting, Share Options or Other Awards in the form of share appreciation rights or similar awards prior
to, or otherwise coordinating the grant of such awards with, the release or other public announcement of material information regarding EQR or its subsidiaries, including without limitation ERP, or their results of operations or prospects. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(n) This Agreement has been duly authorized, executed and delivered by EQR and ERP and any Terms Agreement will have been duly authorized,
executed and delivered by EQR and ERP. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(o) The Shares to be issued and sold by the Agents hereunder or under any Terms Agreement have
been duly authorized by EQR and, when issued and delivered and paid for as provided herein or in any Terms Agreement, as the case may be, will be duly and validly authorized and issued, will be fully paid and non-assessable and will conform, in all
material respects, to the description thereof in the Registration Statement, the Prospectus, and any Permitted Free Writing Prospectus; and the issuance and sale of the Shares are not and will not be subject to any preemptive or similar rights. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(p) EQR and ERP, as applicable, each have full right, power and authority to execute and deliver this Agreement and any Terms Agreement and
perform their respective obligations hereunder or thereunder, including EQR&#146;s issuance, sale and delivery of the Shares as provided herein and therein; and all action required to be taken for the due and proper authorization, execution and
delivery by each of EQR and ERP of this Agreement and any Terms Agreement and the consummation by each of them of the transactions contemplated hereby and thereby has been duly and validly taken (or, in the case of any Terms Agreement, such action
will have been duly and validly authorized). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(q) This Agreement conforms and each Terms Agreement will conform in all material respects
to the description thereof contained in the Registration Statement, the Prospectus and any Permitted Free Writing Prospectus. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(r) Neither EQR, ERP nor any of their respective subsidiaries is (i)&nbsp;in violation of its
charter or by-laws or other Organizational Documents (as defined below); (ii)&nbsp;in default, and no event of default has occurred that, with notice or lapse of time or both, would constitute such a default in the due performance or observance of
any term, covenant or condition contained in any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which EQR, ERP or any of their respective subsidiaries is a party or by which EQR, ERP or any of their respective
subsidiaries is bound or to which any of the property or assets of EQR, ERP or any of their respective subsidiaries is subject; or (iii)&nbsp;in violation of any law or statute or any judgment, order, rule or regulation of any court or arbiter or
governmental or regulatory authority, except, in the case of clauses (ii)&nbsp;and (iii)&nbsp;above, for any such default or violation that could not, individually or in the aggregate, be reasonably expected to have a Material Adverse Effect. As
used herein, the term &#147;<B>Organizational Documents</B>&#148; means, (i)&nbsp;with respect to a corporation, its charter and by-laws, (ii)&nbsp;with respect to a limited or general partnership, its partnership agreement and certificate of
partnership (or similar document), (iii)&nbsp;with respect to a limited liability company, its limited liability company agreement and certificate of limited liability company (or similar document), and (iv)&nbsp;with respect to any other entity,
its similar organizational documents. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(s) The execution, delivery and performance by EQR and ERP of this Agreement and any Terms
Agreement, the issuance and sale of the Shares, the compliance by EQR and ERP with the terms hereof and of any Terms Agreement and the consummation of the transactions contemplated hereby or by any Terms Agreement will not (i)&nbsp;conflict with or
constitute a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of EQR, ERP or any of their respective
subsidiaries pursuant to, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which EQR, ERP or any of their respective subsidiaries is a party or by which EQR, ERP or any of their respective subsidiaries is
bound or to which any of the property or assets of EQR, ERP or any of their respective subsidiaries is subject, (ii)&nbsp;result in any violation of the provisions of the charter or by-laws or other Organizational Documents of EQR, ERP or any of
their respective subsidiaries or (iii)&nbsp;result in the violation of any law or statute or any judgment, order, rule or regulation of any court or arbitrator or governmental or regulatory authority, except, in the case of clauses (i)&nbsp;and
(iii)&nbsp;above, for any such conflicts, breaches, violations or defaults that would not, individually or in the aggregate, have a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(t) No consent, approval, authorization, order, license, registration or qualification of or with any court or arbitrator or governmental or
regulatory authority is required for the execution, delivery and performance by EQR and ERP of this Agreement or any Terms Agreement, the issuance and sale of the Shares, compliance by EQR and ERP with the terms of this Agreement or any Terms
Agreement and the consummation of the transactions contemplated by this Agreement or any Terms Agreement, except as have been made or obtained, except as may be required by and made in accordance with or obtained under state securities laws or
regulations, and except for such filings of Permitted Free Writing Prospectuses and any amendments or supplements to the Registration Statement or the Prospectus or any documents incorporated or deemed to be incorporated by reference therein as may
be required by the Act or the Exchange Act from time to time, and except for such filings as the Exchange may require from time to time. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(u) There is no action, suit or proceeding before or by any court or governmental agency or body,
now pending, or, to the knowledge of EQR or ERP, threatened, against or affecting EQR, ERP or any of their respective subsidiaries which is required to be disclosed in the Registration Statement and the Prospectus (other than as disclosed in the
Registration Statement and the Prospectus) or which could reasonably be expected to result in a Material Adverse Effect or which could reasonably be expected to materially and adversely affect the properties thereof which individually or in the
aggregate are material to the business of EQR, ERP and their respective subsidiaries, considered as one enterprise, or which could reasonably be expected to materially and adversely affect the consummation of this Agreement or the transactions
contemplated herein or therein; all pending legal or governmental proceedings to which EQR, ERP or any of their respective subsidiaries is a party or of which any of their properties or assets is the subject which are not described in the
Registration Statement or the Prospectus, including ordinary routine litigation incidental to the business, could not, considered in the aggregate, reasonably be expected to result in a Material Adverse Effect; and there are no contracts or
documents of EQR, ERP or any of their subsidiaries which would be required to be filed as exhibits to the Registration Statement or described therein by the Act or the Securities Act Regulations which have not been filed as exhibits to the
Registration Statement or so described as required. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(v) The accountants who certified the financial statements and supporting schedules
included or incorporated by reference in the Registration Statement and the Prospectus are a registered public accounting firm with respect to EQR and ERP within the applicable rules and regulations adopted by the Commission and the Public
Accounting Oversight Board (United States) and as required by the Act and the Securities Act Regulations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(w) Except as otherwise set
forth in the Registration Statement, the Prospectus and any Permitted Free Writing Prospectus, each of EQR, ERP and their respective subsidiaries have good and marketable title in fee simple to all real property and good title to all personal
property owned by it which is material to the business of EQR, ERP and their respective subsidiaries, taken as one enterprise, in each case free and clear of all liens, encumbrances, claims and defects except those that do not materially interfere
with the use made and proposed to be made of such property by EQR, ERP and their respective subsidiaries and could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect; and any real property and buildings
held under lease by EQR, ERP or any of their respective subsidiaries are held by it under valid, subsisting and enforceable leases with such exceptions as are not material and do not interfere with the use made and proposed to be made of such
property and buildings by EQR, ERP or such subsidiaries, in each case except as described in or contemplated by the Registration Statement and the Prospectus. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(x) None of EQR, ERP or any of their respective subsidiaries are required to own or possess any patents, patent applications, trademarks,
service marks, trade names, trademark registrations, service mark registrations, copyrights, or licenses necessary for the conduct of their respective businesses as currently conducted, other than those whereby the failure to own or possess would
not have a Material Adverse Effect. None of EQR, ERP or their respective subsidiaries has received any written notice or is otherwise aware of any infringement of or conflict with asserted rights of others with respect to any trademarks, service
marks, trade names or copyrights, or of any facts or circumstances which could render any trademarks, service marks, tradenames or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>


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copyrights invalid or inadequate to protect the interest of EQR, ERP or their respective subsidiaries which, individually or in the aggregate, could reasonably be expected to have a Material
Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(y) None of EQR, ERP or any of their respective subsidiaries are and, after giving effect to the offering and sale of the
Shares and the application of the net proceeds thereof as described in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus, will be required to register as an &#147;investment company&#148; within the meaning of the
Investment Company Act of 1940, as amended, and the rules and regulations of the Commission thereunder (collectively, the &#147;<B>Investment Company Act</B>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(z) Each of EQR, ERP and their respective subsidiaries has filed all federal, state, local and foreign income tax returns which have been
required to be filed and has paid all taxes required to be paid and any other assessment, fine or penalty levied against it, to the extent that any of the foregoing is due and payable, except in all cases for any such tax, assessment, fine or
penalty for which an extension has been granted or that is being contested in good faith and except in any case in which the failure to file or pay such taxes would not have a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(aa) Each of EQR, ERP and their respective subsidiaries possess all licenses, certificates, permits and other authorizations issued by, and
has made all declarations and filings with, the appropriate federal, state, local or foreign governmental or regulatory authorities that are necessary for the ownership or lease of their respective properties or the conduct of their respective
businesses as described in the Registration Statement, the Prospectus and any Permitted Free Writing Prospectus, except where the failure to possess or make the same would not, individually or in the aggregate, have a Material Adverse Effect; and
except as described in the Registration Statement, the Prospectus and any Permitted Free Writing Prospectus, neither EQR, ERP nor any of their respective subsidiaries has received any written notice of any revocation or modification of any such
license, certificate, permit or authorization which, if the subject of an unfavorable decision, ruling or finding, would result in a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(bb) No labor dispute with the employees of EQR, ERP or any of their respective subsidiaries exists, or to the knowledge of EQR and ERP, is
imminent which could reasonably be expected to have a Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(cc) Except as otherwise stated in the Registration
Statement or the Prospectus or as would not, singly or in the aggregate, result in a Material Adverse Effect, (i)&nbsp;none of EQR, ERP or any of their respective subsidiaries is in violation of any federal, state, local or foreign statute, law,
rule, regulation, ordinance, code, policy or rule of common law or any judicial or administrative interpretation thereof including any judicial or administrative order, consent, decree or judgment, relating to pollution or protection of human
health, the environment (including, without limitation, ambient air, surface water, groundwater, land surface or subsurface strata) or wildlife, including, without limitation, laws and regulations relating to the release or threatened release of
chemicals, pollutants, contaminants, wastes, toxic substances, hazardous substances, petroleum or petroleum products (collectively, &#147;<B>Hazardous Materials</B>&#148;) or to the manufacture, processing, distribution, use, treatment, storage,
disposal, transport or handling of Hazardous Materials (collectively, &#147;<B>Environmental Laws</B>&#148;), (ii)&nbsp;EQR, ERP and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>


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their respective subsidiaries have all permits, authorizations and approvals required under any applicable Environmental Laws and are each in compliance with their requirements, (iii)&nbsp;there
are no pending or threatened administrative, regulatory or judicial actions, suits, demands, demand letters, claims, liens, notices of noncompliance or violation, investigation or proceedings relating to any Environmental Law against EQR, ERP or any
of their respective subsidiaries and (iv)&nbsp;there are no events or circumstances that could reasonably be expected to form the basis of an order for clean-up or remediation, or an action, suit or proceeding by any private party or governmental
body or agency, against or affecting EQR, ERP or any of their respective subsidiaries relating to Hazardous Materials or any Environmental Laws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(dd) Since its inception, EQR has been organized and has operated in such a manner as to qualify to be taxed as a &#147;real estate investment
trust&#148; under the Code; the proposed method of operation of EQR as described in the Registration Statement and the Prospectus will enable EQR to continue to meet the requirements for qualification and taxation as a &#147;real estate investment
trust&#148; under the Code; and EQR intends to continue to operate in such a manner as to qualify to be taxed as a &#147;real estate investment trust.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ee) EQR and ERP maintain a system of internal accounting and other controls sufficient to provide reasonable assurances that
(a)&nbsp;transactions are executed in accordance with management&#146;s general or specific authorization, (b)&nbsp;transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain
accountability for assets, (c)&nbsp;acquisition, disposition or other uses of assets are permitted only in accordance with management&#146;s general or specific authorization, (d)&nbsp;the recorded accounting for assets is compared with existing
assets at reasonable intervals and appropriate action is taken with respect to any differences and (e)&nbsp;interactive data in eXtensible Business Reporting Language (&#147;<B>XBRL Data</B>&#148;) included or incorporated by reference in the
Registration Statement fairly present the information called for in all material respects and are prepared in accordance with the Commission&#146;s rules and guidelines applicable thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ff) EQR and ERP have established and maintain disclosure controls and procedures (as such term is defined in Rule 13a-15(e) under the
Exchange Act); such disclosure controls and procedures are designed to ensure that material information relating to EQR, ERP and their consolidated subsidiaries, is made known to the principal executive officer and principal financial officer of EQR
by others within those entities, and, as of the end of the most recent fiscal quarter of EQR and ERP, the disclosure controls and procedures; were effective to perform the functions for which they were established (pursuant to Rule 13a-15(e) under
the Exchange Act); auditors for EQR and ERP and the Audit Committee of the Board of Trustees of EQR have been advised by the principal executive officer and principal financial officer of EQR of: (a)&nbsp;any material weakness or significant
deficiency in the design or operation of internal controls over financial reporting which is reasonably likely to have a material adverse effect on the ability of EQR and ERP to record, process, summarize, and report financial information; and
(b)&nbsp;any fraud, whether or not material, that involves management or other employees who have a significant role in the internal control over financial reporting of EQR and ERP; and since the end of the most recently completed fiscal quarter of
EQR and ERP, there have been no changes in the internal controls over financial reporting of EQR and ERP that have materially affected, or are reasonably likely to materially affect, the internal controls over financial reporting of EQR and ERP.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(gg) The Registration Statement and the documents incorporated by reference therein include and
incorporate by reference all XBRL Data required to be included therein; and the XBRL Data included or incorporated by reference in the Registration Statement or the documents incorporated by reference therein fairly present the information called
for in all material respects and have been prepared in accordance with the Commission&#146;s rules and guidelines applicable thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(hh) Each of EQR, ERP and their respective subsidiaries is insured by insurers of recognized financial responsibility against such losses and
risks and in such amounts as are prudent and customary in the businesses in which they are engaged; and none of EQR, ERP nor any of their respective subsidiaries has (i)&nbsp;received notice from any insurer or agent of such insurer that capital
improvements or other expenditures are required or necessary to be made in order to continue such insurance or (ii)&nbsp;any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to
obtain similar coverage at reasonable cost from similar insurers as may be necessary to continue its business at a cost that would not have a Material Adverse Effect, except as described in or contemplated by the Registration Statement or the
Prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii) Each of EQR, ERP and their respective subsidiaries has obtained title insurance on all of the material properties owned
by each of them covering risks and in amounts that are commercially reasonable for the assets owned by them and that are consistent with the types and amounts of insurance typically maintained by current owners of similar properties, and in each
case such title insurance is in full force and effect except for any lack or inadequacy of title insurance which would not result, individually or in the aggregate, in a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(jj) The mortgages and deeds of trust encumbering the material properties and assets described in general in the Prospectus are not
convertible and are not cross-defaulted or cross-collateralized to any property not owned by EQR, ERP or any of their respective subsidiaries; except as disclosed in the Prospectus, none of EQR, ERP or any of their respective subsidiaries holds
participating interests in such mortgages and deeds of trust. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(kk) The operations of EQR, ERP and their respective subsidiaries are and
have been conducted at all times, in compliance in all material respects with applicable financial recordkeeping and reporting requirements, including those of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the applicable
money laundering statutes of all jurisdictions where any of EQR, ERP and their respective subsidiaries conducts business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines issued, administered or
enforced by any governmental agency (collectively, the &#147;<B>Anti-Money Laundering Laws</B>&#148;) and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving EQR, ERP or any of
their respective subsidiaries with respect to the Anti-Money Laundering Laws is pending or, to the knowledge of EQR and ERP, threatened. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ll) Neither the Transaction Entities nor any of their subsidiaries nor, to the knowledge of the Transaction Entities, any director, officer,
employee, agent, affiliate or other person associated with or acting on behalf of the Transaction Entities or any of their subsidiaries has (i)&nbsp;used any corporate funds for any unlawful contribution, gift, entertainment or other
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>


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unlawful expense relating to political activity; (ii)&nbsp;made or taken an act in furtherance of an offer, promise or authorization of any direct or indirect unlawful payment or benefit to any
foreign or domestic government official or employee, including of any government-owned or controlled entity or of a public international organization, or any person acting in an official capacity for or on behalf of any of the foregoing, or any
political party or party official or candidate for political office; (iii)&nbsp;violated or is in violation of any provision of the Foreign Corrupt Practices Act of 1977, as amended, or any applicable law or regulation implementing the OECD
Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, or committed an offence under the Bribery Act 2010 of the United Kingdom or any other applicable anti-bribery or anti-corruption law; or
(iv)&nbsp;made, offered, agreed, requested or taken an act in furtherance of any unlawful bribe or other unlawful benefit, including, without limitation, any rebate, payoff, influence payment, kickback or other unlawful or improper payment or
benefit, in each case in connection with or related to the Transaction Entities or any of their subsidiaries or businesses. The Transaction Entities and their subsidiaries have instituted, maintain and enforce, and will continue to maintain and
enforce policies and procedures designed to promote and ensure compliance with all applicable anti-bribery and anti-corruption laws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(mm)
Neither of the Transaction Entities nor any of their respective subsidiaries, nor, to the knowledge of the Transaction Entities, any director, officer, or employee, agent, affiliate or other person acting on behalf of the Transaction Entities or any
of their respective subsidiaries is currently the subject or the target of any sanctions administered or enforced by the U.S. government, (including, without limitation, the Office of Foreign Assets Control of the U.S. Department of the Treasury
(&#147;<B>OFAC</B>&#148;) or the U.S. Department of State and including, without limitation, the designation as a &#147;<B>specially designated national</B>&#148; or &#147;<B>blocked person</B>&#148;), the United Nations Security Council
(&#147;<B>UNSC</B>&#148;), the European Union, Her Majesty&#146;s Treasury (&#147;<B>HMT</B>&#148;) or other relevant sanctions authority (collectively, &#147;<B>Sanctions</B>&#148;), nor is either of the Transaction Entities or any of their
respective subsidiaries located, organized or resident in a country or territory that is the subject or target of Sanctions, including, without limitation, Cuba, Iran, North Korea, Sudan and Syria (each, a &#147;<B>Sanctioned Country</B>&#148;); and
the Transaction Entities will not directly or indirectly use the proceeds of the offering of the Shares hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity
(i)&nbsp;to fund or facilitate any activities of or business with any person that, at the time of such funding or facilitation, is the subject or target of Sanctions, (ii)&nbsp;to fund or facilitate any activities of or business in any Sanctioned
Country or (iii)&nbsp;to cause in any other manner a violation by any person (including any person participating in the transaction, whether as underwriter, agent, advisor, investor or otherwise) of Sanctions. For the past five years, the
Transaction Entities and their respective subsidiaries have not knowingly engaged in and are not now knowingly engaged in any dealings or transactions with any person that at the time of the dealing or transaction is or was the subject or the target
of Sanctions or with any Sanctioned Country. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(nn) No subsidiary of EQR or ERP is currently prohibited, directly or indirectly, under any
agreement or other instrument to which it is a party or is subject, from paying any dividends to EQR, from making any other distribution on such subsidiary&#146;s capital stock, from repaying to EQR any loans or advances to such subsidiary from EQR
or from transferring any of such subsidiary&#146;s properties or assets to EQR or any other subsidiary of EQR, other than prohibitions that would not, individually or in the aggregate, prevent EQR from making distributions to its shareholders in a
manner necessary to maintain its status as a real estate investment trust under the Code. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(oo) Neither the Transaction Entities nor any of their respective subsidiaries is a party to any
contract, agreement or understanding with any person (other than this Agreement or any Terms Agreement) that would give rise to a valid claim against the Transaction Entities or any of their respective subsidiaries or any Agent for a brokerage
commission, finder&#146;s fee or like payment in connection with the offering and sale of the Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(pp) No person has the right to
require EQR, ERP or any of their respective subsidiaries to register any securities for sale under the Act by reason of the filing of the Registration Statement with the Commission or the offering, issuance or sale of the Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(qq) Neither the Transaction Entities nor any respective subsidiary or affiliate of the Transaction Entities has taken nor will the
Transaction Entities or any subsidiary or affiliate of the Transaction Entities take, directly or indirectly, any action which is designed to or which has constituted or which, to its knowledge, would reasonably be expected to cause or result in the
stabilization or manipulation of the price of any security of EQR to facilitate the sale or resale of the Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(rr) EQR and ERP are in
compliance in all material respects with the applicable provisions of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in connection therewith (the &#147;<B>Sarbanes-Oxley Act</B>&#148;), including Section&nbsp;402 relating
to loans and Sections 302 and 906 relating to certifications. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ss) No forward-looking statement (within the meaning of Section&nbsp;27A
of the Act and Section&nbsp;21E of the Exchange Act) contained or incorporated by reference in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus has been made or reaffirmed without a reasonable basis or has been
disclosed other than in good faith. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(tt) Any statistical and market-related data included in the Registration Statement or the Prospectus
are based on or derived from sources that EQR and ERP believe, after reasonable inquiry, to be reliable and accurate and, to the extent required, EQR and ERP have obtained the written consent to the use of such data from such sources. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(uu) All of the Shares that have been or may be sold under this Agreement and any Terms Agreement have been approved for listing, subject only
to official notice of issuance, on the Exchange. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vv) Neither EQR nor ERP has taken or will take, directly or indirectly, any action
prohibited by Regulation&nbsp;M under the Exchange Act. The Common Shares are an &#147;actively-traded security&#148; excepted from the requirements of Rule 101 of Regulation M under the Exchange Act by Rule 101 (c)(1) thereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ww) The assets of EQR and ERP do not constitute &#147;plan assets&#148; under the Employee Retirement Income Security Act of 1974, as
amended. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xx) EQR intends to apply the net proceeds from the sale of the Shares substantially in
accordance with the description set forth in the Registration Statement and Prospectus under the heading &#147;Use of Proceeds.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(yy) Any certificate signed by any officer, general partner, managing member or other authorized representative of EQR, ERP or any of their
respective subsidiaries and delivered to the Agents or to counsel to the Agents pursuant to or in connection with this Agreement or any Terms Agreement shall be deemed a representation and warranty by EQR and ERP to the Agents as to the matters
covered thereby as of the date of such certificate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. <U>Certain Covenants of the Transaction Entities.</U> The Transaction Entities,
jointly and severally, hereby agree with the Agents: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) For so long as the delivery of a prospectus is required (whether physically or
through compliance with Rule 172 under the Act or any similar rule) in connection with the offering or sale of Shares, before using or filing any Permitted Free Writing Prospectus and before using or filing any amendment or supplement to the
Registration Statement, the Prospectus or any Permitted Free Writing Prospectus (in each case, other than due to the filing of an Incorporated Document), to furnish to the Agents a copy of each such proposed Permitted Free Writing Prospectus,
amendment or supplement within a reasonable period of time before filing with the Commission or using any such Permitted Free Writing Prospectus, amendment or supplement and EQR will not use or file any such Permitted Free Writing Prospectus or any
such proposed amendment or supplement to which any Agent reasonably objects, unless EQR&#146;s legal counsel has advised EQR that use or filing of such document is required by law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) To file the Prospectus, each Prospectus Supplement and any other amendments or supplements to the Prospectus pursuant to, and within the
time period required by, Rule 424(b) under the Act (without reference to Rule 424(b)(8)) and to file any Permitted Free Writing Prospectus to the extent required by Rule 433 under the Act and to provide copies of the Prospectus, each Prospectus
Supplement, any other amendments or supplements to the Prospectus and each Permitted Free Writing Prospectus (to the extent not previously delivered or filed on the Commission&#146;s Electronic Data Gathering, Analysis and Retrieval system or any
successor system thereto (collectively, &#147;<B>EDGAR</B>&#148;)) to the Agents via e-mail in &#147;.pdf&#148; format on such filing date to an e-mail account designated by the Agents and, at the Agents&#146; request, to also furnish copies of the
Prospectus, each Prospectus Supplement, any other amendments or supplements to the Prospectus and each Permitted Free Writing Prospectus to each exchange or market on which sales were effected as may be required by the rules or regulations of such
exchange or market. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) To file timely all reports and any definitive proxy or information statements required to be filed by EQR with
the Commission pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act for so long as the delivery of a prospectus is required (whether physically or through compliance with Rule 172 under the Act or any similar rule) in connection with
the offering or sale of the Shares, and during such same period to advise the Agents, promptly after EQR receives a notice thereof, (i)&nbsp;of the time when any amendment to the Registration Statement has been filed or has become effective or any
supplement to the Prospectus or any Permitted Free Writing Prospectus or any amended Prospectus has been filed with the Commission; (ii)&nbsp;of the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">21 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
issuance by the Commission of any stop order or any order preventing or suspending the use of any prospectus relating to the Shares or the initiation or threatening of any proceeding for that
purpose, pursuant to Section&nbsp;8A of the Act; (iii)&nbsp;of any objection by the Commission to the use of Form <FONT STYLE="white-space:nowrap">S-3ASR</FONT> by EQR pursuant to Rule&nbsp;401(g)(2) under the Act; (iv)&nbsp;of the suspension of the
qualification of the Shares for offering or sale in any jurisdiction or of the initiation or threatening of any proceeding for any such purpose; (v)&nbsp;of any request by the Commission for the amendment of the Registration Statement or the
amendment or supplementation of the Prospectus (in each case including any documents incorporated by reference therein) or for additional information; (vi)&nbsp;of the occurrence of any event as a result of which the Prospectus or any Permitted Free
Writing Prospectus as then amended or supplemented includes any untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances
existing when the Prospectus or any such Permitted Free Writing Prospectus is delivered to a purchaser, not misleading; and (vii)&nbsp;of the receipt by EQR of any notice of objection of the Commission to the use of the Registration Statement or any
post-effective amendment thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) In the event of the issuance of any such stop order or of any such order preventing or suspending
the use of any such prospectus or suspending any such qualification, or of any notice of the objection pursuant to Rule 401(g)(2) under the Act, during a period when Agents are selling Shares, to use its commercially reasonable efforts to promptly
obtain its withdrawal; in the event any such stop order or such other order is issued outside a period when Agents are selling Shares, EQR will promptly advise the Agents as to the issuance thereof and as to whether EQR intends to seek to obtain its
withdrawal. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) To use commercially reasonable efforts to furnish such information as may be required and otherwise cooperate in
qualifying the Shares for offering and sale under the securities or blue sky laws of such states or other jurisdictions as the Agents may reasonably designate and to maintain such qualifications in effect so long as required for the distribution of
the Shares; provided that EQR shall not be required to qualify as a foreign corporation, become a dealer of securities, or become subject to taxation in, or to consent to the service of process under the laws of, any such state or other
jurisdictions (except service of process with respect to the offering and sale of the Shares); and to promptly advise the Agents of the receipt by EQR of any notification with respect to the suspension of the qualification of the Shares for sale in
any jurisdiction or the initiation of any proceeding for such purpose. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) To make available to the Agents at their respective offices in
New York City, without charge, as soon as reasonably practicable after the Registration Statement becomes effective, and thereafter from time to time to furnish to the Agent, as many copies of the Prospectus and the Prospectus Supplement (or of the
Prospectus or Prospectus Supplement as amended or supplemented if EQR shall have made any amendments or supplements thereto and documents incorporated by reference therein after the effective date of the Registration Statement) and each Permitted
Free Writing Prospectus as any Agent may reasonably request for so long as the delivery of a prospectus is required (whether physically or through compliance with Rule 172 under the Act or any similar rule); and for so long as this Agreement is in
effect, EQR will prepare and file promptly such amendment or amendments to the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus as may be necessary to comply with the requirements of Section&nbsp;10(a)(3) of the Act.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">22 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) To furnish or make available to the Agents during the Term (i)&nbsp;copies of any reports or
other communications which EQR shall send to its shareholders or shall from time to time publish or publicly disseminate and (ii)&nbsp;copies of all annual, quarterly and current reports filed with the Commission on Forms 10-K, 10-Q and 8-K, or such
other similar form as may be designated by the Commission, and to furnish to the Agents from time to time during the Term such other information as the Agents may reasonably request regarding EQR, ERP or their respective subsidiaries, in each case
as soon as such reports, communications, documents or information becomes available or promptly upon the request of the Agents, as applicable; provided, however, that EQR shall have no obligation to provide the Agents with any document filed on
EDGAR or included on EQR&#146;s Internet website. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) If, at any time during the Term, any event shall occur or condition shall exist as
a result of which it is necessary in the reasonable opinion of counsel for the Agents or counsel for EQR, to further amend or supplement the Prospectus or any Permitted Free Writing Prospectus as then amended or supplemented in order that the
Prospectus or any such Permitted Free Writing Prospectus will not include an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein not misleading, in
light of the circumstances existing at the time the Prospectus or any such Permitted Free Writing Prospectus is delivered to a purchaser, or if it shall be necessary, in the reasonable opinion of either such counsel, to amend or supplement the
Registration Statement, the Prospectus or any Permitted Free Writing Prospectus in order to comply with the requirements of the Act, in the case of such a determination by counsel to EQR, immediate notice shall be given, and confirmed in writing, to
the Agents to cease the solicitation of offers to purchase the Shares in the Agents&#146; capacities as agents (and if so notified the Agents shall cease such offers as soon as practicable), and, in either case, EQR will, subject to
Section&nbsp;4(a) above, promptly prepare and file with the Commission such amendment or supplement, whether by filing documents pursuant to the Act, the Exchange Act or otherwise, as may be necessary to correct such untrue statement or omission or
to make the Registration Statement, the Prospectus or any such Permitted Free Writing Prospectus comply with such requirements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) To
generally make available to its security holders as soon as reasonably practicable, but not later than 16 months after the first day of each fiscal quarter referred to below, an earnings statement (in form complying with the provisions of
Section&nbsp;11(a) under the Act and Rule 158 of the Commission promulgated thereunder) covering each twelve-month period beginning, in each case, not later than the first day of EQR&#146;s fiscal quarter next following each &#147;effective
date&#148; (as defined in such Rule 158) of the Registration Statement with respect to each sale of Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(j) To apply the net proceeds
from the sale of the Shares in the manner described in the Prospectus Supplement under the caption &#147;Use of Proceeds.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(k) Not
to, and to cause their subsidiaries not to, take, directly or indirectly, any action designed to cause or result in, or that constitutes or might reasonably be expected to constitute, the stabilization or manipulation of the price of any security of
EQR to facilitate the sale or resale of the Shares; <I>provided</I> that nothing herein shall prevent EQR from filing or submitting reports under the Exchange Act or issuing press releases in the ordinary course of business. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">23 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(l) Except as otherwise agreed between the Transaction Entities and the Agents, to pay all costs,
expenses, fees and taxes in connection with (i)&nbsp;the preparation and filing of the Registration Statement, the Prospectus, any Permitted Free Writing Prospectus, and any amendments or supplements thereto, and the printing and furnishing of
copies of each thereof to the Agents and to dealers (including costs of mailing and shipment), (ii)&nbsp;the registration, issue and delivery of the Shares, (iii)&nbsp;the qualification of the Shares for offering and sale under the securities or
blue sky laws of such states or other jurisdictions as the Agents may reasonably designate as aforesaid (including filing fees and the reasonable legal fees and disbursements of counsel to the Agents in connection therewith) and the printing and
furnishing of copies of any blue sky surveys to the Agents, (iv)&nbsp;the listing of the Shares on the Exchange and any registration thereof under the Exchange Act, (v)&nbsp;any filing for review, and any review, of the public offering of the Shares
by FINRA (including filing fees and the reasonable legal fees and disbursements of counsel to the Agents in connection therewith), (vi)&nbsp;the fees and disbursements of counsel to EQR and of EQR&#146;s independent registered public accounting
firm, (vii)the reasonable fees and disbursements of counsel to the Agents and (viii)&nbsp;the performance of EQR&#146;s other obligations hereunder and under any Terms Agreement; provided that, except as otherwise agreed with EQR, the Agents shall
be responsible for any transfer taxes on resale of Shares by it and any costs and expenses associated with the sale and marketing of the Shares other than as specifically provided above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(m) With respect to the offering(s) contemplated by this Agreement or any Terms Agreement, EQR will not offer Common Shares or any securities
convertible into or exchangeable or exercisable for Common Shares in a manner in violation of the Act or the Exchange Act; and EQR will not distribute any offering material in connection with the offer and sale of the Shares, other than the
Registration Statement, the Prospectus or any Permitted Free Writing Prospectus and any amendments or supplements thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(n) Unless
there are no pending Agency Transactions or Principal Transactions, EQR will not, without (A)&nbsp;giving the Agents at least one Exchange Business Day&#146;s prior written notice specifying the nature of the proposed sale and the date of such
proposed sale and (B)&nbsp;the Agents suspending activity under this program for such period of time as requested by EQR or deemed appropriate by the Agents in light of the proposed sale, (i)&nbsp;offer, pledge, announce the intention to sell, sell,
contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase or otherwise transfer or dispose of, directly or indirectly, any Common Shares or other equity
securities of EQR or any securities convertible into or exercisable, redeemable or exchangeable for Common Shares or other equity securities of EQR, or file any registration statement under the Act with respect to any of the foregoing (other than a
registration statement on Form <FONT STYLE="white-space:nowrap">S-8</FONT> or post-effective amendment to the Registration Statement) or (ii)&nbsp;enter into any swap or other agreement that transfers, in whole or in part, any of the economic
consequences of ownership of Common Shares or other equity securities of EQR, whether any such transaction described in clause (i)&nbsp;or (ii)&nbsp;above is to be settled by delivery of Common Shares or other securities, in cash or otherwise. The
foregoing sentence shall not apply to (A)&nbsp;Shares offered and sold under this Agreement or any Terms Agreement, (B)&nbsp;securities issued pursuant to any of EQR&#146;s equity incentive plans described in the Registration Statement and the
Prospectus or upon the exercise of options granted thereunder, (C)&nbsp;Common Shares or any securities convertible into, or exercisable, or exchangeable for, Common Shares in connection with any acquisition or strategic investment (including any
joint </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">24 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
venture or partnership) or (D)&nbsp;Common Shares issuable upon conversion of securities or the exercise of warrants, options or other rights disclosed in the Registration Statement and
Prospectus. Any lock-up provisions relating to a Principal Transaction shall be set forth in the applicable Terms Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(o) EQR
will, pursuant to reasonable procedures developed in good faith, retain copies of each Permitted Free Writing Prospectus that is not filed with the Commission in accordance with Rule 433 under the Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(p) EQR will use commercially reasonable efforts to cause the Shares to be listed on the Exchange. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(q) EQR consents to the Agents trading in the Common Shares for the Agents own accounts and for the accounts of their clients at the same time
as sales of the Shares occur pursuant to this Agreement or any Terms Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(r) EQR will promptly notify each of the Agents when the
Maximum Number of Shares has been sold pursuant to this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(s) If immediately prior to the third anniversary (the
&#147;<B>Renewal Deadline</B>&#148;) of the initial effective date of the Registration Statement, EQR has not sold the Maximum Number of Shares and this Agreement has not expired or been terminated, EQR will, prior to the Renewal Deadline, advise
the Agents as to whether it intends to file, if it has not already done so, a new automatic shelf registration statement or shelf registration statement, as applicable, relating to the Shares. References herein to the Registration Statement shall
include such new automatic shelf registration statement or such new shelf registration statement, as the case may be. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. <U>Execution of
Agreement</U>. The Agents&#146; obligations under this Agreement shall be subject to the satisfaction of the following conditions in connection with and on the date of the execution of this Agreement: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) EQR and ERP shall have delivered to the Agents: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top">an officers&#146; certificate signed by two officers of EQR (one of whom shall be the Chief Financial Officer or other senior financial officer) and ERP certifying as to the matters set forth in Exhibit B hereto;
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top">an opinion and, if not covered in such opinion, a negative assurance letter of DLA Piper LLP (US), counsel for the Transaction Entities, an opinion of DLA Piper LLP (US) regarding certain tax matters and an opinion of
the General Counsel of EQR, addressed to the Agents and dated the date of this Agreement, in the form of Exhibit C-1, Exhibit C-2 and Exhibit C-3, respectively, hereto; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top">a &#147;comfort&#148; letter from Ernst&nbsp;&amp; Young LLP, addressed to the Agents and dated the date of this Agreement, addressing such matters as the Agents may reasonably request; </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">25 </P>


<p Style='page-break-before:always'>
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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top">a certificate signed by EQR&#146;s Chief Financial Officer, in the form of Exhibit D hereto, certifying as to certain financial, numerical and statistical data not covered by the &#147;comfort&#148; letter referred to
in Section&nbsp;5(a)(iii) hereof; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top">evidence reasonably satisfactory to the Agents and their counsel that the Shares have been approved for listing on the Exchange, subject only to notice of issuance on or before the date hereof; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(vi)</TD>
<TD ALIGN="left" VALIGN="top">resolutions duly adopted by EQR&#146;s board of trustees, and certified by an officer of EQR, authorizing the execution of this Agreement by EQR and ERP and the consummation by EQR and ERP of the transactions
contemplated hereby, including the issuance and sale of the Shares; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(vii)</TD>
<TD ALIGN="left" VALIGN="top">such other documents as the Agents shall reasonably request. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The Agents shall have
received a letter or letters, which shall include legal opinions and negative assurance statements, of Morrison&nbsp;&amp; Foerster LLP, counsel to the Agents, addressed to the Agents and dated the date of this Agreement, addressing such matters as
the Agents may reasonably request. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. <U>Additional Covenants of the Transaction Entities</U>. The Transaction Entities jointly and
severally further covenant and agree with the Agents as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Each Transaction Proposal made by EQR that is accepted by the Agents
by means of a Transaction Acceptance, and each execution and delivery by EQR and ERP of a Terms Agreement shall be deemed to be (i)&nbsp;an affirmation that the representations, warranties and agreements of EQR and ERP herein contained and contained
in any certificate delivered to the Agents pursuant hereto are true and correct as of the date of the Transaction Proposal or the date of such Terms Agreement, as the case may be, and (ii)&nbsp;an undertaking that such representations, warranties
and agreements will be true and correct on any applicable Time of Sale and Settlement Date, as though made at and as of each such time (it being understood that such representations, warranties and agreements shall relate to the Registration
Statement, the Prospectus or any Permitted Free Writing Prospectus as amended and supplemented to the time of such Transaction Acceptance or Terms Agreement, as the case may be). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Each time that (i)&nbsp;the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus shall be amended or
supplemented (including, except as noted in the proviso at the end of this Section&nbsp;6(b), by the filing of any Incorporated Document) other than by an amendment or supplement relating solely to the offering of securities other than the Common
Shares, (ii)&nbsp;there is a Principal Settlement Date pursuant to a Terms Agreement, or (iii)&nbsp;any Agent shall reasonably request (each date referred to clauses (i), (ii)&nbsp;and (iii)&nbsp;above, a &#147;<B>Bring-Down Delivery
Date</B>&#148;), EQR shall, unless the Agents agrees otherwise, furnish or cause to be furnished to the Agents certificates, dated as of such Bring-Down Delivery Date and delivered as promptly as practicable after the applicable Bring-Down Delivery
Date or, in the case of a Bring-Down Delivery Date resulting from a Principal Settlement Date, delivered on such Principal Settlement Date, of the same tenor as the certificates referred to in Sections 5(a)(i) and 5(a)(iv)
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">26 </P>


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hereof, modified as necessary to relate to the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus as amended and supplemented to the time of delivery of such
certificates and, in the case of the Chief Financial Officer&#146;s certificate, covering such other financial, numerical and statistical data that is not covered by the accountants&#146; &#147;comfort&#148; letter dated as of such Bring-Down
Delivery Date as the Agents may reasonably request, or, in lieu of such certificates, certificates to the effect that the statements contained in the certificates referred to in Sections 5(a)(i) and, unless the Agents shall have requested that the
Chief Financial Officers&#146; certificate cover different or additional data as aforesaid, 5(a)(iv) hereof furnished to Agents are true and correct as of such Bring-Down Delivery Date as though made at and as of such date (except that such
statements shall be deemed to relate to the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus as amended and supplemented to the time of delivery of such certificate); <I>provided</I>, <I>however</I>, that the filing of
a Current Report on Form 8-K will not constitute a Bring-Down Delivery Date under clause (i)&nbsp;above unless either (A)&nbsp;(x)&nbsp;such Current Report on Form 8-K is filed at any time during which either a Transaction Acceptance is binding and
EQR has not suspended the use thereof (and prior to the settlement of the Shares specified therein) or a prospectus relating to the Shares is required to be delivered under the Act (whether physically or through compliance with Rule 172 under the
Act or any similar rule) or such Current Report on Form 8-K is filed at any time from and including the date of a Terms Agreement through and including the related Settlement Date and (y)&nbsp;the Agents have reasonably requested that such date be
deemed to be a Bring-Down Delivery Date based upon the event or events reported in such Current Report on Form 8-K or (B)&nbsp;such Current Report on Form 8-K contains capsule financial information, historical or pro forma financial statements,
supporting schedules or other financial data, including any Current Report on Form 8-K or part thereof under Item&nbsp;2.02 of such form that is considered &#147;filed&#148; under the Exchange Act; <I>provided, further</I>, that the Transaction
Entities shall have the right in their sole discretion to suspend the delivery of all such certificates otherwise required by this Section&nbsp;6(b) if the Transaction Entities do not expect to enter into any Agency Transaction or Terms Agreement
with respect to the Shares for that quarter; <I>provided further</I>, that, in the event the Transaction Entities have suspended the delivery of such certificates pursuant to the terms of the immediately preceding proviso of this Section&nbsp;6(b),
the delivery of the certificates listed in this Section&nbsp;6(b), dated as of the date of their delivery, shall be a condition precedent to any request by EQR to sell any Shares pursuant to an Agency Transaction or Terms Agreement in that quarter.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Each Bring-Down Delivery Date, EQR shall as soon as practicable, unless the Agents agree otherwise, cause to be furnished to Agents
(A)&nbsp;the written opinion and, if not included in such opinion, negative assurance letter of DLA Piper LLP, counsel to the Transaction Entities and the written opinion of the General Counsel of the Company, each dated as of the applicable
Bring-Down Delivery Date and delivered as promptly as practicable after the applicable Bring-Down Delivery Date or, in the case of a Bring-Down Delivery Date resulting from a Principal Settlement Date, dated and delivered on such Principal
Settlement Date, of the same tenor as the opinions and letter referred to in Section&nbsp;5(a)(ii) hereof, but modified as necessary to relate to the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus as amended and
supplemented to the time of delivery of such opinions and letter, or, in lieu of such opinion and letter, such counsel shall furnish the Agents with a letter substantially to the effect that the Agents may rely on the opinions and letter of such
counsel referred to in Section&nbsp;5(a)(ii), furnished to the Agents, to the same extent as though they were dated the date of such letter authorizing reliance (except that statements in such last opinions and letter of each
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">27 </P>


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such counsel shall be deemed to relate to the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus as amended and supplemented to the time of delivery of such letters
authorizing reliance);<I> provided, however</I>, that the Transaction Entities shall have the right in their sole discretion to suspend the delivery of all such opinions and the negative assurance letter otherwise required by this Section&nbsp;6(c)
if the Transaction Entities do not expect to enter into any Agency Transaction or Terms Agreement with respect to the Shares for that quarter; <I>provided further</I>, that, in the event the Transaction Entities have suspended the delivery of such
opinions and negative assurance letter pursuant to the immediately preceding proviso of this Section&nbsp;6(c), the delivery of the opinions and negative assurance letter listed in this Section&nbsp;6(c), dated as of the date of their delivery,
shall be a condition precedent to any request by EQR to sell any Shares pursuant to an Agency Transaction or Terms Agreement in that quarter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Each Bring-Down Delivery Date, EQR shall, unless the Agents agree otherwise, cause its independent registered public accounting firm to
furnish to the Agents a &#147;comfort&#148; letter, dated as of the applicable Bring-Down Delivery Date and delivered as promptly as practicable after the applicable Bring-Down Delivery Date or, in the case of a Bring-Down Delivery Date resulting
from a Principal Settlement Date, delivered on such Principal Settlement Date, of the same tenor as the letter referred to in Section&nbsp;5(a)(iii) hereof, but modified to relate to the Registration Statement, the Prospectus or any Permitted Free
Writing Prospectus as amended and supplemented to the date of such letter (other than with respect to the offering price), and, if the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus shall include or incorporate by
reference the financial statements of any entity or business (other than the consolidated financial statements of EQR, ERP and their respective subsidiaries), EQR shall, if requested by the Agent, cause a firm of independent public accountants to
furnish to the Agents a &#147;comfort&#148; letter, dated as of the applicable Bring-Down Delivery Date and delivered as promptly as practicable after the applicable Bring-Down Delivery Date or, in the case of a Bring-Down Delivery Date resulting
from a Principal Settlement Date, delivered on such Principal Settlement Date, addressing such matters as the Agents may reasonably request; <I>provided, however</I>, that the Transaction Entities shall have the right in their sole discretion to
suspend the delivery of the letter otherwise required by this Section&nbsp;6(d) if the Transaction Entities do not expect to enter into any Agency Transaction or Terms Agreement with respect to the Shares for that quarter; <I>provided further</I>,
that, in the event the Transaction Entities have suspended the delivery of such comfort letter pursuant to the immediately preceding proviso of this Section&nbsp;6(d), the delivery of the comfort letter listed in this Section&nbsp;6(d), dated as of
the date of their delivery, shall be a condition precedent to any request by EQR to sell any Shares pursuant to an Agency Transaction or Terms Agreement in that quarter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) Anything in this Agreement to the contrary notwithstanding, each time that EQR requests to sell any Shares pursuant to an Agency
Transaction or Terms Agreement at any time from and including the date on which EQR shall issue a press release containing, or shall otherwise publicly announce (an &#147;<B>Earnings Announcement</B>&#148;), its earnings, revenues or other results
of operations (&#147;<B>Earnings Information</B>&#148;) through and including the time that EQR files a Quarterly Report on Form 10-Q or an Annual Report on Form 10-K that includes consolidated financial statements as of and for the same period or
periods, as the case may be, covered by such Earnings Announcement, (i)&nbsp;the filing of a Current Report on Form 8-K containing such Earnings Announcement (an &#147;<B>Earnings Form 8-K</B>&#148;) shall be deemed a Bring-Down Delivery
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">28 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Date and (ii)&nbsp;EQR shall cause such Earnings Form 8-K (or a portion of such Earnings Form 8-K containing the Earnings Information rather than the entire Earnings Announcement) to be deemed
&#147;filed&#148; under the Exchange Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) (i) No stop order suspending the effectiveness of the Registration Statement shall be in
effect, and no proceeding for such purpose or pursuant to Section&nbsp;8A under the Act shall be pending before or threatened by the Commission; the Prospectus and each Permitted Free Writing Prospectus shall have been timely filed with the
Commission under the Act (in the case of a Permitted Free Writing Prospectus, to the extent required by Rule 433 under the Act); and all requests by the Commission for additional information shall have been complied with and no suspension of the
qualification of the Shares for offering or sale in any jurisdiction, or, to the knowledge of EQR, the initiation or threatening of any proceedings for any such purposes, shall have occurred and be in effect at the time EQR delivers a Transaction
Proposal to the applicable Agent or the time the applicable Agent delivers a Transaction Acceptance to EQR; and (ii)&nbsp;the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus shall not contain an untrue statement of
material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading at the time EQR delivers a Transaction Proposal to the
applicable Agent or the time the applicable Agent delivers a Transaction Acceptance to EQR. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) The Transaction Entities shall reasonably
cooperate with any reasonable due diligence review requested by the Agents or their counsel from time to time in connection with the transactions contemplated hereby or any Terms Agreement, including, without limitation, furnishing requested
materials and making senior management and outside auditors available for due diligence conference calls, upon the reasonable request of the Agents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) EQR and ERP shall disclose, in their combined Quarterly Reports on Form 10-Q and in their combined Annual Report on Form 10-K and, if
requested by the Agents, in supplements to the Prospectus to be filed by the Transaction Entities with the Commission from time to time, the number of the Shares sold through the Agents under this Agreement and any Terms Agreement, and the net
proceeds to EQR from the sale of the Shares and any other information that EQR is required to disclose to comply with the Act or any rules or regulations thereunder with respect to sales of the Shares pursuant to this Agreement during the relevant
quarter or, in the case of any such prospectus supplement, such shorter period as the Agents may reasonably request or, in the case of an Annual Report on Form 10-K, during the fiscal year covered by such Annual Report and the fourth quarter of such
fiscal year. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">All opinions, letters and other documents referred to in Sections 6(b) through (d)&nbsp;above shall be reasonably
satisfactory in form and substance to the Agents and, at each Bring-Down Delivery Date, EQR and ERP shall deliver to the Agents such other documents as the Agents shall reasonably request. The Agents will provide the Transaction Entities with such
notice (which may be oral, and in such case, will be confirmed via e-mail as soon as reasonably practicable thereafter) as is reasonably practicable under the circumstances when requesting an opinion, letter or other document referred to in Sections
6(b) through (d)&nbsp;above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7. <U>Conditions of the Obligations of the Agents</U>. The Agents&#146; obligation to solicit purchases on
an agency basis for the Shares or otherwise take any action pursuant to a Transaction </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">29 </P>


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Acceptance and to purchase the Shares pursuant to any Terms Agreement shall be subject to the satisfaction of the following conditions: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) At the date on which EQR receives a Transaction Acceptance (each such date, the &#147;<B>Time of Acceptance</B>&#148;), at the time of the
commencement of trading on the Exchange on the Purchase Date(s) and at the relevant Time of Sale and Agency Settlement Date, or with respect to a Principal Transaction pursuant to a Terms Agreement, at the time of execution and delivery of the Terms
Agreement by the Transaction Entities and at the relevant Time of Sale and Principal Settlement Date: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top">The representations, warranties and agreements on the part of the Transaction Entities herein contained or contained in any certificate of an officer or officers, general partner, managing member or other authorized
representative of the Transaction Entities or any of their respective subsidiaries delivered pursuant to the provisions hereof shall be true and correct in all respects. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top">The Transaction Entities shall have performed and observed the covenants and other obligations hereunder and/or under any Terms Agreement, as the case may be, in all material respects. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top">In the case of an Agency Transaction, from the Time of Acceptance until the Agency Settlement Date, or, in the case of a Principal Transaction pursuant to a Terms Agreement, from the time of execution and delivery of
the Terms Agreement by the Transaction Entities until the Principal Settlement Date, trading in the Common Shares on the Exchange shall not have been suspended. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top">From the date of this Agreement, no event or condition of a type described in Section&nbsp;3(f) hereof shall have occurred or shall exist, which event or condition is not described in a Permitted Free Writing Prospectus
(excluding any amendment or supplement thereto) or the Prospectus (excluding any amendment or supplement thereto) and the effect of which in the judgment of the applicable Agent makes it impracticable or inadvisable to proceed with the offering,
sale or delivery of the Shares on the applicable Settlement Date on the terms and in the manner contemplated by this Agreement, any Terms Agreement, any Permitted Free Writing Prospectus and the Prospectus. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top">No event of the type described in clauses (A)(i) through (iv)&nbsp;of Section&nbsp;8(b)(ii) hereof shall have occurred. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(vi)</TD>
<TD ALIGN="left" VALIGN="top">The Shares to be issued pursuant to the Transaction Acceptance, pursuant to a Terms Agreement, as applicable, shall have been approved for listing on the Exchange, subject only to notice of issuance. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(vii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">(A) No action shall have been taken and no statute, rule, regulation or order shall have been enacted, adopted or
issued by any federal, state or </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">30 </P>


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<TR>
<TD WIDTH="21%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
foreign governmental or regulatory authority that would, as of the relevant Settlement Date, prevent the issuance or sale of the Shares and (B)&nbsp;no injunction or order of any federal, state
or foreign court shall have been issued that would, as of the relevant Settlement Date, prevent the issuance or sale of the Shares. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(viii)</TD>
<TD ALIGN="left" VALIGN="top">(A) No order suspending the effectiveness of the Registration Statement shall be in effect, no proceeding for such purpose or pursuant to Section&nbsp;8A of the Act shall be pending before or, to the knowledge of EQR,
threatened by the Commission and no notice of objection of the Commission to the use of the Registration Statement pursuant to Rule 401(g)(2) under the Act shall have been received by EQR or ERP; (B)&nbsp;the Prospectus and each Permitted Free
Writing Prospectus shall have been timely filed with the Commission under the Act (in the case of any Permitted Free Writing Prospectus, to the extent required by Rule 433 under the Act); (C)&nbsp;all requests by the Commission for additional
information shall have been complied with to the satisfaction of the Agents; and (D)&nbsp;no suspension of the qualification of the Shares for offering or sale in any jurisdiction, and no initiation or threatening of any proceedings for any of such
purposes, shall have occurred and be in effect. The Registration Statement, the Prospectus or any Permitted Free Writing Prospectus shall not contain an untrue statement of material fact or omit to state a material fact required to be stated therein
or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading at the time the applicable Agent delivers a Transaction Acceptance to EQR or EQR, ERP and the applicable Agent execute a Terms
Agreement, as the case may be. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(ix)</TD>
<TD ALIGN="left" VALIGN="top">No amendment or supplement to the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus shall have been filed to which the Agents shall have reasonably objected in writing. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) As promptly as practicable after the applicable Bring-Down Delivery Date or, in the case of a Bring-Down Delivery Date resulting from a
Principal Settlement Date, on such Principal Settlement Date, the Agents shall have received the officer&#146;s certificates, opinions and negative assurance letters of counsel and &#147;comfort&#148; letters and other documents provided for under
Sections 6(b) through (d), inclusive. For purposes of clarity and without limitation to any other provision of this Section&nbsp;7 or elsewhere in this Agreement, the parties hereto agree that the Agents&#146; obligations, if any, to solicit
purchases of Shares on an agency basis or otherwise take any action pursuant to a Transaction Acceptance shall, unless otherwise agreed in writing by the Agents, be suspended during the period from and including a Bring-Down Delivery Date through
and including the time that the Agents shall have received the documents described in the preceding sentence. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">31 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8. <U>Termination</U>. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="top" ALIGN="left">(a)&nbsp;&nbsp;&nbsp;&nbsp;(i)</TD>
<TD ALIGN="left" VALIGN="top">The Transaction Entities may terminate this Agreement in their sole discretion at any time upon prior written notice to the Agents. Any such termination shall be without liability of any party to any other party, except
that (A)&nbsp;with respect to any pending sale, the obligations of the Transaction Entities, including in respect of compensation of the Agents, shall remain in full force and effect notwithstanding such termination; and (B)&nbsp;the provisions of
Sections 3, 4 (except that if no Shares have been previously sold hereunder or under any Terms Agreement, only Section&nbsp;4(l)), 9, 13, 14 and 16 of this Agreement shall remain in full force and effect notwithstanding such termination.
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)</TD>
<TD ALIGN="left" VALIGN="top">In the case of any completed sale by EQR pursuant to a Terms Agreement, the obligations of the Transaction Entities pursuant to such Terms Agreement and this Agreement may not be terminated by either Transaction Entity
without the prior written consent of the applicable Agent. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="top" ALIGN="left">(b)&nbsp;&nbsp;&nbsp;&nbsp;(i)</TD>
<TD ALIGN="left" VALIGN="top">The&nbsp;Agents,&nbsp;in their sole discretion, or any one of them in its sole discretion as to itself, may terminate this Agreement in at any time upon giving prior written notice to the Transaction Entities. Any such
termination shall be without liability of any party to any other party, except that the provisions of Sections 3, 4 (except that if no Shares have been previously sold hereunder or under any Terms Agreement, only Section&nbsp;4(l)), 9, 13, 14 and 16
of this Agreement shall remain in full force and effect notwithstanding such termination. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">In the case of any purchase by an Agent pursuant to a Terms Agreement, the obligations of the applicable Agent
pursuant to such Terms Agreement shall be subject to termination by the applicable Agent at any time prior to or at the Principal Settlement Date if (A)&nbsp;since the time of execution of the Terms Agreement or the respective dates as of which
information is given in the Registration Statement, the Prospectus and any Permitted Free Writing Prospectus, (i)&nbsp;trading generally shall have been suspended or materially limited on or by any of the New York Stock Exchange, the Nasdaq Stock
Market, the Chicago Board Options Exchange, the Chicago Mercantile Exchange or the Chicago Board of Trade; (ii)&nbsp;trading of any securities issued or guaranteed by EQR, ERP or any of their respective subsidiaries shall have been suspended on any
exchange or in any over-the counter market, (iii)&nbsp;a general moratorium on commercial banking activities shall have been declared by federal or New York state authorities, (iv)&nbsp;there shall have occurred any outbreak or escalation of
hostilities or any change in financial markets or any calamity or crisis, either within or outside the United States, that, solely in the case of events and conditions described in this clause (iv), in the applicable Agent&#146;s judgment, is
material and adverse and makes it impracticable or inadvisable to proceed with the </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">32 </P>


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<TD WIDTH="21%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
offering, sale or delivery of the Shares on the terms and in the manner contemplated in the Prospectus or such Terms Agreement. If the applicable Agent elects to terminate its obligations
pursuant to this Section&nbsp;8(b)(ii), EQR shall be notified promptly in writing. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) This Agreement shall remain in full
force and effect until the earliest of (A)&nbsp;termination of the Agreement pursuant to Section&nbsp;8(a) or 8(b) above or otherwise by mutual written agreement of the parties, (B)&nbsp;such date that the Maximum Number of Shares has been sold in
accordance with the terms of this Agreement and any Terms Agreements and (C)&nbsp;the third anniversary of the date of this Agreement, in each case except that the provisions of Section&nbsp;3, 4 (except that if no Shares have been previously sold
hereunder or under any Terms Agreement, only Section&nbsp;4(l)), 9, 13, 14 and 16 of this Agreement shall remain in full force and effect notwithstanding such termination. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Any termination of this Agreement shall be effective on the date specified in such notice of termination; <I>provided</I> that,
notwithstanding the foregoing, such termination shall not be effective until the close of business on the date of receipt of such notice by the Agents or EQR, as the case may be, or such later date as may be required pursuant to Section&nbsp;8(a) or
(b). If such termination shall occur prior to the Settlement Date for any sale of Shares, such sale shall settle in accordance with the provisions of Section&nbsp;2 hereof. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9. <U>Indemnity and Contribution</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The Transaction Entities, jointly and severally, agree to indemnify and hold harmless the Agents, their respective affiliates, directors
and officers and each person, if any, who controls the respective Agents within the meaning of Section&nbsp;15 of the Act or Section&nbsp;20 of the Exchange Act, from and against any and all losses, claims, damages and liabilities (including,
without limitation, reasonable out of pocket legal fees and other expenses incurred in connection with any suit, action or proceeding or any claim asserted, as such fees and expenses are incurred), that arise out of, or are based upon, (i)&nbsp;any
untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or any amendment thereto) or caused by any omission or alleged omission to state therein a material fact required to be stated therein or
necessary in order to make the statements therein, not misleading or (ii)&nbsp;any untrue statement or alleged untrue statement of a material fact contained in the Prospectus (or any amendment or supplement thereto), any Permitted Free Writing
Prospectus (or any amendment or supplement thereto), any &#147;issuer information&#148; filed or required to be filed pursuant to Rule 433(d) under the Act or any road show as defined in Rule 433(h) under the Act (a &#147;<B>road show</B>&#148;), or
caused by any omission or alleged omission to state therein a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading, in each case except insofar as such losses,
claims, damages or liabilities arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information relating to the Agents furnished to the Transaction
Entities in writing by the Agents expressly for use therein, it being understood and agreed that the only such information furnished by the Agents consists of the information described as such in subsection (b)&nbsp;below. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">33 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Each of the Agents, severally and not jointly, agrees to indemnify and hold harmless each of
EQR and ERP, their, trustees, directors, officers who signed the Registration Statement and each person, if any, who controls EQR or ERP within the meaning of Section&nbsp;15 of the Act or Section&nbsp;20 of the Exchange Act to the same extent as
the indemnity set forth in paragraph (a)&nbsp;above, but only with respect to any losses, claims, damages or liabilities that arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance
upon and in conformity with any information relating to any Agent furnished to EQR or ERP in writing by any Agent expressly for use in the Registration Statement (or any amendment thereto), the Prospectus (or any amendment or supplement thereto),
any Permitted Free Writing Prospectus (or any amendment or supplement thereto) or any road show, it being understood and agreed upon (i)&nbsp;that there is no such information as of the date of this Agreement and (ii)&nbsp;to the extent any Agent
furnishes any such information to EQR or ERP after the date of this Agreement, the Agents and the Transaction Entities shall enter into a separate letter agreement to amend this Section&nbsp;9(b) to include such information. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) If any suit, action, proceeding (including any governmental or regulatory investigation), claim or demand shall be brought or asserted
against any person in respect of which indemnification may be sought pursuant to either Section&nbsp;9(a) or 9(b) above, such person (the &#147;<B>Indemnified Person</B>&#148;) shall notify as promptly as reasonably practicable the person against
whom such indemnification may be sought (the &#147;<B>Indemnifying Person</B>&#148;) in writing; <U>provided</U> that the failure to notify the Indemnifying Person shall not relieve it from any liability that it may have under this Section&nbsp;9
except to the extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and <U>provided</U>, <U>further</U>, that the failure to notify the Indemnifying Person shall not relieve it from
any liability that it may have to an Indemnified Person otherwise than under this Section&nbsp;9. If any such proceeding shall be brought or asserted against an Indemnified Person and it shall have notified the Indemnifying Person thereof, the
Indemnifying Person shall retain counsel reasonably satisfactory to the Indemnified Person (who shall not, without the consent of the Indemnified Person, be counsel to the Indemnifying Person) to represent the Indemnified Person and any others
entitled to indemnification pursuant to this Section&nbsp;9 that the Indemnifying Person may designate in such proceeding and shall pay the fees and expenses of such counsel related to such proceeding, as incurred. In any such proceeding, any
Indemnified Person shall have the right to retain its own counsel), but the fees and expenses of such counsel shall be at the expense of such Indemnified Person unless (i)&nbsp;the Indemnifying Person and the Indemnified Person shall have mutually
agreed to the contrary; (ii)&nbsp;the Indemnifying Person has failed within a reasonable time to retain counsel reasonably satisfactory to the Indemnified Person; (iii)&nbsp;the Indemnified Person shall have reasonably concluded that there may be
legal defenses available to it that are different from or in addition to those available to the Indemnifying Person; or (iv)&nbsp;the named parties in any such proceeding (including any impleaded parties) included both the Indemnifying Person and
the Indemnified Person and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. It is understood and agreed that the Indemnifying Person shall not, in connection with
any proceeding or related proceeding in the same jurisdiction, be liable for the reasonable fees and expenses of more than one separate firm (in addition to any local counsel) for (A)&nbsp;the Agents and their respective affiliates, directors and
officers and control persons, if any, or (B)&nbsp;the Transaction Entities, their trustees, directors, their officers who signed the Registration Statement and their control persons, if any, as the case may be, and that all such reasonable fees and
expenses shall be paid or reimbursed as they are incurred. Any such separate firm for the Agents and their affiliates, directors and officers and its control persons, if any, shall be designated in writing by the Agents, and any such separate firm
for the Transaction Entities, their trustees, directors, their officers who signed the Registration Statement and their control persons, if any, shall be designated in writing by EQR or ERP. The </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">34 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Indemnifying Person shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the
plaintiff, the Indemnifying Person agrees to indemnify each Indemnified Person from and against any loss or liability by reason of such settlement or judgment. No Indemnifying Person shall, without the written consent of the Indemnified Person,
effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Person is or could have been a party and indemnification is or could have been sought hereunder by such Indemnified Person, unless such settlement
(x)&nbsp;includes an unconditional release of such Indemnified Person, in form and substance reasonably satisfactory to such Indemnified Person, from all liability on claims that are the subject matter of such proceeding and (y)&nbsp;does not
include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any Indemnified Person. Notwithstanding the foregoing sentence, if at any time an Indemnified Person shall have requested an Indemnifying
Person to reimburse the Indemnified Person for fees and expenses of counsel as contemplated by this Section&nbsp;9(c), the Indemnifying Person agrees that it shall be liable for any settlement of any proceeding effected without its written consent
if (i)&nbsp;such settlement is entered into more than 45 days after receipt by such Indemnifying Person of the aforesaid request, (ii)&nbsp;such Indemnifying Person shall have received notice of the terms of such settlement at least 30 days prior to
such settlement being entered into and (ii)&nbsp;such Indemnifying Person shall not have reimbursed the Indemnified Person in accordance with such request prior to the date of such settlement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) If the indemnification provided for in Sections&nbsp;9(a) and 9(b) above is unavailable to an Indemnified Person or insufficient in
respect of any losses, claims, damages or liabilities referred to therein, then each Indemnifying Person under such Sections, in lieu of indemnifying such Indemnified Person thereunder, shall contribute to the amount paid or payable by such
Indemnified Person as a result of such losses, claims, damages or liabilities (i)&nbsp;in such proportion as is appropriate to reflect the relative benefits received by EQR and ERP, on the one hand, and the Agents, on the other, from the offering of
the Shares pursuant to this Agreement and any Terms Agreements or (ii)&nbsp;if the allocation provided by clause (i)&nbsp;is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to
in clause (i)&nbsp;but also the relative fault of either EQR and ERP, on the one hand, and the Agents, on the other, in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any other
relevant equitable considerations. The relative benefits received by EQR and ERP, on the one hand, and the Agents, on the other, shall be deemed to be in the same respective proportions as the net proceeds (before deducting expenses) received by EQR
from the sale of the Shares pursuant to this Agreement and any Terms Agreements and the total discounts and commissions received by the Agents in connection therewith bear to the aggregate Gross Sales Price of such Shares. The relative fault of EQR,
on the one hand, and the Agents, on the other, shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to
information supplied by EQR or ERP, on the one hand, or by the Agents, on the other hand, and the parties&#146; relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) The Transaction Entities and the Agents agree that it would not be just and equitable if contribution pursuant to this Section&nbsp;9 were
determined by <U>pro</U> <U>rata</U> allocation or by any other method of allocation that does not take account of the equitable considerations referred </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">35 </P>


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to in Section&nbsp;9(d) above. The amount paid or payable by an Indemnified Person as a result of the losses, claims, damages and liabilities referred to in Section&nbsp;9(d) above shall be
deemed to include, subject to the limitations set forth above, any legal or other expenses incurred by such Indemnified Person in connection with any such action or claim. Notwithstanding the provisions of this Section&nbsp;9, in no event shall the
Agents be required to contribute any amount in excess of the amount by which the total discounts and commissions received by the Agents with respect to the offering of the Shares pursuant to this Agreement or any Terms Agreements exceeds the amount
of any damages that the applicable Agents have otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of
Section&nbsp;11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) For purposes of clarity and without limitation to any provision of this Agreement, the obligations of the Agents under this Agreement are
several and not joint. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) For purposes of clarity and without limitation to any provision of this Agreement, the obligations of the
Transaction Entities are joint and several. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) The remedies provided for in this Section&nbsp;9 are not exclusive and shall not limit
any rights or remedies which may otherwise be available to any Indemnified Person at law or in equity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10. <U>Notices</U>. All notices
and other communications under this Agreement, any Terms Agreement shall be in writing and shall be deemed to have been duly given if mailed or transmitted and confirmed by any standard form of communication, and shall be sufficient in all respects
if delivered or sent as follows: (i) if to J.P. Morgan Securities LLC, 383 Madison Avenue, 10<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Floor, New York, New York 10179, to the attention of Special Equities Group, Adam Rosenbluth (e-mail
adam.s.rosenbluth@jpmorgan.com) and Brett Chalmers (e-mail brett.chalmers@jpmorgan.com), (ii) if to Merrill Lynch, Pierce Fenner and Smith Incorporated, One Bryant Park, New York, New York 10036, Attention: Syndicate Department, (iii) if to BNY
Mellon Capital Markets, LLC, 101 Barclay Street, 3W, New York, New York 10286, Attention: Equity Capital Markets, with copies (which shall not by itself constitute notice) to BNY Mellon Capital Markets, LLC, 101 Barclay Street, Third Floor, New
York, New York 10286, Attention: Operations Department, (iv) if to Morgan Stanley &amp; Co. LLC, 1585 Broadway, New York, New York 10036, Attention: Equity Syndicate Desk, (v) if to Scotia Capital (USA) Inc., 250 Vesey Street, New York, New York
10281, Attention Peter Gordon, U.S. Equity Capital Markets, Facsimile No.: (212) 225-6550, (vi) if to Barclays Capital Inc., 745 Seventh Avenue, New York, New York 10019, (vii) if to UBS Securities LLC, 1285 Avenue of the Americas, New York, New
York 10019, (viii) if to Mitsubishi UFJ Securities (USA), Inc., 1221 Avenue of the Americas, 6<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Floor, New York, New York 10020 and, (ix) if to either of the Transaction Entities, shall be
sufficient in all respects if delivered or sent to it at c/o Equity Residential, Two North Riverside Plaza, Chicago, Illinois 60606, Attention Chief Financial Officer, Facsimile No.: (312) 526-9252, with copies (which shall not constitute notice)
to: c/o Equity Residential, Two North Riverside Plaza, Chicago, Illinois 60606, Attention General Counsel, Facsimile No.: (312) 526-0680, and to: DLA Piper LLP (US), 203 North LaSalle Street, Suite 1900, Chicago, Illinois 60601-1293, Attention
Gregory W. Hayes, Facsimile No.: (312) 251-2188. Copies of all notices sent to the Agents should also be sent to Morrison &amp; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">36 </P>


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Foerster&nbsp;LLP, 2000 Pennsylvania Avenue Northwest, Washington, DC, 20006-1888, Attention David P. Slotkin, Facsimile No.: (202)&nbsp;887-0763. Notwithstanding the foregoing,
(a)&nbsp;Transaction Proposals shall be delivered by EQR to the Agents by telephone or e-mail (i)&nbsp;if to J.P. Morgan Securities LLC, to Adam Rosenbluth at telephone number (212)&nbsp;622- 7027 or e-mail adam.s.rosenbluth@jpmorgan.com and Brett
Chalmers at telephone number (212)&nbsp;622-2252 or e-mail brett.chalmers@jpmorgan.com, (ii)&nbsp;if to Merrill Lynch, Pierce Fenner and Smith Incorporated, to Thomas J. Opladen, Jr., David Moran and Christine Roemer at telephone number
(646)&nbsp;855-8900 or e-mail thomas.j.opladen_jr@baml.com, dmoran@baml.com, and christine.roemer@baml.com, (iii)&nbsp;if to BNY Mellon Capital Markets, LLC, to Equity Capital Markets (Attention: Michael Palma) at telephone number
(212)&nbsp;815-4979 or e-mail Michael.x.Palma@bnymellon.com, (iv)&nbsp;if to Morgan Stanley&nbsp;&amp; Co. LLC, to Darrell Alfieri at telephone number (212)&nbsp;761-5292 or e-mail darrell.alfieri@morganstanley.com and Tom Boyle at telephone number
(212) 761-5433 or e-mail H.Thomas.Boyle@morganstanley.com, (v)&nbsp;if to Scotia Capital (USA) Inc., at telephone number (212)&nbsp;225-6851 or e-mail us.ecm.syndicate@scotiabank.com, (vi)&nbsp;if to Barclays Capital Inc., to Scott Kinloch at
telephone number (212)&nbsp;526-9420 or e-mail scott.kinloch@barclays.com and Daniel Sinni at telephone number (212)&nbsp;526-9420 or e-mail daniel.sinni@barclays.com, (vii)&nbsp;if to UBS Securities LLC, to Fernando Escano at telephone number
(203)&nbsp;719-8995 or e-mail fernando.escano@ubs.com, or (viii)&nbsp;if to Mitsubishi UFJ Securities (USA), Inc., at telephone number (212)&nbsp;405-7440 or e-mail FLOEStrading@us.sc.mufg.jp and (b)Transaction Acceptances shall be delivered by the
Agents to EQR to Robert Garechana at telephone number (312)&nbsp;928-1182 or e-mail rgarechana@eqr.com. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11. <U>Press Releases and
Disclosure</U>. EQR may issue a press release describing the material terms of the transactions contemplated hereby as soon as practicable following the Closing Date, and may file with the Commission a Current Report on Form 8-K describing the
material terms of the transactions contemplated hereby, and EQR shall consult with the applicable Agents prior to making such disclosures, and the parties shall use all commercially reasonable efforts, acting in good faith, to agree upon a text for
such disclosures that is reasonably satisfactory to all parties. No party hereto shall issue thereafter any press release or like public statement (including, without limitation, any disclosure required in reports filed with the Commission pursuant
to the Exchange Act) related to this Agreement or any of the transactions contemplated hereby that includes information related to this Agreement or transactions contemplated hereby that has not previously been disclosed without the prior written
approval of the other party hereto, except as may be necessary or appropriate in the opinion of the party seeking to make disclosure to comply with the requirements of applicable law or stock exchange rules. If any such press release or like public
statement is so required, the party making such disclosure shall consult with the other party prior to making such disclosure, and the parties shall use all commercially reasonable efforts, acting in good faith, to agree upon a text for such
disclosure that is reasonably satisfactory to all parties. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12. <U>No Assignment</U>. Other than pursuant to Section&nbsp;17 of this
Agreement, this Agreement and the rights, duties and obligations hereunder may not be assigned or delegated by the Transaction Entities or the Agents and any such purported assignment or delegation of rights, duties or obligations hereunder shall be
void and of no effect; provided however, that any Agent may assign its rights and obligations hereunder to a broker-dealer affiliate of such Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">13. <U>No Fiduciary Relationship</U>. EQR acknowledges and agrees that the Agents are acting solely in the capacity of an arm&#146;s length
contractual counterparty to the Transaction Entities with </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">37 </P>


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respect to the offering of Shares contemplated hereby and any Terms Agreements (including in connection with determining the terms of the offering) and not as a financial advisors or fiduciaries
to, or an agent of, EQR or any other person. Additionally, the Agents are not advising the Transaction Entities or any other person as to any legal, tax, investment, accounting or regulatory matters in any jurisdiction. The Transaction Entities
shall consult with their own advisors concerning such matters and shall be responsible for making its own independent investigation and appraisal of the transactions contemplated hereby, and the Agents shall have no responsibility or liability to
the Transaction Entities with respect thereto. Any review by the Agents of the Transaction Entities, the transactions contemplated hereby or other matters relating to such transactions will be performed solely for the benefit of the Agents and shall
not be on behalf of the Transaction Entities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">14. <U>Adjustments for Stock Splits</U>. The parties acknowledge and agree that all share
related numbers contained in this Agreement, any Transaction Proposal and any Transaction Acceptance shall be adjusted to take into account any stock split effected with respect to the Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15. <U>Governing Law and Venue</U>. This Agreement, any Terms Agreement and any claim, counterclaim or dispute of any kind or nature
whatsoever arising out of or in any way relating to this Agreement, any Terms Agreement (each a &#147;<B>Claim</B>&#148;), directly or indirectly, shall be governed by, and construed in accordance with, the laws of the State of New York. Any legal
suit, action or proceeding arising under this Agreement or any Terms Agreement will be instituted in the state or U.S. federal court of proper jurisdiction located in New York, Borough of Manhattan, New York. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">16. <U>Trial by Jury</U>. Each of the Transaction Entities (on its own behalf and, to the extent permitted by applicable law, on behalf of its
stockholders and affiliates) and each of the Agents hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the
transactions contemplated hereby. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">17. <U>Persons Entitled to Benefit of Agreement</U>. This Agreement and any Terms Agreement shall inure
to the benefit of and be binding upon the parties hereto and thereto, respectively, and their respective successors and the officers, trustees, directors, affiliates and controlling persons referred to in Section&nbsp;9 hereof and their heirs and
legal representatives. This Agreement shall inure to the benefit of and be binding upon BofAML Securities, Inc., as an assignee to Merrill Lynch, Pierce, Fenner&nbsp;&amp; Smith Incorporated, without prior written consent of any party. Nothing in
this Agreement or any Terms Agreement is intended or shall be construed to give any other person, firm or corporation any legal or equitable right, remedy or claim under or in respect of this Agreement or any such Terms Agreement or any provision
contained herein or therein.&nbsp;This Agreement and any Terms Agreement and all conditions and provisions hereof and thereof are intended to be for the sole and exclusive benefit of the parties hereto and thereto, respectively, and their respective
successors and the officers, trustees, directors, affiliates and controlling persons referred to in Section&nbsp;9 hereof and their heirs and legal representatives, and for the benefit of no other person, firm or corporation.&nbsp;No purchaser of
Shares from or through the Agents shall be deemed to be a successor merely by reason of purchase. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">38 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">18. <U>Counterparts</U>. This Agreement and any Terms Agreement may be signed in counterparts
(which may include counterparts delivered by any standard form of telecommunication), each of which shall be an original and all of which together shall constitute one and the same instrument. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">19. <U>Survival</U>. The respective indemnities, rights of contribution, representations, warranties and agreements of the Transaction
Entities and the Agents contained in this Agreement and any Terms Agreement or made by or on behalf of the Transaction Entities or the Agents pursuant to this Agreement or any Terms Agreement or any certificate delivered pursuant hereto or thereto
shall survive the delivery of and payment for the Shares and shall remain in full force and effect, regardless of any termination of this Agreement or any Terms Agreement or any investigation made by or on behalf of the Transaction Entities or the
Agents. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">20. <U>Certain Defined Terms</U>. For purposes of this Agreement, except where otherwise expressly provided, the term
&#147;affiliate&#148; has the meaning set forth in Rule 405 under Act; the term &#147;business day&#148; means any day other than a day on which banks are permitted or required to be closed in New York City; and the term &#147;subsidiary&#148; has
the meaning set forth in Rule 405 under the Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">21. <U>Amendments or Waivers</U>. No amendment or waiver of any provision of this
Agreement or any Terms Agreement, nor any consent or approval to any departure therefrom, shall in any event be effective unless the same shall be in writing and signed by the parties hereto or thereto as the case may be. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">22. <U>Headings</U>. The headings herein and in any Terms Agreement are included for convenience of reference only and are not intended to be
part of, or to affect the meaning or interpretation of, this Agreement or any Terms Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>[</B>Signature Page Follows<B>] </B></P>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">39 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">If the foregoing correctly sets forth the understanding between The Transaction Entities, on one
hand, and the Agents, on the other hand, please so indicate in the space provided below for that purpose, whereupon this letter and your acceptance shall constitute a binding agreement among EQR, ERP and the Agents. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>EQUITY RESIDENTIAL</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Robert Garechana</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Robert Garechana</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Senior Vice President and Treasurer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>ERP OPERATING LIMITED PARTNERSHIP</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">By: Equity Residential, its general partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Robert Garechana</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Robert Garechana</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Senior Vice President and Treasurer</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">40 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="48%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Accepted and agreed to as of the</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">date first above written:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>J.P. MORGAN SECURITIES LLC</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Adam S. Rosenbluth</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Adam S. Rosenbluth</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Executive Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" NOWRAP><B>MERRILL LYNCH, PIERCE, FENNER&nbsp;&amp; SMITH</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INCORPORATED</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Jack Vissicchio</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Jack Vissicchio</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Managing Director</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Co-Head of Americas Real
Estate Investment Banking</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>BNY MELLON CAPITAL MARKETS, LLC</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Phil Benedict</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Phil Benedict</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">MD</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>MORGAN STANLEY&nbsp;&amp; CO. LLC</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Tom Boyle</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Tom Boyle</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Executive Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>SCOTIA CAPITAL (USA) INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Richard Agata</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Richard Agata</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Director, Counsel and Chief Compliance Officer</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">41 </P>


<p Style='page-break-before:always'>
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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>BARCLAYS CAPITAL INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Scott M. Skidmore</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Scott M. Skidmore</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Managing Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>UBS SECURITIES LLC</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Bethany Ropa</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Bethany Ropa</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Executive Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Whitney Mikell</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Whitney Mikell</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Associate Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>MITSUBISHI UFJ SECURITIES (USA), INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ David McMillan</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">David McMillan</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Managing Director</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Head of Equity Capital Markets</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">42 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Schedule A </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Authorized Company Representatives </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="31%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="9%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="25%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="28%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>David Neithercut</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman">Chief Executive Officer</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Telephone:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman">(312) 928-1009</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Facsimile:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman">(312) 526-9250</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">E-mail:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman">dneithercut@eqrworld.com</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Address:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman">Two North Riverside Plaza</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman">Chicago, Illinois 60606</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Mark J. Parrell</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman">Chief Financial Officer</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Telephone:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman">(312) 928-1168</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Facsimile:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman">(312) 526-9252</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">E-mail:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman">mparrell@eqrworld.com</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Address:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman">Two North Riverside Plaza</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman">Chicago, Illinois 60606</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Robert Garechana</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman">Treasurer</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Telephone:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman">(312) 928-1239</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Facsimile:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman">(312) 526-9216</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">E-mail:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman">rgarechana@eqrworld.com</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Address:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman">Two North Riverside Plaza</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman">Chicago, Illinois 60606</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Michael Gast</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman">Assistant Treasurer</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Telephone:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman">(312) 928-1290</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Facsimile:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman">(312) 526-9258</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">E-mail:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman">mgast@eqrworld.com</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Address:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman">Two North Riverside Plaza</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman">Chicago, Illinois 60606</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit A </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Equity Residential Common Shares </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>TERMS AGREEMENT </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 20<U>&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[Name of Applicable Agent] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Sirs: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Equity Residential, a Maryland real estate investment trust (&#147;<B>EQR</B>&#148;), proposes, subject to the terms and conditions stated
herein and in the Distribution Agreement dated June&nbsp;29, 2016 (the &#147;<B>Distribution Agreement</B>&#148;) between EQR, ERP Operating Limited Partnership and J.P. Morgan Securities LLC Merrill Lynch, Pierce, Fenner&nbsp;&amp; Smith
Incorporated, BNY Mellon Capital Markets, LLC, Morgan Stanley&nbsp;&amp; Co. LLC, Scotia Capital (USA) Inc., Barclays Capital Inc., UBS Securities LLC and Mitsubishi UFJ Securities (USA), Inc. (the &#147;<B>Agents</B>&#148;), to issue and sell to
[Name of Applicable Agent] the securities specified in the Schedule hereto (the &#147;<B>Purchased Securities</B>&#148;). Unless otherwise defined below, terms defined in the Distribution Agreement shall have the same meanings when used herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Each of the provisions of the Distribution Agreement not specifically related to the solicitation by [Name of Applicable Agent], as agent of
EQR, of offers to purchase securities is incorporated herein by reference in its entirety, and shall be deemed to be part of this Terms Agreement to the same extent as if such provisions had been set forth in full herein. Each of the
representations, warranties and agreements set forth therein shall be deemed to have been made as of the date of this Terms Agreement and the Settlement Date set forth in the Schedule hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">An amendment to the Registration Statement or a supplement to the Prospectus, as the case may be, relating to the Purchased Securities, in the
form heretofore delivered to [insert name of applicable agent], is now proposed to be filed with the Securities and Exchange Commission. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Subject to the terms and conditions set forth herein and in the Distribution Agreement which are incorporated herein by reference, EQR agrees
to issue and sell to [insert name of applicable agent], and the latter agrees to purchase from EQR, the Purchased Securities at the time and place and at the purchase price set forth in the Schedule hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Notwithstanding any provision of the Distribution Agreement or this Terms Agreement to the contrary, EQR consents to the Agent trading in the
Common Shares for [insert name of applicable agent]&#146;s own account and for the account of its clients at the same time as sales of the Purchased Securities occur pursuant to this Terms Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I></I><B><I>[</I></B><I>Signature Page Follows</I><B><I>]</I></B><I> </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-1 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">If the foregoing is in accordance with your understanding, please sign and return to us a
counterpart hereof, whereupon this Terms Agreement, including those provisions of the Distribution Agreement incorporated herein by reference, shall constitute a binding agreement between [Name of Applicable Agent] and EQR. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="16%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="76%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"><B>EQUITY RESIDENTIAL</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"><B>ERP OPERATING LIMITED PARTNERSHIP</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">Equity Residential, its general partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Accepted and agreed as of</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">the date first above written:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">[NAME OF APPLICABLE AGENT]</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-2 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Schedule to Terms Agreement </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Title of Purchased Securities: </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Common Shares,
par value $0.01 per share </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Number of Shares of Purchased Securities: </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B>[</B>&#9679;<B>]</B> shares </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Initial Price to
Public: </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">$<B>[</B>&#9679;<B>]</B> per share </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Purchase Price Payable by [Name of Applicable Agent]: </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">$<B>[</B>&#9679;<B>]</B> per share </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Method of
and Specified Funds for Payment of Purchase Price: </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B>[</B>By wire transfer to a bank account specified by EQR in same day funds.<B>]</B>
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Method of Delivery: </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B>[</B>To the [Name
of Applicable Agent]&#146;s account, or the account of the [Name of Applicable Agent]&#146;s designee, at The Depository Trust Company via DWAC in return for payment of the purchase price.<B>]</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Settlement Date: </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B>[</B>&#9679;<B>]</B>,
20<B>[</B>&#9679;<B>]</B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Closing Location: </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B>[</B>&#9679;<B>]</B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Documents to be
Delivered: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following documents referred to in the Distribution Agreement shall be delivered on the Settlement Date as a condition to the closing for
the Purchased Securities (which documents shall be dated on or as of the Settlement Date and shall be appropriately updated to cover any Permitted Free Writing Prospectuses and any amendments or supplements to the Registration Statement, the
Prospectus, any Permitted Free Writing Prospectuses and any documents incorporated by reference therein): </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(1) the officer&#146;s certificate referred to
in Section&nbsp;5(a)(i); </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(2) the opinion<B>[</B>s<B>]</B> and negative assurance letter<B>[</B>s<B>]</B> of EQR&#146;s outside counsel <B>[</B>and general
counsel<B>]</B> referred to in Section&nbsp;5(a)(ii); </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(3) the &#147;comfort&#148; letter referred to in Section&nbsp;5(a)(iii); </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(4) <B>[</B>the Chief Financial Officer&#146;s certificate referred to in Section&nbsp;5(a)(iv)<B>]</B>; </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(5) the opinion and negative assurance letter referred to in Section&nbsp;5(b); and </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(6) such other documents as the [insert name of applicable agent] shall reasonably request. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>[</B>Lockup:<B>]</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B>[</B>&#9679;<B>]</B> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-3 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Time of sale: <B>[</B>&#9679;<B>] [</B>a.m./p.m.<B>]</B> (New York City time) on <B>[</B>&#9679;<B>]</B>,
<B>[</B>&#9679;<B>]</B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Time of sale information: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The number of shares of Purchased Securities set forth above </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The initial price to public set forth above </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B>[Other]</B> </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-4 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit B </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>OFFICERS&#146; CERTIFICATE </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dated
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 20<U>&nbsp;&nbsp;&nbsp;&nbsp;</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">We, Mark J. Parrell,
Executive Vice President and Chief Financial Officer, and Bruce C. Strohm Executive Vice President, General Counsel and Corporate Secretary of Equity Residential, a Maryland real estate investment trust (&#147;<B>EQR</B>&#148;), which is the sole
general partner of ERP Operating Limited Partnership, an Illinois limited partnership (&#147;<B>ERP</B>&#148;), do hereby certify that this certificate is signed by us pursuant to the Distribution Agreement dated June&nbsp;29, 2016 between EQR, ERP
and J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner&nbsp;&amp; Smith Incorporated, BNY Mellon Capital Markets, LLC, Morgan Stanley&nbsp;&amp; Co. LLC, Scotia Capital (USA) Inc., Barclays Capital Inc., UBS Securities LLC and Mitsubishi UFJ
Securities (USA), Inc. (the &#147;<B>Agreement</B>&#148;), and do hereby further certify on behalf of EQR and ERP, as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. The
representations and warranties of EQR and ERP in the Agreement are true and correct on and as of the date hereof as though made on and as of this date; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. Each of EQR and ERP have performed all obligations and satisfied all conditions on its part to be performed or satisfied pursuant to the
Agreement on or prior to the date hereof; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. As of the date hereof, Registration Statement (File No.&nbsp;333-212284) of EQR and ERP
and any post-effective amendments thereto have become effective under the Act; no stop order suspending the effectiveness of such Registration Statement has been issued and no proceeding for that purpose or pursuant to Section&nbsp;8A of the Act has
been initiated or, to the knowledge of the undersigned, threatened by the Commission; no notice of objection of the Commission to the use of such Registration Statement pursuant to Rule 401(g)(2) under the Act has been received by EQR or ERP; and
all requests for additional information on the part of the Commission have been complied with. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All capitalized terms used herein and not
otherwise defined shall have the respective meanings assigned to them in the Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>[</B>Signature Page Follows<B>]</B> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-1 </P>


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 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name: Mark J. Parrell</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title: Executive Vice President and Chief Financial Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name: Bruce C. Strohm</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title: Executive Vice President, General Counsel and Corporate Secretary</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit C-1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FORM OF OPINION AND NEGATIVE ASSURANCE STATEMENT OF </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DLA PIPER LLP, </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>COUNSEL
TO THE TRANSACTION ENTITIES </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. The Company is a real estate investment trust validly existing under and by virtue of Title 8 and is
in good standing with the State Department of Assessments and Taxation of Maryland. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. The Operating Partnership is a limited partnership
validly existing and in good standing under the IL Limited Partnership Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. The Company has the real estate investment trust power and
authority to own, lease and operate its properties and to conduct its business as described in the Prospectus and to execute, deliver and perform its obligations under the Distribution Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. The Operating Partnership has the limited partnership power and authority to execute, deliver and perform its obligations under the
Distribution Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. No consent, approval, authorization or order of, or registration or filing with, any court or other
governmental or regulatory authority or agency is required under Applicable Laws for the execution and delivery by each of the Company and the Operating Partnership of the Distribution Agreement or the issuance of the Shares by the Company pursuant
to, or the performance of the obligations of each of the Company and the Operating Partnership under, the Distribution Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. The
Distribution Agreement has been duly authorized, executed and delivered by each of the Company and the Operating Partnership. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7. The
Shares have been duly authorized by the Company for issuance and sale pursuant to the Distribution Agreement. When (i) the purchase price or prices for the Shares and the number of Shares (in any case not to exceed 13,000,000 in the aggregate under
the Distribution Agreement) to be offered and sold from time to time have been duly established and approved by resolutions duly adopted by the Company&#146;s Board of Trustees or a duly authorized committee thereof (the "<U>Board</U>") in
accordance with the resolutions authorizing the issuance thereof and agreed upon by the Company and the respective purchasers of the Shares, and (ii) the Shares have been issued and delivered by the Company against payment of such purchase price or
prices, as the case may be, in accordance with the Distribution Agreement, after deduction from such purchase price or prices of the Sales Agent&#146;s commission and such other amounts, if any, as may be deducted therefrom in accordance with the
Distribution Agreement and resolutions duly adopted by the Board, the Shares will be validly issued, fully paid and nonassessable; <U>provided</U>, that (A) the purchase price per Share paid by purchasers is equal to or in excess of the par value
per Common Share and in excess of any minimum purchase price, and within any other parameters, established by the Board and (B) the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C-1-1 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
aggregate number of Shares issued and issuable pursuant to the Distribution Agreement, when taken together with the other issued and outstanding Common Shares (including any treasury shares),
does not exceed the number of authorized Common Shares set forth in the Articles of Restatement of Declaration of Trust of the Company (the &#147;<U>Articles of Restatement</U>&#148;). The issuance and sale of the Shares pursuant to the Distribution
Agreement is not subject to any preemptive rights of any securityholder of the Company arising under Title 8 as currently in effect or the Articles of Restatement or the Eighth Amended and Restated Bylaws of the Company (the
&#147;<U>Bylaws</U>&#148;), each as currently in effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">8. The Registration Statement became effective under the 1933 Act; the
Prospectus has been filed pursuant to the 1933 Act Regulations; and, to our knowledge, no stop order suspending the effectiveness of the Registration Statement has been issued under the 1933 Act and no proceedings for that purpose have been
instituted or are pending by the Commission. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">9. The Registration Statement, as of the date it first became effective, and the Prospectus,
as of the date of the Prospectus Supplement, each appeared on its face to be appropriately responsive in all material respects to the applicable requirements of the 1933&nbsp;Act and the 1933&nbsp;Act Regulations for registration statements on
Form&nbsp;S-3 or related prospectuses, as the case may be, except in each case that we express no opinion in this paragraph 9 with respect to (i)&nbsp;financial statements and schedules and other financial or statistical data derived from financial
statements included or incorporated by reference therein or omitted therefrom and (ii)&nbsp;the Incorporated Documents. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">10. The documents
incorporated by reference in the Prospectus, at the respective times such documents were filed with the Commission, each appeared on its face to be appropriately responsive in all material respects with the applicable requirements of the Exchange
Act and the rules and regulations of the Commission promulgated thereunder, except in each case that we express no opinion with respect to&nbsp;financial statements and schedules and other financial or statistical data derived from financial
statements included or incorporated by reference therein or omitted therefrom. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">11. The statements set forth in the Base Prospectus under
the heading &#147;Description of Equity Residential Securities &#150; Common Shares,&#148; to the extent such statements purport to describe certain provisions of the Common Shares as set forth in the Articles of Restatement as currently in effect,
and the statements set forth in the Prospectus under the heading &#147;Plan of Distribution,&#148; to the extent such statements purport to describe certain provisions of the Distribution Agreement, accurately describe such provisions in all
material respects, except that we express no opinion in this paragraph 11 to the effect that any Common Shares will be duly authorized, fully paid and nonassessable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">12. The execution, delivery and performance by each of the Company and the Operating Partnership of the Distribution Agreement and the
consummation by each of the Company and the Operating Partnership of the transactions contemplated thereby (i) do not violate any provision of Applicable Laws, and (ii) do not violate any provision of the Articles of Restatement or the Bylaws or any
provision of the Certificate of Limited Partnership of the Operating Partnership or the Sixth Amended and Restated Agreement of Limited Partnership of the Operating Partnership, <U>provided</U> that the Shares are issued
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C-1-2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
and sold in accordance with the proviso to the second sentence of paragraph 7 above, and except that we express no opinion with respect to any indemnification or contribution provisions contained
in the Distribution Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">13. The Company is not required to be registered as an &#147;investment company&#148; within the meaning
of the 1940 Act. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In acting as counsel to the Company in connection with the offer and sale of the Shares, we have participated in
conferences with officers and other representatives of the Company, representatives of the independent public accountants for the Company and your representatives and counsel, at which conferences certain contents of the Registration Statement and
the Prospectus and related matters were discussed. Although we are not passing upon or assuming responsibility for the accuracy, completeness or fairness of the statements included or incorporated by reference in or omitted from the Registration
Statement, the Prospectus or the Incorporated Documents and have made no independent check or verification thereof (except as set forth in paragraph 11 above and in paragraph (ii) of our opinion to the Sales Agents dated as of the date hereof
regarding certain tax matters), based upon our participation in such conferences, no facts have come to our attention which have caused us to believe that: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) the Registration Statement (including the information in the Prospectus that was omitted from the Registration Statement at the time it
first became effective but that is deemed, pursuant to, and within the meaning of, Rule 430B(f) under the 1933 Act Regulations, to be part of and included in the Registration Statement), as of its most recent effective date and at the date hereof,
included or includes an untrue statement of a material fact or omitted or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) the Prospectus, as of the date hereof, includes an untrue statement of a material fact or omits to state a material fact necessary in
order to make the statements therein, in the light of the circumstances under which they were made, not misleading; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">except in each case that we express
no belief and make no statement with respect to financial statements and schedules and other financial or statistical data derived from the financial statements included or incorporated by reference in or omitted from the Registration Statement or
the Prospectus. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C-1-3 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit C-2 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FORM OF TAX OPINION OF </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DLA PIPER LLP, COUNSEL TO THE TRANSACTION ENTITIES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) EQR was organized and has operated in conformity with the requirements for qualification and taxation as a REIT under the Code for each of
its taxable years ended December&nbsp;31, 1992 through December&nbsp;31, 2015, and EQR&#146;s current organization and proposed method of operation will enable it to continue to meet the requirements for qualification and taxation as a REIT under
the Code for its taxable years ending after the date of this opinion. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) The discussion set forth in the Base Prospectus under the
heading &#147;Federal Income Tax Considerations Related to Common Shares&#148; (which incorporates by reference the tax discussion in EQR&#146;s and the Operating Partnership&#146;s Annual Report on Form 10-K for the year ended December&nbsp;31,
2015 under the heading &#147;Federal Income Tax Considerations&#148;) to the extent that it constitutes matters of U.S. federal income tax law or legal conclusions relating thereto, is accurate in all material respects. The U.S. federal income tax
consequences of the ownership and disposition of the Common Shares by an investor will depend upon that investor&#146;s particular situation, and we express no opinion as to the completeness of such discussion as applied to any particular holder.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C-2-1 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit C-3 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FORM OF OPINION THE GENERAL COUNSEL OF EQR </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. To my knowledge, each of the Company and the Operating Partnership is duly qualified and in good standing and authorized to transact
business in each jurisdiction in which the conduct of its business or its ownership or leasing of property requires such qualification, except where the failure to be so qualified or in good standing would not have a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. Each of the Company&#146;s Subsidiaries has been duly incorporated or formed and is validly existing, and in good standing under the laws
of the jurisdiction of its incorporation or formation, has the corporate, limited liability company or limited partnership power and authority to own, lease and operate its properties and to conduct its business as described in the Prospectus, and,
to my knowledge, is duly qualified and in good standing and authorized to transact business in any jurisdiction in which the conduct of its business or its ownership or leasing of property requires such qualification, except where the failure to be
validly existing, so qualified or in good standing would not have a Material Adverse Effect; all of the issued and outstanding shares of capital stock, limited liability company interests and partnership interests of each Subsidiary have been duly
authorized and validly issued, are, in the case of shares of capital stock, fully paid, and with respect to the shares of capital stock, limited liability company interests, and partnership interests of each Subsidiary owned by the Company, the
Operating Partnership or another subsidiary of the Company or the Operating Partnership, are owned by the Company, the Operating Partnership or another subsidiary of the Company or the Operating Partnership, to my knowledge, free and clear of any
security interest, mortgage, pledge, lien, encumbrance, claim or equity, except where any such security interest, mortgage, pledge, lien, encumbrance, claim or equity would not have a Material Adverse Effect. None of the outstanding shares of
capital stock, limited liability company interests or partnership interests of any Subsidiary were issued in violation of statutory preemptive rights or, to my knowledge, contractual rights of any security holder of such Subsidiary to subscribe for
more shares of capital stock, limited liability company interests or partnership interests, except where such violation would not have a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. The execution and delivery by each of the Company and the Operating Partnership of the Distribution Agreement, the issuance of the Common
Shares by the Company, and the performance of the obligations of each of the Company and the Operating Partnership, under the Distribution Agreement and the consummation by each of the Company and the Operating Partnership of the transactions
contemplated thereby, will not, to my knowledge, conflict with or constitute a breach of, or default under, or result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of the Company or any of its
Subsidiaries pursuant to any material agreement or other instrument that is binding upon the Company or any of its Subsidiaries, or to which any of their properties or assets is subject. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. To my knowledge, there are no (A)&nbsp;legal or governmental proceedings pending or threatened which are required to be disclosed in the
Registration Statement or the Prospectus, other than those disclosed therein, or (B)&nbsp;statutes, regulations, contracts, indentures, mortgages, loan agreements, notes, leases, instruments or other documents that are required to be described in
the Prospectus or to be filed as exhibits to the Registration Statement that are not described or filed as required. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C-3-1 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. The statements set forth in the Company&#146;s and the Operating Partnership&#146;s combined
Annual Report on Form 10-K for the year ended December&nbsp;31, 2015 and the Company&#146;s and the Operating Partnership&#146;s combined Quarterly Report on Form 10-Q for the quarterly period ended March&nbsp;31, 2016 under the heading &#147;Legal
Proceedings,&#148; insofar as such statements purport to summarize certain legal matters, documents or proceedings or legal conclusions, to my knowledge, fairly summarize in all material respects the matters therein described. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C-3-2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit D </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CERTIFICATE OF CHIEF FINANCIAL OFFICER </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>OF </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EQUITY RESIDENTIAL
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 20<U>&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Certificate of Chief Financial Officer is being delivered pursuant to Section&nbsp;5(a)(iv) of the Distribution Agreement, dated
June&nbsp;29, 2016 (the &#147;<U>Distribution Agreement</U>&#148;), by and among Equity Residential, a Maryland real estate investment trust (the &#147;<U>Company</U>&#148;), ERP Operating Limited Partnership, an Illinois limited partnership (the
&#147;<U>Operating Partnership</U>,&#148; and together with the Company, the &#147;<U>Transaction Entities</U>&#148;), and each of J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner&nbsp;&amp; Smith Incorporated, BNY Mellon Capital Markets,
LLC, Morgan Stanley&nbsp;&amp; Co. LLC, Scotia Capital (USA) Inc., Barclays Capital Inc., UBS Securities LLC and Mitsubishi UFJ Securities (USA), Inc. (collectively, the &#147;<U>Sales Agents</U>&#148;). All capitalized terms used but not defined
herein shall have the meanings ascribed to them in the Distribution Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The undersigned hereby certifies to each of the Sales
Agents that he is the duly elected, qualified and acting Executive Vice President and Chief Financial Officer of the Company, and that the undersigned is authorized to execute this Certificate on behalf of the Company and the Operating Partnership,
as its general partner, and further certifies to each of the Sales Agents that: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top">Attached hereto as <U>Exhibit A </U>are the unaudited consolidated balance sheets of the Company as of <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 20<U>&nbsp;&nbsp;&nbsp;&nbsp;</U>
and December&nbsp;31, 20<U>&nbsp;&nbsp;&nbsp;&nbsp;</U> and the unaudited consolidated statements of operations of the Company for the quarters ended <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>,
20<U>&nbsp;&nbsp;&nbsp;&nbsp;</U> and 20<U>&nbsp;&nbsp;&nbsp;&nbsp;</U> (the &#147;<U>Selected Financial Data</U>&#148;). </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top">The Selected Financial Data (i)&nbsp;are derived from the internal accounting records of the Company, (ii)&nbsp;are prepared on a basis substantially consistent with the audited financial statements of the Company
incorporated by reference in the Registration Statement and Prospectus (except that the Selected Financial Data does not include statements of comprehensive income, statements of cash flows, statements of changes in equity or footnotes thereto),
(iii)&nbsp;present fairly, in all material respects, the financial position of the Company and its consolidated subsidiaries and their results of operations as of and for the quarter ended
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 20<U>&nbsp;&nbsp;&nbsp;&nbsp;</U>, and (iv)&nbsp;have been prepared in accordance with U.S. GAAP applied on a consistent basis. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">I, or members of my staff, have read and reviewed the financial information and other data marked on the copies
of the Company&#146;s Current Reports on Form 8-K filed pursuant to Item 8.01 thereof on <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 20<U>&nbsp;&nbsp;&nbsp;&nbsp;</U> and
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 20<U>&nbsp;&nbsp;&nbsp;&nbsp;</U> (the &#147;<U>8.01 8-Ks</U>&#148;) and attached hereto as <U>Exhibit B</U>, and, with regard to such information, (i)&nbsp;we compared
the respective amounts with the corresponding </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">D-1 </P>


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<TD WIDTH="8%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
amounts in the Selected Financial Data and found them to be in agreement or (ii)&nbsp;we compared such financial information or other data to the internal accounting records of the Company from
which the Selected Financial Data were derived and found them to be in agreement. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top">Nothing has come to my attention that caused me to believe that the financial information and other data set forth in the 8.01 8-Ks was inaccurate or incomplete in any material respect or failed to fairly present, in
all material respects, the financial condition, results of operations and cash flows of the Company and the Operating Partnership as of, and for, the periods presented in the 8.01 8-Ks. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top">No financial statements that have been audited or reviewed by our independent accounting firm are available for any period since December&nbsp;31, 20<U>&nbsp;&nbsp;&nbsp;&nbsp;</U>. As of the date hereof, other than as
disclosed in the 8.01 8-Ks, (i)&nbsp;there were no changes in common shares of the Company or any increase in long-term debt or any decreases in the consolidated net assets or shareholders&#146; equity of the Company, as compared with the amounts
shown on the December&nbsp;31, 20<U>&nbsp;&nbsp;&nbsp;&nbsp;</U> audited consolidated balance sheet included in the Company&#146;s Annual Report on Form 10-K for the year ended December&nbsp;31, 20<U>&nbsp;&nbsp;&nbsp;&nbsp;</U>, other than
disclosed by the Company in a public filing with the SEC or in the normal course of business, or (ii)&nbsp;for the period from January&nbsp;1, 20<U>&nbsp;&nbsp;&nbsp;&nbsp;</U> to
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 20<U>&nbsp;&nbsp;&nbsp;&nbsp;</U>, there were no decreases, as compared with the corresponding period in the preceding year, in consolidated total revenues or in the
total or per share amounts of consolidated income from continuing operations or of consolidated net income, other than disclosed by the Company in a public filing with the Securities and Exchange Commission or in the normal course of business.
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top">This Certificate is to assist each of the Sales Agents in conducting and documenting their investigation of the affairs of the Company and the Operating Partnership in connection with the offering of the Shares.
</TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>(Signature Page Follows) </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">D-2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the undersigned has duly executed this Certificate as of the date set forth
above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD WIDTH="87%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>EQUITY RESIDENTIAL,</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">a Maryland real estate investment trust</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Name:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Mark J. Parrell</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Title:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Executive Vice President and Chief Financial Officer</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Signature Page to the Certificate of Chief Financial Officer </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">D-3 </P>

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<DESCRIPTION>EX-5.1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 5.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>DLA Piper LLP (US)</B> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">The
Marbury Building </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">6225 Smith Avenue </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Baltimore, Maryland 21209-3600 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>T</B> 410.580.3000 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>F</B>
410.580.3001 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>W</B> www.dlapiper.com </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">June&nbsp;29, 2016 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">E<SMALL>QUITY</SMALL>
R<SMALL>ESIDENTIAL</SMALL> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Two North Riverside Plaza, Suite 400 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Chicago, Illinois 60606 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"><U>Legality of Common Shares Registered under Registration Statement on Form S-3</U> </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen:
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We serve as special Maryland counsel to Equity Residential, a Maryland real estate investment trust (the &#147;<U>Company</U>&#148;), in
connection with the offering (the &#147;<U>ATM Offering</U>&#148;) of up to 13,000,000 common shares (the &#147;<U>Placement Shares</U>&#148;) of beneficial interest, $0.01 par value per share, of the Company (&#147;<U>Common Shares</U>&#148;),
pursuant to the prospectus supplement dated June&nbsp;29, 2016 (the &#147;<U>Prospectus Supplement</U>&#148;), supplementing the prospectus dated June&nbsp;28, 2016 (the &#147;<U>Base Prospectus</U>&#148;) that forms a part of the Company&#146;s
Registration Statement on Form S-3 (File No.&nbsp;333-212284) (the &#147;<U>Registration Statement</U>&#148;) filed with the Securities and Exchange Commission (the &#147;<U>Commission</U>&#148;) under the Securities Act of 1933, as amended (the
&#147;<U>Securities Act</U>&#148;). The Placement Shares are to be sold from time to time pursuant to the distribution agreement, dated June&nbsp;29, 2016 (the &#147;<U>Distribution Agreement</U>&#148;), by and among J.P. Morgan Securities LLC,
Barclays Capital Inc., Merrill Lynch, Pierce, Fenner&nbsp;&amp; Smith Incorporated, BNY Mellon Capital Markets, LLC, Morgan Stanley&nbsp;&amp; Co. LLC, Mitsubishi UFJ Securities (USA), Inc., Scotia Capital (USA) Inc. and UBS Securities LLC, as Sales
Agents (collectively, the &#147;<U>Agents</U>&#148;), the Company and ERP Operating Limited Partnership, an Illinois limited partnership. This opinion is being provided at your request in connection with the filing of a Current Report on Form 8-K by
the Company with the Commission on the date hereof (the &#147;<U>Form 8-K</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with our representation of the
Company, and as a basis for the opinion hereinafter set forth, we have examined originals or copies, certified or otherwise identified to our satisfaction, of the following documents (collectively, the &#147;<U>Documents</U>&#148;): </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. The Distribution Agreement, certified as of the date hereof by the Secretary of the Company; </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">E<SMALL>QUITY</SMALL> R<SMALL>ESIDENTIAL</SMALL> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">June 29, 2016 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"> Page
 2
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. The Registration Statement, in the form in which it was filed with the Commission under
the Securities Act; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. The Base Prospectus, in the form contained in the Registration Statement at the time it was filed with the
Commission under the Securities Act; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. The Prospectus Supplement, in the form in which it was filed with the Commission under the
Securities Act (together with the Base Prospectus, the &#147;<U>Prospectus</U>&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. The Articles of Restatement of Declaration of
Trust of the Company, as amended, supplemented and restated (the &#147;<U>Declaration</U>&#148;), certified as of the date hereof by the Secretary of the Company; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. The Eighth Amended and Restated Bylaws of the Company (the &#147;<U>Bylaws</U>&#148;), certified as of the date hereof by the Secretary of
the Company; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7. All resolutions adopted by the Board of Trustees of the Company (the &#147;<U>Board</U>&#148;) and the Pricing Committee
of the Board relating to (a)&nbsp;the ATM Offering, (b)&nbsp;the authorization, execution and delivery of the Distribution Agreement and the transactions contemplated thereby, and (c)&nbsp;the registration, sale and issuance of the Placement Shares,
certified as of the date hereof by the Secretary of the Company; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8. A certificate of the State Department of Assessments and Taxation of
Maryland (the &#147;<U>SDAT</U>&#148;) as to the good standing of the Company, dated as of a recent date; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9. A Certificate of Corporate
Secretary executed by Bruce C. Strohm, Executive Vice President, General Counsel and Corporate Secretary of the Company, dated as of the date hereof; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10. Such other documents as we have considered necessary to the rendering of the opinion expressed below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In examining the Documents and expressing the opinion set forth below, we have assumed the following: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. Each individual executing any of the Documents, whether on behalf of such individual or another person, is legally competent to do so. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. Each individual executing any of the Documents on behalf of a party (other than the Company) is duly authorized to do so. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. Each of the parties (other than the Company) executing any of the Documents has duly and validly executed and delivered each of the
Documents to which such party is a signatory, and such party&#146;s obligations (including the Company&#146;s) set forth therein are legal, valid and binding. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">E<SMALL>QUITY</SMALL> R<SMALL>ESIDENTIAL</SMALL> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">June 29, 2016 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"> Page
 3
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. All Documents submitted to us as originals are authentic. All Documents submitted to us as
certified or photostatic copies or telecopies or portable document file (&#147;.PDF&#148;) copies conform to the original documents. All signatures on all such Documents are genuine. All public records reviewed by us are true and complete. All
statements and information contained in the Documents are true and complete. There has been no oral or written modification or amendment to the Documents, or waiver of any provision of the Documents, by action or omission of the parties or
otherwise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. The Placement Shares will not be issued or transferred in violation of any restriction or limitation on transfer or
ownership of Shares (as defined in the Declaration) contained in the Declaration. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. As to all factual matters relevant to the opinions
set forth below, we have relied upon the representations and warranties made in the Certificate of Corporate Secretary as to the factual matters set forth therein, which we assume to be accurate and complete. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7. Prior to the issuance of any of the Placement Shares, the Company will have available for issuance, under the Declaration, the requisite
number of authorized but unissued Common Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Based upon the foregoing, and subject to the assumptions, limitations and qualifications
stated herein, it is our opinion that: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. The Company is a real estate investment trust duly formed and existing under and by virtue of
the laws of the State of Maryland and is in good standing with the SDAT. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. When (a)&nbsp;the purchase price or prices for the Placement
Shares and the number of the Placement Shares (in any case not to exceed 13,000,000 in the aggregate) to be offered and sold from time to time have been duly established and approved by resolutions duly adopted by the Board, or a duly authorized
committee thereof, and agreed upon by the Company and the respective purchasers of the Placement Shares, and (b)&nbsp;the Placement Shares have been issued and delivered by the Company against payment of such purchase price or prices, as the case
may be, in accordance with the Distribution Agreement, after deduction from such purchase price or prices of the applicable Agent&#146;s commission and such other amounts, if any, as may be deducted therefrom in accordance with the Distribution
Agreement and resolutions duly adopted by the Board, or a duly authorized committee thereof, the Placement Shares will be duly authorized, validly issued, fully paid and nonassessable; provided, that (i)&nbsp;the purchase price per Placement Share
paid by purchasers is equal to or in excess of any minimum purchase price, and within any other parameters, established by the Board, or a duly authorized committee thereof in accordance with the resolutions authorizing the issuance thereof, and
(ii)&nbsp;the aggregate number of Placement Shares issued and issuable pursuant to the Distribution Agreement, when taken together with the other issued and outstanding Common Shares, does not exceed the number of authorized Common Shares set forth
in the Declaration. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">E<SMALL>QUITY</SMALL> R<SMALL>ESIDENTIAL</SMALL> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">June 29, 2016 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"> Page
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The foregoing opinion is limited to the substantive laws of the State of Maryland, and we do
not express any opinion herein concerning any other law. We express no opinion as to compliance with the securities (or &#147;blue sky&#148;) laws of the State of Maryland. The opinion expressed herein is subject to the effect of judicial decisions
which may permit the introduction of parol evidence to modify the terms or the interpretation of agreements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We assume no obligation to
supplement this opinion if any applicable law changes after the date hereof or if we become aware of any fact that might change the opinion expressed herein after the date hereof. This opinion is limited to the matters set forth herein, and no other
opinion should be inferred beyond the matters expressly stated. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We hereby consent to the filing of this opinion as an exhibit to the Form
8-K and to the use of the name of our firm in the Prospectus under the heading &#147;Legal Matters&#148;. In giving this consent, we do not admit that we are within the category of persons whose consent is required by Section&nbsp;7 of the
Securities Act. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top">Very truly yours,</TD></TR>
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<TD VALIGN="top">/s/ DLA Piper LLP (US)</TD></TR>
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<TD VALIGN="top"><B>DLA PIPER LLP (US)</B></TD></TR>
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