FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person * EVANS STEPHEN O   2. Issuer Name and Ticker or Trading Symbol EQUITY RESIDENTIAL [EQR] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director _____ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) 5825 E. STARLIGHT WAY 3. Date of Earliest Transaction (Month/Day/Year) 11/10/2006 (Street) PARADISE VALLEY, AZ 85253 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Shares of Beneficial Interest 11/10/2006   M   3,332 A $ 22.9688 17,672.75 D   Common Shares of Beneficial Interest 11/10/2006   M   5,921 A $ 23.55 23,593.75 D   Common Shares of Beneficial Interest 11/10/2006   M   10,000 A $ 25.865 33,593.75 D   Common Shares of Beneficial Interest 11/10/2006   M   5,003 A $ 27.2 38,596.75 D   Common Shares of Beneficial Interest 11/10/2006   M   5,532 A $ 29.25 44,128.75 D   Common Shares of Beneficial Interest 11/10/2006   M   3,162 A $ 31.76 47,290.75 D   Common Shares of Beneficial Interest 11/10/2006   M   1,481 A $ 42.8 48,771.75 D   Common Shares of Beneficial Interest 11/10/2006   S   5,003 D $ 50.0601 (1) 43,768.75 D   Common Shares of Beneficial Interest 11/10/2006   S   3,332 D $ 50.0601 (1) 40,436.75 D   Common Shares of Beneficial Interest 11/10/2006   S   10,000 D $ 50.0601 (1) 30,436.75 D   Common Shares of Beneficial Interest 11/10/2006   S   3,162 D $ 50.0601 (1) 27,274.75 D   Common Shares of Beneficial Interest 11/10/2006   S   5,921 D $ 50.0601 (1) 21,353.75 D   Common Shares of Beneficial Interest 11/10/2006   S   5,532 D $ 50.0601 (1) 15,821.75 D   Common Shares of Beneficial Interest 11/10/2006   S   1,481 D $ 50.0601 (1) 14,340.75 D   Common Shares of Beneficial Interest               100,000 (2) I Evans Family LLC Common Shares of Beneficial Interest               8,643 (3) I SERP

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Non-Qualified Stock Option (right to buy)

$ 22.9688

11/10/2006

M

3,332

11/16/2000

05/16/2010

Common Shares of Beneficial Interest

3,332

$ 50.0601 (1)

0 (4)

D

Non-Qualified Stock Option (right to buy)

$ 23.55

11/10/2006

M

5,921

02/18/2003

02/07/2013

Common Shares of Beneficial Interest

5,921

$ 50.0601 (1)

0 (5)

D

Non-Qualified Stock Option (right to buy)

$ 25.865

11/10/2006

M

10,000

11/15/2001

05/15/2011

Common Shares of Beneficial Interest

10,000

$ 50.0601 (1)

0 (6)

D

Non-Qualified Stock Option (right to buy)

$ 27.2

11/10/2006

M

5,003

01/17/2003

01/17/2012

Common Shares of Beneficial Interest

5,003

$ 50.0601 (1)

0 (7)

D

Non-Qualified Stock Option (right to buy)

$ 29.25

11/10/2006

M

5,532

01/27/2004

01/27/2014

Common Shares of Beneficial Interest

5,532

$ 50.0601 (1)

0 (8)

D

Non-Qualified Stock Option (right to buy)

$ 31.76

11/10/2006

M

3,162

02/03/2005

02/03/2015

Common Shares of Beneficial Interest

3,162

$ 50.0601 (1)

1,581 (9)

D

Non-Qualified Stock Option (right to buy)

$ 42.8

11/10/2006

M

1,481

08/03/2006

02/03/2016

Common Shares of Beneficial Interest

1,481

$ 50.0601 (1)

2,964 (10)

D

Operating Partnership Units

$ 0

12/23/1997

08/08/1988

Common Shares of Beneficial Interest

35,550

35,550 (11)

I

Evans Family LLC

Operating Partnership Units

$ 0

12/23/1997

08/08/1988

Common Shares of Beneficial Interest

1,133,224

1,133,224 (12)

I

EW Investments

Operating Partnership Units

$ 0

12/23/1997

08/08/1988

Common Shares of Beneficial Interest

4

4 (13)

I

Trust

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
EVANS STEPHEN O 5825 E. STARLIGHT WAY PARADISE VALLEY, AZ 85253	X

Signatures

By: Barbara Shuman, Attorney-in-fact		11/13/2006
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(4)	Share options reported on this line are fully exercisable.
(11)	Shares or OP Units reported on this line are beneficially owned by The Evans Family Limited Liability Company, of which Mr. Evans serves as the manager.
(7)	3,333 share options reported herein are exercisable; 1,667 will become exercisable on January 17, 2004.
(6)	6,668 share options reported herein are currently exercisable; and 3,332 share options will become exercisable on May 15, 2003.
(13)	OP Units reported on this line are beneficially owned by The Evans Family Revocable Trust (Trust), of which Mr. Evans serves as the trustee. Prior to the conversion of the OP Units into shares The Evans Family Revocable Trust assigned all interest in the shares to Evans Holdings Limited Partnership (Evans Holdings), of which Mr. Evans is the president.
(1)	Represents the weighted average of individual sales prices within a range of $50.00 to $50.16.
(5)	1,974 share options reported herein will become exercisable on February 7, 2004; 1,974 share options will become exercisable on February 7, 2005; and 1,973 share options will become exercisable on February 7, 2006.
(10)	Share options reported on this line will become exercisable in three equal installments on August 3, 2006; February 3, 2007 and February 3, 2008.
(8)	Share options reported on this line will become exercisable in three equal installments on July 27, 2004; January 27, 2005 and January 27, 2006.
(3)	Shares reported herein are owned by the AST Trust Company, as Trustee of the Equity Residential Supplemental Retirement Plan for the benefit of the reporting person and were acquired through Equity Residential's Employee Share Purchase Plan.
(9)	Share options reported on this line will become exercisable in three equal installments on August 3, 2005; February 3, 2006 and February 3, 2007.
(12)	OP Units reported on this line are beneficially owned by EW Investments Limited Partnership (EW Investments), of which Mr. Evans serves as a general partner and has a 50% ownership interest. As such, Mr. Evans may be deemed the beneficial owner of approximately 50% of the common shares of the OP Units beneficially owned by EW Investments. Mr. Evans disclaims beneficial ownership of the other 50% interest in such common shares and OP Units, which are beneficially owned by other persons.
(2)	Shares or OP Units reported on this line are beneficially owned by The Evans Family Limited Liability Company, of which Mr. Evans serves as the manager.

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