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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
SMITH GREGORY H
   2. Issuer Name and Ticker or Trading Symbol
EQUITY RESIDENTIAL [EQR] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Executive Vice President
(Last)
(First)
(Middle)
TWO NORTH RIVERSIDE PLAZA		 3. Date of Earliest Transaction (Month/Day/Year)
11/24/2006
(Street)

CHICAGO, IL 60606		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Shares of Beneficial Interest 11/24/2006   M   52,376 A $ 21.0625 98,440 (1) D  
Common Shares of Beneficial Interest 11/24/2006   S   52,376 D $ 53.7265 (2) 46,064 (1) D  
Common Shares of Beneficial Interest               136,624 (3) I SERP

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Non-Qualified Stock Option (right to buy) $ 23.55             02/07/2004 02/07/2013 Common Shares of Beneficial Interest 45,921   45,921 (4) D  
Non-Qualified Stock Option (right to buy) $ 25.844             01/18/2002 01/18/2011 Common Shares of Beneficial Interest 43,520   43,520 (5) D  
Non-Qualified Stock Option (right to buy) $ 27.2             01/16/2003 01/16/2012 Common Shares of Beneficial Interest 50,091   50,091 (6) D  
Non-Qualified Stock Option (right to buy) $ 27.6             07/11/2002 07/11/2011 Common Shares of Beneficial Interest 65,000   65,000 (7) D  
Non-Qualified Stock Option (right to buy) $ 29.25             01/27/2004 01/27/2014 Common Shares of Beneficial Interest 43,697   43,697 (8) D  
Non-Qualified Stock Option (right to buy) $ 31.76             02/03/2005 02/03/2015 Common Shares of Beneficial Interest 33,145   33,145 (9) D  
Non-Qualified Stock Option (right to buy) $ 42.8             02/03/2007 02/03/2017 Common Shares of Beneficial Interest 26,956   26,956 (10) D  
Non-Qualified Stock Option (right to buy) $ 21.0625 11/24/2006   M     52,376 01/24/2001 01/24/2010 Common Shares of Beneficial Interest 52,376 $ 53.7265 4,600 (11) D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
SMITH GREGORY H
TWO NORTH RIVERSIDE PLAZA
CHICAGO, IL 60606		       Executive Vice President  

Signatures

 By: Barbara Shuman, Attorney-in-fact   11/27/2006
**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).
(2) Represents the weighted average of individual sales prices within a range of $53.65 to $53.81.
(1) Shares reported on this line are owned directly and some of the shares are subject to vesting.
(11) Share options reported on this line are fully exercisable.
(5) 29,013 share options reported herein are currently exercisable; and 14,507 share options will become exercisable on January 18, 2004.
(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.
(6) 16,697 share options reported herein are currently exercisable; 16,697 share options are scheduled to vest on January 16, 2004; and 16,697 share options are scheduled to vest on January 16, 2005.
(9) Share options reported on this line will become exercisable in three equal installments on February 3, 2006; February 3, 2007 and February 3, 2008.
(4) 15,307 share options reported herein will become exercisable on February 7, 2004; 15,307 share options will become exercisable on February 7, 2005; 15,307 share options will become exercisable on February 7, 2006.
(7) One-third of the share options reported on this line are exercisable; one-third will become exercisable on July 11, 2003; and one-third will become exercisable on July 11, 2004.
(8) Share options reported on this line will become exercisable in three equal installments on January 27, 2005; January 27, 2006 and January 27, 2007.
(10) Share options reported on this line will become exercisable in three equal installments on February 3, 2007; February 3, 2008 and February 3, 2009.

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