Mark S. Shapiro Elected Series 2026C Restricted Limited Partnership Interests

On June 18, 2026, Mark S. Shapiro, a director at Equity Residential, was granted 3,561 Series 2026C restricted limited partnership interests (RUs) as part of the company's annual long-term compensation. These RUs are designed to automatically convert into an equal number of limited partnership interests (OP Units) once a specified target for federal income tax purposes is met, which must occur within ten years of issuance. The OP Units, subject to vesting requirements and other restrictions, can be exchanged for common shares of Equity Residential on a one-to-one basis or their cash equivalent at the company's discretion. The RUs granted are scheduled to vest on June 18, 2027, and will be subject to a holding restriction until June 18, 2028. The transaction is reported on Form 4, with Mr. Shapiro acquiring these interests directly.