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EQUITY RESIDENTIAL·4

Jan 21, 4:17 PM ET

Fenster Scott 4

Research Summary

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Equity Residential (EQR) EVP Scott Fenster Receives Award 11,393 RUs

What Happened
Scott Fenster, EVP and General Counsel of Equity Residential (EQR), was granted 11,393 restricted limited partnership interests ("RUs") on January 16, 2026. The award was reported on a Form 4 filed January 21, 2026. The grant shows a $0.00 per-unit price (an award, not a purchase), and the units are derivative interests rather than direct common shares.

Key Details

  • Transaction date: 2026-01-16; Form 4 filed: 2026-01-21 (filed within the two-business-day window, timely).
  • Transaction type/code: Award/Grant (A). Amount: 11,393 RUs; reported price: $0.00.
  • Vesting: RUs are scheduled to vest on February 9, 2026 (per footnote).
  • Shares owned after transaction: Not specified in the provided filing excerpt.
  • Footnotes:
    • F1–F3: RUs are restricted limited partnership interests in the Operating Partnership retained on settlement of a 2023 LTIP award. RUs convert to OP Units when a tax-related capital-account target is met (within 10 years). OP Units are exchangeable 1:1 for common shares (or cash at the company's option); RUs reported include any OP Units into which they convert.

Context

  • This was an equity award (not a market purchase or sale), so it reflects compensation rather than an open‑market investment decision.
  • Because these are derivative partnership units with vesting and conversion mechanics, they only become equivalent to common shares (or cash) if conversion and vesting conditions are met.