Garechana Robert 4

What Happened
Garechana Robert, EVP and Chief Investment Officer of Equity Residential (EQR), sold 3,637 common shares in an open‑market or private sale on 2026-02-10 at $65.13 per share for proceeds of $236,878. On 2026-02-09 he was granted 23,065 restricted units (RUs) in the company’s operating partnership as part of the annual long‑term compensation award (reported as a derivative acquisition with $0 immediate cash value).

Key Details

• Transactions reported:
  • 2026-02-10: Sale — 3,637 shares @ $65.13 = $236,878 (code S).
  • 2026-02-09: Award/Grant — 23,065 restricted units (code A), reported at $0 (derivative).
• Footnotes:
  • F1: The sale was to cover tax withholding related to the vesting of restricted shares (routine tax withholding sale).
  • F4–F6: The 23,065 RUs are Series 2026B restricted limited partnership interests in the operating partnership; they may convert to OP Units and are exchangeable one‑for‑one for common shares (subject to vesting and tax targets). RUs vest on February 9, 2029.
  • F2–F3: Filing also references shares held via the Equity Residential 401(k) and a supplemental executive retirement plan (SERP) for the reporting person.
• Shares owned after the transactions: not specified in the provided filing excerpt.
• Filing: Form filed 2026-02-11 for report period 2026-02-09 — filing appears timely.

Context
The sale was identified in the filing as a tax‑withholding sale tied to vesting (routine administrative transaction), which generally does not signal a change in the insider’s view of the company. The awarded RUs are a long‑term, time‑vesting form of compensation that convert to partnership units and can ultimately be exchanged for common stock (or cash at the company’s option) once vesting and tax conditions are met.