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EQUITY RESIDENTIAL·4

Feb 11, 4:31 PM ET

Manelis Michael L 4

Research Summary

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Equity Residential (EQR) COO Michael L. Manelis Sells Shares

What Happened Michael L. Manelis, Executive Vice President & COO of Equity Residential (EQR), sold 5,765 common shares in an open-market transaction on Feb 10, 2026 at $65.13 per share for proceeds of $375,474. On Feb 9, 2026 he also received equity awards: 12,010 restricted shares (grant), plus 43,542 and 6,416 restricted units/derivative interests (reported as awards at $0.00). The sales were reported as taking place to satisfy tax-withholding obligations related to vesting (footnote F3).

Key Details

  • Transactions:
    • Feb 9, 2026 — Award/Grant: 12,010 restricted shares (reported $0.00 acquisition).
    • Feb 9, 2026 — Award/Grant: 43,542 restricted units/derivative interests (reported $0.00).
    • Feb 9, 2026 — Award/Grant: 6,416 restricted units/derivative interests (reported $0.00).
    • Feb 10, 2026 — Sale (open market): 5,765 shares @ $65.13 = $375,474 (disposed).
  • Vesting/conversion notes: restricted shares and restricted units are scheduled to vest on Feb 9, 2029 (F1, F8). The reported restricted units (RUs) convert to OP Units and are exchangeable one-for-one for common shares (or cash at the company’s option) when certain tax-related targets are met (F6, F7).
  • Tax withholding: the Feb 10 sale is reported as a disposition to pay tax liabilities incurred on the vesting of restricted shares (F3).
  • Other holdings: some shares are held in trust for the reporting person under the company’s supplemental executive retirement plan (SERP) (F4). The filing notes that direct totals include restricted shares scheduled to vest (F2).
  • Filing: Report filed Feb 11, 2026 for transactions on Feb 9–10, 2026 — appears to be timely (Form 4 is typically due within two business days).

Context

  • This filing combines routine grant of long-term compensation (restricted shares/units with multi-year vesting) and a small open-market sale to cover taxes. Awards with multi-year vesting (through 2029) should be viewed as deferred compensation rather than an immediate liquidity event. The sale itself was modest relative to the award amounts and was disclosed as tax-related rather than an investment view.