CHICAGO, IL (REIT Media) March 11, 2008 - Equity Residential (NYSE: EQR) today announced that the company closed a $500 million secured loan originated by Wachovia Multifamily Capital, Inc. for repurchase by Freddie Mac (NYSE: FRE). The loan has an 11.5 year term with 10.5 years at a fixed rate and the final year at a floating rate. The all-in effective interest rate is 5.48 percent. The loan is collateralized with thirteen geographically diverse properties and allows for collateral substitutions and releases upon certain conditions. The company currently has approximately $1.4 billion available on its unsecured revolving credit facility and approximately $500 million of unrestricted cash. Proceeds from the new loan will be used to retire all of the company’s 2008 loan maturities as they come due.

“With the current uncertainty in the credit markets, we are very pleased to build on our long term relationship with Freddie Mac to further solidify our already strong balance sheet. Freddie Mac and Wachovia are valued partners of the company and, as demonstrated by this loan, continue to make substantial liquidity available to the multifamily sector,” said Mark J. Parrell, Equity Residential’s Executive Vice President and Chief Financial Officer.

Equity Residential is an S&P 500 company focused on the acquisition, development and management of high quality apartment properties in top U.S. growth markets. Equity Residential owns or has investments in 569 properties consisting of 150,162 apartment units. For more information on Equity Residential, please visit our website at www.equityresidential.com.

Equity Residential
Marty McKenna
(312) 928-1901