Equity Residential (NYSE: EQR) director receives 3,561 restricted units as long-term pay
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Equity Residential director Mark S. Shapiro received a grant of 3,561 Restricted Units (RUs) on June 18, 2026 as part of the company’s annual long-term compensation program. These RUs automatically convert into OP Units when a tax-related capital account target is reached.
Subject to vesting and other conditions, OP Units are exchangeable at the company’s option for either an equal number of Equity Residential common shares or the cash value of those shares. The 3,561 RUs are scheduled to vest on June 18, 2027 and are subject to a holding restriction until June 18, 2028.
Positive
- None.
Negative
- None.
Insider Trade Summary
1 transaction reported
Mixed
1 txn
Insider
SHAPIRO MARK S
Role
null
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Restricted Units | 3,561 | $0.00 | -- |
Holdings After Transaction:
Restricted Units — 3,561 shares (Direct, null)
Footnotes (1)
- On June 18, 2026, the reporting person elected to receive a grant of Series 2026C restricted limited partnership interests ("RUs") in ERP Operating Limited Partnership (the "OP"), the OP of Equity Residential (the "Company"), in connection with the Company's annual grant of long-term compensation for prospective service from the 2026 Annual Meeting of Shareholders. RUs are a class of partnership interest that automatically convert into an equal number of limited partnership interests of the OP ("OP Units") when the capital account related to the RUs reaches a specified target for federal income tax purposes (provided such target is reached within ten years of issuance). Subject to the vesting requirements of the grant and certain other restrictions, OP Units are exchangeable by the holder for common shares of the Company on a one-for-one basis or the cash value of such shares, at the Company's option. The RUs reflected in this report also include any OP Units into which such RUs automatically convert. The RUs are scheduled to vest on June 18, 2027. In addition, the RUs (including any OP Units into which they may automatically convert) are subject to a holding restriction until June 18, 2028.
Key Figures
Restricted Units granted: 3,561 units
Underlying common shares: 3,561 shares
Exercise/conversion price: $0.00 per unit
+4 more
7 metrics
Restricted Units granted
3,561 units
Grant to director on June 18, 2026
Underlying common shares
3,561 shares
One-for-one exchange potential via OP Units
Exercise/conversion price
$0.00 per unit
Grant price for Restricted Units
Post-transaction derivative holdings
3,561 Restricted Units
Total RUs following this award
Vesting date
June 18, 2027
Scheduled vesting for granted RUs
Holding restriction end
June 18, 2028
RUs and OP Units subject to holding until this date
RU expiration
June 18, 2036
Expiration date shown for derivative award
Key Terms
Restricted Units, RUs, OP Units, holding restriction, +1 more
5 terms
Restricted Units financial
"the reporting person elected to receive a grant of Series 2026C restricted limited partnership interests ("RUs")"
RUs financial
"RUs are a class of partnership interest that automatically convert into an equal number of limited partnership interests"
OP Units financial
"automatically convert into an equal number of limited partnership interests of the OP ("OP Units")"
OP units are ownership stakes in an operating partnership that sits beneath a public parent company, commonly used by real estate and energy firms to hold assets and distributions. Think of them like special shares in a subsidiary: they give economic rights to profits and cash payouts but are structured differently from the parent’s common stock, so investors watch OP unit issuance because it can change the effective ownership, future distributions, and potential dilution of the parent company’s equity.
holding restriction financial
"the RUs (including any OP Units into which they may automatically convert) are subject to a holding restriction until June 18, 2028"
long-term compensation financial
"in connection with the Company's annual grant of long-term compensation for prospective service"
FAQ
What did Equity Residential (EQR) director Mark S. Shapiro report in this Form 4?
Mark S. Shapiro reported receiving a grant of 3,561 Restricted Units (RUs) on June 18, 2026. The grant represents long-term compensation tied to future service following Equity Residential’s 2026 Annual Meeting of Shareholders, rather than an open-market stock purchase or sale.
How do the Restricted Units (RUs) reported by EQR’s director convert into equity?
The RUs automatically convert into OP Units when a specified federal income tax capital account target is reached within ten years. Subject to vesting and other restrictions, OP Units are then exchangeable for Equity Residential common shares on a one-for-one basis or their cash value, at the company’s option.
When do Mark S. Shapiro’s 3,561 Restricted Units in Equity Residential vest?
The 3,561 Restricted Units are scheduled to vest on June 18, 2027. Vesting means the director’s rights to the units become earned, subject to the grant’s service and other conditions that apply from the 2026 Annual Meeting of Shareholders through that vesting date.
Are there any holding restrictions on the Equity Residential units granted to Mark S. Shapiro?
Yes. The RUs, including any OP Units into which they may convert, are subject to a holding restriction until June 18, 2028. This means the director cannot freely transfer or exchange these interests until that date, even after they vest in 2027.
Is Mark S. Shapiro’s Form 4 transaction a market buy or sell of Equity Residential stock?
No. The filing shows a grant/award acquisition of 3,561 Restricted Units as compensation, coded “A.” It is not an open-market purchase or sale of Equity Residential common shares, but part of the company’s long-term incentive structure for board service.