This excerpt taken from the EQR 10-Q filed Nov 7, 2007.
On April 27 and May 24, 2007, the Board of Trustees approved an increase of $200.1 million and an
additional $500.0 million, respectively, to the Companys authorized share repurchase program. Considering the above additional authorizations and the repurchase activity for the nine months ended September 30, 2007, EQR has authorization to repurchase an additional $65.0 million of its shares as of September 30, 2007.
During the nine months ended September 30, 2007, the Company repurchased 25,094,346 of its Common Shares at an average price of $45.30 per share for total consideration of $1.1 billion. These shares were retired subsequent to the repurchase. Of the total shares repurchased, 84,046 shares were repurchased from employees at an average price of $53.85 per share (the average of the then current market prices) to cover the minimum statutory tax withholding obligations related to the vesting of employees restricted shares. The remaining 25,010,300 shares were repurchased in the open market at an average price of $45.27 per share.