Equity Residential and Zipcar Announce Partnership To Bring Zipcars to Apartment Properties in Top U.S. Cities

CHICAGO and CAMBRIDGE, Mass., May 3, 2011 /PRNewswire/ -- Equity Residential (NYSE: EQR), the nation's leading owner and operator of apartment properties, and Zipcar, Inc. (Nasdaq: ZIP), the world's leading car sharing network, today announced a strategic partnership that will expand the presence of Zipcar's car sharing services at Equity Residential apartment properties.  As part of this agreement, Zipcars will be placed at Equity Residential apartment properties in New York, Boston, Washington, D.C. and Seattle.  These vehicles can be accessed by more than 17,000 residents living in participating properties.

"We are delighted to partner with Zipcar to bring this extraordinary lifestyle amenity directly to our residents in these key strategic cities," said David Santee, Equity Residential's Executive Vice President of Operations.  "Our partnership with Zipcar will continue to grow as both companies expand their presence in these highly sought after locations, further differentiating our properties as exceptional lifestyle choices."

"Zipcar offers all of the benefits of car ownership without the hassles.  This partnership is a win-win lifestyle choice for residents of Equity Residential properties and the surrounding neighborhoods.  Since each Zipcar removes approximately fifteen personally-owned cars from the road, we help alleviate the demand for parking and we reduce congestion and the carbon footprint making our cities more affordable, livable and sustainable," said Zipcar Chairman and CEO Scott Griffith.  "We commend Equity Residential as a top, forward-thinking partner.  This offering delivers an outstanding value to residents of Equity properties since Zipcar members report saving $7,200 per year versus car ownership."

This program between Equity Residential and Zipcar has the potential to expand in additional U.S. metro markets.  Zipcar's acquisition of strategic parking locations is key to advancing utilization by existing members as well as attracting new members.  Zipcar will provide vehicles onsite at Equity Residential properties in New York, Boston, Washington, D.C. and Seattle and will offer a membership promotion to all Equity Residential residents in Zipcar's U.S. markets.

About Equity Residential

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 450 properties totaling 129,125 apartment units. For more information on Equity Residential, please visit our website at www.equityapartments.com.

About Zipcar

Zipcar is the world's leading car sharing network with more than 560,000 members and over 8,000 vehicles in urban areas and college campuses throughout the United States, Canada and the United Kingdom. Zipcar offers more than 30 makes and models of self-service vehicles by the hour or day to residents and businesses looking for an alternative to the high costs and hassles of owning a car. More information is available at www.zipcar.com.

Zipcar and the Zipcar logo are trademarks of Zipcar, Inc.

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks, uncertainties and other factors, including statements with respect to expanding Zipcar's car sharing services at Equity Residential apartment properties, the potential future growth of the relationship between Zipcar and Equity Residential and the expansion into additional US markets.  Among the factors that could cause Zipcar's actual results to differ materially from those indicated by such forward-looking statements include Zipcar's ability to maintain its historic growth rates, demands placed on our management and infrastructure by growth, economic conditions, increased competition, and other risks detailed in Zipcar's final prospectus related to our initial public offering filed pursuant to Rule 424b under the Securities Act with the Securities and Exchange Commission on April 14, 2011. All forward-looking statements reflect Zipcar'[s expectations only as of the date of this release and should not be relied upon as reflecting Zipcar's views, expectations or beliefs at any date subsequent to the date of this release.

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SOURCE Zipcar