Equity Residential has announced the death of founder and Chairman Samuel Zell, an early exponent of real estate investment trusts (REIT).

A real estate investor since the 1960s, Zell helping revolutionize publicly traded real estate companies when he popularized the REIT structure in the 1990s, also pushing for their ownership structure to reflect an increasingly diverse ownership base.

Zell founded Equity Residential’s predecessor company when he was a student at the University of Michigan, subsequently listing it on the New York Stock Exchange in August 1993. Under his leadership, Equity Residential grew its portfolio of apartment developments to US $31 billion and joined the S&P 500 as a member company. Over the years Zell invested in and grew businesses in multiple industries including real estate, manufacturing, retail, travel, healthcare and energy.

Active as a philanthropist with a focus on entrepreneurial education, he also established several entrepreneurship programs including the Zell Lurie Institute at the University of Michigan; the Zell Fellows Program for entrepreneurship at Northwestern University’s Kellogg School of Management; the Samuel Zell & Robert Lurie Real Estate Center at the University of Pennsylvania’s Wharton School and the Zell Entrepreneurship Program at Reichman University (formerly IDC Herzliya), a private higher education institution in Israel.

The world has lost one of its greatest investors and entrepreneurs

“The world has lost one of its greatest investors and entrepreneurs,” says Mark J. Parrell, Equity Residential’s President and CEO. “Sam’s insatiable intellectual curiosity and passion for deal making created some of the most dynamic companies in the public real estate industry. He was a generous philanthropist and an incredible mentor and friend and will be missed by all who were lucky enough to be part of his extraordinary world. We extend our deepest condolences to Sam’s family and loved ones.”

David J. Neithercut (67), who has been appointment as Chairman of Equity Residential’s Board of Trustees, adds: “Sam spent decades creating value for the investors in Equity Residential and his many other enterprises. It was my great privilege to work closely and learn from him for more than 35 years and my honor to succeed him as Chairman.

“The Board, executive leadership and all the employees of Equity Residential are committed to honoring Sam’s legacy through a continued focus on value creation for our shareholders.”

Visit www.samzelllegacy.com for a retrospective on Samuel Zell’s many accomplishments and contributions to the investment and philanthropic communities.