CHICAGO--(BUSINESS WIRE)--
Equity Residential (NYSE: EQR) today announced that it has called its
Series E Preferred Shares and Series H Preferred Shares for redemption.
The redemption of these shares will have no effect on the company’s 2010
or future funds from operations. The liquidation value of the Series E
and H Preferred Shares outstanding at September 27, 2010 totaled
approximately $8.7 million.
Series E Preferred Share Redemption
The company has called for redemption, on November 1, 2010, all of its
outstanding Series E Cumulative Convertible Preferred Shares of
Beneficial Interest. The Series E Preferred Shares will be redeemed at a
price of $25.00 per share, plus $0.1556 per share, representing
dividends for the period from October 1, 2010 through November 1, 2010.
As of the close of business on September 27, 2010, there were 323,666
shares of Series E Preferred Shares outstanding.
From the redemption date forward, dividends will no longer accrue and
holders will have no rights other than the right to receive the
redemption price, without interest, upon surrender of the Series E
Shares. Payment of the redemption price will be made only upon
presentation and surrender of certificates representing the Series E
Shares to Computershare Inc., the redemption agent, during its business
hours at the address specified in the Notice of Redemption.
The Series E Shares remain convertible in accordance with their terms at
any time prior to the close of business on October 29, 2010. Each Series
E Share is convertible into 1.1128 common shares of the company.
Computershare Inc. is the conversion agent, located at the address
specified in the Notice of Redemption.
The Notice of Redemption and related materials will be mailed to holders
of the Series E Shares no later than Friday, October 1, 2010.
Series H Preferred Share Redemption
The company has called for redemption, on November 1, 2010, all of its
outstanding Series H Cumulative Convertible Preferred Shares of
Beneficial Interest. Each Series H Preferred Share will be redeemed for
1.448 common shares of the company plus cash (to the nearest cent) in
lieu of any fractional shares based on the closing market price of the
company’s common shares on the trading day immediately preceding the
redemption date. As of the close of business on September 27, 2010,
there were 22,459 shares of Series H Preferred Shares outstanding.
From the last dividend payment date preceding the date of redemption
through the date of redemption, the company will not make payment or
allowance for any unpaid dividends on Series H Shares called for
redemption or on the common shares issued upon redemption. From the
redemption date forward, dividends will no longer accrue and holders
will have no rights other than the right to receive the redemption price
upon surrender of the Series H Shares. Holders of Series H Shares who
receive common shares of the company pursuant to the redemption and hold
such common shares through the record date for the next quarterly
distribution will receive the full quarterly distribution payable on
such common shares for such period. Payment of the redemption price will
be made only upon presentation and surrender of certificates
representing the Series H Shares to Computershare Inc., the redemption
agent, during its business hours at the address specified in the Notice
of Redemption.
The Series H Shares remain convertible in accordance with their terms at
any time prior to the close of business on November 1, 2010. Each Series
H Share is convertible into 1.448 common shares of the company.
Computershare Inc. is the conversion agent, located at the address
specified in the Notice of Redemption.
The Notice of Redemption and related materials will be mailed to holders
of the Series H Shares no later than Friday, October 1, 2010.
Forward-Looking Statements
The forward-looking statements contained in this news release are
subject to certain risks and uncertainties including, without
limitation, the risks described under the heading “Risk Factors” in our
Annual Report on Form 10-K filed with the Securities and Exchange
Commission (SEC) and available on our website, www.equityapartments.com.
The company assumes no obligation to update or supplement
forward-looking statements that become untrue because of subsequent
events.
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 479
properties totaling 134,484 units in 21 states and the District of
Columbia. For more information on Equity Residential, please visit our
website at www.equityapartments.com.
Source: Equity Residential
Contact:
Equity Residential
Marty McKenna, (312) 928-1901