CHICAGO--(BUSINESS WIRE)--
Equity Residential (NYSE: EQR) announced today that it intends to offer
approximately 19 million of its common shares. Morgan Stanley will act
as bookrunning manager for the offering. The Company intends to grant
the underwriters an option to purchase up to an additional 2.85 million
common shares to cover over-allotments, if any.
The Company plans to use the net proceeds from the offering to fund a
portion of the cash purchase price for the acquisition of assets of
Archstone Enterprise LP, which was also announced today. The closing of
the offering is not conditioned upon the consummation of the
acquisition. If the acquisition is not consummated, the Company plans to
use the net proceeds from the offering for working capital and general
company purposes.
The offering of the common shares will be made under the Company’s
existing shelf registration statement. A prospectus supplement relating
to the offering will be filed with the Securities and Exchange
Commission. When available, the prospectus supplement and accompanying
base prospectus relating to the offering may be obtained from Morgan
Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New York, New York
10014, Attention: Prospectus Department, telephone: (866) 718-1649 or
email: prospectus@morganstanley.com.
A registration statement relating to the common shares has been filed
with the Securities and Exchange Commission and has become effective.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of the
common shares in any jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. Any offer or sale will be made
only by means of a prospectus supplement, prospectus or authorized free
writing prospectus which have or will be filed with the Securities and
Exchange Commission.
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 418
properties located in 13 states and the District of Columbia, consisting
of 118,986 apartment units. For more information on Equity Residential,
please visit our website at www.equityapartments.com.
Forward-Looking Statements
In addition to historical information, this press release contains
forward-looking statements and information within the meaning of the
federal securities laws. These statements are based on current
expectations, estimates, projections and assumptions made by management.
While Equity Residential’s management believes the assumptions
underlying its forward-looking statements are reasonable, such
information is inherently subject to uncertainties and may involve
certain risks, including, without limitation, changes in general market
conditions, including the rate of job growth and cost of labor and
construction material, the level of new multifamily construction and
development, competition and local government regulation. Other risks
and uncertainties are described under the heading “Risk Factors” in our
Annual Report on Form 10-K and subsequent periodic reports filed with
the Securities and Exchange Commission (SEC) and available on our
website, www.equityapartments.com.
Many of these uncertainties and risks are difficult to predict and
beyond management’s control. Forward-looking statements are not
guarantees of future performance, results or events. Equity Residential
assumes no obligation to update or supplement forward-looking statements
that become untrue because of subsequent events.
Equity Residential
Marty McKenna
(312)
928-1901
Source: Equity Residential