CHICAGO--(BUSINESS WIRE)--
Equity Residential (NYSE: EQR) today announced that it has called for
redemption, on August 20, 2012, all of its outstanding Series N
Depositary Shares, each representing 1/10 of a 6.48% Series N Cumulative
Redeemable Preferred Share of Beneficial Interest. The Series N
Depositary Shares will be redeemed at a price of $25.00 per share, plus
$0.1575 per share in accrued and unpaid dividends. As of the close of
business on July 19, 2012, there were 6,000,000 Series N Depositary
Shares outstanding with a liquidation value of $150 million. 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 N Depositary
Shares.
A notice of redemption and related materials will be mailed to holders
of the Series N Depositary Shares on Friday, July 20, 2012. Holders of
the Series N Depositary Shares that hold their shares through the
Depository Trust Company (“DTC”) will be redeemed in accordance with the
applicable procedures of DTC. Questions relating to the notice of
redemption and related materials should be directed to Computershare
Inc., Equity Residential’s transfer agent and the paying agent for the
redemption of the Series N Depositary Shares (the “Paying Agent”), at
1-800-546-5141. The address of the Paying Agent is Computershare,
Corporate Actions, P.O. Box 43014, Providence, RI 02940-3014.
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 421
properties located in 14 states and the District of Columbia, consisting
of 120,355 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