CHICAGO--(BUSINESS WIRE)--
Equity Residential (NYSE: EQR) today announced it has received $150
million in termination fees from Bank of America, Barclays Bank PLC
(together, the “Sellers”) and Lehman Brothers Holdings Inc. (“Lehman”)
as a result of Lehman’s acquisition of the Sellers’ remaining 26.5%
interest in Archstone, a privately-held owner, operator and developer of
multifamily apartment properties.
Should Equity Residential acquire all or substantially all of Archstone
on or before October 4, 2012, the company could be required to return
all or a portion of the $150 million in termination fees. Equity
Residential and Lehman are not currently engaged in any negotiations
regarding Archstone nor precluded from engaging in or obligated to
engage in negotiations in the future.
Advisors
Morgan Stanley & Co. LLC served as Equity Residential’s financial
advisor and Hogan Lovells, Morrison & Foerster and Edwards Wildman as
its legal advisors on these transactions. BofA Merrill Lynch and
Barclays served as sell-side financial advisors on these transactions.
Kaye Scholer served as legal advisor to Bank of America and Simpson
Thacher & Bartlett served as legal advisor to Barclays Bank PLC.
Gleacher & Company served as Lehman’s financial advisor and Weil,
Gotshal & Manges served as its legal advisor on these transactions.
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 427
properties located in 14 states and the District of Columbia, consisting
of 121,011 apartment units. For more information on Equity Residential,
please visit our website at www.equityapartments.com.
Forward Looking Statements
Statements in this news release, and other statements that Equity
Residential may make, including statements about the transactions
described in this release, may contain forward-looking or other
statements that involve numerous risks and uncertainties. The statements
contained in this news release that are not purely historical are
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Exchange Act
of 1934, as amended, including, without limitation, statements regarding
the management of Equity Residential’s expectations, beliefs and
intentions.All forward-looking statements included in this
communication are based on information available to Equity Residential
on the date hereof.In some cases, you can identify
forward-looking statements by terminology such as “may,” “can,” “will,”
“should,” “could,” “expects,” “plans,” “anticipates,” “intends,”
“believes,” “estimates,” “predicts,” “potential,” “targets,” “goals,”
“projects,” “outlook,” “continue,” “preliminary,” “guidance,” or
variations of such words, similar expressions, or the negative of these
terms or other comparable terminology. No assurance can be given that
any of the events anticipated by the forward-looking statements will
transpire or occur, or if any of them do so, what impact they will have
on Equity Residential’s results of operations or financial condition.Accordingly, actual results may differ materially and adversely from
those expressed in any forward-looking statements. Neither Equity
Residential nor any other person can assume responsibility for the
accuracy and completeness of forward-looking statements. There are
various important factors that could cause actual results to differ
materially from those in any such forward-looking statements, many of
which are beyond Equity Residential’s control. Equity Residential
undertakes no obligation (and expressly disclaims any such obligation)
to publicly update or revise any forward-looking statement, whether as a
result of new information, future events or otherwise. For additional
information, please refer to Equity Residential’s most recent Form 10-K,
10-Q and 8-K reports filed with the SEC.
Equity Residential
Marty McKenna, (312) 928-1901
Source: Equity Residential