CHICAGO--(BUSINESS WIRE)--
Equity Residential (NYSE: EQR) today announced that it has reached an
agreement with affiliates of Bank of America and Barclays PLC
(collectively “the Sellers”) to extend, to May 21, 2012, the outside
date of the period during which the company may exercise the exclusive
right to contract with the Sellers to acquire their remaining 26.5%
interest in Archstone - a privately-held owner, operator and developer
of multifamily apartment properties.
As part of this second extension agreement, the minimum price at which
the Sellers are obligated to contract with Equity Residential to sell
this interest in Archstone was increased to $1.5 billion. If Equity
Residential offers a price of $1.5 billion or more and the interest is
sold to the other Archstone owner under its right of first offer, the
company will receive a break up fee of $80 million. Equity Residential
remains under no contractual obligation to acquire this interest in
Archstone.
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 benefits of the
acquisition, may contain forward-looking 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 expected
benefits and closing of the acquisition, 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. These factors include, at a minimum: any
determination regarding the exercise of Equity Residential’s rights
under the acquisition agreements; any exercise of the right of first
offer; failure to obtain, delays in obtaining or adverse conditions
contained in any required regulatory or other approvals; failure to
consummate or delay in consummating this acquisition for other reasons;
changes in laws or regulations; failure of the investment in the
Archstone entities to perform as expected, even in the event the
proposed acquisition is consummated; inability to influence the
operations and control of the Archstone entities following consummation
of the transaction; and changes in general economic conditions. 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