Equity Residential Announces Public Offering of Common Shares
CHICAGO--(BUSINESS WIRE)-- Equity Residential (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 Companys 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: email@example.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.
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 Residentials 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 managements 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.
Source: Equity ResidentialCopyright Business Wire 2012