Jun. 22, 2015, 12:48 PM
- Home Properties is up 2.3% after agreeing to sell itself to Lone Star Funds, but the news isn't doing a whole lot to lift M&A animal spirits in the sector for now.
- As part of the deal UDR (UDR +0.5%) will acquire from Lone Star up to $908M of Home Properties' apartments in the D.C. area. The purchase is expected to boost AFFO by $0.015 per share in 2016.
- Presentation slides
- Earlier this year, Associated Estates agreed to sell itself to a Brookfield Asset Management fund, and last year there was Essex Property Trust's purchase of BRE Properties.
- Equity Residential (EQR -0.3%), AvalonBay (AVB), Post Properties (PPS -0.2%), Aimco (AIV +0.2%), Camden Property (CPT +0.1%), Mid-America (MAA +0.2%), Trade Street Residential (TSRE), Investors Real Estate (IRET -0.4%), NexPoint Residential (NXRT -0.5%), Bluerock Residential (BRG -1.4%).
Dec. 4, 2013, 10:17 AM
- A check of other multi-family REITs amid news of a $5B bid for BRE Properties (BRE +12.8%) by Essex (ESS -1.8%).
- Equity Residential (EQR +2.2%), AvalonBay (AVB +2.5%), UDR (UDR +2.5%), Apartment Investment and Management (AIV +4%), Camden (CPT +3.2%), Home Properties (HME +3.3%), Mid-America (MAA +1.7%), Post (PPS +4.7%).
Nov. 26, 2012, 4:25 PM
AvalonBay (AVB) and Equity Residential (EQR) join together to buy Archstone Enterprise - a portfolio of apartment communities - from the remnants of Lehman Brothers for $16B. AvalonBay will get about 40% of the assets and liabilities, and Equity Residential the rest. Both companies are commencing stock offerings to fund the deal. Both are down 1.5% AH. (PR)| Nov. 26, 2012, 4:25 PM
May 25, 2012, 6:54 AMLehman Brothers (LEHMQ.PK) confirms a report that it has agreed to buy the 26.5% stake it doesn't own in Archstone from Bank of America (BAC) and Barclays (BCS) for $1.58B. As expected, Sam Zell's Equity Residential (EQR), which was also battling for the apartment giant, will receive a $150M break-up fee from Lehman and the two banks. | May 25, 2012, 6:54 AM
May 24, 2012, 6:16 PMLehman Brothers (LEHMQ.PK) strikes a deal to buy the 26.5% stake it doesn't already own in apartment giant Archstone from BofA (BAC) and Barclays (BCS) for $1.58B, WSJ reports, ending the high-stakes chess game between Lehman and Sam Zell's Equity Residential (EQR). But Zell won't walk away empty handed, as his firm will get $150M in the deal. | May 24, 2012, 6:16 PM | 8 Comments
Feb. 22, 2012, 3:41 AM
BofA (BAC) and Barclays (BAC) grant Equity Residential (EQR) more time to submit a bid for their 26.5% stake in Archstone, but at a higher minimum price of $1.485B. EQR will have until April 19 to bid, and may use the extra time to prepare an offer for all of Archstone; the remaining stake is held by Lehman. (previously)| Feb. 22, 2012, 3:41 AM
Jan. 23, 2012, 11:23 AM
Equity Residential’s (EQR +0.8%) purchase of a stake in competitor Archstone has been blocked by Lehman Brothers' (LEHMQ.PK) estate as it exercises an option to match EQR's $1.33B bid, according to an SEC filing. Sam Zell's firm has an option to buy another 26.5% stake for at least the same price; it has 30 days to make a deal, when Lehman again would have the right to match that offer.| Jan. 23, 2012, 11:23 AM
Dec. 16, 2011, 6:11 AM
Lehman sues BofA (BAC) and Barclays (BCS) for breach of contract and seeks an injunction preventing them from selling a 26.5% stake in apartment company Archstone to rival Equity Residential (EQR) for $1.33B. Lehman, which owns 47% of Archstone, wants to gain control of the firm so it can divest it for at least $6B.| Dec. 16, 2011, 6:11 AM
Dec. 11, 2011, 6:39 AM
Lehman's (LEHMQ.PK) bankruptcy estate is preparing to match Equity Residential's (EQR) $1.33B bid to buy 26.5% of Archstone from BofA (BAC) and Barclays (BCS), the WSJ reports. Equity and Lehman want to gain control of all of the appartment company, with the latter already owning 47% and looking to eventually take it public.| Dec. 11, 2011, 6:39 AM | 3 Comments
Dec. 5, 2011, 10:57 AM
After Sam Zell’s Equity Residential (EQR) agreed to buy a 26.5% stake in apartment owner Archstone, the estate of Lehman Brothers (LEHMQ.PK), which owns 47% of Archstone, is looking to raise money for a counteroffer and is in talks with Blackstone (BX) and Brookfield (BAM), Bloomberg reports. The EQR bid may be just the opening salvo in a potentially long bidding process, some analysts say.| Dec. 5, 2011, 10:57 AM
Dec. 4, 2011, 5:29 AM
Apartment company Equity Residential (EQR) said late Friday that it has agreed to buy a 26.5% stake in rival Archstone from BofA (BAC) and Barclays (BCS) for $1.33B. Equity hopes the move will enable it to ultimately buy the whole firm. The banks are retaining $26.5%, with the Lehman's (LEHMQ.PK) estate owning the rest. (PR)| Dec. 4, 2011, 5:29 AM
Nov. 16, 2011, 4:12 AM
Equity Residential (EQR) has offered over $2.5B to buy a 53% stake in Archstone from BofA (BAC) and Barclays (BCS), the WSJ reports. The proposal puts Equity ahead of AvalonBay (AVB), Blackstone (BX) and Brookfield (BAM), and highlights the increased interest in rental appartments as home ownership falls.| Nov. 16, 2011, 4:12 AM