Equity Residential Announces Completion and Results of
Offer by ERP Operating Limited Partnership for Its
January 04, 2010 08:48 AM Eastern Time
CHICAGO--(EON: Enhanced Online News)--Equity Residential (NYSE:EQR) today announced that its operating partnership, E
Limited Partnership (the “Operating Partnership”), accepted for purchase approximately $48.5 million of the principal amount of its
3.85% Exchangeable Senior Notes due August 15, 2026, which were validly tendered pursuant to its previously announced cash te
“Exchangeable Notes Offer”). The Exchangeable Notes Offer expired at 12:00 Midnight, Eastern Standard Time, on December 30
for notes purchased pursuant to the Exchangeable Notes Offer was made on December 31, 2009. The aggregate consideration for
Notes accepted for purchase, including accrued and unpaid interest of approximately $0.7 million, was approximately $49.2 million.
As a result of the non-cash write-off of certain unamortized costs and a discount related to the Exchangeable Notes, the company
to earnings and funds from operations (FFO) of approximately $1.7 million in the fourth quarter of 2009. Combined with the charge
$23.2 million, announced in a press release dated December 10, 2009, for the recent tender for certain of the Operating Partnershi
Exchangeable Notes, the company will record a combined total charge to earnings and FFO of approximately $24.9 million, or $0.
the fourth quarter of 2009. This charge was not included in the fourth quarter and full year 2009 guidance ranges announced on Oct
conjunction with the company’s third quarter 2009 earnings release.
Below is a summary of the company’s recent tender offers for certain of the Operating Partnership’s notes:
Citigroup Global Markets Inc. was the Dealer Manager for the Offers. Global Bondholder Services Corporation was the Informati
Equity Residential is an S&P 500 company focused on the acquisition, development and management of high quality apartment pro
growth markets. Equity Residential