8-KExhibits & Filings

EQUITY RESIDENTIAL 8-K Report, Exhibit Filing (Nov 26, 2012)

Filed November 26, 2012For Securities:EQR

Summary

Equity Residential (EQR), through its operating partnership ERP Operating Limited Partnership, announced on November 26, 2012, its definitive agreement to acquire the Archstone Portfolio from Archstone Enterprise LP for approximately $9.6 billion, including assumed debt. This significant acquisition comprises approximately 25,000 apartment units across seventy-five wholly owned and five partially owned properties, primarily located in EQR's core strategic markets and other high barrier to entry markets. The portfolio boasts 22.2 million net rentable square feet of residential space and 475,000 square feet of commercial space, with historical and expected strong cash flows and a collective occupancy rate of 94.2%. The company highlighted that the Archstone Portfolio aligns with its strategy of acquiring high-quality apartment properties in top U.S. growth markets. The filing also included audited historical financial statements for the Archstone Portfolio and pro forma financial information for both Equity Residential and ERP Operating Limited Partnership, which are crucial for investors to assess the potential impact of this substantial transaction. The deal is anticipated to close in 2013, subject to customary closing conditions.

Key Highlights

  • 1Equity Residential entering a definitive agreement to acquire the Archstone Portfolio for approximately $9.6 billion.
  • 2The Archstone Portfolio consists of approximately 25,000 apartment units across 80 properties (75 wholly owned, 5 partially owned).
  • 3The acquired properties are primarily located in EQR's core strategic markets and other high barrier to entry markets.
  • 4The portfolio includes 22.2 million net rentable square feet of residential and 475,000 square feet of commercial space.
  • 5The Archstone Portfolio reported a collective occupancy rate of 94.2%.
  • 6The transaction is expected to close in 2013 and includes assumed debt.
  • 7Audited financial statements of the Archstone Portfolio and pro forma financial information for EQR and its operating partnership are being filed.

Frequently Asked Questions

The main purpose of this 8-K filing is to announce Equity Residential's definitive agreement to acquire the Archstone Portfolio, a substantial portfolio of apartment properties, and to provide related financial information as required for such a significant transaction.

The total purchase price for the Archstone Portfolio is approximately $9.6 billion, which includes the assumption of debt.

The acquisition is expected to close in 2013, subject to certain conditions and restrictions.

The Archstone Portfolio includes approximately 25,000 apartment units across 80 properties, primarily in high barrier to entry markets and EQR's core strategic markets. It also includes commercial space.