Equity Residential (NYSE: EQR) today announced it has received $150 million in termination fees from Bank of America, Barclays Bank PLC (together, the "Sellers") and Lehman Brothers Holdings Inc. ("Lehman") as a result of Lehman's acquisition of the Sellers' remaining 26.5% interest in Archstone, a privately-held owner, operator and developer of multifamily apartment properties.
Should Equity Residential acquire all or substantially all of Archstone on or before October 4, 2012, the company could be required to return all or a portion of the $150 million in termination fees. Equity Residential and Lehman are not currently engaged in any negotiations regarding Archstone nor precluded from engaging in or obligated to engage in negotiations in the future.
Advisors
Morgan Stanley & Co. LLC served as Equity Residential's financial advisor and Hogan Lovells, Morrison & Foerster and Edwards Wildman as its legal advisors on these transactions. BofA Merrill Lynch and Barclays served as sell-side financial advisors on these transactions. Kaye Scholer served as legal advisor to Bank of America and Simpson Thacher & Bartlett served as legal advisor to Barclays Bank PLC. Gleacher & Company served as Lehman's financial advisor and Weil, Gotshal & Manges served as its legal advisor on these transactions.
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 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 transactions described in this release, may contain forward-looking or other 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 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. 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.
Contacts:
Equity Residential
Marty McKenna, (312) 928-1901