October 02, 2014 11:49 AM ET

Real Estate Investment Trusts (REITs)

Company Overview of ERP Operating Limited Partnership

Company Overview

ERP Operating Limited Partnership conducts the multifamily residential property business of Equity Residential, a real estate investment trust. It primarily engages in the acquisition, development, ownership, management, and operation of multifamily properties, including garden, mid/high-rise, ranch, and military housing. As of March 31, 2006, the partnership owned 911 properties in 31 states consisting of 192,240 units. Equity Residential is the general partner of the partnership. The partnership was founded in 1993 and is headquartered in Chicago, Illinois. ERP Operating Limited Partnership operates as a subsidiary of Equity Residential.

Two North Riverside Plaza

Chicago, IL 60606

United States

Founded in 1993

3,600 Employees

Phone:

312-474-1300

Fax:

312-454-8703

Key Executives for ERP Operating Limited Partnership

Chief Operating Officer- Equity Residential- General Partner
Age: 67
Chief Investment Officer - Equity Residential and Executive Vice President - Equity Residential
Age: 56
Executive Vice President of Equity Residential - General Partner and Treasurer of Equity Residential- General Partner
Age: 58
Executive Vice President of Portfolio Investment - Equity Residential- General Partner
Age: 62
Secretary- Equity Residential- General Partner
Age: 59
Compensation as of Fiscal Year 2014.

ERP Operating Limited Partnership Key Developments

ERP Operating Limited Partnership Announces Update on Revolving Credit Facility and Term Loan Facility

On January 11, 2013, ERP Operating Limited Partnership entered into a new $2.5 billion unsecured revolving credit agreement that replaced the Operating Partnership's then existing revolving credit facility, which was scheduled to mature on July 13, 2014. Equity Residential (EQR), the sole general partner of the Operating Partnership, remains a guarantor of the Operating Partnership's obligations under the new credit facility. The new credit facility is with Bank of America, N.A., as Administrative Agent, JPMorgan Chase Bank, N.A. and Wells Fargo Bank, National Association, as Co-Syndication Agents, J.P. Morgan Securities LLC, Wells Fargo Securities, LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as Joint Lead Arrangers and Joint Book Runners, and a syndicate of other banks. The new credit facility matures on April 2, 2018. The Operating Partnership has the ability to increase available borrowings by an additional $500.0 million by adding additional banks to the facility or obtaining the agreement of existing banks to increase their commitments. The interest rate on the advances under the new credit facility will generally be LIBOR plus a spread, which is dependent on the current credit rating of the Operating Partnership's long-term debt and is currently 105 basis points. In addition, there is an annual facility fee, which is based on the credit rating of the Operating Partnership's long-term debt, and is currently 15 basis points. On January 11, 2013, the Operating Partnership entered into a new senior unsecured creditagreement for a $750 million term loan facility. This term loan facility is currently undrawn. To the extent the Operating Partnership elects to draw on this facility, the full principal amount of $750 million will be funded to the Operating Partnership in a single borrowing. This facility will terminate if not drawn upon on or before July 11, 2013. EQR is guarantor of the Operating Partnership's obligations under the term loan facility. The term loan facility is with Bank of America, N.A., as Administrative Agent, JPMorgan Chase Bank, N.A. and Wells Fargo Bank, National Association, as Co-Syndication Agents, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Wells Fargo Securities, LLC and J.P. Morgan Securities LLC, as Joint Lead Arrangers and Joint Book Runners, and a syndicate of other banks. If drawn upon, the term loan facility matures on January 11, 2015, subject to a one-year extension option exercisable by the Operating Partnership. The interest rate on the unpaid balance under the term loan facility will generally be LIBOR plus a spread, which is dependent on the current credit rating of the Operating Partnership's long-term senior unsecured debt and would currently be 120 basis points. The term loan facility does not require amortization of principal and may be paid prior to maturity in whole or in part at the Operating Partnership's option without penalty or premium (other than certain fees with respect to Euro Dollar loans prepaid prior to the end of an interest period). The covenants contained in the term loan facility are the same as those contained in the aforementioned revolving credit agreement.

Archstone Enterprise LP, Avalonbay Communities Inc., Equity Residential, Lehman Brothers Holdings Inc., ERP Operating Limited Partnership - M&A Call

To update on asset purchase agreement

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
September 3, 2014
480-Unit Auvers Village Apartment Complex
 

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