August 23, 2017 5:02 AM ET

Equity 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

2,700 Employees





Key Executives for ERP Operating Limited Partnership

COO- Equity Residential- GP, EVP-Equity Residential- GP & Trustee- Equity Residential- GP
Age: 70
Chief Investment Officer - Equity Residential and Executive Vice President - Equity Residential
Age: 59
EVP of Equity Residential - General Partner and Treasurer of Equity Residential- General Partner
Age: 61
Executive Vice President of Portfolio Investment - Equity Residential- General Partner
Age: 65
Secretary-Equity Residential-GP, General Counsel-Equity Residential-GP & EVP-Equity Residential- GP
Age: 62
Compensation as of Fiscal Year 2017.

ERP Operating Limited Partnership Key Developments

ERP Operating Limited Partnership Enters into New $2.0 Billion Unsecured Revolving Credit Agreement

On November 3, 2016, ERP Operating Limited Partnership entered into a new $2.0 billion unsecured revolving credit agreement that replaced the operating partnerships then existing revolving credit facility, which was scheduled to mature on April 2, 2018. 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, Wells Fargo Bank, National Association, and JPMorgan Chase Bank, N.A., as Co-Syndication Agents, Wells Fargo Securities, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, and J.P. Morgan Securities LLC, as Joint Lead Arrangers and Joint Bookrunners, and a syndicate of other banks. The new credit facility matures on January 10, 2022. The Operating Partnership has the ability to increase available borrowings by an additional $750 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 82.5 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 12.5 basis points.

Equity Residential Announces Early Results of Cash Tender Offers and Consent Solicitations for Certain Outstanding Debt Securities

Equity Residential announced the early tender results of the previously announced tender offers and solicitations of consents by its operating partnership subsidiary, ERP Operating Limited Partnership to purchase for cash certain debt securities listed in the tables below. The offer is being made solely pursuant to and is subject to the terms and conditions in the Operating Partnership’s offer to purchase and consent solicitation statement, dated January 14, 2016, and a related Consent and Letter of Transmittal. The Operating Partnership’s Consent Solicitations sought consents from holders of the 5.125% Notes due 2016 and the 5.375% Notes due 2016 to amend the indenture governing the 2016 Notes to alter the notice requirements for optional with respect to each such series of Securities. Adoption of the Proposed Amendments required the consent of a majority of the aggregate principal amount outstanding of each series of the 2016 Notes to be effective with respect to such series. As of the Early Tender Date, the Operating Partnership had received the Requisite Consents from holders of the 5.375% Notes. As a result, the company intends to enter into a supplemental indenture to the Indenture, to be effective as of the Early Settlement Date, effecting the Proposed Amendments with respect to the 5.375% Notes only, which will be binding on all remaining holders of the 5.375% Notes, and issue a notice of redemption to call for redemption all of the 5.375% Notes that remain outstanding following the Early Settlement Date. In the event the Requisite Consents are received from holders of the 5.125% Notes following the Early Settlement Date, but on or prior to the Expiration Date, the company reserves the right to enter into a Supplemental Indenture effecting the Proposed Amendments with respect to the 5.125% Notes, which would be binding on all remaining holders of the 5.125% Notes, and issue a notice of redemption to call for redemption of all of the 5.125% Notes that remain outstanding. The Tender Offers will expire at 11:59 p.m., New York City time, on February 11, 2016, unless extended or earlier terminated by the Operating Partnership.

ERP Operating Limited Partnership Enters into 10 Substantially Identical Real Estate Sale Agreements with SCG Atlas Acquisition, L.P

On October 23, 2015, ERP Operating Limited Partnership (ERP), a subsidiary and the operating partnership of Equity Residential (EQR) through which EQR owns substantially all of its assets, together with certain wholly-owned subsidiaries of ERP entered into 10 substantially identical Real Estate Sale Agreements dated as of October 23, 2015 with SCG Atlas Acquisition, L.P., an affiliate of Starwood Global Opportunity Fund X pursuant to which Seller has agreed to sell to Purchaser a portfolio of 72 multifamily assets, comprising 23,262 apartment units across the United States for $5.365 billion in cash all pursuant to the terms and subject to the conditions set in the Sale Agreements. The Purchaser has deposited $200 million in cash into escrow as a non-refundable earnest money deposit. The Transaction may be consummated in multiple closings, occurring as early as January 14, 2016, but no later than April 15, 2016.

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