Equity Residential (EQR), a real estate investment trust, Tuesday said it has created an At-The-Market share offering program for gaining quick access to equity market, enabling the company to sell up to 17 million common shares.
The proceeds from the offering are intended to be used by the company for working capital and general company purposes including, without limitation, the acquisition or development of multifamily properties as suitable opportunities arise and the reduction of debt.
Commenting on the offering, David Neithercut, Equity Residential's President and CEO said, "With more than $800 million of cash, $1.36 billion of availability under our credit facility and the continued ability to sell non-core assets, we see no immediate need to sell common shares."
The ATM or At-The-Market share program allows the company to sell up to 17 million common shares from time to time through the sales agents for a 36-month period. The shares would be offered through BofA Merrill Lynch, J.P. Morgan and Morgan Stanley.
A registration statement has been filed by the company with the SEC for the offering of common shares.
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