Equity Residential (EQR) announced that it has created an At-The-Market or ATM share offering program through which it could sell up to 17 million common shares. The shares would be offered through BofA Merrill Lynch, J.P. Morgan and Morgan Stanley, who will be acting as sales agents.
The ATM program would allow the company to sell up to 17 million common shares from time to time through the sales agents for a 36-month period.
The company said that it intends to use the proceeds from any offering 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.
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