ERP Operating acquires remaining 10% of Aero Apartments for $3.7M cash + Series Q Preference Units

ERP OPERATING LTD PARTNERSHIP

Acquired remaining 10% interest in 200-unit Aero Apartments (San Francisco Bay Area) for $3.7M cash and 933,454 Series Q Preference Units.
Preference Units have $1.00/unit liquidation preference, 3.00% annual cumulative distribution ($0.03/unit), redeemable for cash, EQR common shares, or OP Units.
Prior to transaction, subsidiaries owned 90%; issuance exempt under Section 4(2) of the Securities Act.

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