Equity Residential (EQR) increases commercial paper program to $1 billion.
Equity Residential (EQR) announced today that is has expanded its commercial paper program from $500 million to $1 billion, and increased the size of its backstop revolving credit facility to $2.5 billion. The new facility matures in November 2024, with interest and facility fees based on the operating partnership's unsecured credit ratings (currently A3/A-).
Equity Residential is one of the largest owner/operators of Class-A multifamily properties in the U.S. with a current portfolio of 308 properties and 80,299 apartment units. The company went public in 1993 and was added to the S&P 500 in 2001. As of September 30, 2019, EQR had a total market capitalization of approximately $42 billion.