Schema:datePublished ' 1969'; schema:description ' Real estate investment trusts: the big picture / Don Augustine - The general counsel for the REIT / Benito M. Underwriter's counsel / David R. Baker - Blue sky problems / Edward J. McAniff - Regulation of REIT's by the Midwest states / Thomas Nelson - REIT problems in California / Anthony R. Pierno - REIT problems in New York / David Clurman - Real estate investment trusts after seven years / William A. The company had its origins in Equity Finance and Management Company, founded in 1969 by real-estate investor Sam Zell. 4 In 1993, the company acquired a large portfolio of properties from Barry Sternlicht in exchange for a 20% stake in the company. The origin of the company is traced back to 1969. During its infancy stage, it was DMG, Inc., a real estate investment trust. Later, in 1978 it changed its name as Diversified Mortgage Investors, Inc. When it attained the age of 19 years, it started its venture as a manufacturing company and has been popular as Danaher. The company had its origins as a real estate investment trust (DMG, Inc., founded in 1969 and renamed Diversified Mortgage Investors, Inc. But after adopting a new name in 1984, refocusing on manufacturing and being exposed to kaizen, the Japanese business philosophy of continuous improvement, Danaher began to take shape. Established in 2013, DMG Investments is a New York City based real estate enterprise that specializes in locating nationwide investment opportunities in the multi-family residential and student. Danaher had its origins in 1969 when its predecessor, DMG, Inc., was organized as a Massachusetts real estate investment trust. DMG restructured in 1978, becoming a Florida corporation under the name of Diversified Mortgage Investors, Inc. In 1980 a new holding company was formed under the name DMG, of which DMI became a subsidiary.
Public company | |
Traded as | NYSE: EQR S&P 500 Index component |
---|---|
ISIN | |
Industry | Apartments |
Founded | 1969; 51 years ago |
Founder | Sam Zell |
Headquarters | Riverside Plaza Chicago, Illinois |
Key people | Mark J. Parrell, CEO Sam Zell, Chairman Robert A. Garechana, CFO |
Services | Property Management |
Revenue | $2.578 billion (2018) |
$0.685 billion (2018) | |
Total assets | $20.390 billion (2018) |
Total equity | $10.173 billion (2018) |
Number of employees | 2,700 (2018) |
Website | www.equityresidential.com |
Footnotes / references [1] |
Equity Residential is a publicly traded real estate investment trust that invests in apartments.
As of December 31, 2018, the company owned or had investments in 307 properties consisting of 79,482 apartment units in Southern California, San Francisco, Washington, D.C., New York City, Boston, Seattle, and Denver.[1]
![Dmg Dmg](https://0.academia-photos.com/attachment_thumbnails/39552217/mini_magick20190222-9642-1dmgjw4.png?1550884352)
It is the 3rd largest apartment owner[2] and 9th largest apartment manager in the United States.[3]
History[edit]
![Investment Investment](https://edgewoodreit.com/wp-content/uploads/2018/09/High_Point_East-440x340.jpg)
The company had its origins in Equity Finance and Management Company, founded in 1969 by real-estate investor Sam Zell.[4]
In 1993, the company acquired a large portfolio of properties from Barry Sternlicht in exchange for a 20% stake in the company. Sternlicht had acquired the properties via government auctions after the savings and loan crisis.[5]
On August 11, 1993, the company became a public company via an initial public offering.[6] At that time, the company owned 22,000 apartments.[7]
In 1997, the company acquired Wellsford Residential Property Trust for $620 million in stock and the assumption of $346 million of debt[8][9] and acquired Evans Withycombe Residential for $625 million in stock and the assumption of $432 million in debt.[10]
In 1998, the company acquired a portfolio of 5,774 apartments from Lincoln Property Company for $465 million[11] and acquired Merry Land, which owned 34,990 units in the southeast United States, for $1.17 billion in stock as well as $656 million in debt and $270 million in preferred stock.[12][13]
In 1999, the company acquired Lexford Residential Trust for $203 million in stock and the assumption of $530 million of debt. Lexford owned mainly one-story affordable housing units, rented to households with incomes between $25,000 and $35,000.[14]
In 2001, the company was added to the S&P 500 Index.[15][16]
In January 2003, CEO Douglas Crocker retired. During his tenure, the company increased its ownership from 22,000 apartments to 227,000 apartments.[7]
In 2006, the company sold its Lexford affordable housing division, which included 27,115 apartment units, for $1.09 billion.[17][18]
On February 27, 2013, Equity Residential and AvalonBay Communities closed a $9 billion deal to acquire Archstone from Lehman Brothers.[19]
In 2013, the company sold 8,010 apartment units to a joint venture of Goldman Sachs and Greystar Real Estate Partners for $1.5 billion.[20]
In 2016, the company sold 23,262 apartments to Starwood Capital Group for $5.365 billion.[21]
Equity Residential was sued in a class action in 2017 due to allegations that it charged late payment fees in violation of California law.[22][23]Washington, D.C. attorney general Karl Racine also filed a suit against the company in December 2017, challenging the rent concessions offered by Equity Residential for the purpose of attracting new tenants.[24]
References[edit]
- ^ ab'Equity Residential 2018 Form 10-K Annual Report'. U.S. Securities and Exchange Commission.
- ^'NMHC 50 Largest Apartment Owners'. National Multifamily Housing Council.
- ^'NMHC 50 Largest Apartment Managers'. National Multifamily Housing Council.
- ^'Our Story'.
- ^Goldfarb, Jeffrey (October 26, 2015). 'Keep one eye on Sam Zell's 'For Sale' sign'. Reuters.
- ^'SCHEDULE 14A'. U.S. Securities and Exchange Commission.
- ^ abGallun, Alby (June 7, 2007). 'Veteran apartment buyer Crocker now in residence at Transwestern'. Crain Communications.
- ^'Apartment Deal For Zell's REIT'. The New York Times. Bloomberg News. January 18, 1997.
- ^Allen, J. Linn (January 18, 1997). 'Zell-backed Trust To Buy Wellsford'. Chicago Tribune.
- ^'EQUITY RESIDENTIAL TO PAY $625 MILLION FOR RIVAL'. The New York Times. Dow Jones & Company. August 29, 1997.
- ^'EQUITY RESIDENTIAL IN DEAL WITH LINCOLN PROPERTY'. The New York Times. Dow Jones & Company. May 30, 1998.
- ^Holson, Laura M. (July 9, 1998). 'Equity Residential to Acquire Merry Land for Stock and Debt'. The New York Times.
- ^'Zell REIT Announces Agreement To Buy Merry Land & Investment'. The Wall Street Journal. July 8, 1998.
- ^'EQUITY RESIDENTIAL IN $203 MILLION DEAL FOR LEXFORD'. The New York Times. Bloomberg News. July 2, 1999.
- ^'Equity Residential Added to S&P 500' (Press release). PR Newswire. December 3, 2001.
- ^'Change in S.& P. 500'. Bloomberg News. The New York Times. November 28, 2001.
- ^'Equity Residential Announces Sale of Its Lexford Housing Division for $1.1 Billion' (Press release). Business Wire. June 28, 2006.
- ^Ball, Brian R. (July 10, 2006). 'Equity Residential selling Lexford for $1.09 billion'. American City Business Journals.
- ^'Equity Residential Announces Closing of $9 Billion Archstone Acquisition' (Press release). Business Wire. February 27, 2013.
- ^'Equity Residential Agrees to Sell $1.5 Billion of Assets to a Joint Venture of Goldman Sachs and Greystar' (Press release). Business Wire. January 7, 2013.
- ^'Equity Residential Announces Closing of Sale of 23,262 Apartment Units to Starwood Capital Group for $5.365 Billion' (Press release). Business Wire. January 27, 2016.
- ^'Class-action lawsuit against Equity Residential to proceed in California'. Real Estate Weekly. December 12, 2017.
- ^'Calif. Tenants Get Class Cert. In Late Fees Suit'. Law360. October 24, 2017.
- ^'D.C. Sues Landlord of Rent-Controlled Building in Northwest for Offering Problematic Discounts'. Washington City Paper. December 15, 2017.
External links[edit]
- Business data for Equity Residential:
Dmg Real Estate Investment Trust 1969 Full
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