filings.toolsItem 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
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Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Common Share Market Prices and Dividends (Equity Residential)
The following table sets forth, for the years indicated, the high, low and closing sales prices for and the distributions declared on the Company’s Common Shares, which trade on the New York Stock Exchange under the trading symbol EQR.
| Sales Price | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| High | Low | Closing | Distributions | |||||||||||||
| 2017 | ||||||||||||||||
| Fourth Quarter Ended December 31, 2017 | $ | 70.46 | $ | 63.20 | $ | 63.77 | $ | 0.50375 | ||||||||
| Third Quarter Ended September 30, 2017 | $ | 68.77 | $ | 63.98 | $ | 65.93 | $ | 0.50375 | ||||||||
| Second Quarter Ended June 30, 2017 | $ | 68.83 | $ | 61.59 | $ | 65.83 | $ | 0.50375 | ||||||||
| First Quarter Ended March 31, 2017 | $ | 65.71 | $ | 59.49 | $ | 62.22 | $ | 0.50375 | ||||||||
| 2016 | ||||||||||||||||
| Fourth Quarter Ended December 31, 2016 | $ | 65.14 | $ | 58.28 | $ | 64.36 | $ | 0.50375 | ||||||||
| Third Quarter Ended September 30, 2016 | $ | 71.53 | $ | 62.39 | $ | 64.33 | $ | 3.50375 | ||||||||
| Second Quarter Ended June 30, 2016 | $ | 75.49 | $ | 63.11 | $ | 68.88 | $ | 0.50375 | ||||||||
| First Quarter Ended March 31, 2016 | $ | 81.76 | $ | 66.62 | $ | 75.03 | $ | 8.50375 |
Note: In addition to the regular quarterly dividends in 2016, the Company paid special dividends of $8.00 per share/unit (approximately $3.0 billion) on March 10, 2016 and $3.00 per share/unit (approximately $1.1 billion) on October 14, 2016.
The number of record holders of Common Shares at February 16, 2018 was approximately 2,300. The number of outstanding Common Shares as of February 16, 2018 was 368,169,571.
Unit Dividends (ERP Operating Limited Partnership)
There is no established public market for the Units (OP Units and restricted units).
The following table sets forth, for the years indicated, the distributions declared on the Operating Partnership’s Units.
| Distributions | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2017 | 2016 | |||||||
| Fourth Quarter Ended December 31, | $ | 0.50375 | $ | 0.50375 | ||||
| Third Quarter Ended September 30, | $ | 0.50375 | $ | 3.50375 | ||||
| Second Quarter Ended June 30, | $ | 0.50375 | $ | 0.50375 | ||||
| First Quarter Ended March 31, | $ | 0.50375 | $ | 8.50375 |
Note: In addition to the regular quarterly dividends in 2016, the Company paid special dividends of $8.00 per share/unit (approximately $3.0 billion) on March 10, 2016 and $3.00 per share/unit (approximately $1.1 billion) on October 14, 2016.
The number of record holders of Units in the Operating Partnership at February 16, 2018 was approximately 500. The number of outstanding Units as of February 16, 2018 was 382,197,057.
Unregistered Common Shares Issued in the Quarter Ended December 31, 2017 (Equity Residential)
During the quarter ended December 31, 2017, EQR issued 41,549 Common Shares in exchange for 41,549 OP Units held by various limited partners of ERPOP. OP Units are generally exchangeable into Common Shares on a one-for-one basis or, at the option of ERPOP, the cash equivalent thereof, at any time one year after the date of issuance. These shares were either registered under the Securities Act of 1933, as amended (the “Securities Act”), or issued in reliance on an exemption from registration under Section 4(2) of the Securities Act and the rules and regulations promulgated thereunder, as these were transactions by an issuer not involving a public offering. In light of the manner of the sale and information obtained by EQR from the limited partners in connection with these transactions, EQR believes it may rely on these exemptions.
Equity Compensation Plan Information
The following table provides information as of December 31, 2017 with respect to the Company’s Common Shares that may be issued under its existing equity compensation plans.
| Plan Category | Number of securities to be issued upon exercise of outstanding options, warrants and rights | Weighted average exercise price of outstanding options, warrants and rights | Number of securities remaining available for future issuance under equity compensation plans (excluding securities in column (a)) | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| (a) (1) | (b) (1) | (c) (2) | ||||||||
| Equity compensation plans approved by shareholders | 6,483,832 | $46.46 | 9,751,123 | |||||||
| Equity compensation plans not approved by shareholders | N/A | N/A | N/A |
| (1) | The amounts shown in columns (a) and (b) of the above table do not include 369,741 outstanding Common Shares (all of which are restricted and subject to vesting requirements) that were granted under the Company’s 2011 Share Incentive Plan, as amended (the “2011 Plan”) and outstanding Common Shares that have been purchased by employees and trustees under the Company’s ESPP. |
|---|
| (2) | Includes 6,913,246 Common Shares that may be issued under the 2011 Plan, of which only 33% may be in the form of restricted shares/units, and 2,837,877 Common Shares that may be sold to employees and trustees under the ESPP. |
|---|
Any Common Shares issued pursuant to EQR’s incentive equity compensation and employee share purchase plans will result in ERPOP issuing OP Units to EQR on a one-for-one basis, with ERPOP receiving the net cash proceeds of such issuances.
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