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/Unit Information (Equity Residential and ERP Operating Limited Partnership)
The Company’s Common Shares trade on the New York Stock Exchange under the trading symbol EQR. There is no established public market for the Operating Partnership’s Units (OP Units and restricted units). At February 12, 2021, the number of record holders of Common Shares was approximately 1,950 and 372,663,215 Common Shares were outstanding. At February 12, 2021, the number of record holders of Units in the Operating Partnership was approximately 475 and 386,705,589 Units were outstanding.
Unregistered Common Shares Issued in the Quarter Ended December 31, 2020 (Equity Residential)
During the quarter ended December 31, 2020, EQR issued 22,768 Common Shares in exchange for 22,768 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(a)(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, 2020 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 | 5,642,752 | $ | 56.91 | 13,136,526 | ||||||||
| 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 353,634 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 2019 Share Incentive Plan, as amended (the “2019 Plan”), and outstanding Common Shares that have been purchased by employees and trustees under the Company’s ESPP. |
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| (2) | Includes 10,512,390 Common Shares that may be issued under the 2019 Plan and 2,624,136 Common Shares that may be sold to employees and trustees under the ESPP. |
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On June 27, 2019, the shareholders of EQR approved the Company's 2019 Plan and the Company has filed a Form S-8 registration statement to register 11,331,958 Common Shares under this plan. As of December 31, 2020, 10,512,390 shares were available for future issuance. In conjunction with the approval of the 2019 Plan, no further awards may be granted under the 2011 Plan. The 2019 Plan expires on June 27, 2029.
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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