Filed pursuant to Rule 433
Registration No. 333-135504
ERP OPERATING LIMITED PARTNERSHIP
$600,000,000 3.85% EXCHANGEABLE SENIOR NOTES
DUE AUGUST 15, 2026
FINAL PRICING TERMS — AUGUST 16, 2006
Issuer: | ERP Operating Limited Partnership |
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Issuer of Common Shares: | Equity Residential |
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Ticker/Exchange for Common Shares: | EQR/NYSE |
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Offering Size: | $600,000,000 |
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Over-allotment Option: | $50,000,000 |
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Principal Amount Per Note: | $1,000.00 |
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Issue Price Per Note: | $987.50 |
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Maturity: | August 15, 2026 |
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Interest Rate: | 3.85% |
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Last Sale (8/16/06): | $47.64 |
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Exchange Premium: | 28.04% |
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Exchange Price: | $61.00 |
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Contingent Exchange Trigger: | 130% |
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Exchange Rate: | 16.3934 |
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Exchange Rate Cap: | 20.9907 |
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Redemption: | August 18, 2011 |
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Put Dates: | August 18, 2011, August 15, 2016, August 15, 2021 |
Make Whole Upon Certain Change in Control Transactions (Additional Change in Control Shares)
Stock Price | ||||||||
Effective Date | $47.64 | $60.00 | $70.00 | $80.00 | $90.00 | $100.00 | $125.00 | $150.00 |
8/23/06 | 4.5973 | 2.1819 | 1.2716 | 0.7948 | 0.5353 | 0.3858 | 0.2145 | 0.1438 |
8/15/07 | 4.5973 | 2.0534 | 1.1280 | 0.6666 | 0.4289 | 0.2998 | 0.1637 | 0.1096 |
8/15/08 | 4.5973 | 1.8779 | 0.9466 | 0.5144 | 0.3104 | 0.2089 | 0.1145 | 0.0767 |
8/15/09 | 4.5973 | 1.6313 | 0.7100 | 0.3347 | 0.1837 | 0.1212 | 0.0691 | 0.0463 |
8/15/10 | 4.5973 | 1.2502 | 0.3850 | 0.1335 | 0.0694 | 0.0507 | 0.0320 | 0.0211 |
8/15/11 | 4.5973 | 0.2733 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 |
(No additional change in control shares below $47.64 or equal to or above $150.00)
Trade Date: | 8/16/2006 |
Settlement Date: | 8/23/2006 |
CUSIP: | 26884A AV 5 |
Sole-Bookrunner: | Merrill Lynch & Co. |
Co-Managers: | Banc of America Securities LLC Citigroup Global Markets Inc. Morgan Stanley |
The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement, the prospectus supplements and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll free 1-866-500-5408.