<PAGE>
As filed with the Securities and Exchange Commission on December 23, 1997
================================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): December 18, 1997
EQUITY RESIDENTIAL PROPERTIES TRUST
(Exact Name of Registrant as Specified in Charter)
Maryland 1-12252 13-3675988
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation or organization) File Number) Identification No.)
Two North Riverside Plaza, Suite 400
Chicago, Illinois 60606
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (312) 474-1300
Not applicable
(Former Name or Former Address, if Changed Since Last Report)
================================================================================
<PAGE>
ITEM 7. Financial Statements, Pro forma Financial Information and Exhibits
<TABLE>
<CAPTION>
Exhibit
Number Exhibit
------- -------
<C> <S>
1 Form of Terms Agreement dated December 18, 1997 which is being
filed pursuant to Regulation S-K, Item 601(b)(1) as an exhibit
to the Registrant's registration statement on Form S-3, file
no. 333-32183, under the Securities Act of 1933, as amended,
and which, as this Form 8-K filing is incorporated by reference
in such registration statement, is set forth in full in such
registration statement, which Terms Agreement incorporates the
terms and provisions of Equity Residential Properties Trust (a
Maryland real estate investment trust) -- Common Shares of
Beneficial Interest, Preferred Shares of Beneficial Interest
and Depositary Shares -- Standard Underwriting Provisions,
dated May 16, 1997, which was previously filed as Exhibit 1 to
the Registrant's registration statement on Form S-3, file no.
333-27153 under the Securities Act of 1933, as amended, and is
incorporated herein by reference thereto and which, as this
Form 8-K filing is incorporated by reference in registration
statement no. 333-32183, is set forth in full in such
registration statement.
5 Opinion of Rosenberg & Liebentritt, P.C., with an opinion of
Hogan & Hartson L.L.P. attached thereto as Exhibit A, which are
being filed pursuant to Regulation 601(b)(5) as an exhibit to
the Registrant's registration statement on Form S-3, file no.
333-32183, under the Securities Act of 1933, as amended, and
which, as this Form 8-K filing is incorporated by reference in
such registration statement, are set forth in full in such
registration statement.
</TABLE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
EQUITY RESIDENTIAL PROPERTIES TRUST
Date: December 23, 1997 By: /s/ Bruce C. Strohm
-------------------------------------------
Bruce C. Strohm, Secretary, Executive Vice
President and General Counsel
2
<PAGE>
EQUITY RESIDENTIAL PROPERTIES TRUST
(a Maryland real estate investment trust)
Common Shares of Beneficial Interest (Par Value $.01 Per Share)
TERMS AGREEMENT
---------------
Dated: December 18, 1997
To: Equity Residential Properties Trust
ERP Operating Limited Partnership
Two North Riverside Plaza
Chicago, Illinois 60606
Ladies and Gentlemen:
We understand that Equity Residential Properties Trust ("EQR" or the
"Company") proposes to issue and sell Common Shares of Beneficial Interest (the
"Common Shares" or "Underwritten Securities"). Subject to the terms and
conditions set forth or incorporated by reference herein, Prudential Securities
Incorporated (the "Underwriter") offers to purchase the number of Underwritten
Securities (as defined in the Standard Underwriting Provisions referred to
below) set forth below at the purchase price per Common Share set forth below.
The Underwriter intends to deposit the Underwritten Securities with the trustee
of National Equity Trust Equity Portfolio Series 1 (REIT Portfolio) (the
"Trust"), a registered unit investment trust under the Investment Company Act of
1940, as amended, to which the Underwriter acts as sponsor and depositor, in
exchange for units of the Trust.
The Underwritten Securities shall have the following terms:
Common Shares
Title of Securities: Common Shares
Number of Underwritten Securities: 467,722 Common Shares
Par Value: $.01 per Common Share.
Purchase price per Common Share: $48.75
Public offering price per Common Share: $51.3125
Number of Option Securities, if any, that may be purchased by the Underwriter:
None.
Delayed Delivery Contracts: not authorized
Additional co-managers, if any: None.
Other Terms: In addition to the events set forth in Section 9 of the Standard
Underwriting Provisions (as defined below), the Underwriter may terminate this
Terms Agreement by notice to EQR, at any time at or prior to the Closing Time if
there has occurred any material adverse change in the financial markets in the
United States or any outbreak of hostilities or other calamity or crisis or
escalation of any existing hostilities or
<PAGE>
any change or development involving a prospective change in national political,
financial or economic conditions, in each case, the effect of which is such as
to make it, in the Underwriter's judgment, impracticable to market the units of
the Trust or enforce contracts for the sale of the units of the Trust.
Closing date and location: December 23, 1997, Rosenberg & Liebentritt, P.C.,
Two North Riverside Plaza, Suite 1600, Chicago, Illinois 60606.
All the provisions contained in the document attached as Annex A hereto
entitled "Equity Residential Properties Trust (a Maryland real estate investment
trust) -- Common Shares of Beneficial Interest, Preferred Shares of Beneficial
Interest and Depositary Shares -- Standard Underwriting Provisions," dated May
16, 1997 (the "Standard Underwriting Provisions"), are hereby incorporated by
reference in their entirety herein and shall be deemed to be a part of this
Terms Agreement to the same extent as if such provisions had been set forth in
full herein. Terms defined in such document are used herein as therein defined.
-2-
<PAGE>
Please accept this offer no later than 4:30 p.m. (New York City time) on
December 18, 1997 by signing a copy of this Terms Agreement in the space set
forth below and returning the signed copy to us.
Very truly yours,
PRUDENTIAL SECURITIES INCORPORATED
By: /s/ Jean-Claude Canfin
--------------------------------
Name: Jean-Claude Canfin
Title: Managing Director
Accepted:
By: EQUITY RESIDENTIAL PROPERTIES TRUST,
for itself and as the general partner of ERP Operating
Limited Partnership
By: /s/ David J. Neithercut
-------------------------------
Name: David J. Neithercut
Title: Chief Financial Officer
-3-
<PAGE>
LAW OFFICES
ROSENBERG & LIEBENTRITT, P.C.
_____________________________
TWO NORTH RIVERSIDE PLAZA
Suite 1515
CHICAGO, ILLINOIS 60606
TELEPHONE 312.466.3456
WRITER'S DIRECT DIAL NUMBER FAX 312.454-0335 WRITER'S DIRECT FAX NUMBER
312.466.3612 312.454-0335
December 23, 1997
Board of Trustees
Equity Residential Properties Trust
Two North Riverside Plaza
Suite 400
Chicago, Illinois 60606
Ladies and Gentlemen:
We are acting as counsel to Equity Residential Properties Trust, a Maryland
real estate investment trust (the "Company"), in connection with its
registration statement on Form S-3 (SEC File No. 333-32183) (the "Registration
Statement") previously declared effective by the Securities and Exchange
Commission relating to (a) the proposed public offering of up to $750,000,000 in
aggregate amount of its common shares of beneficial interest, $.01 par value per
share ("Common Shares") and one or more series of its (i) preferred shares of
beneficial interest, $.01 par value per share (the "Preferred Shares") and (ii)
depositary shares representing fractional interests in Preferred Shares (the
"Depositary Shares" and, together with the Preferred Shares and Common Shares,
the "Securities"), all of which Securities may be offered and sold by the
Company from time to time as set forth in the prospectus which forms a part of
the Registration Statement (the "Prospectus"), and as to be set forth in one or
more supplements to the Prospectus (each, a "Prospectus Supplement"). This
opinion letter is rendered in connection with the proposed sale to Prudential
Securities Incorporated ("Prudential"), for deposit with the trustee of the
National Equity Trust Equity Portfolio Series 1, of an aggregate of 467,722
Common Shares (the "Shares") as described in a Prospectus Supplement dated
December 18, 1997. This opinion letter is furnished to you at your request to
enable the Company to continue to fulfill the requirements of Item 601(b)(4) of
Regulation S-K, 17 C.F.R. (S)229.601(b)(5), in connection with the Registration
Statement.
For purposes of this opinion letter, we have examined copies of the
following documents:
1. An executed copy of the Registration Statement.
2. The Second Amended and Restated Declaration of Trust, as amended,
of the Company (the "Declaration of Trust"), as certified by the
Maryland State Department of Assessments and Taxation on December
17, 1997 and by the
<PAGE>
Board of Trustees
Equity Residential Properties Trust
December 23, 1997
Page 2
Secretary of the Company on the date hereof as then being
complete, accurate and in effect.
3. The Second Amended and Restated Bylaws of the Company, as
certified by the Secretary of the Company on the date hereof as
then being complete, accurate and in effect.
4. Resolutions of the Board of Trustees of the Company adopted on
June 26, 1997 relating to the filing of the Registration
Statement and related matters, and on November 11, 1997, and of
the Pricing Committee of the Board of Trustees on December 18,
1997, relating to the offering of the Shares, as certified by the
Secretary of the Company on the date hereof as then being
complete, accurate and in effect.
5. An executed copy of the Terms Agreement, dated December 18, 1997,
among the Company, ERP Operating Limited Partnership and
Prudential, which incorporates therein the terms and provisions
of the Company's Standard Underwriting Provisions, dated May 16,
1997 (collectively, the "Purchase Agreement").
In our examination of the aforesaid documents, we have assumed the
genuineness of all signatures, the legal capacity of natural persons, the
accuracy and completeness of all documents submitted to us, the authenticity of
all original documents, and the conformity to authentic original documents of
all documents submitted to us as certified, telecopied, photostatic, or
reproduced copies. This opinion letter is given, and all statements herein are
made, in the context of the foregoing.
We call your attention to the fact that our firm only requires lawyers to
be qualified to practice law in the State of Illinois and, in rendering the
foregoing opinions, we express no opinion with respect to any laws relevant to
this opinion other than the laws and regulations identified herein. With
respect to the opinions below that relate to the laws of the State of Maryland,
with your consent, we rely solely on the opinion of Hogan & Hartson L.L.P., a
copy of which is attached hereto as Exhibit A.
Based upon, subject to and limited by the foregoing, we are of the opinion
that, as of the date hereof, following issuance of the Shares pursuant to the
terms of the Purchase Agreement and receipt by the Company of the consideration
for the Shares specified in the resolutions of the Board of Trustees and the
Pricing Committee thereof referred to above, the Shares will be
<PAGE>
Board of Trustees
Equity Residential Properties Trust
December 23, 1997
Page 3
validly issued, fully paid and nonassessable under Title 8 of the Corporations
and Associations Article of the Annotated Code of Maryland.
We assume no obligation to advise you of any changes in the foregoing
subsequent to the delivery of this opinion letter. This opinion letter has been
prepared solely for your use in connection with the filing by the Company of a
Current Report on Form 8-K on the date of this opinion letter, which Form 8-K
will be incorporated by reference into the Registration Statement. This opinion
letter should not be quoted in whole or in part or otherwise be referred to, nor
filed with or furnished to any governmental agency or other person or entity,
without the prior written consent of this firm.
We hereby consent (i) to be named in the Registration Statement, and in the
Prospectus, as attorneys who will pass upon the legality of the Securities to be
sold thereunder and (ii) to the filing of this opinion as an Exhibit to the
Registration Statement. In giving this consent, we do not thereby admit that we
are an "expert" within the meaning of the Securities Act of 1933, as amended.
Very truly yours,
ROSENBERG & LIEBENTRITT, P.C.
By: /s/ Ruth Pinkham Haring
----------------------------
Vice President
<PAGE>
Exhibit A
[Hogan & Hartson L.L.P.]
December 23, 1997
Rosenberg & Liebentritt, P.C.
Two North Riverside Plaza
Suite 1515
Chicago, Illinois 60606
Ladies and Gentlemen:
We are acting as special Maryland counsel to Equity Residential
Properties Trust, a Maryland real estate investment trust (the "Company"), in
connection with its registration statement on Form S-3 (No. 333-32183) (the
"Registration Statement") previously declared effective by the Securities and
Exchange Commission relating to the proposed public offering of securities of
the Company that may be offered and sold by the Company from time to time as set
forth in the prospectus which forms a part of the Registration Statement (the
"Prospectus"), and as to be set forth in one or more supplements to the
Prospectus (each, a "Prospectus Supplement"). This opinion letter is rendered
in connection with the proposed public offering of 467,722 common shares of
beneficial interest, $.01 par value (the "Common Shares"), as described in a
Prospectus Supplement dated December 18, 1997. This opinion letter is
furnished to you at your request to enable the Company to continue to fulfill
the requirements of Item 601(b)(5) of Regulation S-K, 17 C.F.R. (S)
229.601(b)(5), in connection with the Registration Statement.
For purposes of this opinion letter, we have examined copies of the
following documents:
1. An executed copy of the Registration Statement.
2. The Second Amended and Restated Declaration of Trust, as amended,
of the Company (the "Declaration of Trust"), as certified by the
Maryland State Department of Assessments and Taxation on December
17, 1997 and the Secretary of the
<PAGE>
Rosenberg & Liebentritt, P.C.
December 23, 1997
Page 2
Company on the date hereof as then being complete, accurate and
in effect.
3. The Second Amended and Restated Bylaws of the Company, as
certified by the Secretary of the Company on the date hereof as
then being complete, accurate and in effect.
4. Resolutions of the Board of Trustees of the Company adopted on
June 26, 1997, relating to the filing of the Registration
Statement and related matters, and on November 14, 1997, and of
the Pricing Committee of the Board of Trustees on December 18,
1997, relating to the offering of the Common Shares, as certified
by the Secretary of the Company on the date hereof as then being
complete, accurate and in effect.
5. An executed copy of the Terms Agreement (which incorporates by
reference the Company's Standard Underwriting Provisions dated
May 16, 1997) dated December 18, 1997, between the Company, ERP
Operating Limited Partnership, a Delaware limited partnership,
and Prudential Securities Incorporated (the "Terms Agreement").
In our examination of the aforesaid documents, we have assumed the
genuineness of all signatures, the legal capacity of natural persons, the
accuracy and completeness of all documents submitted to us, the authenticity of
all original documents and the conformity to authentic original documents of all
documents submitted to us as copies (including telecopies). This opinion letter
is given, and all statements herein are made, in the context of the foregoing.
This opinion letter is based as to matters of law solely on Title 8 of
the Corporations and Associations Article of the Annotated Code of Maryland (the
"Maryland REIT Statute"). We express no opinion herein as to any other laws,
statutes, regulations, or ordinances.
Based upon, subject to and limited by the foregoing, we are of the
opinion that following issuance of the Common Shares pursuant to the terms of
the Terms Agreement and receipt by the Company of the consideration for the
Common Shares specified in the resolutions of the Board of Trustees and the
Pricing Committee referred to above, the Common Shares will be validly issued,
fully paid and nonassessable under the Maryland REIT Statute.
<PAGE>
Rosenberg & Liebentritt, P.C.
December 23, 1997
Page 3
We assume no obligation to advise you of any changes in the foregoing
subsequent to the delivery of this opinion letter. This opinion letter has been
prepared solely for your use in connection with the filing by the Company of a
Current Report on Form 8-K on the date of this opinion letter, which Form 8-K
will be incorporated by reference into the Registration Statement. This opinion
letter should not be quoted in whole or in part or otherwise be referred to, nor
filed with or furnished to any governmental agency or other person or entity,
without the prior written consent of this firm.
We hereby consent to the reference to this firm under the caption
"Legal Matters" in the prospectus constituting a part of the Registration
Statement. In giving this consent, we do not thereby admit that we are an
"expert" within the meaning of the Securities Act of 1933, as amended.
Very truly yours,
HOGAN & HARTSON L.L.P.
