Union Launches EQR Investor Bulletin for Wall Street Analysts and Investors

NEW YORK CITY, NY (03/17/2011)(readMedia)-- Metallic Lathers Union Local 46 launches EQR Investor Bulletin for Wall Street analysts and investors. EQR Investor Bulletin is a regular publication designed to provide independent information and analysis about significant matters that could influence the value and performance of Equity Residential (NYSE: EQR).

The first issue of EQR Investor Bulletin highlights concerns about Equity's relationship with the Clarett Group, a major Equity joint venture partner which recently shuttered its main office in NYC and laid off its staff, putting Clarett's future in doubt. This occurred after Clarett reportedly failed to secure financing for future projects.

Equity and Clarett partnered on the recent development of The Brooklyner, a 51 story residential building in NYC. The Brooklyner represents Equity's largest partially owned investment, having invested $257.7 million in the project. According to the company's annual report Equity has $147.7 million in debt associated with this development.

Questions remain about what impact Clarett's sudden closure could have on EQR and the Brooklyner, including whether Clarett is able to meet its obligations to Equity. "In light of these reports about Clarett, analysts and investors should search for fault lines in Equity's portfolio and carefully evaluate Equity's joint venture partners and their potential liabilities for the company," said Robert A. Ledwith, Business Manager and Financial Secretary/Treasurer of Local 46.

Metallic Lathers Union Local 46 is a NYC construction union that seeks to promote responsible development practices. As part of this effort, Local 46 previously launched a website, EquityResidentialWatch.info, designed to educate tenants and the general public about Equity Residential's irresponsible corporate practices, including unsafe buildings and tenant rights violations.

To request a copy of EQR Investor Bulletin please send an email to metalliclathers46@yahoo.com or call 646-340-2145.