WRP was formed as a Maryland corporation on January 8, 1997, as a corporate subsidiary of Wellsford Residential Property Trust. On May 30, 1997, Wellsford Residential Property Trust merged with Equity Residential Properties Trust, or EQR. Immediately prior to the merger, Wellsford Residential Property Trust contributed certain of its assets to WRP and WRP assumed certain of its liabilities.
Immediately after the transfer of assets and liabilities to WRP and immediately prior to the merger, Wellsford Residential Property Trust distributed to its common shareholders all of its outstanding shares of WRP.
On June 2, 1997, WRP sold 6,000,000 shares of its common stock in a private placement to a group of institutional investors at $20.60 per share, WRP’s then book value per share.
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