CHICAGO-Equity Residential hasn’t yet fired back from a Lehman Bros. attack as part of a battle between the two for a larger stake in Denver-based Archstone; instead the trust Wednesday just filed a preliminary prospectus with the SEC and declared its quarterly dividend. The 56 cent per share fourth quarter dividend was pretty standard, and the prospectus, a preliminary share sale document, is likely unrelated.

Equity announced late last week that it has entered into a contract with Bank of America and Barclays Bank to acquire half of their 53% interest in Archstone, about 26.5%, for $1.3 billion. However, Lehman, fresh from its approved chapter 11 bankruptcy with its 47% ownership of Archstone intact, appears to be trying to invoke its right of first refusal on the Equity deal.

On Wednesday, it was reported that Lehman needs about $2.6 billion to buy a controlling stake in Archstone for a potential $6 billion sale of the apartment company. In its own filing, Lehman pointedly blasted Equity’s bid as being too low. Lehman also complained that it has not received the proper documentation about the Equity-BofA/Barclays contract.

The red herring prospectus, put out by the Equity-related ERP Operating LP, by definition doesn’t describe how much securities are to be sold, and nothing indicates it is tied to the Archstone deal. An Equity spokesman did not return a call for this story.

In its contract announcement, the Sam Zell-owned Equity Residential said it expects to fund the Archstone interest acquisition through a combination of cash on hand, available borrowings under its $1.2 billion revolving credit facility (increasable to $1.7 billion), sale proceeds, bank term debt, secured and unsecured debt and equity offerings. Equity has also obtained a commitment from Morgan Stanley Senior Funding Inc. to provide a $1 billion bridge loan facility.

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