Equity Residential (NYSE: EQR) today announced that its Board of Trustees declared dividends on the company’s common and preferred shares. A common share dividend for the fourth quarter of $0.5675 per share will be paid on January 13, 2012 to shareholders of record on December 19, 2011. This dividend will bring the total paid for the year to $1.58 per share, a 7.5% increase over the company’s previous annualized dividend of $1.47 per share. The $1.58 per share equals approximately 65% of the company’s currently estimated Funds from Operations as adjusted for certain non-comparable items (also called Normalized FFO) for 2011. The company plans to announce its fourth quarter and full year 2011 operating results on February 1, 2012.
Consistent with 2011, the company intends to pay $0.3375 per share for each of the first three quarters of 2012. The company also intends to pay a dividend for the fourth quarter 2012 that will bring the total payment for the year to approximately 65% of Normalized FFO. All future dividends remain subject to the discretion of the company’s Board of Trustees. The company will provide its outlook for 2012, including a guidance range for Normalized FFO, in its February 1, 2012 release.
The following regular quarterly dividends will be paid on the company’s preferred/depositary shares:
|Series||Record Date||Payment Date||Amount/Share|
|K||December 19, 2011||January 3, 2012||$1.03625|
|N||December 19, 2011||January 17, 2012||$0.405|
Equity Residential is an S&P 500 company focused on the acquisition, development and management of high quality apartment properties in top U.S. growth markets. Equity Residential owns or has investments in 417 properties located in 15 states and the District of Columbia, consisting of 119,011 apartment units. For more information on Equity Residential, please visit our website at www.equityapartments.com.Forward-Looking Statements In addition to historical information, this press release contains forward-looking statements and information within the meaning of the federal securities laws. These statements are based on current expectations, estimates, projections and assumptions made by management. While Equity Residential’s management believes the assumptions underlying its forward-looking statements are reasonable, such information is inherently subject to uncertainties and may involve certain risks, including, without limitation, changes in general market conditions, including the rate of job growth and cost of labor and construction material, the level of new multifamily construction and development, competition and local government regulation. Other risks and uncertainties are described under the heading “Risk Factors” in our Annual Report on Form 10-K and subsequent periodic reports filed with the Securities and Exchange Commission (SEC) and available on our website, www.equityapartments.com. Many of these uncertainties and risks are difficult to predict and beyond management’s control. Forward-looking statements are not guarantees of future performance, results or events. Equity Residential assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
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