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 $0.65 per share will be paid on January 10, 2014 to shareholders of record on December 27, 2013. This dividend will bring the total paid for the year to $1.85 per share, a 3.9% increase over the company’s previous annual dividend of $1.78 per share. The $1.85 per share equals approximately 65% of the company’s currently estimated Normalized Funds from Operations (Normalized FFO) for 2013.
In addition, the company announced that beginning in 2014 its annual dividend will be paid quarterly in four equal installments based on 65% of the midpoint of the range of Normalized FFO guidance customarily provided in early February as part of the company’s fourth quarter earnings release. All future dividends remain subject to the discretion of the company’s Board of Trustees.
The company also announced that a quarterly dividend of $1.03625 per share will be paid on December 31, 2013 to shareholders of record on December 20, 2013 of the company’s Series K Preferred Shares.
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 388 properties consisting of 109,465 apartment units. For more information on Equity Residential, please visit our website at