Sets Record and Meeting Dates for 2011 Annual Meeting of Shareholders
CHICAGO--(BUSINESS WIRE)--
Equity Residential (NYSE: EQR) today announced that the company declared
dividends on its common and preferred shares.
New Dividend Policy
On December 9, 2010, the company announced its new dividend policy which
will generate payouts closely aligned with the actual annual operating
results of the company’s core business and provide more transparency to
investors. Pursuant to this policy, the company intends to pay an annual
cash dividend equal to approximately 65% of Normalized FFO. Normalized
FFO begins with FFO and then eliminates certain items that by their
nature are not comparable from period to period or that tend to obscure
the company’s actual operating performance. For more information on
Normalized FFO, please see the company’s fourth quarter 2010 earnings
release dated February 2, 2011.
The company intends to pay $0.3375 per share for each of the first three
quarters of the year. For the fourth quarter, the company intends to pay
a dividend 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.
First Quarter Dividends
A quarterly common share dividend of $0.3375 per share will be paid on
April 8, 2011 to shareholders of record on March 21, 2011.
The following regular quarterly dividends will be paid on the company’s
preferred/depositary shares:
Series |
|
| Record Date |
|
| Payment Date |
|
| Amount/Share |
|
K
| | |
March 21, 2011
| | |
March 31, 2011
| | |
$1.03625
|
|
N
| | |
March 21, 2011
| | |
April 15, 2011
| | |
$0.405
|
| | | | | | | | |
|
2011 Annual Meeting of Shareholders
In addition, the company declared that its Annual Meeting of
Shareholders will be held on Thursday, June 16, 2011 at 1:00 p.m. in
Chicago, Illinois. Shareholders of record at the close of business on
March 31, 2011 will be entitled to vote at the meeting.
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 452
properties totaling 129,829 apartment units. For more information on
Equity Residential, please visit our website at www.equityapartments.com.
Source: Equity Residential
Contact:
Equity Residential
Marty McKenna
(312) 928-1901