2012 Dividend Increases 12.7% over 2011
Increases Quarterly Base Rate for 2013
CHICAGO--(BUSINESS WIRE)--
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 $0.7675 per
share will be paid on January 11, 2013 to shareholders of record on
December 21, 2012. This dividend will bring the total paid for the year
to $1.78 per share, a 12.7% increase over the company’s previous annual
dividend of $1.58 per share. The $1.78 per share equals approximately
65% of the company’s currently estimated Normalized Funds from
Operations (Normalized FFO) for 2012. The company plans to announce its
fourth quarter and full year 2012 operating results on February 5, 2013.
In 2013, the company intends to pay $0.40 per share for each of the
first three quarters of the year and pay a dividend for the fourth
quarter 2013 that will bring the total payment for the year to
approximately 65% of Normalized FFO. The $0.40 per share quarterly
dividend is an increase from the $0.3375 per share per quarter paid in
the first three quarters of 2012. All future dividends remain subject to
the discretion of the company’s Board of Trustees. The company will
provide its outlook for 2013, including a guidance range for Normalized
FFO, in its February 5, 2013 release.
A quarterly dividend of $1.03625 per share will be paid on December 31,
2012 to shareholders of record on December 21, 2012 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 418
properties located in 13 states and the District of Columbia, consisting
of 118,986 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.
Equity Residential
Marty McKenna, (312) 928-1901
Source: Equity Residential