Also Declares Regular Third Quarter Dividends
CHICAGO--(BUSINESS WIRE)--
Equity Residential (NYSE: EQR) announced today that its Board of
Trustees has declared a special cash dividend of $3 per common share
which will be paid on October 14, 2016 to shareholders of record on
September 26, 2016.
“This distribution will bring the total capital returned to our
shareholders in 2016 to more than $4 billion, the largest amount ever
paid in the real estate sector,” said David J. Neithercut, Equity
Residential’s President and CEO. “The return of this capital following
the sale of non-core assets, which produced an Unlevered Internal Rate
of Return of 11.8%, is a sound capital allocation decision and positions
Equity Residential with a portfolio of properties in high density
coastal markets that will produce superior, long-term risk adjusted
returns for our shareholders.”
The Company today also announced that its Board of Trustees declared
quarterly dividends on the Company’s common and preferred shares. A
regular common share dividend for the third quarter of $0.50375 per
share will be paid on October 14, 2016 to shareholders of record on
September 26, 2016.
A quarterly dividend of $1.03625 per share will be paid on September 30,
2016 to shareholders of record on September 16, 2016 of the Company’s
Series K Preferred Shares.
For a definition of Unlevered Internal Rate of Return, please see the
Company’s Second Quarter 2016 earnings release dated July 26, 2016.
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 306
properties consisting of 78,181 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160914005559/en/
Equity Residential
Marty McKenna, 312-928-1901
Source: Equity Residential