CHICAGO--(BUSINESS WIRE)--
Equity Residential (NYSE: EQR) announced today that its Board of
Trustees has declared a special cash dividend of $8 per common share
which will be paid on March 10, 2016 to shareholders of record on March
3, 2016.
“We had a tremendously successful execution on the sale of more than $6
billion of non-core assets, which produced an unlevered internal rate of
return of 11.3%, and are pleased to deliver much of the proceeds from
these sales to our shareholders on a leverage neutral basis,” said David
J. Neithercut, Equity Residential’s President and CEO. “We can now focus
solely on our strategy of owning, building and operating assets in
coastal gateway cities in higher density urban locations with close
proximity to public transportation, job centers and other amenities that
these cities have to offer.”
The company expects to announce the record and payment dates for its
regular first quarter 2016 dividend on March 11, 2016 in connection with
its quarterly Board of Trustees meeting.
About Equity Residential
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. As of February 22, 2016, Equity Residential owns or
has investments in 314 properties consisting of 83,490 apartment units
located primarily in Boston, New York, Washington DC, Seattle, San
Francisco and Southern California. 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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Equity Residential
Marty McKenna, (312) 928-1901
Source: Equity Residential