Equity Residential Announces Increase 2011 Dividend by 7.5%
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 $0.5675 per share will be paid on January 13, 2012 to shareholders of record on December 19, 2011. This dividend will bring the total paid for the year to $1.58 per share, a 7.5% increase over the company's previous annualized dividend of $1.47 per share. The $1.58 per share equals approximately 65% of the company's currently estimated Funds from Operations as adjusted for certain non-comparable items for 2011. The company plans to announce its fourth quarter and full year 2011 operating results on February 1, 2012.
Consistent with 2011, the company intends to pay $0.3375 per share for each of the first three quarters of 2012. The company also intends to pay a dividend for the fourth quarter 2012 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. The company will provide its outlook for 2012, including a guidance range for Normalized FFO, in its February 1, 2012 release.
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