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.
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.