Equity Residential (EQR) will lower its quarterly dividend by 8.9 percent to $0.50375 per share. This comes after double digit dividend hikes by the REIT in each of the previous three years.
Equity Residential is a real estate company focused on the acquisition, development and management of rental apartment properties located in urban and high-density suburban markets in U.S. cities. Equity Residential owns or has investments in properties consisting of apartment units, primarily located in Boston, New York, Washington, D.C., Seattle, San Francisco, Southern California and Denver. The company’s corporate headquarters is located in Chicago, Illinois and the company also operates regional property management offices in each of its markets. A dividend has been paid every year since 2003 by the real estate investment trust.