Equity Residential starts $500M buyback |
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Published
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Mon, 03 Dec 2007 21:05
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CHICAGO (AP) - Equity Residential, an apartment real-estate investment trust, said Monday it will expand its stock buyback plan by an additional $500 million worth of shares.The company has $3.8 million remaining in its previous $500 million buyback program, which began in May.Since the beginning of 2007, Equity Residential has bought back about 26.7 million shares at an average price of 44.88 per share for a total of $1.2 billion.Repurchases are expected to be funded by asset sales and borrowing from credit lines and cash on hand.According to its latest quarterly report filed on Nov. 7, the company had 282.8 million shares outstanding as of Sept. 30.Shares dipped 2 cnets to $37.19 in afternoon trading.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Equity Residential 3Q FFO falls 13%; COO Spector to retire, effective Dec. 31 