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.