Equity Residential to buy back additional $500 mln of shares

lunedì 3 dicembre 2007 21:01

Dec 3 (Reuters) - Equity Residential (EQR.N: Quotazione) said its board of trustees authorized an additional $500 million to be used in its share repurchase program.

About $3.8 million remains available under the $500 million program previously announced on May 24, bringing its availability for future share repurchases to $503.8 million, the real estate investment trust said in a statement.

The company expects to fund the buyback by a combination of proceeds from asset sales and borrowings on its line of credit and cash on hand. (Reporting by Shamik Paul in Bangalore; Editing by Deepak Kannan)