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Equity Residential OKs another $500 million for repurchases
Equity Residential said the real estate investment trust's board of trustees authorized an additional up to $500 million in share repurchases.The Chicago company, which specializes in apartment properties, said that since the start of the year it has spent about $1.2 billion to repurchase and retire 26.7 million of its common shares, at an average price of $44.88 a share.Equity Residential noted that about $3.8 million remains available to the REIT under an earlier $500 million buyback authorization announced in late May. Read more