Series A preferred share dividends are cumulative and payable quarterly at an annualized rate of $2.30 per share.

The company also declared a dividend of about 55 cents per cumulative redeemable Series D preferred share. They are also payable on Sept. 30, to shareholders of record on Sept. 16. Series D preferred share dividends are cumulative and payable quarterly at an annualized rate of $2.19 per share.

Archstone-Smith is an owner, operator, developers and buyers of apartments, with a hard to replace portfolio of garden-style and high-rise apartment communities in protected locations in major metropolitan areas across the country. The company likes to buy and develop apartments in areas that have steep barriers to entry, which lessens competition.