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DENVER–The board of Archstone-Smith, one of the nation’s largest apartment REITs, has declared a dividend of 58 cents per cumulative convertible series A preferred shares. It is payable on Sept. 30 to shareholders of record on Sept. 16.

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.

This year, the company debuted at 994 on the Fortune 1000 list, and ranked 348 on the Forbes Super500 list. With a current total market capitalization of approximately $9.9 billion, Archstone-Smith owns or has an ownership position in 271 apartment communities, representing 93,876 apartment units, including units under construction, as of June 30.

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