MEMPHIS, Tenn., Dec. 5, 2017 /PRNewswire/ -- MAA (NYSE: MAA) announced that its board of directors approved today a 6% increase in its common dividend rate for fiscal year 2018. This dividend increase will raise the annualized dividend payout to $3.69 per share of common stock, an increase of $0.21 per share from the prior dividend level. This is MAA's eighth consecutive annual increase of its common dividend.
The board of directors also approved a quarterly dividend payment of $0.9225 per share of common stock to be paid on January 31, 2018 to shareholders of record on January 12, 2018. This will be the 96th consecutive quarter MAA has paid a cash dividend on its shares of common stock. The cash dividend has never been reduced or suspended over this time frame.
As established in prior quarters, the board of directors declared the quarterly common dividend in advance of MAA's earnings announcement that is expected to be made on January 31, 2018.
MAA is a self-administered real estate investment trust (REIT) and member of the S&P 500. MAA owns or has ownership interest in apartment communities throughout the Southeast and Southwest regions of the U.S. focused on delivering strong, full-cycle investment performance. For further details, please refer to www.maac.com or contact Investor Relations at email@example.com.
Certain matters in this press release may constitute forward-looking statements within the meaning of Section 27-A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. Such statements include statements made about the payment of common dividends. The ability to meet the payment of common dividends in or contemplated by the forward-looking statements could differ materially from the projection due to a number of factors, including a downturn in general economic conditions or the capital markets, changes in interest rates and other items that are difficult to control such as increases in real estate taxes in many of our markets, as well as the other general risks inherent in the apartment and real estate businesses. Reference is hereby made to the filings of Mid-America Apartment Communities, Inc. with the Securities and Exchange Commission, including quarterly reports on Form 10-Q, reports on Form 8-K, and its annual report on Form 10-K, particularly including the risk factors contained in the latter filing.