MEMPHIS, Tenn., Dec. 1, 2010 /PRNewswire-FirstCall/ -- Mid-America Apartment Communities, Inc. (NYSE :MAA ) today announced that its board of directors voted to increase the quarterly common dividend by 2% to a quarterly payment of $0.6275 per share, or $2.51 per share on an annual basis.
Al Campbell, CFO, stated, "We are encouraged with the improvement in leasing trends and expect the operating environment will continue to show steady improvement. MAA is one of the few multifamily REITs that did not reduce or suspend their cash dividend over the last couple of years of weak economic and capital market conditions. MAA is well positioned for the emerging recovery cycle and we look forward to continued progress for our shareholders."
The quarterly common dividend of $0.6275 per share is payable on January 31, 2011 to shareholders of record on January 14, 2011.
As established in prior quarters, the company is declaring its quarterly common dividend in advance of its earnings announcement, which it expects to make on February 3, 2011.
About Mid-America Apartment Communities, Inc.
Mid-America Apartment Communities is a self-administered, self-managed apartment-only real estate investment trust, which currently owns or has ownership interest in 46,269 apartment units including 428 development units throughout the Sunbelt region of the U.S. For further details, please refer to the MAA website at www.maac.net or contact Investor Relations at firstname.lastname@example.org. 6584 Poplar Ave., Memphis, TN 38138.
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.
SOURCE Mid-America Apartment Communities, Inc.