ATLANTA, April 29, 2015 /PRNewswire/ -- Preferred Apartment Communities, Inc. (NYSE MKT: APTS), or the Company, today announced that its Board of Directors has declared a quarterly dividend on its common stock of $0.18 per share for the second quarter of 2015, an increase of $0.005 per share or approximately 2.9% over the prior quarterly dividend rate of $0.175 per share paid to common stockholders for the first quarter of 2015. This also represents a 44.0% overall increase in our common stock dividend since our IPO and an annualized dividend growth rate of 11.1%. The dividend is payable on July 15, 2015 to all common stockholders of record as of June 15, 2015.
"We think one of the reasons that investors and stockholders like to invest in our common stock is our ability and commitment to raising our dividend as we grow in our financial performance," said John A. Williams, Chairman and Chief Executive Officer for the Company.
About Preferred Apartment Communities, Inc.
Preferred Apartment Communities, Inc. is a Maryland corporation formed primarily to acquire and operate multifamily properties in select targeted markets throughout the United States. As part of our business strategy, we may enter into forward purchase contracts or purchase options for to-be-built multifamily communities and we may make mezzanine loans, provide deposit arrangements, or provide performance assurances, as may be necessary or appropriate, in connection with the development of multifamily communities and other properties. As a secondary strategy, we also may acquire or originate senior mortgage loans, subordinate loans or mezzanine debt secured by interests in multifamily properties, membership or partnership interests in multifamily properties and other multifamily related assets and invest not more than 20% of our assets in other real estate related investments such as grocery-anchored necessity retail properties, as determined by our manager as appropriate for us. Preferred Apartment Communities, Inc. has elected to be taxed as a real estate investment trust under the Internal Revenue Code of 1986, as amended, commencing with its tax year ended December 31, 2011.