Preferred Apartment Communities, Inc. (NYSE: APTS), or PAC, today announced that its Board of Directors has declared a quarterly dividend on its common stock of $0.255 per share for the second quarter of 2018. This is an increase of $0.005 per share or approximately 2.0% over the prior quarterly dividend rate of $0.25 per share paid to common stockholders for the first quarter of 2018 and an increase of $0.02 per share or approximately 8.5% over the dividend rate of $0.235 paid to common stockholders for the second quarter of 2017. This also represents an annualized dividend growth rate of 14.93% since our first dividend following PAC's IPO in April 2011. The dividend is payable on July 16, 2018 to all common stockholders of record as of June 15, 2018.
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 real estate related 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 may acquire or originate senior mortgage loans, subordinate loans or real estate loans secured by interests in multifamily properties, membership or partnership interests in multifamily properties and other multifamily related assets and invest a lesser portion of our assets in other real estate related investments, including other income-producing property types, senior mortgage loans, subordinate loans or real estate loans secured by interests in other income-producing property types, membership or partnership interests in other income-producing property types as determined by our manager as appropriate for us. At December 31, 2017, the Company was the approximate 97.8% owner of Preferred Apartment Communities Operating Partnership, L.P., the Company's operating partnership. 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. Learn more at www.pacapts.com.