MAA Announces 100th Common Dividend
GERMANTOWN, Tenn., Dec. 4, 2018 /PRNewswire/ -- MAA (NYSE: MAA) today announced that its board of directors approved the 100th consecutive quarterly common stock dividend payment of $0.96 per share of common stock, representing a 4.1% increase over the previous rate.
Eric Bolton, Chairman and CEO, said "Our strategy has consistently focused on a goal to provide shareholders with a steady and growing cash dividend which we believe is a key aspect of creating superior long-term value for REIT shareholders. We appreciate the trust and confidence that our shareholders have placed with MAA."
On May 10, 1994, shortly following its initial public offering, MAA made its first dividend payment of $0.26 per share to common shareholders. Since paying that first dividend, MAA has never missed a quarterly dividend payment to its common shareholders. Moreover, MAA has never reduced the dividend that it pays to its common shareholders. In fact, with this increase, MAA common shareholders have been rewarded with 217% overall growth in the common dividend, representing an annualized 4.7% return since the first common dividend payment. Together with the growth in stock price, MAA common shareholders at the time of the IPO have realized an overall annualized total return of 13.3% on each share of MAA common stock.
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 30, 2019. The dividend will be paid on January 31, 2019 to shareholders of record on January 15, 2019.
About MAA
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, Southwest and Mid-Atlantic 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 investor.relations@maac.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.
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