ATLANTA, Nov. 3, 2014 /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 $0.175 per share for the fourth quarter of 2014, an increase of $0.015 per share or approximately 9.4% over the prior quarterly dividend rate of $0.16 per share paid to common stockholders for the third quarter of 2014. This also represents a 40.0% overall increase in our common stock dividend since our IPO and an annualized dividend growth rate of 11.6%. The dividend is payable on January 15, 2015 to all common stockholders of record as of December 15, 2014. Even though this dividend will be paid in 2015, if and to the extent this dividend is taxable, the Company intends for this dividend to be taxable in 2014.
"We are very pleased to report another increase in our quarterly common stock dividend, which we believe reflects the strength of our earnings" said John A. Williams, chief executive officer for the Company. Williams added, "We will continue to seek to increase our common stock dividends from time to time in a prudent manner and have these dividends covered by adjusted funds from operations."
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.
SOURCE Preferred Apartment Communities, Inc.