ATLANTA, Nov. 7, 2013 /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 $0.16 per share for the fourth quarter of 2013, an increase of $.01 per share or approximately 6.7% over the prior quarterly dividend rate of $0.15 per share paid to common stockholders for the third quarter of 2013. This also represents a 28.0% overall increase in our common stock dividend since our IPO and an annualized dividend growth rate of 12.4%. The dividend is payable on January 15, 2014 to all common stockholders of record as of December 16, 2013. Even though this dividend will be paid in 2014, if and to the extent this dividend is taxable, the Company intends for this dividend to be taxable in Year 2013.
"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.
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 construction 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 10% of our total assets in other real estate related investments, 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.