In sync with its strategy of rewarding shareholders, Mid-America Apartment Communities Inc. MAA has announced a 6.5% hike in its dividend payment for fiscal year 2016. Upon this announcement, the quarterly dividend disbursement will move up from 77 cents per share to 82 cents and this new payout will take effect for quarterly dividends payable after Jan 1, 2016.
Notably, this will be the sixth consecutive annual increase in dividend and it reflects the Memphis, TN-based residential real estate investment trust’s (“REIT”) robust performance, strong cash flow generation capabilities and the ability to enhance value for the shareholders.
Mid America Apartment Communities is engaged in owning and operating apartment communities throughout the Southeast and Southwest regions of the U.S. The quarterly dividend of 82 cents per share will be payable on Jan 29, 2016 to shareholders of record on Jan 15, 2016 and this will be the 88th consecutive quarterly dividend payment for the REIT.
In fact, Mid America Apartment Communities boasts a proven track record of rewarding its shareholders on a consistent basis. Over the past five years, the dividend payment made by this REIT has grown by over 25%.
Mid America Apartment Communities currently carries a Zacks Rank #2 (Buy).
Investors interested in the residential REIT space may also consider stocks like Preferred Apartment Communities, Inc. APTS, Essex Property Trust Inc. ESS and Avalonbay Communities Inc. AVB. While Preferred Apartment Communities sports a Zacks Rank #1 (Strong Buy), both Essex Property Trust and Avalonbay Communities hold the same Zacks Rank as Mid America Apartment Communities.
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