American Campus Communities Announces Increased Quarterly Dividend
American Campus Communities Announces Increased Quarterly Dividend
AUSTIN, Texas--(BUSINESS WIRE)-- American Campus Communities, Inc. (NYS: ACC) , the nation's largest owner and manager of high-quality student housing properties, announced that on May 1, 2013 its board of directors declared a regular quarterly dividend of $0.36 per share of common stock, payable on May 30, 2013, to shareholders of record at the close of business on May 16, 2013. The declared dividend is a 6.7 percent increase over the prior quarterly dividend of $0.3375 per share of common stock.
"The long term stability of our operating performance has allowed the board of directors to maintain the company's dividend throughout the 34 quarters since going public, even during the great recession," said Bill Bayless, American Campus CEO. "We are excited to have reached the point in the life of our company where we are able to provide a dividend increase for shareholders. Our goal in increasing the dividend was to maintain the estimated 2013 FFOM payout ratio above 60 percent while retaining a significant amount of our cash flow to invest in the attractive set of acquisition and development opportunities before us."
The $0.36 quarterly dividend payment is equivalent to $1.44 per share on an annualized basis, and represents a yield of approximately 3.3 percent on Wednesday's closing price of $44.15 per share.
About American Campus Communities
American Campus Communities, Inc. is the largest owner and manager of high-quality student housing communities in the United States. The company is a fully integrated, self-managed and self-administered equity real estate investment trust (REIT) with expertise in the design, finance, development, construction management, and operational management of student housing properties. American Campus Communities owns 160 student housing properties containing approximately 98,800 beds. Including its owned and third-party managed properties, ACC's total managed portfolio consists of 191 properties with approximately 122,800 beds. Visit www.americancampus.com or www.studenthousing.com
American Campus Communities, Inc.
Ryan Dennison, 512-732-1000
Investor Relations
KEYWORDS: United States North America Texas
INDUSTRY KEYWORDS:
The article American Campus Communities Announces Increased Quarterly Dividend originally appeared on Fool.com.
Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.
