ATLANTA--(BUSINESS WIRE)--Post Properties, Inc. (NYSE: PPS), an Atlanta-based real estate investment trust, today announced quarterly dividends on its common stock of $0.33 per share for the second quarter of 2013. The dividend is payable on July 15, 2013 to all common shareholders of record as of June 28, 2013.
Said Dave Stockert, CEO and President, “We are pleased to be able to enhance the current return to common shareholders, reflecting the solid growth and profitability of our business. With today’s announcement, we expect our annualized rate of common stock dividends to rise by 32 percent to $1.32 per share.”
Post also announced regular quarterly dividends for its 8.5 percent Series A Cumulative Redeemable Preferred Stock of $1.0625 per share for the second quarter of 2013. The dividend is payable on July 1, 2013 to all Series A preferred shareholders of record as of June 17, 2013.
About Post Properties
Post Properties, Inc., founded more than 40 years ago, is a leading developer and operator of upscale multifamily communities. The Company’s mission is delivering superior satisfaction and value to its residents, associates, and investors, with a vision of being the first choice in quality multifamily living. Operating as a real estate investment trust (“REIT”), the Company focuses on developing and managing Post® branded high density urban and resort-style garden apartments. Post Properties is headquartered in Atlanta, Georgia, and has operations in ten markets across the country.
Post Properties has interests in 22,218 apartment units in 60 communities, including 1,471 apartment units in four communities held in unconsolidated entities and 2,046 apartment units in seven communities currently under development or in lease-up. The Company is also selling luxury for-sale condominium homes in two communities through a taxable REIT subsidiary.