ARLINGTON, Va.--(BUSINESS WIRE)--AvalonBay Communities, Inc. (NYSE: AVB) announced today that its Board of Directors declared a dividend of $1.16 per share on the Company's Common Stock (par value $0.01 per share) for the first quarter of 2014, payable on April 15, 2014 to record holders of Common Stock as of March 31, 2014. The declared dividend represents a $0.09 per share, or 8.4%, increase over the Company’s prior quarterly dividend of $1.07 per share.
In declaring the increased dividend, the Board of Directors evaluated the Company’s past performance and future prospects for earnings growth. Additional factors considered in determining the increase included current common dividend distributions, the relationship of the current common dividend distribution to the Company’s funds from operations, the relationship of dividend distributions to taxable income, distribution requirements under rules governing real estate investment trusts, and expected growth in taxable income.
About AvalonBay Communities
As of December 31, 2013, the Company owned or held a direct or indirect ownership interest in 273 apartment communities containing 81,522 apartment homes in twelve states and the District of Columbia, of which 29 communities were under construction and three communities were under reconstruction. The Company is an equity REIT in the business of developing, redeveloping, acquiring and managing apartment communities in high barrier-to-entry markets of the United States. More information may be found on the Company’s website at http://www.avalonbay.com.
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