AUSTIN, Texas--(BUSINESS WIRE)--American Campus Communities, Inc. (NYSE: ACC), the nation’s largest owner and manager of high-quality student housing properties, announced that on May 3, 2017 its Board of Directors declared a regular quarterly dividend of $0.44 per share of common stock, payable on May 26, 2017, to shareholders of record at the close of business on May 15, 2017. The declared dividend is a 4.8 percent increase over the prior quarterly dividend of $0.42 per share of common stock.
“We are pleased to provide a fifth consecutive annual dividend increase for shareholders,” said Bill Bayless, American Campus Communities CEO. “The long-term stability of our operating performance has allowed the Board of Directors to maintain or increase the company’s dividend throughout the 50 quarters since going public, and represents over 30 percent growth in the dividend since 2012.”
The $0.44 quarterly dividend payment is equivalent to $1.76 per share on an annualized basis, and represents a yield of approximately 3.8 percent on the May 3, 2017 closing price of $46.50 per share.
About American Campus Communities
American Campus Communities, Inc. is the largest owner, manager and developer 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. As of March 31, 2017, American Campus Communities owned 157 student housing properties containing approximately 97,500 beds. Including its owned and third-party managed properties, ACC's total managed portfolio consisted of 194 properties with approximately 127,200 beds. Visit www.americancampus.com.
In addition to historical information, this press release contains forward-looking statements under the federal securities law. These statements are based on current expectations, estimates and projections about the industry and markets in which American Campus operates, management's beliefs, and assumptions made by management. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict.