ATLANTA--(BUSINESS WIRE)--Post Properties, Inc. (NYSE: PPS), an Atlanta-based real estate investment trust, today announced quarterly dividends on its common stock of $0.40 per share for the fourth quarter of 2014. The dividend is payable on January 15, 2015 to all common stockholders of record as of January 2, 2015.
Post also announced regular quarterly dividends on its 8.5 percent Series A Cumulative Redeemable Preferred Stock of $1.0625 per share for the fourth quarter of 2014. The dividend is payable on December 31, 2014 to all Series A preferred stockholders of record as of December 15, 2014.
In addition, Post announced that its Board of Directors has adopted a new stock and note repurchase program under which Post may repurchase up to an aggregate of $200 million of its common stock or preferred stock or its operating partnership’s senior unsecured notes from time to time until December 31, 2017. The new stock and note repurchase program replaces a substantially similar program that is currently set to expire at the end of 2014.
About Post Properties
Post Properties, 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 nine markets across the country.
Post Properties has interests in 22,650 apartment units in 58 communities, including 1,471 apartment units in four communities held in unconsolidated entities and 1,592 apartment units in five communities currently under development or in lease-up.