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 6, 2015 its board of directors declared a regular quarterly dividend of $0.40 per share of common stock, payable on May 29, 2015, to shareholders of record at the close of business on May 18, 2015. The declared dividend is a 5.3 percent increase over the prior quarterly dividend of $0.38 per share of common stock.
“We are pleased to provide a third consecutive annual dividend increase for shareholders,” said Bill Bayless, American Campus 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 42 quarters since going public. Our goal is to maintain an attractive FFOM payout ratio in the mid 60 percent range, which allows us to retain a significant amount of our cash flow to invest in our high-yielding development pipeline.”
The $0.40 quarterly dividend payment is equivalent to $1.60 per share on an annualized basis, and represents a yield of approximately 4.1 percent on the May 6, 2015 closing price of $39.47 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, 2015, American Campus Communities owned 164 student housing properties containing approximately 100,000 beds. Including its owned and third-party managed properties, ACC's total managed portfolio consisted of 203 properties with approximately 130,100 beds. Visit www.americancampus.com.