Associated Estates Announces Second Consecutive Common Share Dividend Increase
The Associated Estates Board has Authorized Two Dividend Increases in 2014 Raising Annualized Distribution by 10.5%
CLEVELAND, Dec. 3, 2014 /PRNewswire/ -- Associated Estates Realty Corporation (NYSE, NASDAQ: AEC) announced today that its Board of Directors declared a quarterly dividend of $0.21 per share on the Company's common shares. This reflects an increase of $0.01 per share, or 5.0%, from the $0.20 per share quarterly dividend paid on November 3, 2014.
The $0.21 per share quarterly dividend is payable January 30, 2015 to shareholders of record on December 30, 2014. The January 30, 2015 dividend will represent the 85th consecutive quarterly dividend paid by the Company.
This is the second dividend increase authorized by the Associated Estates Board of Directors in 2014. As previously announced on September 8, 2014, the Board authorized an increase of $0.01 per share, or 5.3%, from the previous quarter. Together, these two dividend increases reflect a total increase of $0.02 per share, or 10.5%, as compared to the dividend paid on August 1, 2014.
On an annualized basis, the consecutive quarterly dividend increases have raised Associated Estates' dividend by $0.08 in the aggregate, from $0.76 to $0.84 per share.
Jeffrey I. Friedman, President and Chief Executive Officer, said, "Raising the quarterly dividend – for the second time this year – reflects the Board's confidence in the fundamentals of our business, and represents one of the many tangible benefits of our ongoing success in transforming the Associated Estates portfolio and executing our strategic plan. The increase also demonstrates our commitment to delivering sector leading long-term shareholder returns. Even as we continue to increase the amount of cash returned to shareholders, we expect to maintain one of the most conservative payout ratios in our peer group."
Associated Estates is a real estate investment trust and a member of the S&P 600, Russell 2000, and MSCI US REIT Indices. The Company is headquartered in Richmond Heights, Ohio. Associated Estates' portfolio consists of 58 apartment communities containing 15,506 units located in 10 states, which include three committed acquisitions with 1,026 units that are being managed during lease-up and five apartment communities with 1,446 units in various stages of active development. For more information about the Company, please visit its website at AssociatedEstates.com.
Safe Harbor Statement
This news release contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on certain assumptions, as well as current expectations, estimates, projections, judgments and knowledge of management, all of which are subject to risks, trends and uncertainties that could cause actual results to vary from those projected. Factors which may cause the Company's actual results or performance to differ materially from those contemplated by forward-looking statements include, without limitation, those described under the heading "Risk Factors" in the Company's Annual Report on Form 10-K and in other filings with the U.S. Securities and Exchange Commission (the "SEC"), and the following: changes in the economic climate in the markets in which the Company owns and manages properties, including interest rates, the overall level of economic activity, the availability of consumer credit and mortgage financing, unemployment rates and other factors; risks of a lessening of demand for the multifamily units owned by the Company; competition from other available multifamily units, single family units available for rental or purchase, and changes in market rental rates; the failure of development projects or redevelopment activities to achieve expected results due to, among other causes, construction and contracting risks, unanticipated increases in materials and/or labor, and delays in project completion and/or lease-up that result in increased costs and/or reduce the profitability of a completed project; the cost, distraction and results of litigation involving the Company or activist shareholder campaigns to effect changes at the Company; and risks associated with property acquisitions and dispositions, such as failure to achieve expected results. Readers should carefully review the Company's Annual Report on Form 10-K for the year ended December 31, 2013, and the other documents the Company files from time to time with the SEC. These forward-looking statements reflect management's judgment as of this date, and the Company assumes no obligation to revise or update them to reflect future developments or circumstances.
For more information, please contact:
Jeremy Goldberg
(216) 797-8715
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/associated-estates-announces-second-consecutive-common-share-dividend-increase-300004399.html
SOURCE Associated Estates Realty Corporation
Related Links
http://www.associatedestates.com
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