Associated Estates Increases Common Share Dividend
CLEVELAND, Sept. 8, 2014 /PRNewswire/ -- Associated Estates Realty Corporation (NYSE, NASDAQ: AEC) announced today that its Board of Directors declared a quarterly dividend of $0.20 per share on the Company's common shares, an increase of $0.01 per share, or 5.3%, from the previous quarter. On an annualized basis, this would increase Associated Estates' dividend by $0.04 per share, from $0.76 to $0.80 per share. The quarterly dividend is payable November 3, 2014 to shareholders of record on October 15, 2014. The November 3, 2014 dividend will represent the 84th consecutive quarterly dividend by the Company.
"The increase of the quarterly dividend underscores our commitment to delivering sustainable, long-term shareholder returns, and reflects the Board's confidence in the fundamentals of our business. We are keenly focused on continuing to successfully execute our proven strategic plan for the benefit of all of our shareholders," said Jeffrey I. Friedman, President and Chief Executive Officer.
Friedman added, "The Board of Directors will evaluate the 2015 dividend policy in conjunction with our 2015 outlook for the Company."
The Company also announced that it will be participating in the Bank of America Merrill Lynch 2014 Global Real Estate Conference in New York, NY on September 10-11, 2014. A copy of all presentation materials to be used at the conference will be posted to the Investors section of the Company's website.
Associated Estates is a real estate investment trust and is a member of the S&P 600, Russell 2000, and the MSCI US REIT Indices. The Company is headquartered in Richmond Heights, Ohio. Associated Estates' portfolio consists of 50 apartment communities containing 13,034 units located in nine states. For more information about the Company, please visit its website at AssociatedEstates.com.
For more information, please contact:
Jeremy Goldberg
(216) 797-8715
SOURCE Associated Estates Realty Corporation
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