Mid-America Appartment Communities (MAA) will raise its quarterly dividend by 14.9 percent to $1.25 per share in 2022. This follows a dividend hike of 6.1 percent last year by MAA and marks 13 years in a row of increased dividends. The new dividend rate represents a 15% increase over the prior dividend. The increase will raise the annualized dividend payout to $5.00 per share of common stock, an increase of $0.65 per share from the prior dividend level. As established in prior quarters, the board of directors declared the quarterly common dividend in advance of MAA's earnings announcement that is expected to be made on July 27, 2022.
The new dividend of $1.25 per share will paid on July 29, 2022 to MAA shareholders of record on July 15, 2022. The new annualized dividend payout to $5.00 per share yields 2.89% at a stock price of $176.
Mid-America Appartment Communities (MAA) is a multifamily focused self-administered real estate investment trust (REIT). The company owns or has ownership interest in apartment communities throughout the Southeast and Southwest regions of the United States. One of the company's growth strategies is to acquire apartment communities that are located in various markets throughout the Southeast, Southwest and Mid-Atlantic regions of the United States. MAA made its first dividend payment to common shareholders in 1994, shortly following its initial public offering.