MAA Announces Regular Quarterly Preferred Dividend

Rhea-AI Summary

Mid-America Apartment Communities (NYSE: MAA) has declared its regular quarterly dividend for the 8.50% Series I Cumulative Redeemable Preferred Stock. The dividend amounts to $1.0625 per outstanding share. Shareholders recorded by June 14, 2024, will receive the payment on July 1, 2024.

Positive

• Declared dividend of $1.0625 per share for Series I Preferred Stock.
• Dividend payout reflects a strong yield of 8.50%.
• Payment date set for July 1, 2024.

Negative

• No specific information on common stock dividend included.
• Potential shareholder dilution if future preferred shares are issued.

GERMANTOWN, Tenn., June 3, 2024 /PRNewswire/ -- Mid-America Apartment Communities, Inc., or MAA (NYSE: MAA), today announced a full quarterly dividend of $1.0625 per outstanding share of its 8.50% Series I Cumulative Redeemable Preferred Stock. The dividend is payable on July 1, 2024, to shareholders of record on June 14, 2024.

About MAA
MAA is a self-administered real estate investment trust (REIT) and member of the S&P 500. MAA owns or has ownership interest in apartment communities primarily throughout the Southeast, Southwest and Mid-Atlantic regions of the U.S. focused on delivering strong, full-cycle investment performance. For further details, please refer to the "For Investors" page at www.maac.com or contact Investor Relations at investor.relations@maac.com. 

Forward-Looking Statements
Certain matters in this press release may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended with respect to our expectations for future periods. Such statements include statements made about the payment of preferred dividends. The ability to meet the payment of preferred dividends in or contemplated by the forward-looking statements could differ materially from the projection due to a number of factors, including a downturn in general economic conditions or the capital markets, changes in interest rates and other items that are difficult to control such as increases in real estate taxes in many of our markets, as well as the other general risks inherent in the apartment and real estate businesses. Reference is hereby made to the filings of Mid-America Apartment Communities, Inc. with the Securities and Exchange Commission, including quarterly reports on Form 10-Q, reports on Form 8-K, and its annual report on Form 10-K, particularly including the risk factors contained in the latter filing.

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SOURCE MAA

FAQ

What dividend did MAA declare for Q2 2024?

MAA declared a quarterly dividend of $1.0625 per share for its 8.50% Series I Cumulative Redeemable Preferred Stock.

When is the dividend payment date for MAA's Series I Preferred Stock?

The dividend payment date is July 1, 2024.

Who is eligible to receive the MAA Series I Preferred dividend?

Shareholders of record as of June 14, 2024, are eligible to receive the dividend.

What is the yield on MAA's Series I Preferred Stock?

The Series I Preferred Stock has an 8.50% yield.