Post Properties Hikes Dividend 32%
May 24th 2013 5:51PM
Updated May 24th 2013 7:00PM
Real estate investment trust Post Properties announced yesterday its second-quarter dividend of $0.33 per share, a 32% increase over the $0.25 per share quarterly payout it made it made over the last four quarters.
The board of directors said the quarterly dividend is payable on July 15 to the holders of record at the close of business on June 28.
Post Properties CEO and President Dave Stockert said, "We are pleased to be able to enhance the current return to common shareholders, reflecting the solid growth and profitability of our business."
The board also declared second-quarter dividends for its 8.5% Series A cumulative redeemable preferred stock in the amount of $1.0625 per share, payable on July 1 to shareholders of record as of June 17.
The regular dividend payment equates to a $1.28-per-share annual dividend, yielding 2.6% based on the closing price of Post Properties' stock on May 23.
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