As of December 31, 2020, Mid-America Apartment Communities had ownership interest in 102,772 apartment units, including communities currently in development, across 16 states and the District of Columbia.
The company announced this week that its board of directors approved a quarterly dividend payment of $1.40 per share of common stock to be paid on January 31, 2023, to shareholders of record on January 13, 2023, representing a 12% increase over the prior rate. The increase will raise the annualized dividend payout to $5.60 per share of common stock. The company has delivered 13 years of consecutive dividend increases.
The increase puts the dividend yield at 3.38%. Goldman Sachs has set its target price at $194, which is well above the $181.72 consensus target and Wednesday’s closing price of $164.46 for Mid-America Apartment Communities stock.
UDR
This top company reported revenue last month that was 17% higher than the same quarter of 2021. UDR Inc. (NYSE: UDR) is an S&P 500 company and a leading multifamily REIT with a demonstrated performance history of delivering superior and dependable returns by successfully managing, buying, selling, developing and redeveloping attractive real estate communities in targeted U.S. markets.
As of September 30, 2020, UDR owned or had an ownership position in 51,649 apartment homes, including 1,031 homes under development. For over 48 years, UDR has delivered long-term value to shareholders and the best standard of service to residents.
Funds from operations in the most recent quarter also showed significant growth over 2021, rising 11% to $198.3 million, while revenues exceeded estimates by 2.4%, though earnings missed estimates.
Investors receive a 3.72% dividend. UDR stock has a $48 target price at Goldman Sachs. The consensus target is $46.29, and the stock closed at $40.58 on Wednesday.
The REIT segment has been absolutely demolished and may offer patient investors with the best combination of stock entry points and dividend yields in years. Those looking to add real estate exposure, but wanting a more conservative path, should do well owning these top companies at today’s prices.
Originally published at 24/7 Wall St.
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