Looking at MAA as an new investment in my REIT portfolio. Any help would be appreciated. I already own several other reits and am lookign to collect a little more money this year on dividends. I am also looking at several other companys that pay dividends. Wondering if MAA offers a DRIP Plan ? Did I read correctly that MAA also pays a monthly dividend?
To answer you questions about MAA dividends and DRIP plan:
MAA does have a Direct Stock Purchase and Distribution Reinvestment Plan which gives shareholders the ability to reinvest all or part of distributions from MAA common and preferred shares to purchase MAA common shares. It also allows shareholders that own shares in their own name (not in a brokerage account) to purchase additional common shares directly from the Company (up to $5,000/month). For more information on this Plan you can request a Prospectus directly from MAA (901-682-6600) or through our website at www.maac.net.
The Company pays monthly dividends on its Series A, B, and F Cumulative Preferred Stock of $.1979, $.1849, $.1927 per share, respectively. The next distributions are payable of January 15, 2003 to shareholders of record on January 2, 2003.
In addition the company pays quarterly dividends on its Series C Cumulative Preferred stock of $.5859 per share. The next distribution is payable on January 15, 2003 to shareholders of record on January 2, 2003.
The Company currently pays a quarterly dividend of $.5850 for each Common share with the last distribution occurring on October 31, 2002. An announcement regarding the timing of the next distribution is expected to be made in early to mid-January, and management expects Board approval for the next payment to be made January 31st to shareholders of record on January 24th.
DRIP I'm not sure about. (the CEO posts here now and then, and may address that). There is a quarterly dividend for the common stock. One of the three preferreds does, I believe, pay a monthly dividend(the Pfd. B, I believe). Personally, I would own the common over the preferred -- has the same dividend, more or less, and upside. The preferreds basically have no upside, and, IMHO, the downside in both the common and preferred is about the same -- if you believe that the world and the US economy will muddle through.
Rest assured, if you buy, you are getting honest management that is very shareholder-oriented. They buy a lot of the stock themselves, on the open market.