Bay Apartment Communities Raises Dividend on Common, Preferred Stock; Announces Annual Meeting Date.SAN JOSE San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , Calif.--(BUSINESS WIRE)--March 19, 1996--The board of directors of Bay Apartment Communities (NYSE NYSE See: New York Stock Exchange :BYA) has increased the company's dividend on its common and preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. . The dividend on the common stock increases to $.40 per share from $.39 per share, while the Series A preferred stock dividend increases to $.412 per share or 103 percent of the dividend of the common stock. The common stock dividend is payable April 12, 1996, to shareholders of record on March 29, 1996, and is equivalent to an annual dividend of $1.60 per share. The Series A preferred stock dividend is payable May 15, 1996, to shareholders of record on March 29, 1996, and is equivalent to annual dividend of $1.648 per share. "The ability to increase the dividend -- our second increase since Bay completed its initial public offering some two years ago -- reflects our success in growing the portfolio and generating strong increases in average rents and EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become ," noted Gilbert M. Meyer, chairman and chief executive officer of Bay. The company also announced that its 1996 annual shareholders' meeting shareholders' meeting n. a meeting, usually annual, of all shareholders of a corporation (although in large corporations only a small percentage attend) to elect the Board of Directors and hear reports on the company's business situation. will take place at 10 a.m., Pacific Daylight Time, on Wednesday, May 1. The meeting will be held at Bay's executive offices, 4340 Stevens Creek Blvd., Suite 275, San Jose, Calif. Bay Apartment Communities is a fully integrated multifamily real estate investment trust focused on the acquisition, development and management of high quality apartments in Northern California. The company owns and manages 25 apartment communities containing 6,450 apartment homes in the San Francisco Bay Area “Bay Area” redirects here. For other uses, see Bay Area (disambiguation). The San Francisco Bay Area, colloquially known as the Bay Area or The Bay and Northern California. CONTACT: Bay Apartment Communities, San Jose Gilbert M. Meyer or Max Gardner, 408/983-1500 |
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