Increased Dividend for Capital Square Apartment REIT

Capital Square Apartment REIT announced that its board of directors has authorized a daily distribution rate of $0.00138 per day per share on its outstanding common stock for the period commencing on April 1, 2023 and ending on June 30, 2023. Distributions payable to each stockholder of record during a month are payable in arrears the following month.

This is the second quarter in which the board of directors has authorized a daily distribution rate of $0.00138. Previously, the board of directors had authorized a daily distribution rate of $0.00137 per day per share, equal to an annualized rate of 5.0%, since the initial sale of shares in its private placement offering in April 2021. For investors who purchased shares pursuant to the early investor discount described in the “PLAN OF DISTRIBUTION” section of the private placement memorandum, the previous annualized distribution rate was 5.56%. To date, the company has paid 100% of distributions from cash flow from operations.1

“Actual in-place rents at Capital Square Apartment REIT’s Sapphire at Centerpointe property have increased by 17.2% since the second quarter of 2021,” said Louis J. Rogers, chief executive officer and chairman of the board. “With the recent addition of Saltmeadow Bay Apartments in the first DST/UPREIT transaction, we expect Capital Square Apartment REIT’s financial condition to be even stronger in the future as we grow the portfolio with well-performing, income producing multifamily properties.”

On March 30, 2023, Capital Square Apartment REIT acquired Saltmeadow Bay Apartments, a 229-unit Class A multifamily property in Virginia Beach, Virginia for a total purchase price of $72 million, which was structured as a tax-free UPREIT contribution under Section 721 of the Internal Revenue Code. The owners of over 85% of the DST interests in Saltmeadow Bay Apartments exchanged their DST interests for OP units in an UPREIT transaction.

(This news/press release has not been altered by, apart from the headline, and has been obtained from a syndicated source:- )