AvalonBay Communities (AVB) declares $1.59 first-quarter dividend.

AvalonBay Communities Inc. (AVB) has declared a dividend of $1.59/share for 1Q'21, which is unchanged on a year-over-year basis.  The dividend is payable April 15, 2021 to shareholders of record on March 31, 2021.

According to REIT/BASE, the announcement signals that AVB is likely to maintain the current dividend throughout 2021, resulting in a full-year distribution of $6.36/share.  The steady dividend is notable for AVB, which has suffered from occupancy pressure and a decline in rental rates due to COVID-19.  These factors have led to an increase in the AFFO dividend payout ratio, which reached 90% in 4Q'20 and remains on an upward trend.

AvalonBay Communities is an equity REIT focused on the ownership, management and development of Class-A apartment communities in major metropolitan centers across the U.S. As of December 31, 2020, the portfolio included interests in 273 operating properties and 18 development communities with 86,025 total units. AVB has a total market capitalization of approximately $30 billion and is a member of the S&P 500.