MAA’s board of directors has approved a 6.5 percent hike in the company’s dividend for fiscal year 2016, the dividend's sixth consecutive annual increase.

The quarterly reward to shareholders will grow from 77 cents to 82 cents per share of common stock and will be effective for quarterly dividends payable after Jan. 1. The increase also raises the annualized dividend payout to $3.28 per share of common stock, up 20 cents.

The MAA board made the dividend announcement in advance of MAA’s next quarterly earnings set for Feb. 3. MAA chairman and CEO Eric Bolton said the increase demonstrates the board’s confidence in the company’s performance, ability to generate cash flow and produce value for shareholders.

“MAA's dividend has grown by more than 25 percent over the past five years, and today's announcement reflects MAA's commitment to providing a consistent and growing dividend to our shareholders," Bolton said.

The quarterly common dividend of 82 cents per share is payable on Jan. 29 to shareholders of record on Jan. 15.

MAA is a self-administered real estate investment trust and member of the S&P Mid Cap 400 index. MAA currently owns or has ownership interest in apartment communities throughout the Southeast and Southwest.