The REIT closed on the sale of a multifamily property near Baltimore during the quarter and expects to invest the proceeds in a similar complex. The transaction will be treated as a tax-deferred, like-kind exchange.
During the last 15 months, the firm has repurchased more than 204,000 shares of its common stock at an average price of $4.94 as part of its 400,000 share buyback program.
America First has increased its dividend, payable to Oct. 16 shareholders of record on Nov. 17, to $0.155 per share. Commenting on the increase, Stewart Zimmerman, president and chief executive officer, notes that, "This reflects our belief that short-term interest rates are likely to remain stable through the next quarter and hopefully into the next year. We are happy to have weathered a period of rising short-term interest rates."
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