Apartment Income REIT Corp. announced a quarterly cash dividend of 45 cents per common share, which will be paid Feb. 25 to shareholders of record Feb. 17.
The previous quarterly dividend was 44 cents per share.
The multifamily real estate investment trust sold seven apartment communities in California, spread across San Diego, Los Angeles and the Bay Area, for gross proceeds of $507 million after the end of 2021.
In reporting its latest results, the company said it agreed to sell an additional $267 million of properties across Chicago, New York City and California.
During the fourth quarter of 2021, it disposed of 15 apartment communities comprising 1,337 units in New York City and Washington, D.C., for gross proceeds of $472 million. Net proceeds from these sales were $432 million.
The REIT recognized 99.1% of all residential revenue owed during the fourth quarter, with the remaining 0.9% treated as bad debt. A total of 3.0% of its residents have extended delinquencies, much of which is expected to be collected from the residents or from rent relief programs created by the state of California. A total of 97.0% of its residents pay rent timely with bad debt under 30 basis points of revenue.
As of 2021-end, the company's proportionate share of gross residential accounts receivable was $11.1 million. Its net exposure amounting to $900,000 is expected to be collected in the first quarter.
Of the uncollected accounts receivable, 78% relates to residents in California. The REIT obtained $3.7 million from the state's rent relief program during the quarter. It made an additional $2.2 million of rent relief requests and is working with residents to file additional claims worth $3.9 million.
The company said it is "cautiously optimistic" that the rent relief program will enable it to recover uncollected rents in 2020 or 2021.