DENVER--(BUSINESS WIRE)--Dec. 15, 2004--Affordable Residential
Communities Inc. (NYSE: ARC) today announced that its Board of
Directors declared a quarterly dividend of $0.3125 per share of common
stock for the fourth quarter ended December 31, 2004. The common
dividend is payable on January 14, 2005 to shareholders of record on
December 31, 2004.
The Board of Directors also declared a dividend of $0.5156 on each
share of its Series A Cumulative Redeemable Preferred Stock. The
dividend is payable on January 31, 2005 to shareholders of record on
January 15, 2005.
In addition, the Board of Directors declared a dividend of $0.39
per unit on its Series B and Series C Preferred Operating Partnership
Units. The dividend is payable on January 31, 2005 to unit holders of
record on January 15, 2005.
About Affordable Residential Communities Inc.
Affordable Residential Communities Inc. currently owns and
operates approximately 67,000 homesites located in 330 communities in
29 states. ARC is a fully integrated, self-administered, self-managed
equity real estate investment trust (REIT) focused on the acquisition,
renovation, repositioning and operation of primarily all-age
manufactured home communities.
The forward-looking statements contained in this news release are
subject to certain risks and uncertainties including, but not limited
to, general risks affecting the real estate industry; the Company's
ability to maintain or increase rental rates and occupancy with
respect to properties currently owned; the Company's assumptions on
rental home and home sales activity; completion of pending
acquisitions, if any, and timing with respect thereto; the Company's
growth and expansion into new markets or to integrate acquisitions
successfully; the effect of interest rates as well as other risks
indicated from time to time in the Company's filings with the
Securities and Exchange Commission. The Company expressly disclaims
any intention or obligation to provide public updates, revisions or
amendments to any forward-looking statements that become untrue
because of subsequent events.
Affordable Residential Communities Inc.
Lawrence Kreider, 866-847-8931
Integrated Corporate Relations, Inc
Brad Cohen, 203-682-8211
SOURCE: Affordable Residential Communities Inc.