PreferredApartment Communities Inc.'s board declared a second-quarterdividend of 20.25 cents per common share.

The new quarterly dividend represents a 1-cent-per-shareboost, or about 5.2%, over the first-quarter payout of 19.25 cents per share.It also marks an overall common stock dividend increase of 62.0% since thecompany's IPO and anannual growth rate of 12.5%, the company said.

Preferred Apartment will pay the dividend on July 15 to allcommon stockholders of record as of June 15.