The board of directors of GATX declared a quarterly dividend of $0.40 per common share, payable March 31, 2016, to shareholders of record on February 26, 2016.

GATX has paid quarterly dividends without interruption since 1919, and the dividend amount announced today represents a 5.3% increase from the prior year’s dividend. Additionally, the board has approved a $300 million share repurchase authorization.

“In the last ten years, we have invested more than $7.0 billion in our business and returned over $1.3 billion to our shareholders through dividends and share repurchase, all while maintaining a strong financial position,” said Brian A. Kenney, president and CEO of GATX. “We have also used the strong rail market of the last few years to extend lease terms at attractive rates, thus securing a record amount of committed future revenue. This dividend increase and share repurchase authorization reflect the board’s positive long-term outlook for the Company and demonstrates GATX’s commitment to continue returning capital to our shareholders.”

GATX is a global railcar leasing company that has been headquartered in Chicago since it was founded in 1898.