(Cross post from the Aqua America, Inc. (WTR) board)

Here's a link to AQUA's (WTR) latest letter to shareholders.

A few quotes:
Dear Shareholder:
2011 was a successful year for Aqua America, marked by the company’s 12th consecutive year of net income growth, a record year for infrastructure investment, the completion of 10 acquisitions, and, once again, the achievement of greater efficiency.

The Board of Directors declared a quarterly cash dividend of $0.165 payable on March 1, 2012 to all shareholders of record on February 17, 2012, a 6.5 percent increase in the first quarter dividend over the 2011 payment. The company was once again cited as a “dividend achiever” by Mergent. Aqua America has paid a consecutive quarterly dividend for more than 65 years and has increased its dividend 21 times in the last 20 years.

The company completed 10 acquisitions in 2011, the largest of which was the purchase of 51 water and 5 wastewater systems in Texas previously owned by Texas American. Aqua America also made the strategic decision to support its growth-through acquisition model by concentrating in states where it has critical mass and a positive regulatory environment. In January, Aqua America finalized the sale of its regulated operations in Maine to Connecticut Water Service, Inc. (NASDAQ:CTWS), on which Aqua expects to recognize an approximate $0.08 per share gain in the first quarter of 2012.

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Aqua America offers a commission-free dividend reinvestment and direct stock purchase plan (DRP) that allows shareholders to reinvest their dividends at a 5 percent discount to the market price. If you would like a prospectus and application for the DRP, please visit www.aquaamerica.com or call 800.205.8314. Please read the prospectus carefully before you make a decision to invest.

http://files.shareholder.com/downloads/WTR/1735400241x0x2550...