CenterPoint Raises Dividend 28% Provides Initial 2004 Earnings Guidance and Revises Q4 2003 Guidance for Non-Cash Charge
17 Novembro 2003 - 9:00AM
PR Newswire (US)
CenterPoint Raises Dividend 28% Provides Initial 2004 Earnings
Guidance and Revises Q4 2003 Guidance for Non-Cash Charge OAK
BROOK, Ill., Nov. 17 /PRNewswire-FirstCall/ -- CenterPoint
Properties Trust announced today that its Board of Trustees voted
to raise the annual common stock dividend to $3.12 from $2.43 per
share, an increase of 28% over 2003. This is the tenth consecutive
annual dividend increase since the Company's IPO in 1993. The
Company also announced initial 2004 earnings guidance and at this
point anticipates funds from operations (FFO) in the range of $4.55
to $4.75 per share. For the first quarter 2004, the Company expects
to report FFO in the range of $1.08 to $1.12 per share. The Company
also announced the vesting of the 2000 employee stock grants, which
will result in a $4.3-million non-cash charge to the fourth quarter
2003. As a result the company revised FFO guidance for the fourth
quarter from $1.12 to $1.14 per share to $0.94 to $0.96. Therefore,
for the full year 2003 FFO guidance has been revised from $4.17 to
$4.19 per share to $4.00 to $4.02. CenterPoint defines FFO as: net
income available to common shareholders plus real estate
depreciation and non-financing amortization, inclusive of fee
income and gain or losses on industrial property sales (net of
accumulated depreciation) of the Company and its unconsolidated
affiliates. See attached Release Definitions for further
explanation of FFO. "We are pleased to announce our initial 2004
FFO guidance which, at the middle of the range, is a 16% increase
over 2003 FFO per share guidance. We have also increased our common
dividend by 28% in anticipation of higher taxable income in 2004,"
stated John Gates, Co-Chairman and CEO. "Our 2004 earnings guidance
reflects increasing confidence that conditions are starting to
improve somewhat in the 1.3-billion-square-foot Chicago industrial
property market. We continue to see increasing demand for our
value-added activities and positive absorption in certain
submarkets. We also are fortunate to have a number of developments,
redevelopments and acquisitions in the pipeline that should become
income producing in 2004." "The disposition market also remains
very liquid and sale cap rates are at historic lows. We once again
expect to sell approximately 15-20% of our average book assets in
the coming year as part of our strategy to recycle capital into
property where we can add more value." "Pursuant to CenterPoint's
long-term pay-for-performance compensation plan, stock grants are
available to all employees if the Company achieves above-average
results including total shareholder return. The 2000 grants were
awarded after a 36.5% total return to shareholders during that
year. In addition, they were structured to vest when the average
total shareholder return equaled or exceeded 60% from the award
date (March 1, 2001) for 60 consecutive trading days. As a result
since January 1, 2000, CenterPoint shareholders have seen the value
of their investment increase by approximately $750 million -- or
97% in less than four years. Over the same period, the S&P 500
lost approximately 20%." Payout Ratio and Record Dates The dividend
announced above results in an FFO payout ratio of approximately
67%. This payout ratio remains relatively low and is the minimum
payout management believes will be required by the REIT rules. The
Company's low payout ratio is a result of its desire to maximize
internal capital formation. The record and pay dates for the common
and preferred dividends are as follows: For the quarter ending
March 31, 2004, $0.78 per common share, to be paid February 2,
2004, to shareholders of record January 22, 2004. For the quarter
ending March 31, 2004, $0.9375 per share of its 7.50% Series B
Convertible Cumulative Redeemable Preferred Shares (NYSE:CNT-pB) to
be paid March 31, 2004 to shareholders of record March 15, 2004.
CenterPoint Properties Trust CenterPoint is a publicly traded real
estate investment trust (REIT) and the largest industrial property
company in the 1.3 billion-square-foot Chicago regional market. It
currently owns and operates approximately 32 million square feet
and owns or controls an additional 3,240 acres of land upon which
50 million square feet could be developed. The Company is focused
on providing unsurpassed tenant satisfaction and adding value to
its shareholders through customer driven management, investment,
development and redevelopment of warehouse, distribution, light
manufacturing buildings and logistics infrastructure. The first
major REIT to focus on the industrial property sector, CenterPoint
had a total market capitalization of approximately $2.4 billion as
of September 30, 2003. Statements in this release, which are not
historical, may be deemed forward-looking statements under federal
securities laws. There can be no assurance that future results will
be achieved and actual results could differ materially from
forecasts and estimates. Factors that could cause actual results to
differ materially are general business and economic conditions,
completion of pending acquisitions, competitive market conditions,
weather, pricing of debt and equity capital markets and other risks
inherent in the real estate business. Such factors and others are
listed in the Company's Form 10-K or 10-Q. An Investor conference
call will be held at 2:30 p.m. CT, 3:30 p.m. ET on Monday, November
17, 2003. It will also be broadcast live on
http://www.centerpoint-prop.com/. To listen to the webcast, your
computer must have Media Player installed. If you do not have Media
Player, the CenterPoint website will have instructions for
installing a Media Player at the Pre-event System Test link. An
online replay will also be available approximately one hour after
the call. A replay of the call will be available after 4:30 p.m. CT
on Monday, November 17, 2003. The replay number is 888.836.6074,
passcode 327492. Centerpoint Properties Trust Release Definitions
FFO Payout Ratio is dividends paid during the period divided into
Funds from Operations for that same period. Funds From Operations
(FFO) The National Associations of Real Estate Investment Trust
("NAREIT") defines funds from operations ("FFO") (April, 2002 White
Paper) as net income excluding gains (or losses) from sales of
property, plus depreciation and amortization. NAREIT adds,
"management of each of its member companies has the responsibility
and authority to publish financial information that it regards as
useful to the financial community." Accordingly, CenterPoint
calculates FFO, inclusive of fee income and industrial property
sales (net of accumulated depreciation) of the Company and its
unconsolidated affiliates. The Company believes that FFO inclusive
of cash gains better reflects recurring funds because the
disposition of stabilized properties, and the recycling of capital
and profits into new "value added" investments, is fundamental to
the company's business strategy. DATASOURCE: CenterPoint Properties
Trust CONTACT: John S. Gates, Jr., Co-Chairman and CEO, or Paige H.
Gilchrist, Vice President, External Affairs, , or +1-630-586-8000,
both of CenterPoint Properties Trust Web site:
http://www.centerpoint-prop.com/
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