CommonWealth REIT Announces Quarterly Common and Preferred Dividends
09 Julho 2013 - 5:10PM
Business Wire
CommonWealth REIT (NYSE: CWH) today announced its regular
quarterly common and preferred dividends as follows:
Common
Dividends
A regular quarterly common dividend of $0.25 per Common Share
will be paid with respect to the results of operations for the
quarter ended June 30, 2013, to holders of record of Common Shares
as of the close of business on July 26, 2013, and will be
distributed on or about August 23, 2013.
Series D Preferred
Dividends
A distribution of $0.4063 per Series D Cumulative Convertible
Preferred Share will be paid on or about August 15, 2013, to
holders of record of Series D Preferred Shares at the close of
business on August 1, 2013.
Series E Preferred
Dividends
A distribution of $0.4531 per Series E Cumulative Redeemable
Preferred Share will be paid on or about August 15, 2013, to
holders of record of Series E Preferred Shares at the close of
business on August 1, 2013.
CommonWealth REIT is a real estate investment trust, or REIT,
which primarily owns office properties located throughout the
United States. CWH is headquartered in Newton, Massachusetts.
WARNING REGARDING FORWARD LOOKING
STATEMENTS
THIS PRESS RELEASE CONTAINS FORWARD LOOKING STATEMENTS WITHIN
THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
AND OTHER SECURITIES LAWS. THESE FORWARD LOOKING STATEMENTS ARE
BASED UPON CWH’S PRESENT BELIEFS AND EXPECTATIONS, BUT THESE
STATEMENTS ARE NOT GUARANTEED TO OCCUR AND MAY NOT OCCUR FOR
VARIOUS REASONS, SOME OF WHICH ARE BEYOND CWH’S CONTROL. FOR
EXAMPLE:
- THIS PRESS RELEASE STATES THAT CWH WILL
PAY A SERIES D PREFERRED SHARE DIVIDEND OF $0.4063/SHARE ON OR
ABOUT AUGUST 15, 2013, A SERIES E PREFERRED SHARE DIVIDEND OF
$0.4531/SHARE ON OR ABOUT AUGUST 15, 2013, AND A REGULAR COMMON
SHARE DIVIDEND OF $0.25/SHARE ON OR ABOUT AUGUST 23, 2013. THESE
DIVIDENDS HAVE BEEN DECLARED BY THE CWH BOARD OF TRUSTEES. CWH AND
ITS BOARD OF TRUSTEES ARE CURRENTLY DEFENDING AGAINST A HOSTILE
TAKEOVER ATTEMPT BY CORVEX MANAGEMENT LP AND RELATED FUND
MANAGEMENT, LLC (TOGETHER “CORVEX/RELATED”). ON JUNE 21, 2013,
CORVEX/RELATED WROTE TO CWH ASSERTING THAT THE CWH BOARD OF
TRUSTEES HAS BEEN REMOVED AND NO LONGER HAS AUTHORITY TO ACT FOR
CWH BY REASON OF A PURPORTED SHAREHOLDERS’ CONSENT SOLICITATION.
CWH AND THE BOARD OF TRUSTEES BELIEVE THIS PURPORTED SHAREHOLDERS’
CONSENT IS INVALID AND OF NO LEGAL EFFECT. THE EFFECTIVENESS OF THE
PURPORTED SHAREHOLDERS’ CONSENT IS CURRENTLY BEING LITIGATED BEFORE
AN ARBITRATION PANEL UNDER THE AUSPICES OF THE AMERICAN ARBITRATION
ASSOCIATION. IN THE EVENT THAT THE ARBITRATION PANEL WERE TO RULE
THAT THE BOARD OF TRUSTEES HAS BEEN REMOVED, ITS DIVIDEND
DECLARATIONS MAY BE VOID, THE DIVIDENDS MAY NOT BE PAID ON AUGUST
15 AND AUGUST 23, 2013, AS APPLICABLE, OR EVER, OR, IF THEY ARE
PAID, THE DIVIDENDS MAY BE RECLAIMED BY CWH. THE RESULTS OF
ARBITRATION PROCEEDINGS ARE DIFFICULT TO PREDICT AND CWH AND THE
CWH BOARD OF TRUSTEES ARE UNABLE TO PROVIDE ANY ASSURANCES
REGARDING SUCH RESULTS.
- THIS PRESS RELEASE STATES THAT CWH HAS
DECLARED A REGULAR QUARTERLY COMMON SHARE DIVIDEND OF $0.25/SHARE.
AN IMPLICATION OF THIS STATEMENT MAY BE THAT CWH WILL CONTINUOUSLY
PAY QUARTERLY COMMON SHARE DIVIDENDS OF $0.25/SHARE PER QUARTER OR
$1.00/SHARE PER YEAR. CWH’S COMMON SHARE DIVIDEND RATES ARE SET AND
RESET FROM TIME TO TIME BY THE CWH BOARD OF TRUSTEES. THE CWH BOARD
CONSIDERS MANY FACTORS WHEN SETTING COMMON DIVIDEND RATES INCLUDING
CWH’S HISTORICAL AND PROJECTED INCOME, NORMALIZED FUNDS FROM
OPERATIONS, THE THEN CURRENT AND EXPECTED NEEDS AND AVAILABILITY OF
CASH TO PAY CWH’S OBLIGATIONS, DIVIDENDS WHICH MAY BE REQUIRED TO
BE PAID TO MAINTAIN CWH’S TAX STATUS AS A REAL ESTATE INVESTMENT
TRUST, THE REQUIREMENTS OF CWH’S CONTRACTUAL OBLIGATIONS (INCLUDING
PROHIBITIONS IN CWH’S DEBT OBLIGATIONS WHICH PROHIBIT THE PAYMENT
OF CWH’S DIVIDEND AFTER EVENTS OF DEFAULT OR OTHER CIRCUMSTANCES)
AND OTHER FACTORS. ACCORDINGLY, FUTURE COMMON SHARE DIVIDEND RATES
MAY BE INCREASED OR DECREASED AND THERE IS NO ASSURANCE AS TO THE
RATE AT WHICH FUTURE COMMON DIVIDENDS WILL BE PAID.
FOR THESE REASONS, AMONG OTHERS, INVESTORS ARE
CAUTIONED NOT TO PLACE UNDUE RELIANCE UPON ANY FORWARD LOOKING
STATEMENTS IN THIS PRESS RELEASE. ALSO, EXCEPT AS REQUIRED BY LAW,
CWH DOES NOT INTEND TO UNDERTAKE ANY DUTY TO UPDATE ANY FORWARD
LOOKING STATEMENT IN THIS PRESS RELEASE AS A RESULT OF FUTURE
EVENTS OR NEW INFORMATION.
A Maryland Real Estate Investment Trust with
transferable shares of beneficial interest listed on the New York
Stock Exchange.No shareholder, Trustee or officer is personally
liable for any act or obligation of the Trust.
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