Board Revises Dividend Policy
ATLANTA--(BUSINESS WIRE)--
Columbia
Property Trust, Inc. (NYSE: CXP) today announced that its Board of
Directors has revised the Company’s dividend policy and declared a
regular quarterly cash dividend of $0.20 per share, or $0.80 per share
on an annualized basis, for the first quarter of 2017. The dividend will
be paid on March 15, 2017, to shareholders of record as of March 1, 2017.
“With our planned dispositions program complete and our portfolio now
concentrated in our target high-barrier markets, the Board believes that
this is the right time to revise the Company’s dividend policy,” said
Nelson Mills, president and chief executive officer of Columbia Property
Trust. “The new dividend level is more appropriate and sustainable for
our company at this time but offers potential for growth in the future.
Moving forward, Columbia remains committed to paying a competitive
dividend to shareholders while continuing to pursue a strategy that we
believe will lead to growth in our share price over time.”
The Company will discuss the change in dividend policy, as well as its
fourth quarter 2016 results, business highlights and 2017 guidance, on
its regularly scheduled earnings call at 5:00 p.m. ET today. The live
audio webcast of the Company’s quarterly conference call will be
available online in the Investor
Relations section of the Company’s website at www.columbia.reit.
The online replay will be available in the Investor Relations section of
the Company’s website shortly after the call and archived for
approximately twelve months.
About Columbia Property Trust
Columbia Property Trust (NYSE: CXP) owns and operates Class-A office
buildings primarily in high-barrier-to-entry, primary markets. Our
portfolio includes 16 office properties containing eight million square
feet, concentrated in New York, San Francisco, Atlanta, and Washington,
D.C. Columbia carries an investment-grade rating from both Moody’s and
Standard & Poor’s. For more information, please visit www.columbia.reit.
Forward-Looking Statements:
Certain statements contained in this press release other than
historical facts may be considered forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934. We intend for all such
forward-looking statements to be covered by the applicable safe harbor
provisions for forward-looking statements contained in those acts. Such
statements include, in particular, statements about our plans,
strategies, anticipated dividends, and prospects and are subject to
certain risks and uncertainties, including known and unknown risks,
which could cause actual results to differ materially from those
projected or anticipated. Therefore, such statements are not
intended to be a guarantee of our performance in future periods. Such
forward-looking statements can generally be identified by our use of
forward-looking terminology such as "may," "will," "expect," "intend,"
"anticipate," "estimate," "believe," "continue," or other similar words.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. We make no representations or warranties (express or
implied) about the accuracy of any such forward-looking statements
contained in this press release, and we do not intend to publicly update
or revise any forward-looking statements, whether as a result of new
information, future events, or otherwise.
Any such forward-looking statements are subject to risks,
uncertainties, and other factors and are based on a number of
assumptions involving judgments with respect to, among other things,
future economic, competitive, and market conditions, all of which are
difficult or impossible to predict accurately. To the extent that our
assumptions differ from actual conditions, our ability to accurately
anticipate results expressed in such forward-looking statements,
including our ability to generate positive cash flow from operations,
make distributions to stockholders, and maintain the value of our real
estate properties, may be significantly hindered. See Item 1A in the
Company's most recently filed Annual Report on Form 10-K for the year
ended December 31, 2016, for a discussion of some of the risks and
uncertainties that could cause actual results to differ materially from
those presented in our forward-looking statements. The risk factors
described in our Annual Report are not the only ones we face, but do
represent those risks and uncertainties that we believe are material to
us. Additional risks and uncertainties not currently known to us or that
we currently deem immaterial may also harm our business.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170209006252/en/
Columbia Property Trust, Inc.
Media:
Bud Perrone,
212-843-8068
[email protected]
or
Investor
Relations:
Matt Stover, 404-465-2227
[email protected]
Source: Columbia Property Trust, Inc.