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.
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.
Source: Columbia Property Trust, Inc.