CommonWealth REIT Cuts Dividend to $0.25 from $0.50 per Share
CommonWealth REIT (NYSE: CWH) today announced a new quarterly Common Share dividend rate of $0.25/share ($1.00/share per year). The next quarterly dividend of $0.25/share will be paid to holders of record of Common Shares at the close of business on October 22, 2012, and will be distributed on or about November 21, 2012. The new quarterly dividend rate represents a reduction from the quarterly dividend rate of $0.50/share ($2.00/share per year) previously paid by CWH. The new annualized dividend rate of $1.00 per share per year represents a 6.8% annual yield on yesterday's NYSE closing price of CWH Common Shares ($14.77/share).
CWH determined to lower its historical common share dividend rate, in part, because it believes that retaining more cash flow may enable the company to more aggressively lease space and increase occupancy at its properties in the current market conditions.
The dividend rates payable on CWH's Series D convertible Preferred Shares and Series E Preferred Shares are not affected by this announcement.
CommonWealth REIT is a real estate investment trust which primarily owns office properties located throughout the United States. CWH is headquartered in Newton, MA.
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