Columbia Property Trust cuts dividend by 33.3%
Columbia Property Trust (CXP) will lower its quarterly dividend from $0.30 to $0.20 per share.
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."
Columbia Property Trust owns and operates office buildings. The company’s portfolio includes office properties in New York, San Francisco, Atlanta, and Washington, D.C.
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."
Columbia Property Trust owns and operates office buildings. The company’s portfolio includes office properties in New York, San Francisco, Atlanta, and Washington, D.C.
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