CommonWealth REIT isn't letting a takeover attempt stop it from spreading out its profits. The company this week announced a fresh set of quarterly dividends, most prominently a $0.25-per-share payout for its common stock that will be distributed on or about May 22 to shareholders of record as of April 23.
That dividend matches the company's previous payout, which was disbursed in mid-January.
CommonWealth REIT will also hand out dividends to holders of its series D and E preferred stock. Possessors of the former are to be paid $0.4063 per share, and those of the latter will receive $0.4531. Both dividends will be paid on or about May 15 to stockholders of record as of May 1.
The current common stock dividend annualizes to $1.00 per share for a yield of 4.4% on CommonWealth REIT's current stock price of $22.69.
The company is the subject of an unsolicited takeover bid from investors Corvex Management and Related Fund Management. The bid amounts to $24.50 per share of CommonWealth REIT stock.
CommonWealth released a statement today saying that it is "positioning itself to best capitalize on a rebound in the office building real estate market by realigning the portfolio more towards large ... office properties in urban or [central business district] locations and away from suburban office and industrial properties." The company continues to evaluate the buyout offer.
In its statement today, it characterized the Corvex/Related Group as undertaking "continued efforts to seize control of the Company through their purported offer of $24.50 per share, which is significantly lower than the approximately $40 to $55 per share value they placed on CommonWealth as of February 25, 2013."
The article CommonWealth REIT Keeps Dividend Steady originally appeared on Fool.com.
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