DRA CRT Acquisition Corp. Continues Suspension of Quarterly Dividend on Preferred Stock
DRA CRT Acquisition Corp. Continues Suspension of Quarterly Dividend on Preferred Stock
NEW YORK--(BUSINESS WIRE)-- The Board of Directors of DRA CRT Acquisition Corp. (the "Company"), voted to continue the suspension of its quarterly cash dividend payment of $0.53125 per share on its 8-½% Series A Cumulative Redeemable Preferred Stock that would otherwise have been paid on September 13, 2013 to shareholders of record on September 1, 2013. The Company stated that the reason for suspending the dividend is to improve liquidity and preserve capital.
The Company's Board of Directors will continue to review future quarterly dividends on the 8-½% Series A Cumulative Redeemable Preferred Stock based on financial and economic conditions and other appropriate factors.
The Company's 8-½% Series A Cumulative Redeemable Preferred Stock has been quoted on the OTC Pink market, operated by the OTC Markets Group, Inc., under the symbol "DCAQP."
As was previously announced, upon the completion, on September 27, 2005, of the merger of CRT Properties, Inc. ("CRT Properties") with and into the Company and the conversion of CRT Properties' 8-½% Series A Cumulative Redeemable Preferred Stock on a 1:1 basis into shares of 8-½% Series A Cumulative Redeemable Preferred Stock of the Company, such preferred stock was delisted from the New York Stock Exchange and the Company does not file periodic and other reports with the Securities and Exchange Commission.
Additional information regarding the Company's 8-½% Series A Cumulative Redeemable Preferred Stock will be provided as it becomes available and is available at www.draadvisors.com.
About DRA CRT Acquisition Corp.
DRA CRT Acquisition Corp.is a Delaware real estate investment trust ("REIT"). As of June 30, 2013, the Company owned 9 real estate investments consisting of office investments and land parcels, totaling approximately 4.1 million rentable square feet, located in 7 suburban office areas and 6 metropolitan areas in Florida, Georgia, Tennessee and Texas.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from the results, performance or achievements expressed or implied by the forward-looking statements. Factors that impact such forward-looking statements include, among others, real estate conditions and markets; performance of the Company's affiliates or companies in which the Company has made investments; changes in operating costs; legislative or regulatory decisions; the Company's ability to continue to maintain its status as a REIT for federal income tax purposes; the Company's ability to pay preferred stock dividends; the Company's ability to service or repay its current debt obligations; the cost and availability of new debt financings; volatility of interest rates or capital market conditions; effect of any terrorist activity; or other factors affecting the real estate industry generally. Except as otherwise required by law, the Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
DRA CRT Acquisition Corp.
Jason Borreo, 1-212-697-4740
KEYWORDS: United States North America New York
INDUSTRY KEYWORDS:
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