NEW YORK--(BUSINESS WIRE)--The Board of Directors of DRA CRT Acquisition Corp. (the “Company”, formerly CRT Properties Inc.), voted to continue the suspension of its quarterly cash dividend payment of $0.53125 per share on its 8.5% Series A Cumulative Redeemable Preferred Stock that would otherwise have been paid on March 15, 2012 to shareholders of record on March 1, 2012. 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 8.5% Series A Cumulative Redeemable Preferred Stock based on financial and economic conditions and other appropriate factors.
The Company’s 8.5% Series A Cumulative Redeemable Preferred Stock has been listed on the Pink Sheets, a centralized quotation service that collects and publishes market maker quotes for certain securities. The Pink Sheets trading symbol for the Company’s 8.5% Series A Cumulative Redeemable Preferred Stock is 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’ 8.5% Series A Cumulative Redeemable Preferred Stock on a 1:1 basis into shares of 8.5% Series A Cumulative Redeemable Preferred Stock of the Company, such preferred stock was de-listed from the New York Stock Exchange and the Company no longer files periodic and other reports with the Securities and Exchange Commission.
Additional information regarding the Company’s 8.5% 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 real estate company that owns, through its wholly-owned subsidiary, CRT OP LLC, a portfolio of 10 office investments consisting of 4.5 million square feet and 4 land parcels located in Atlanta, Fort Lauderdale, Jacksonville, Orlando, Memphis, Dallas and Houston. Additional information about DRA CRT Acquisition Corp. can be found at www.draadvisors.com.
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: 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 affiliates or companies in which we have made investments; changes in operating costs; legislative or regulatory decisions; our ability to continue to maintain our status as a REIT for federal income tax purposes; 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 the federal securities laws, the Company assumes no liability to update the information in this press release.