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NEWTON, Mass.--(Business surveys jersey boys musical Wire)--HRPT Properties jersy boys displays Trust (NYSE: HRP) today announced a new quarterly common sharedividend rate of $0.12/share ($0 Jersey Boys tickets - jerseyboysblog .48/share per year). HRP simultaneouslyannounced that its Board of Trustees has authorized a common share buy backprogram for up to $100 million, which may be implemented from time to timeduring the next 12 months. The next quarterly dividend of $0.12/share will be paid to holders of record ofcommon shares on January 20, 2009 and it will be distributed on or aboutFebruary 22, 2009 Jersey Boys tickets - broadway . The new quarterly dividend rate represents a reduction fromthe quarterly dividend rate of $0.21/share ($0.84/share per year) previouslypaid by HRP. The new annualized dividend rate of $0.48 per share per yearrepresents a 13% annual yield on yesterday`s NYSE closing price of HRP commonshares ($3.69/share). HRP determined to lower its historical common share dividend rate in partbecause it believes that its shareholders may be advantaged if some of its cashflow historically paid as dividends is used to repurchase common shares whichare currently trading at historically very low prices. HRP believes that the reduced dividend rate and share buy back program may alsoposition HRP to take advantage of investment opportunities which HRP believeswill become available to companies who retain financial flexibility during thecurrent period of restricted capital availability.
As of September 30, 2008,HRP`s total debt represented only approximately 42% of HRP`s total book assets,before previously recognized depreciation jersey boys tickets . This debt had a weighted averagematurity of almost six years and HRP`s current debt maturities were not materialin amount jerseyboys broadway . As of today, HRP has approximately $550 million of undrawn capacityunder its $750 million revolving unsecured credit facility, and this facilitydoes not mature until 2011, including a one year extension option which may beexercised by HRP upon payment of a fee jersery boys Jersey Boys tickets - ticketsnow . The dividend rates payable on HRP`s Series B Preferred Shares, Series CPreferred Shares and Series D Convertible Preferred Shares are not affected bythis announcement jesey boys . In connection with the buyback program, HRP intends to enter into a plan underRule 10b5-1 under the Securities Exchange Act of 1934, as amended, to facilitatepurchases of its common shares and to assist with HRP`s compliance with Rule10b-18 under such Act.
A plan under Rule 10b5-1 allows a company to repurchaseits common shares at times when it otherwise might be prevented from doing sounder insider trading laws . A broker selected by HRP will have the authorityunder the plan to repurchase common shares on HRP`s behalf jerseyboys . Purchases of commonshares under the plan will be subject to specified parameters and certain price,volume and timing constraints jerseyboys tickets . Accordingly, there can be no assurance as to howmany common shares will be purchased . In addition, the plan may be suspended ordiscontinued at any time without prior notice. HRP intends to use cash on handand borrowings under its revolving unsecured credit facility to fund anyrepurchases. HRPT Properties Trust is a real estate investment trust, or REIT, whichprimarily owns office and industrial properties located throughout the UnitedStates, and it is the largest owner of industrial lands in the state of Hawaii Jersey Boys tickets Jersey Boys tickets .HRP is headquartered in Newton, MA.
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