Arbor Property Trust announces new dividend rate.W. CONSHOHOCKEN, Pa.--(BUSINESS WIRE)--March 21, 1995--Arbor Property Trust (NYSE NYSE See: New York Stock Exchange :ABR), announced that its board of trustees board of trustees Politics The posse of thugs who oversee an institution's administration. See Board of directors. declared Tuesday a quarterly dividend of $.17 1/2 per share payable May 15, 1995 to shareholders of record on March 31, 1995, reflecting the company's new annual dividend rate of 70 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. . The reduction in Arbor's dividend rate was made necessary by reason of the 300 basis point increase in the interest rate on the company's $118 million mortgage debt since August 1993. Over the next 21 months, at the current LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). rate, the new annual dividend will pay out only 90% of anticipated funds available for distribution. CONTACT: Arbor Property Trust, W. Conshohocken Myles H. Tanenbaum, 610/941-2992 |
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