Arden Realty, Inc. Announces Third Quarter 2003 Dividend and Announces Extension of Stock Repurchase Program.Business Editors LOS ANGELES--(BUSINESS WIRE)--Sept. 16, 2003 Arden Realty, Inc. (NYSE NYSE See: New York Stock Exchange :ARI ARI Acute respiratory infection, see there ) today announced that its Board of Directors has declared its regular third quarter 2003 dividend of $0.505 per common share. The dividend will be paid on October 22, 2003, to stockholders of record of common stock at the close of business on September 30, 2003. This dividend is equivalent to an annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. dividend of $2.02 per common share. Arden Realty, Inc. also announced today that its Board of Directors has extended, for an additional twelve months, its common stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program, pursuant to which the Company was authorized to purchase up to $75 million of its common stock. As part of this stock repurchase program, the Company has acquired a total of 1,796,000 shares at an average price of $22.66 per share. The Company may repurchase shares from time to time in open market transactions at prevailing prices or in privately negotiated transactions in compliance with the SEC's Rule 106-18, subject to market conditions, applicable legal requirements and other factors. Arden Realty, Inc. is a self-administered, self-managed REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). that owns, manages, leases, develops, renovates and acquires commercial office properties located in Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, . Arden is the largest publicly-traded office landlord in Southern California, with 131 properties, consisting of 217 buildings and approximately 18.9 million net rentable square feet of office space, including one property with 131,000 square feet under lease-up. For more information on the company, visit the Arden website at www.ardenrealty.com. Statements in this news release that are not historical may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Although the company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from the company's expectations include the availability and cost of capital for future investments, competition within the industry, real estate and economic conditions, and other risks detailed from time to time in the company's Securities and Exchange Commission filings. |
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