BRE Properties Inc. Declares Quarterly Dividend of $.33 Per Common Share; Credit Facilities Increased to $150 Million with Rate Reduction.SAN FRANCISCO--(BUSINESS WIRE)--Nov. 20, 1996--The Board of Directors of BRE (Business Rules Engine) Software that automates policies and procedures within an organization, whether legal, internal or operational. The use of a rules engine (BRE) requires placing the company rules in an external repository that can be easily reviewed rather than Properties Inc. (NYSE NYSE See: New York Stock Exchange :BRE) today declared a regular quarterly dividend of $.33 per common share, payable Dec. 26, 1996, to shareholders of record Dec. 6, 1996. The quarterly dividend of $.33 per share is equivalent to $1.32 per share on 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. basis and represents the 105th consecutive dividend paid by the company. In other news, Chief Financial Officer Leroy E. Carlson added that BRE's unsecured revolving credit facilities were increased to $150 million from $100 million. "Prior to the increase, our lines of credit were arranged in two pieces -- $30 million at LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). plus 1.0%, and $70 million at LIBOR plus 1.25%. We have increased the $70 million portion to $120 million and reduced the applicable interest rate to LIBOR plus 1.125%. This additional financing flexibility plays an important role in our plan to acquire apartment properties in the key growth markets of the West." BRE Properties is a self-administered, self-managed and fully integrated equity real estate investment trust focusing on multifamily properties in the Western United States Noun 1. western United States - the region of the United States lying to the west of the Mississippi River West Santa Fe Trail - a trail that extends from Missouri to New Mexico; an important route for settlers moving west in the 19th century . BRE owns 52 apartment communities totaling 11,572 units in nine major markets in California, Arizona, Washington, Oregon and Nevada. CONTACT: BRE Properties Inc. Lauren L. Barr, 415/445-6523 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion