BRE Properties Increases Quarterly Dividend 8.3% to $0.39 Per Common Share; Western-Focused REIT Also Announces Preferred Stock Dividend.SAN FRANCISCO--(BUSINESS WIRE)--Feb. 22, 1999--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 at an increased level of $0.39 per common share, payable March 25, 1999 to shareholders of record March 9, 1999. The quarterly dividend of $0.39 per share is equivalent to $1.56 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. The dividend represents a yield of approximately 6.5% on BRE's most recent closing price of $23.94 per share. The first quarter 1999 dividend represents an 8.3% increase from BRE's previous quarterly dividend level of $0.36 per share, or $1.44 per share annualized. BRE has paid uninterrupted quarterly dividends to shareholders since the company's founding in 1970. The company also declared the first quarterly dividend of $0.53125 per share for its 8.5% Series A Cumulative Redeemable Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. , payable March 31, 1999 to all Series A shareholders of record on March 12, 1999. Dividends on the Series A Preferred Stock will be prorated from the date of issuance, January 29, 1999. BRE Properties, Inc. is a self-administered, self-managed and fully integrated real estate investment trust, focusing on the development, acquisition, ownership and management of 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 and operates 85 apartment communities totaling 21,858 units in California, Arizona, Washington, Oregon, Nevada, New Mexico New Mexico, state in the SW United States. At its northwestern corner are the so-called Four Corners, where Colorado, New Mexico, Arizona, and Utah meet at right angles; New Mexico is also bordered by Oklahoma (NE), Texas (E, S), and Mexico (S). , Utah and Colorado. The company currently has six other apartment communities under development totaling 1,539 units. Additional information about BRE can be found on the company's web site (http://breproperties.com). |
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