Columbus Realty Trust declares increase in quarterly cash dividend.DALLAS--(BUSINESS WIRE)--June 17, 1996--Columbus Realty Trust (NYSE NYSE See: New York Stock Exchange : CLB CLB Club CLB Columbus Blue Jackets (NHL hockey) CLB Combat Logistics Battalion (US Marine Corps) CLB Configurable Logic Block (microchip technology) ) (the "Company") announced today that the Board of Trust Managers declared a dividend for the second quarter of 1996 in the amount of $.395 per Common Share, an increase of $.02 per share. This dividend is payable on July 15, 1996 to shareholders of record at the close of business June 28, 1996. The cash dividend equates to $1.58 per share amount 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 a 5.3 percent increase from the previous quarterly dividend level of $.375 per share, or $1.50 annualized. "We are pleased to provide our shareholders with this dividend increase that outpaces inflation," said Robert Shaw, chief executive officer of Columbus. "More over, the Company's growth in Funds From Operations Funds From Operations (FFO) Used by real estate and other investment trusts to define the cash flow from trust operations; earnings with depreciation and amortization added back. is outpacing dividend growth, which allows us to use retained earnings Retained Earnings The percentage of net earnings not paid out in dividends, but retained by the company to be reinvested in its core business or to pay debt. It is recorded under shareholders equity on the balance sheet. in ways that further increase shareholder value." Columbus Realty Trust, headquartered in Dallas, Texas, is a self- administered and self-managed real estate investment trust engaged in business of multi-family residential property development, acquisition, ownership and management. CONTACT: Columbus Realty Trust, J. Michael Lewis, 214/770-5182 or fax, 214/770-5109 |
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