Wells REIT declares stock dividend.
The Board also declared a daily non-compounding stock dividend for stockholders of record from Aug. 10 to Sept. 15, 2010, at a rate per share that annualizes to a 2% dividend.
Finally, for stockholders of record during the period Sept. 16 to Dec. 15, 2010, the Board also declared a daily noncompounding stock dividend at a rote per share that annualizes to a 2% stock dividend. This stock dividend will be credited to stockholders' accounts in December 2010.
"In light of reduced debt and solid operating cash flow, the Board is pleased to do this for the stockholders," said Leo Wells, president of Wells Timberland REIT.
Wells Timberland REIT is a public, nontraded REIT that manages over 308,000 acres of commercial timberland in central Georgia and Alabama. Wells Timberland REIT owns more than 223,000 acres and leases an additional 85,000 acres from third parties.
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|Publication:||Real Estate Weekly|
|Date:||Aug 25, 2010|
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