NEWTON, Mass.--(BUSINESS WIRE)--Select Income REIT (NYSE:SIR) today announced a prorated common share distribution of $0.3444 per common share for the period from and including January 29, 2015 (the effective date of SIR’s merger with Cole Corporate Income Trust) through March 31, 2015. This prorated distribution is based upon a quarterly dividend rate of $0.50 per share ($2.00 per share per year), which represents a $0.02 increase, or 4.2%, from SIR’s previous rate of $0.48 per share ($1.92 per share per year). This prorated distribution will be paid to holders of record of common shares as of the close of business on April 24, 2015, and will be distributed on or about May 21, 2015.
Select Income REIT is a real estate investment trust, or REIT, which owns properties that are primarily net leased to single tenants. SIR is headquartered in Newton, MA.
WARNING REGARDING FORWARD LOOKING STATEMENTS
THIS PRESS RELEASE CONTAINS FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND OTHER SECURITIES LAWS. THESE FORWARD LOOKING STATEMENTS ARE BASED UPON SIR'S PRESENT BELIEFS AND EXPECTATIONS, BUT THESE STATEMENTS AND THE IMPLICATIONS OF THESE STATEMENTS ARE NOT GUARANTEED TO OCCUR AND MAY NOT OCCUR FOR VARIOUS REASONS, SOME OF WHICH ARE BEYOND SIR'S CONTROL. FOR EXAMPLE, THIS PRESS RELEASE STATES THAT SIR'S PRORATED DIVIDEND IS BASED ON A RATE OF $0.50/SHARE PER QUARTER OR $2.00/SHARE PER YEAR. A POSSIBLE IMPLICATION OF THIS STATEMENT IS THAT SIR WILL CONTINUOUSLY PAY QUARTERLY DIVIDENDS OF $0.50/SHARE PER QUARTER OR $2.00/SHARE PER YEAR IN THE FUTURE. SIR'S DIVIDEND RATES ARE SET AND RESET FROM TIME TO TIME BY SIR'S BOARD OF TRUSTEES. THE SIR BOARD CONSIDERS MANY FACTORS WHEN SETTING DIVIDEND RATES INCLUDING SIR'S HISTORICAL AND PROJECTED INCOME, NORMALIZED FUNDS FROM OPERATIONS, THE THEN CURRENT AND EXPECTED NEEDS AND AVAILABILITY OF CASH TO PAY SIR'S OBLIGATIONS, DISTRIBUTIONS WHICH MAY BE REQUIRED TO BE PAID TO MAINTAIN SIR'S TAX STATUS AS A REAL ESTATE INVESTMENT TRUST AND OTHER FACTORS DEEMED RELEVANT BY SIR'S BOARD OF TRUSTEES IN THEIR DISCRETION. ACCORDINGLY, FUTURE DIVIDEND RATES MAY BE INCREASED OR DECREASED AND THERE IS NO ASSURANCE AS TO THE RATE AT WHICH FUTURE DIVIDENDS WILL BE PAID. FOR THESE REASONS, AMONG OTHERS, INVESTORS ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE UPON ANY FORWARD LOOKING STATEMENTS IN THIS PRESS RELEASE.
A Maryland Real Estate Investment Trust with transferable shares of beneficial interest listed on the New York Stock Exchange.
No shareholder, Trustee or officer is personally liable for any act or obligation of the Trust.