NEWTON, Mass.--(BUSINESS WIRE)--Tremont Mortgage Trust (Nasdaq: TRMT) today announced a regular quarterly cash distribution on its common shares of $0.01 per common share ($0.04 per share per year). The distribution declared today will be paid to TRMT’s common shareholders of record as of the close of business on October 26, 2020 and distributed on or about November 19, 2020.
TRMT’s Board of Trustees will continue to monitor TRMT’s financial performance and economic outlook as the year progresses to determine a prudent level for any subsequent regular quarterly distributions for 2020 or declare and pay a dividend required to maintain TRMT’s tax status as a real estate investment trust.
Tremont Mortgage Trust (Nasdaq: TRMT) is a real estate finance company that focuses primarily on originating and investing in first mortgage loans secured by middle market and transitional commercial real estate. TRMT is managed by Tremont Realty Advisors LLC, an SEC registered investment adviser and an indirect subsidiary of The RMR Group Inc.
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 TRMT’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 TRMT’s control. For example:
- This press release states that TRMT’s dividend rate will be $0.01/share per quarter or $0.04/share per year. A possible implication of this statement is that TRMT will continuously pay quarterly dividends of $0.01/share per quarter or $0.04/share per year in the future. The TRMT Board considers many factors when determining whether to declare dividends, including TRMT's historical and projected income, core earnings, the then current and expected needs and availability of cash to pay TRMT's obligations and fund its investments, distributions which may be required to be paid by TRMT to qualify for taxation as a real estate investment trust and other factors deemed relevant by TRMT's Board of Trustees in its discretion. Accordingly, future dividends may be increased or decreased and there is no assurance as to the rate at which future dividends will be paid, and they could decline in amount or be suspended or discontinued.
- This press release states that the TRMT’s Board of Trustees will continue to monitor TRMT’s financial performance and economic outlook as the year progresses to determine a prudent level for any subsequent regular quarterly distributions for 2020 or required to be made for 2020 in accordance with tax law requirements for real estate investment trusts. An implication of these statements may be that TRMT will increase its regular quarterly distributions in a future period. TRMT may not resume paying regular quarterly distributions at historic levels or at amounts greater than the level announced today or at all in the near future, and the reduced rate announced today may extend for an indefinite period and could be discounted. Moreover, capital market conditions may not improve or TRMT’s own financial circumstances may change so that it becomes unable or unwilling to increase its regular quarterly distributions. Also, TRMT’s historical rate of distributions on its common shares may be changed because of changes in TRMT’s earnings, liquidity, financial leverage or other circumstances.
The information contained in TRMT’s filings with the SEC, including under “Risk Factors” in TRMT’s periodic reports or incorporated therein, identifies other important factors that could cause TRMT’s actual results to differ materially from those stated in or implied by TRMT’s forward looking statements. TRMT’s filings with the SEC are available on the SEC’s website at www.sec.gov.
You should not place undue reliance upon forward looking statements.
Except as required by law, TRMT does not intend to update or change any forward looking statements as a result of new information, future events or otherwise.
A Maryland Real Estate Investment Trust with transferable shares of beneficial interest listed on the Nasdaq. No shareholder, Trustee or officer is personally liable for any act or obligation of the Trust.