JER Investors Trust Inc. Announces Total Common Stock Dividend of $0.88 per share for the Fourth Quarter of 2008 consisting of a
18 Décembre 2008 - 12:02AM
PR Newswire (US)
MCLEAN, Va., Dec. 17 /PRNewswire-FirstCall/ -- JER Investors Trust
Inc. (NYSE:JRT) announced that on December 16, 2008 its Board of
Directors approved the declaration of a total common stock dividend
of $0.88 per share, consisting of a regular quarterly dividend on
its common stock of $0.30 per common share for the quarter ending
December 31, 2008 as well as a special 2008 dividend of $0.58 per
share, (together the "2008 Year End Dividend ".) Pursuant to an
Internal Revenue Service ("IRS") Revenue Procedure released on
December 10, 2008, the Company intends that such 2008 Year End
Dividend will be payable up to $0.79 per share in common stock of
JRT and up to $0.09 per share in cash, based on stockholder
elections. The 2008 Year End Dividend is payable on January 30,
2009 to stockholders of record on December 30, 2008. The Company's
policy is to declare regular quarterly dividends based on the
Company's current operations and to declare special dividends as
necessary to maintain its REIT status. The special dividend of
$0.58 per share represents the Company's estimated 2008 taxable
income in excess of the Company's 2008 regular quarterly dividends,
including the fourth quarter 2008 dividend. The 2008 Year End
Dividend will be payable in a combination of cash and shares of the
Company's common stock. Paying a portion of the 2008 Year End
Dividend in shares of JRT's common stock allows JRT to satisfy its
REIT taxable income distribution requirement while helping to
preserve liquidity. The aggregate amount of cash payable to
stockholders for the 2008 Year End Dividend, other than cash
payable in lieu of fractional shares, will not exceed $2.3 million
(or $0.09 per share in the aggregate). Subject to this limitation
on the aggregate amount of dividends payable in cash, stockholders
will have the option to make an election to receive payment of the
2008 Year End Dividend in cash or in shares, except that cash will
be paid in lieu of fractional shares. Stockholders who elect to
receive the 2008 Year End Dividend in all cash will receive payment
in the form of at least $0.09 per share in cash. The exact
distribution of cash and stock to any given stockholder will be
dependent upon his/her election as well as elections of other
stockholders, subject to the pro-rata limitation described above.
The Company expects the 2008 Year End Dividend to be a taxable
dividend to its stockholders, without regard to whether a
particular stockholder receives the dividend in the form of cash or
shares. The number of shares issued as a result of the 2008 Year
End Dividend will be calculated based on the average closing price
per share of the Company's common stock on January 23, 26 and 27,
2009. Generally accepted accounting principles require that all
reported per share data for prior periods be adjusted to reflect
the issuance of the shares and such adjustments will be reflected
beginning with our fourth quarter 2008 reported financial results.
A prospectus and election form will be filed with the Securities
and Exchange Commission and will be mailed to stockholders of
record on or about January 2, 2009. The prospectus will describe in
more detail the terms of the 2008 Year End Dividend, including the
ability of stockholders to elect to receive the 2008 Year End
Dividend in the form of cash or shares of common stock, and a
limitation on the aggregate amount of cash to be included in the
2008 Year End Dividend. The cash or stock election must be
exercised prior to 5:00 p.m. eastern standard time on January 22,
2009. If your shares are held through a bank, broker or nominee,
and you have questions regarding the 2008 Year End Dividend, please
contact such bank, broker or nominee, who will also be responsible
for communicating to you the election information and submitting
the election form on your behalf. About JER Investors Trust Inc.
JER Investors Trust Inc. is a New York Stock Exchange listed
specialty finance company that originates and acquires commercial
real estate structured finance products. The Company's target
investments include commercial mortgage backed securities,
mezzanine loans, first mortgage loan participations, B-Note
participations in mortgage loans, commercial mortgage loans and net
leased real estate investments. JER Investors Trust Inc. is
organized and conducts its operations so as to qualify as a REIT
for federal income tax purposes. For more information regarding JER
Investors Trust Inc. please visit http://www.jer.com/.
Forward-Looking Statements: This press release does not constitute
an offer of any securities for sale. Certain items in this press
release may constitute forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
These statements are based on management's current expectations and
beliefs and are subject to a number of trends and uncertainties
that could cause actual results to differ materially from those
described in the forward-looking statements. JER Investors Trust
can give no assurance that its expectations will be attained.
Factors that could cause actual results to differ materially from
JER Investors Trust's expectations include, but are not limited to,
changes in the real estate and capital markets, our ability to
source and fund new investments and other risks detailed from time
to time in JER Investors Trust's SEC reports. Such forward-looking
statements speak only as of the date of this press release. JER
Investors Trust expressly disclaims any obligation to release
publicly any updates or revisions to any forward-looking statements
contained herein to reflect any change in JER Investors Trust's
expectations with regard thereto or change in events, conditions or
circumstances on which any statement is based. DATASOURCE: JER
Investors Trust Inc. CONTACT: J. Michael McGillis, Chief Financial
Officer of JER Investors Trust Inc., +1-703-714-8182 Web Site:
http://www.jer.com/
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