NEW YORK, Dec. 18 /PRNewswire-FirstCall/ -- Capital Trust, Inc. announced today that the Company will not pay a fourth quarter 2008 dividend.
"Given the fact that our 2008 dividends to date of $2.20 per share are adequate to meet our distribution requirements of maintaining REIT status, we decided it was prudent to conserve capital in this difficult operating environment," said John Klopp, CEO. "The Board will revisit the dividend in the first quarter of 2009 based upon its assessment of the general market environment and the Company's taxable income."
Forward-Looking Statements
The forward-looking statements contained in this news release are subject to certain risks and uncertainties including, but not limited to, new origination volume, the continued credit performance of the Company's loan and CMBS investments, the asset/liability mix, the effectiveness of the Company's hedging strategy and the rate of repayment of the Company's portfolio assets, as well as other risks indicated from time to time in the Company's Form 10-K and Form 10-Q filings with the Securities and Exchange Commission. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
About Capital Trust
Capital Trust, Inc. is a finance and investment management company that specializes in real estate debt and related investments. Capital Trust executes its business both on balance sheet and through a series of third party investment management vehicles. The Company is organized as a real estate investment trust and is traded on the New York Stock Exchange under the symbol "CT." The Company is headquartered in New York City.
