TPG RE Finance Trust, Inc. Declares Cash Dividend on Common Stock and Series B Cumulative Redeemable Preferred Stock
June 17 2020 - 4:05PM
Business Wire
TPG RE Finance Trust, Inc. (NYSE: TRTX) (“TRTX” or the
“Company”) announced that on June 16, 2020, the Company’s Board of
Directors declared a cash dividend of $0.20 per share of common
stock for the second quarter of 2020. The dividend is payable on
July 24, 2020 to common stockholders of record as of June 26, 2020.
The Company’s previously authorized cash dividend for the first
quarter of 2020 of $0.43 per share of common stock is also payable
on July 14, 2020 to stockholders of record as of June 15, 2020.
On June 16, 2020, the Company’s Board of Directors also declared
a cash dividend of $0.25 per share of 11% Series B Cumulative
Redeemable Preferred Stock (the “Series B Preferred”) for the
quarterly period from May 28, 2020 to, but not including June 30,
2020. The Series B Preferred dividend is payable on June 30, 2020
to the Series B Preferred stockholder of record as of June 15,
2020.
Greta Guggenheim, Chief Executive Officer, stated: “In setting
our common dividend for the second quarter of 2020, we employed a
conservative approach taking into account the uncertainty around
the length and continued effects of the COVID pandemic and the
potential implications on asset performance. Our common dividend
reflects the changes to the Company’s capital structure this
quarter, including the impact of a cash dividend on our Series B
preferred stock equivalent to $0.08 per common share if paid for a
full quarter, and our policy to set our common dividend at a level
that we believe, based on current market conditions, can be
consistently covered by earnings. Together with our Board of
Directors, we will evaluate the dividend level in future quarters
with respect to market conditions, liquidity and earnings
potential.”
ABOUT TRTX
TPG RE Finance Trust, Inc. is a commercial real estate finance
company that focuses primarily on originating, acquiring, and
managing first mortgage loans and other commercial real
estate‐related debt instruments secured by institutional properties
located in primary and select secondary markets in the United
States. The Company is externally managed by TPG RE Finance Trust
Management, L.P., a part of TPG Real Estate, which is the real
estate investment platform of TPG. TPG is a global alternative
asset firm with a 25-year history and more than $79 billion of
assets under management. For more information regarding TRTX, visit
www.tpgrefinance.com.
FORWARD-LOOKING STATEMENTS
The information contained in this press release contains
“forward‐looking statements” within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These forward‐looking
statements are subject to various risks and uncertainties.
Forward‐looking statements are generally identifiable by use of
forward‐looking terminology such as “may,” “will,” “should,”
“potential,” “intend,” “expect,” “endeavor,” “seek,” “anticipate,”
“estimate,” “believe,” “could,” “project,” “predict,” “continue” or
other similar words or expressions. Forward‐looking statements are
based on certain assumptions, discuss future expectations, describe
existing or future plans and strategies, contain projections of
results of operations, liquidity and/or financial condition or
state other forward‐looking information. Statements, among others,
relating to the Company’s ability to pay dividends are
forward-looking statements, and the Company cannot assure you that
TRTX will achieve such results. The ability of TRTX to predict
future events or conditions or their impact or the actual effect of
existing or future plans or strategies is inherently uncertain, in
particular due to the uncertainties created by the COVID-19
pandemic and resulting market volatility. Although the Company
believes that such forward‐looking statements are based on
reasonable assumptions, actual results and performance in the
future could differ materially from those set forth in or implied
by such forward‐looking statements. You are cautioned not to place
undue reliance on these forward‐looking statements, which reflect
the Company’s views only as of the date of this earnings release.
Except as required by law, neither the Company nor any other person
assumes responsibility for the accuracy and completeness of the
forward‐looking statements appearing in this earnings release. The
Company does not undertake any obligation to update this press
release as a result of new information, future events or
otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200617005764/en/
INVESTOR RELATIONS CONTACT (212) 405-8500
IR@tpgrefinance.com
MEDIA CONTACT TPG RE Finance Trust, Inc. Courtney Power
(415) 743-1550 media@tpg.com
TPG Real Estate Finance (NYSE:TRTX)
Historical Stock Chart
From Aug 2024 to Sep 2024
TPG Real Estate Finance (NYSE:TRTX)
Historical Stock Chart
From Sep 2023 to Sep 2024