Duke Announces 2-for-1 Stock Split and Anticipated Dividend Increase
INDIANAPOLIS--Duke Realty Investments, Inc. (NYSE:DRE) announced today that its Board of Directors declared a 2-for-1 stock split in the form of a 100 percent stock dividend on its common stock. The stock dividend will be payable August 25, 1997 to shareholders of record on August 18, 1997.
The Company also announced today that its Board of Directors anticipates the Company's regular quarterly dividend amount to be $.30 per common share on a post-split basis. This would equate to a dividend increase of 1.7 percent and follows the Company's 15.7 percent dividend increase announced July 24 of this year. The official declaration for this new dividend is expected to be on October 23, 1997, the date of Duke's next regularly scheduled Board of Directors meeting.
According to Thomas L. Hefner, President and Chief Executive Officer, "The stock split and the anticipation of a second dividend increase this year is a reflection of the Company's accelerated earnings growth in 1997 and the Company's positive outlook for this momentum to continue. We think the stock split will improve the liquidity of our shares and will also expand their marketability by setting a market price at a level more attractive to individual investors."
Duke Realty Investments is a fully integrated real estate company that owns interests in a diversified portfolio of 290 industrial, office and retail properties encompassing approximately 35.7 million square feet. These properties are primarily located in seven Midwestern states. Duke Realty also owns more than 1,300 acres of land for future development.
The Company is a self-administered real estate investment trust which provides leasing, management, development, construction and other tenant-related services for its own properties and for 8.1 million square feet of properties owned by third parties.
CONTACT: Duke Realty Investments, Inc.
Investor Inquires: Thomas K. Peck, 317/574-3512
Media Inquires: Donna H. Coppinger, 317/574-3518
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Another raise for us shareholders, Ted |
