The Board of Directors of DRA CRT Acquisition Corp. (the “Company”),
voted to continue the suspension of its quarterly cash dividend payment
of $0.53125 per share on its 8-½% Series A Cumulative Redeemable
Preferred Stock that would otherwise have been paid on December 17, 2012
to shareholders of record on December 1, 2012. The Company stated that
the reason for suspending the dividend is to improve liquidity and
preserve capital.
The Company's Board of Directors will continue to review future
quarterly dividends on the 8-½% Series A Cumulative Redeemable Preferred
Stock based on financial and economic conditions and other appropriate
factors.
The Company's 8-½% Series A Cumulative Redeemable Preferred Stock has
been quoted on the OTC Pink market, operated by the OTC Markets Group,
Inc., under the symbol “DCAQP.”
As was previously announced, upon the completion, on September 27, 2005,
of the merger of CRT Properties, Inc. (“CRT Properties”) with and into
the Company and the conversion of CRT Properties' 8-½% Series A
Cumulative Redeemable Preferred Stock on a 1:1 basis into shares of 8-½%
Series A Cumulative Redeemable Preferred Stock of the Company, such
preferred stock was delisted from the New York Stock Exchange and the
Company does not file periodic and other reports with the Securities and
Exchange Commission.
Additional information regarding the Company's 8-½% Series A Cumulative
Redeemable Preferred Stock will be provided as it becomes available and
is available at www.draadvisors.com.
About DRA CRT Acquisition Corp.
DRA CRT Acquisition Corp. is a Delaware real estate investment
trust (“REIT”). As of September 30, 2012, the Company owned 10 real
estate investments consisting of office investments and land parcels,
totaling approximately 4.5 million rentable square feet, located in 8
suburban office areas and 7 metropolitan areas in Florida, Georgia,
Tennessee and Texas.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements in this press release may constitute “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995 and involve known and unknown risks, uncertainties
and other factors that may cause actual results, performance or
achievements to be materially different from the results, performance or
achievements expressed or implied by the forward-looking statements.
Factors that impact such forward-looking statements include, among
others, real estate conditions and markets; performance of the Company’s
affiliates or companies in which the Company has made investments;
changes in operating costs; legislative or regulatory decisions; the
Company’s ability to continue to maintain its status as a REIT for
federal income tax purposes; the Company’s ability to pay preferred
stock dividends; the Company’s ability to service or repay its current
debt obligations; the cost and availability of new debt financings;
volatility of interest rates or capital market conditions; effect of any
terrorist activity; or other factors affecting the real estate industry
generally. Except as otherwise required by law, the Company undertakes
no obligation to update any forward-looking statements, whether as a
result of new information, future events or otherwise.
