Regency Affiliates has announced that it will pay a quarterly dividend of 6.55 cents per common share on July 7, 2020 to all the shareholders of the company. The company has further added that in order to facilitate the dividend processing in a reliable and efficient manner, all its shareholders will have to share the certificate to the transfer agent.
Chief Financial Officer and Chief Executive Officer of Regency, Laurence Levy said, “We are pleased to declare a quarterly dividend of 6.55 cents per common share reflecting a 2.3% increase over the quarterly dividend paid in July 2019.”
“We continue to be comfortable with this dividend level particularly as we benefit from the cash flows generated by our ongoing management fee from Security West and our distributions from the portfolio of self-storage assets in and around Harrisburg, Pennsylvania,” Laurence Levy concluded.
“Our Security West investment represents a 50% limited partnership interest in real estate pursuant to a lease with the United States General Services Administration expiring in October 2028. The lease commenced on November 1, 2018 with an initial annual rental payment of approximately $11.75MM per annum. At any time on or after November 1, 2021, the GSA may partially terminate the lease and vacate up to 266,353 square feet by providing 12 months written notice,” Laurence added.
“Regency owns five stand-alone self-storage facilities in the Harrisburg, Pennsylvania vicinity acquired for a total purchase price of $35MM of which $25.3MM was financed via a non-recourse ten-year debt financing, with a four-year interest only period that ended in May 2020 and thereafter a thirty-year amortization schedule,” Laurence said.
“Regency received its sixteenth distribution from the joint venture in the second quarter of 2020 in the amount of $210,576 reflecting the 7.5% per annum preferred distribution driven by the strong ongoing operating performance of the investment. Surplus cash over and above the 7.5% per annum preferred distribution is retained within the venture. We remain pleased with the continued strong occupancy and related cash flows at our self-storage facilities,” Laurence concluded.
Jordan Eaton holds a postgraduate degree in Software Engineering from Canada. ‘The stock market is filled with individuals who know the price of everything, but the value of nothing.’ Jordan is a share market expert, being personally invested for over 4 years. He believes the most valuable nugget of wisdom for new investors is a quote from Phillip Fisher. He has been writing his entire life, and while he has made a career of business and finance reporting, he still enjoys writing short stories and poetry.
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