Alexander & Baldwin suspends dividend
Alexander & Baldwin (ALEX) will suspend its quarterly dividend in 2020 because of the COVID-19 pandemic. The commercial real estate company last raised its quarterly dividend by 15.2 percent to 19 cents per share in Augusts 2019. A dividend was also reinstated by the REIT last year.
In the company's press release reporting first quarter 2020 results Chris Benjamin, A&B president & chief executive officer stated:"As we look ahead, we believe it is too early to foresee the full impact of the COVID-19 pandemic. As such, we are withdrawing our previously provided guidance range and our Board has decided to suspend our dividend in anticipation of reduced REIT taxable income. Throughout this period of uncertainty, we are proud of our team and are encouraged by our portfolio's neighborhood-center orientation, with essential grocery and pharmacy anchors, and asset diversity."
Alexander & Baldwin, Inc. is Hawai`i's premier commercial real estate company and the state's foremost owner of grocery-anchored retail centers. A&B is a fully integrated real estate investment trust and owns, operates and manages primarily retail and industrial space in Hawai`i, and is a major landowner in the state. A&B also is Hawai`i's largest construction materials company and paving contractor. The company reinstated a quarterly dividend in 2019
In the company's press release reporting first quarter 2020 results Chris Benjamin, A&B president & chief executive officer stated:"As we look ahead, we believe it is too early to foresee the full impact of the COVID-19 pandemic. As such, we are withdrawing our previously provided guidance range and our Board has decided to suspend our dividend in anticipation of reduced REIT taxable income. Throughout this period of uncertainty, we are proud of our team and are encouraged by our portfolio's neighborhood-center orientation, with essential grocery and pharmacy anchors, and asset diversity."
Alexander & Baldwin, Inc. is Hawai`i's premier commercial real estate company and the state's foremost owner of grocery-anchored retail centers. A&B is a fully integrated real estate investment trust and owns, operates and manages primarily retail and industrial space in Hawai`i, and is a major landowner in the state. A&B also is Hawai`i's largest construction materials company and paving contractor. The company reinstated a quarterly dividend in 2019
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