Outfront Media declares $0.75 per share special dividend

On November 12, 2024, OUTFRONT Media Inc. (OUT) announced that its board of directors has approved a special dividend of $0.75 per share on the Company's common stock

This special dividend will be payable on December 31, 2024, to stockholders of record at the close of business on November 15, 2024. This special dividend represents the projected balance of 100% of the Company's 2024 distributable real estate investment trust ("REIT") income to date over the cash dividends previously paid in 2024.

Approximately $0.30 per share, or $49.8 million, of the special dividend will be paid in cash (exclusive of cash paid in lieu of fractional shares) (the "Cash Amount"), and approximately $0.45 per share, or $74.7 million, of the special dividend will be paid in shares of Common Stock. 

Outfront pays a regular quarterly dividend of 30 cents per share with a 6.7% dividend yield at a stock price of $17.58. Other companies announcing special dividends recently include International Seaways (INSW) and RLI Corp (RLI).

OUTFRONT operates one of the largest and most diverse sets of billboard, transit, and mobile assets in the United States. The company is a REIT that provides advertising space (displays) on out-of-home advertising structures and sites in the United States (the U.S.).