DALLAS, Aug. 11, 1999 (PRIMEZONE) -- The Board of Directors of American Realty Trust, Inc. (NYSE:ARB) Wednesday announced dividend declarations for the company's common stock will be determined on an annual basis following the end of each fiscal year (December 31). No dividends will be declared or paid during the remainder of 1999.
Previously, American Realty declared and paid dividends on a quarterly basis. "The board of directors believes that the determination of dividends should be made on an annual basis in order to allow it to more accurately base the distribution on the financial results of the company," said Robert Waldman, senior vice president and general counsel.
American Realty Trust, Inc., a Dallas-based real estate investment company, holds a diverse portfolio of equity real estate located across the U.S., including office buildings, apartments, hotels, shopping centers, and developed and undeveloped land. The company also has interests in mortgage loans and real estate-related entities.