The Board of Directors of DRA CRT Acquisition Corp. (the “Company”, formerly CRT Properties Inc.), declared a regular quarterly cash dividend payment of $0.53125 per share on its 8.5% Series A Cumulative Redeemable Preferred stock to be paid on September 15, 2008 to shareholders of record on September 1, 2008.
The Company’s 8.5% Series A Cumulative Redeemable Preferred Stock has been listed on the Pink Sheets, a centralized quotation service that collects and publishes market maker quotes for certain securities. The Pink Sheets trading symbol for the Company’s 8.5% Series A Cumulative Redeemable Preferred Stock is DCAQP.
On September 27, 2005, the merger of CRT Properties, Inc. (“CRT Properties”) with and into the Company, an investment fund managed by DRA Advisors LLC (“DRA”), was completed. Upon the completion of the merger, CRT Properties’ 8.5% Series A Cumulative Redeemable Preferred Stock was automatically converted on a 1:1 basis into shares of 8.5% Series A Cumulative Redeemable Preferred Stock of the Company and was de-listed from the New York Stock Exchange. The Company no longer files periodic and other reports with the Securities and Exchange Commission.
The Company’s 8.5% Series A Cumulative Redeemable Preferred Stock has no mandatory redemption features and is perpetual. It may be redeemed at the election of the Company after September 10, 2008, but the Company is under no obligation to do so.
Additional information regarding the Company’s 8.5% Series A Cumulative Redeemable Preferred Stock will be provided by DRA as it becomes available and is available on DRA’s website at www.draadvisors.com.
About DRA Advisors LLC
DRA Advisors LLC is a New York-based registered investment advisor specializing in real estate investment management services for institutional and private investors, including pension funds, university endowments, foundations and insurance companies. Founded in 1986, the firm currently manages over $10 billion in assets. Additional information about DRA can be found on the company’s web site at www.draadvisors.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: 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 affiliates or companies in which we have made investments; changes in operating costs; legislative or regulatory decisions; our ability to continue to maintain our status as a REIT for federal income tax purposes; 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 the federal securities laws, the Company assumes no liability to update the information in this press release.
Contacts:
Paul McEvoy or Diana Tully, 1-212-697-4740
