Business & Finance
Business and Finance
Business and Finance
Mon, December 22, 2008 Alpine Global Premier Properties Fund Reduces Distributions; Declares January, February and March
WESTCHESTER, N.Y.--([ BUSINESS WIRE ])--The Board of Trustees of the Alpine Global Premier Properties Fund (NYSE:AWP) declared distributions for January, February and March at a reduced rate of $.03 cents per share.
Fund manager Sam Lieber said, "The crisis of confidence affecting the global financial markets has severely impacted capital intensive, cyclically sensitive sectors such as real estate." Lieber continued, "Many companies are reassessing capital requirements. This may affect dividend payouts in 2009. (Already, 25 REITs in the U.S. alone have cut or suspended dividends.)
"Given the current level of uncertainty, the Board of AWP believes it is prudent to reduce the monthly distribution," Lieber continued. "This decision reflects current conditions and best positions the Fund to meet its primary objective of long-term capital appreciation." Finally, Lieber noted, "Future improvements in the condition of global real estate securities markets may enable a dividend increase and shall be considered when appropriate."
The distribution declaration is as follows: | ||||
| Ex-Distribution Date | Record Date | Payable Date | ||
| January 22, 2009 | January 26, 2009 | January 30, 2009 | ||
| February 19, 2009 | February 23, 2009 | February 27, 2009 | ||
| March 23, 2009 | March 25, 2009 | March 31, 2009 | ||
Interested investors and Financial Advisors can participate in Alpine's next regular quarterly closed end fund conference call via a new webinar format on Tuesday, December 30th at 4:15pm Eastern Time. Access information is as follows:
http://www.investorcalendar.com/IC/CEPage.asp?ID=139231
Dial in: 877.407.0778
More information about the Fund is available on www.alpinecef.com.
Based in Westchester, New York, Alpine Woods Capital Investors was founded in 1997, and together with entities owned by its officers, has over $6.5 billion in assets under management, as of September 30, 2008.
This release contains forward-looking statements based on currently available information. The Funds' actual results could differ materially from those anticipated due to various risks and uncertainties. Alpine Global Premier Properties Fund is a closed-end fund and does not continuously offer or redeem shares. The Funds trade in the secondary market and investors wishing to buy or sell shares must place orders through a financial intermediary or broker.
