The initial quarterly payout will be $0.035 per share to be paid on April 15 to holders of record as of March 31. The annualized yield is 2.5% based on last night's close of $5.68.
Management had previously indicated a resumption of the common dividend was likely early this year.
CEO Gordon DuGan: "We are currently focused on Gramercy's growth trajectory and therefore our dividend policy will be based upon a low payout ratio for the time being."
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