"We regret that a reduction in the dividend level is necessary," says Robert Scharar, UIRT's chairman and CEO, "However, our dividend level has historically been in excess of the payout ratios of most other REITs. At a quarterly level of $0.13 per common share, our dividend will be at a level that we believe is sustainable, and moreover, should bring our pay-out ratio more in line with our peer group." The dividend is payable Feb. 28.
In order to increase stock value, UIRT has hired First Union Securities Inc. a Virginia-based brokerage firm, which also provides asset management and capital markets services. According to Scharar, UIRT has long been frustrated with what it considers an unequal matching of asset worth and share price.
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