The shares of the Class B Common Stock will stop trading on the New York Stock Exchange at the close of business on that day. Shares of Class A Common Stock issuable upon exchange of the Class B Common Stock will trade on the New York Stock Exchange under the existing Class A Common Stock symbol RA.
Reckson's board has declared a final cash dividend on the company's Class B holders of record on Nov. 25 in the amount of $.1758 per share, payable on Jan. 12, 2004. This payment will cover the period from Nov. 1 through Nov. 25 and is based on the current quarterly Class B Common Stock dividend rate of $.6471 per share.
A month ago, Reckson, in an effort to focus on class A office properties, said it was selling its 5.9 million-sf Long Island industrial portfolio to Rechler Equity Partners, a company formed and directed by Donald, Roger, Mitchell and Gregg Rechler, for approximately $315.5 million in cash and other consideration. The REIT also reconstituted its board to consist of six independent directors and two inside directors.
In order to align the regular quarterly dividend payment schedule of the former holders of Class B Stock with the schedule of the holders of Class A Stock for periods subsequent to the exchange date, Reckson's board declared a cash dividend with regard to the Class A Common Stock to holders of record on Oct. 14 in the amount of $.2585 per share, also payable on Jan. 12, 2004. This payment will cover the period from Oct. 1, through Nov. 25 and is based on the current quarterly Class A Common Stock dividend rate of $.4246 per share. As a result, the Company will have declared dividends through Nov. 25, 2003 to all holders of Class A Common Stock and Class B Common Stock.
The board has also declared the Class A Common Stock cash dividend for the portion of the fourth quarter subsequent to Nov. 25, 2003. The holders of record of Class A Common Stock on Jan. 2, 2004, giving effect to the exchange transaction, will receive a Class A Common Stock dividend in the amount of $.1661 per share, payable on Jan. 12, 2004. This payment will cover the period from Nov. 26 through December 31, 2003 and is based on the current quarterly Class A Common Stock dividend rate of $.4246 per share.
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