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Tarragon Looks to Long-Term Projects

NEW YORK CITY-Tarragon sees record results in 2005 and plans a dividend amounting to 10 cents per share. The firm will concentrate its efforts over the next few years on long-term development projects.

By Barbara Jarvie | Updated on March 15, 2006

(To read more on the debt and equity markets and the multifamily market, click here.)

NEW YORK CITY-”Since 2002, we’ve had the wind at our backs in almost everything we did,” said Tarragon Corp. chairman and CEO William S. Friedman during the firm’s year-end results conference call. The firm saw its net income increase 231% last year to $146 million and had consolidated revenue rise up 102%.

Tarragon will have an annual dividend of 10 cents per share payable on May 1 to shareholders of record as of the close of business on April 10 as well as a one million share increase in share repurchase authorization. “As long as the stock is severely undervalued–as we see it today–we will continue to buy,” Friedman said

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