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Analysts scrutinizing First Industrial dividend; REIT says gains from asset sales are core income.(News)(First Industrial Realty Trust Inc.)
Crain's Chicago Business, September, 2003 by Gallun, Alby
Byline: ALBY GALLUN First Industrial Realty Trust Inc. is trying to win the dividend debate. Once the darling of celebrity investor Warren Buffett, the Chicago-based real estate investment trust (REIT) has landed in the doghouse with several analysts who fret that the company is using property sales to prop up its shaky dividend.
REITs are required by law to pay out at least 90% of their taxable income in dividends, a major draw for income-oriented investors. Yet First Industrial's leasing revenue has shrunk amid the depressed industrial property market, meaning it depends more than it used to on gains from asset sales to cover its $126-million annual payout-a concern, analysts say, because that income is less predictable than rental income. "We...
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