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Chelsea Property Group, Inc. (ticker: CPG, exchange: New York Stock Exchange) News Release - 6-Jun-2002
Chelsea Property Group Increases Dividend
ROSELAND, N.J., Jun 6, 2002 (BUSINESS WIRE) -- Chelsea Property Group, Inc.
(NYSE:CPG) announced today that its Board of Directors declared a quarterly cash
dividend of $0.485 per common share.
The dividend is payable on July 15, 2002 to shareholders of record on June 28,
2002 and represents a 20% increase from $0.405 per share.
The increase in the quarterly dividend is necessary, based on the Company's
current projections of taxable income, to satisfy the Internal Revenue Service's
requirement that real estate investment trusts distribute at least 90% of their
taxable income in the current year.
Chelsea Property Group's common stock was split 2-for-1 effective after the
close of the market on May 28, 2002.
The Board of Directors also declared a cash dividend of $1.046875 per share on
the Company's 8-3/8% Series A Cumulative Redeemable Preferred Stock. The
dividend is payable on July 15, 2002 to shareholders of record on July 1, 2002.
CONTACT: For Chelsea Property Group, Inc.
Michael J. Clarke, 973/228-6111
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