CUPERTINO, Calif., March 17, 2011 /PRNewswire/ -- Mission West Properties, Inc. (Nasdaq: MSW) announced today that its Board of Directors has declared a regular quarterly cash dividend of $0.13 per common share payable on April 7, 2011 to all common stockholders of record on March 31, 2011. The dividend is a 13.3% reduction from the dividend paid in the prior quarter. The dividend is equivalent to an annual rate of $0.52 per share, which represents an 8.0% annualized yield based on the latest closing price of $6.52 per share.
The Company intends to make regular quarterly distributions to holders of its common stock based upon its cash available for distribution.
The Company also announced today that its 2011 Annual Stockholders' Meeting will be held on May 26, 2011 at 10:00 AM Pacific Time. Stockholders of record of the Company's common stock as of the close of business on March 31, 2011 are entitled to vote at the annual meeting. The meeting will be held at the Company's corporate office, 10050 Bandley Drive, Cupertino, CA 95014.
NOTIFICATION OF CONFERENCE CALL
April 14, 2011 at 8:00 AM Pacific Time
Mission West Properties, Inc./Carl E. Berg will have a conference call to provide an update on recent Silicon Valley R&D market developments and discuss the first quarter 2011 earnings results. The conference call will end with a question and answer session. The dial in number for the conference call is:
A recording of this conference call will be available from April 14, 2011 at 10:00 AM Pacific Time through April 28, 2011 at 11:59 PM Pacific Time by dialing:
Mission West Properties, Inc. operates as a self-managed, self-administered and fully integrated REIT engaged in the management, leasing, marketing, development and acquisition of commercial R&D properties, primarily located in the Silicon Valley portion of the San Francisco Bay Area. Currently, the Company manages 111 properties totaling approximately 8.0 million rentable square feet. For additional information, please contact Investor Relations at 408-725-0700.
The matters described herein contain forward-looking statements. Such statements can be identified by the use of forward-looking terminology such as "will," "anticipate," "estimate," "expect," "intend," or similar words. Forward-looking statements involve a number of risks, uncertainties or other factors beyond the Company's control which may cause material differences in actual results, performance or other expectations. These factors include, but are not limited to, the ability to complete acquisitions with the Berg Group, changing economic and real estate industry conditions, leasing risk, rollover risk, tenant credit risk, interest rate risk, and other factors detailed in the Company's registration statements, and periodic filings with the Securities & Exchange Commission.
Contact: Investor Relations at 408-725-0700
SOURCE Mission West Properties, Inc.