CUPERTINO, Calif., March 19, 2012 /PRNewswire/ -- Mission West Properties, Inc. (NASDAQ: MSW) announced today that its Board of Directors has declared a combined regular quarterly and special cash dividend ("Combined Dividend") of $0.22 per share. The Combined Dividend is payable on April 5, 2012, to all common stockholders of record on March 30, 2012.
A portion of the Combined Dividend in the amount of $0.13 per share represents payment of the regular dividend for the quarter ending March 31, 2012, and the remaining portion represents an additional special dividend payment ("Special Dividend") in the amount of $0.09 per share.
The Special Dividend was declared to distribute excess income attributable to gain on asset sale from the Company's disposition activity and other tenant-related income during 2011. The Special Dividend is intended to enable the Company to avoid corporate level income taxes for 2011.
The Company intends to make regular quarterly distributions to holders of its common stock based upon its cash available for distribution.
NOTIFICATION OF CONFERENCE CALL
April 12, 2012 at 8:00 A.M. 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 2012 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 12, 2012, at 10:00 A.M. Pacific Time through April 26, 2012, at 11:59 P.M. Pacific Time by dialing:
Access Code 241951
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 108 properties totaling approximately 7.8 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 from 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.
SOURCE Mission West Properties, Inc.