DRA CRT Acquisition board continues suspension of preferred dividend

By Caroline Salls

Pittsburgh, Feb. 14 - DRA CRT Acquisition Corp.'s board of directors has voted to continue the suspension of the company's quarterly cash dividend payment of $0.53125 per share on its 8.5% series A cumulative redeemable preferred stock that would otherwise have been paid on March 15 to shareholders of record as of March 1, according to a company news release.

DRA CRT, which was formerly CRT Properties Inc., said the dividend was suspended to improve liquidity and preserve capital.

The board will continue to review future quarterly dividends on the 8.5% series A cumulative redeemable preferred stock based on financial and economic conditions and other appropriate factors, the release said.

CRT Properties merged with and into DRA CRT Acquisition, an investment fund managed by New York-based DRA Advisors LLC, on Sept. 25, 2005.

Upon completion of the merger, CRT Properties' 8.5% series A cumulative redeemable preferred stock was automatically converted on a 1:1 basis into shares of DRA CRT 8.5% series A cumulative redeemable preferred stock.

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