Black Creek Diversified Property Fund Announces Increase to Monthly Dividend
DENVER, Dec. 18, 2017 (GLOBE NEWSWIRE) -- Black Creek Diversified Property Fund Inc. (“DPF”), a public reporting NAV REIT (NASDAQ:ZDPFDX) (NASDAQ:ZDPFEX) (NASDAQ:ZDPFIX) (NASDAQ:ZDPFSX) (NASDAQ:ZDPFTX), announced today that its board of directors authorized for each class of common stock a monthly dividend of $0.03125 per share, subject to adjustment for class-specific fees, for each of the months ending January 31, 2018, February 28, 2018 and March 31, 2018, an increase from the prior monthly dividend of $0.03000 per share, subject to adjustment for class-specific expenses. This is DPF’s second dividend increase since becoming an NAV REIT. The dividends will be paid on or about the last business day of January, February and March 2018 to stockholders of record as of the close of business on the last business day of January, February and March 2018, respectively.
“We are pleased with today’s announcement,” said Greg Moran, Managing Director and Chief Investment Officer of DPF and head of the retail group at Black Creek Group, an affiliate of DPF’s sponsor. “The performance of our portfolio, coupled with our strong balance sheet, allowed us to increase the dividend while balancing our objective to promote longer-term total shareholder return.”
The amount of dividends DPF pays to its stockholders is determined by DPF’s board of directors, at its discretion, on a monthly basis, and is dependent on a number of factors including, but not limited to, historic and expected future performance of the portfolio, DPF’s financial condition, capital expenditure requirements and annual distribution requirements needed to maintain DPF’s status as a real estate investment trust under the Internal Revenue Code, none of which can be used as an indicator of future performance. DPF’s board of directors may reduce the dividend rate and DPF cannot guarantee the amount of distributions paid in the future, if any.
About Black Creek Group
Black Creek Group is an experienced real estate investment management firm with more than $17 billion of investments over its 25-year history. The company manages diverse investment offerings across the spectrum of commercial real estate – including office, industrial, retail and multifamily – and has a track record of creating long-term value for its investors. The company has nine offices across North America with more than 300 professionals. Black Creek Group offers a range of investment solutions for both institutional and wealth management channels. More information is available at www.blackcreekgroup.com.
About Black Creek Diversified Property Fund
Black Creek Diversified Property Fund is a public reporting, NAV vehicle based in Denver, CO that invests in a diversified portfolio of commercial real estate assets. DPF owned 53 properties totaling approximately 8.6 million square feet in 20 geographic markets as of September 30, 2017. More information is available at www.blackcreekdiversified.com.
This material may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “expect(s),” “could,” “should,” and “continue” and similar statements are intended to identify such forward-looking statements. These statements are based on management’s current expectations and beliefs and are subject to a number of risks and uncertainties that could lead to actual results that are materially different than those described in the forward-looking statements. Black Creek Diversified Property Fund cannot give assurance that its expectations will be attained. Factors that could cause actual results to differ materially from Black Creek Diversified Property Fund’s expectations include, but are not limited to, the uncertainty of funding Black Creek Diversified Property Fund’s future capital needs, delays in the acquisition, development, and construction of real properties, changes in economic conditions generally and the real estate and securities markets specifically, and other risks detailed from time to time in Black Creek Diversified Property Fund’s Securities and Exchange Commission reports, particularly the section entitled “Risk Factors” in Item 1A of the Company’s Annual Report on Form 10-K. Such forward-looking statements pertain only as of the date of this press release. Black Creek Diversified Property Fund expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with regard thereto or change in events, conditions, or circumstances on which any statement is based.
Black Creek Group