Upcoming Special Dividends for October
Spirit MTA REIT
On Oct. 24, Spirit MTA REIT (NYSE:SMTA) will distribute a special dividend to shareholders at the amount of $8 per common share.
This cash liquidating distribution comes after the company's Sept. 27 sale of the Academy Sports distribution center in Katy, Texas. Spirit is a net lease real estate investment trust with a portfolio of 781 properties, and its profits are primarily generated through acquisitions and the disposition of non-essential properties.
Warning! GuruFocus has detected 2 Warning Signs with SMTA. Click here to check it out.
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Harvest Oil & Gas Corp
On Oct. 29, Harvest Oil & Gas Corp. (HRST) will distribute a special dividend to shareholders at the amount of $7 per common share.
Harvest is an oil and gas company that operates onshore properties in the U.S. This one-time special dividend was approved as a non-taxable return of capital to reduce shareholders' tax basis in the company. As shown in the chart below, the cyclical company has generated a negative net income for the past couple of years, and it does not expect to post earnings or profits for 2019 either.
This special dividend will result in a $7 reduction in the warrant exercise price, effective Oct. 21. Harvest has issued similar special dividends in the past when it was not turning a profit.
Disclaimer: Author does not hold positions in any of the stocks mentioned.
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This article first appeared on GuruFocus.
Warning! GuruFocus has detected 2 Warning Signs with SMTA. Click here to check it out.
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