LOS ANGELES, Dec 18, 2009 (BUSINESS WIRE) -- Thomas Properties Group, Inc. (Nasdaq:TPGI) announced today that the
company's Board of Directors has voted to suspend its regular quarterly
dividends to common stockholders.
James A. Thomas, Chairman and CEO, said, "Maintaining liquidity is our
highest priority; and as a consequence of current market limitations on
the availability of capital, our board felt this was an appropriate
action to preserve cash. The board will reevaluate the decision to
suspend dividends when economic and market conditions improve."
About Thomas Properties Group
Thomas Properties Group, Inc., based in Los Angeles, is a full-service
real estate company that owns, acquires, develops and manages primarily
office, as well as mixed-use and residential properties on a nationwide
basis. The company's primary areas of focus are the acquisition and
ownership of premier properties, both on a consolidated basis and
through its strategic joint ventures, property development and
redevelopment, and property management and leasing activities. For more
information about Thomas Properties Group, Inc., please visit www.tpgre.com.
Forward-Looking Statements
Statements made in this press release that are not historical may
contain forward-looking statements. Although Thomas Properties Group
believes the expectations reflected in any forward-looking statements
are based on reasonable assumptions, these statements are subject to
numerous risks and uncertainties. Factors that could cause actual
results to differ materially from Thomas Properties Group's expectations
include actual and perceived trends in various national and economic
conditions that affect global and regional markets for commercial real
estate services, including interest rates, the availability of credit to
finance commercial real estate transactions, and the impact of tax laws
affecting real estate. For a discussion of some of the factors that may
cause our results to differ from management's expectations, see the
information under the captions "Risk Factors" and "Management's
Discussion and Analysis of Financial Condition and Results of Operations
- Factors That May Influence Future Results of Operations" in our 10-K
for the year ended December 31, 2008, and contained in our reports on
Form 10-Q for fiscal quarters during 2009, which have been filed with
the SEC. Thomas Properties Group disclaims any intention or obligation
to update or revise any forward-looking statements, whether as a result
of new information, future events or otherwise.
SOURCE: Thomas Properties Group, Inc.
Thomas Properties Group, Inc.
Diana Laing, 213-613-1900
www.tpgre.com
