OUTFRONT Media Declares $0.75 Special Dividend

By Tamara Parker • Tuesday, November 19 10:32 • Permanent Link

OUTFRONT Media Inc. has declared a special dividend of $0.75 per share on its common stock, payable on December 31, 2024, to stockholders of record as of November 15, 2024. This special dividend represents the projected balance of 100% of the company’s 2024 distributable real estate investment trust (“REIT”) income to date over the cash dividends previously paid in 2024.

Approximately $0.30 per share, or $49.8 million, of the special dividend will be paid in cash, and approximately $0.45 per share, or $74.7 million, will be paid in shares of common stock. Stockholders have the option to elect to receive their special dividend either in all cash or all shares of common stock.

The amount of shares of common stock distributed will be determined based on the results of the stockholder elections and the volume weighted average price of the common stock for the three trading days commencing on December 16, 2024.

Stockholders who would otherwise be entitled to receive fractional shares will receive a cash payment in lieu of fractional shares. Payments for fractional shares will not count toward the Cash Amount.

The company has set a deadline of 5:00 p.m., Eastern Standard Time, on December 13, 2024, for stockholders to submit their election forms. Elections are revocable until that deadline, after which they become irrevocable.

The company also reserves the right to reject, in its sole discretion, any and all election forms that it decides are not in proper form, not received by the election deadline, ineligible, or otherwise invalid. The company's interpretation of the terms and conditions of the special dividend shall be final and binding.

Stockholders are urged to read the company’s filings with the Securities and Exchange Commission, including the section entitled “Risk Factors” in the Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 22, 2024, before making their election. The market has reacted to these announcements by moving the company's shares 0.3% to a price of $18.39. Check out the company's full 8-K submission here.

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