Posted at 11:38 a.m., Friday, December 8, 2006
Shares of Arizona Land, Shidler buyer, nearly double
Advertiser Staff
An Arizona-based company that's agreed to acquire local real estate investor Jay Shidler's Pacific Office Properties Trust LLC said it doesn't know why it's shares have almost doubled since the start of the month.Shares of Phoenix-based Arizona Land Income Corp. closed at $15.15 today. They ended November priced at $7.75.
Arizona Land agreed to form a public company with Shidler that will combine a property portfolio including several Hawai'i office buildings.
Arizona Land, which currently trades under the AZL ticker, said it recently declared a $1 per share dividend and that it anticipates a new dividend policy may result in lower quarterly payments once the transaction with Shidler is completed.
