Sunrise Realty Trust Sets $0.09 Dividend Ahead of Southern Realty Merger

Sunrise Realty Trust declared a prorated $0.09-per-share fourth-quarter dividend on Oct. 23, with payment scheduled for Nov. 5 as it prepares to merge with Southern Realty Trust Inc.

The payment covers the fourth quarter through the day before the merger closes. The company set Nov. 5 as the payment date for holders of record at the close of business Nov. 2.

Shareholders of both companies approved merger-related proposals Oct. 23. Sunrise shareholders approved a proposal to issue approximately 8,464,955 shares in connection with the merger, subject to adjustments. The vote was 7,365,863 for, 640,115 against and 35,579 abstentions.

The deal could close around Nov. 5 if customary closing conditions are met. Its completion is not assured.

Sunrise’s most recent regular quarterly dividend was $0.30 per share for the quarter ended Sept. 30, payable Oct. 15. The company said that amount matched its second-quarter dividend. Sunrise is a Nasdaq-listed commercial real estate lender focused primarily on projects in the Southern United States.