BRANFORD, Conn.--(BUSINESS WIRE)-- Sachem Capital Corp. (NYSE American: SACH) announced today that on July 11, 2019 its board of directors authorized and declared a second quarter dividend of $0.12 per share to be paid to shareholders of record as of the close of trading on the NYSE American on July 22, 2019. The dividend will be payable on July 29, 2019.
John Villano, CPA, co-chief executive officer and chief financial officer of Sachem Capital Corp., stated: “We are pleased to report another increase in our quarterly dividend over the same period last year. Additionally, in June 2019 we successfully completed a public offering of 7.125% unsecured unsubordinated notes due June 30, 2024, which resulted in net proceeds of approximately $22,700,000. We believe this additional funding provides us greater financial flexibility to grow our portfolio, in line with our mission of providing investors attractive risk-adjusted returns.”
About Sachem Capital, Corp.
Sachem Capital Corp. (the “Company”) specializes in originating, underwriting, funding, servicing and managing a portfolio of mortgage loans secured by first mortgage liens on real property (referred to in the industry as “hard money” loans). Its customers include real estate investors and developers who use the proceeds of the loans to fund their acquisition, renovation, development, rehabilitation and/or improvement of properties located primarily in Connecticut. The properties securing the Company’s loans are generally classified as residential or commercial real estate and, typically, are held for resale or investment. The Company does not lend to owner occupants. The Company’s primary underwriting criteria is a conservative loan to value ratio. The Company believes that it qualifies and operates as a real estate investment trust (REIT) for federal income tax purposes.
Forward Looking Statements
This press release may contain forward-looking statements. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations and financial position, strategy and plans, and our expectations for future operations, are forward-looking statements. The words “anticipate,” “estimate,” “expect,” “project,” “plan,” “seek,” “intend,” “believe,” “may,” “might,” “will,” “should,” “could,” “likely,” “continue,” “design,” and the negative of such terms and other words and terms of similar expressions are intended to identify forward- looking statements. These forward-looking statements are based on current expectations and projections about future events and trends that the Company believes may affect its financial condition, results of operations, strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements are subject to several risks, uncertainties and assumptions as described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 filed with the U.S. Securities and Exchange Commission on March 29, 2019. Because of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this press release may not occur, and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee future results, level of activity, performance or achievements. In addition, neither the Company nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. The Company disclaims any duty to update any of these forward-looking statements. All forward-looking statements attributable to us are expressly qualified in their entirety by these cautionary statements as well as others made in this press release. You should evaluate all forward-looking statements made by us in the context of these risks and uncertainties.
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Source: Sachem Capital Corp.
Released July 11, 2019