Uniti Group Inc. said its board declared a quarterly cash dividend of 5 cents per common share.
The dividend is payable April 15 to stockholders of record April 1. The previous quarterly dividend was 60 cents per share.
The communications infrastructure real estate investment trust said earlier in March that it expects total dividends paid during the upcoming four quarters to be limited to approximately $140 million. Uniti said it is restricted from paying cash dividends in excess of 90% of its taxable income under an amendment to its credit agreement, as its largest tenant, Windstream Holdings Inc., faces bankruptcy.
In reporting its latest results, the REIT also said it expects funds from operations attributable to common shareholders for the full year 2019 in the range of $333 million to $346 million and adjusted FFO in the range of $406 million to $419 million.
During the fourth quarter of 2018, the REIT issued a total of 2.3 million common shares under its at-the-market equity offering program at a price range of $19.45 to $20.15 per share, with the net proceeds largely used to reduce borrowings under its revolving credit facility.