BRANFORD, Conn.--(BUSINESS WIRE)-- Sachem Capital Corp. (NYSE American: SACH) announced today that its board of directors authorized and declared a quarterly dividend of $0.12 per share to be paid to shareholders of record as of the close of trading on the NYSE American on December 31, 2020. The dividend will be payable on January 8, 2021.
John Villano, CPA, Chief Executive Officer of Sachem Capital Corp., stated, “This most recent dividend brings the total amount of dividends paid for 2020 to $0.48 per share, reflecting our strong performance despite the COVID-19 pandemic and demonstrating our commitment to maximizing shareholder value. To support our continued expansion in 2021, we recently completed a $25 million public offering of our 7.75% notes due 2025 and we just received notice that the underwriters have exercised their overallotment option to purchase an additional $3 million aggregate principal amount of notes. The closing on those additional notes is currently scheduled for December 29, 2020. These additional funds enable us to capitalize on the market demand for our loan products.”
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. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our 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 our Annual Report on Form 10-K for 2019 filed with the U.S. Securities and Exchange Commission on March 30, 2020. 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 we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance or achievements. In addition, neither we nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. We disclaim 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 December 23, 2020