HFF, Inc. (NYSE: HF) announced today that its Board of Directors has declared a special cash dividend of $1.52 per Common Share, payable December 20, 2012 to shareholders of record on December 10, 2012. The aggregate dividend payment will total approximately $56.3 million based on the number of shares of common stock currently outstanding.
“We are pleased to announce that today our Board of Directors declared a special cash dividend in the amount of $1.52 per Common Share payable on December 20, 2012 to all shareholders of record as of December 10, 2012. As we have stated on previous earnings calls, we have had several discussions with our Board as well as our investment banks regarding our very strong balance sheet including our very substantial cash position that has continued to grow as a result of our strategic growth initiatives, our disciplined approach to managing our business and our resulting strong operating and financial results,” said John H. Pelusi, Jr., the Company’s chief executive officer.
“As previously communicated to our shareholders during past earnings calls, we believe in three guiding principles relative to our balance sheet, cash position and returning capital to our shareholders. We believe in maintaining a strong balance sheet and cash position to 1) first and foremost, ensure that we are able to meet the capital market and real estate needs of our clients by providing “best in class” superior service and value-add solutions as they navigate the constantly changing inefficient capital markets; 2) survive downturns in the industry such as in the recent downturn during 2008 and 2009, and then to thrive as soon as conditions improve as we have since January 2010; and 3) continue to strategically grow and prudently invest in our business and to take advantage of any and all opportunities to best position the Company to better serve its clients.