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Many people know that the Federal Reserve sets interest rates in order to loan money to other banks so they can keep cash flowing throughout the U.S. financial system. Mostly, this works great for everyone involved. But, sometimes, banks and thrifts need a little extra cash, mostly so they can meet the reserve requirement (the minimum amount of deposits banks need to be considered in good financial shape).
To meet the reserve, the Fed has what's known as the discount window, which allows banks to borrow money for a short period of time at a higher interest rate (called the discount rate) than the official Federal Funds rate.
It's called a window because it used to be an actual teller window, where banks would go to borrow from the federal government. Now, it's used more as a lender of last resort. In fact, banks prefer to borrow from one another than directly from the discount window, since the interest owed can be cheaper and going to the discount window tends to imply that the bank is in a spot of trouble.
The Fed, too, doesn't like banks borrowing this way, which is why the discount rate is always higher than the target rate. It also requires banks to collateralize the loans, meaning they have to turn over liquid assets, such as loans or CDs, to the Fed in order to get the money. As with any loan, the banks get the underlying collateral back when they pay off the balance.
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Tuesday, May 20, 2008
Kilroy Realty Declares Quarterly Dividends
Comtex
LOS ANGELES, May 20, 2008 (BUSINESS WIRE) ----Kilroy Realty Corporation (NYSE: KRC) announced today that its board of directors declared a regular quarterly cash dividend of $0.58 per common share payable on July 18, 2008 to stockholders of record on June 30, 2008. The dividend is equivalent to an annual rate of $2.32 per share.
The board of directors also declared a dividend of $0.4875 per share on the company's 7.80% Series E Cumulative Redeemable Preferred Stock for the period commencing on and including May 15, 2008 and ending on and including August 14, 2008. The dividend will be payable on August 15, 2008 to Series E preferred stockholders of record on July 31, 2008.
The board of directors also declared a dividend of $0.46875 per share on the company's 7.50% Series F Cumulative Redeemable Preferred Stock for the period commencing on and including May 15, 2008 and ending on and including August 14, 2008. The dividend will be payable on August 15, 2008 to Series F preferred stockholders of record on July 31, 2008.
Kilroy Realty Corporation, a member of the S&P Small Cap 600 Index, is a Southern California-based real estate investment trust active in the office and industrial property sectors. For over 60 years, the company has owned, developed, acquired and managed real estate assets primarily in the coastal regions of Los Angeles, Orange and San Diego counties. Kilroy Realty currently has an in-process development and redevelopment pipeline of approximately 600,000 square feet. At March 31, 2008, the company owned 8.1 million rentable square feet of commercial office space and 3.9 million rentable square feet of industrial space. More information is available at www.kilroyrealty.com.
SOURCE: Kilroy Realty Corporation
Kilroy Realty Corporation Tyler H. Rose, 310-481-8484
Copyright Business Wire 2008 ********************************************************************** As of Friday, 05-16-2008 23:59, the latest Comtex SmarTrend� Alert, an automated pattern recognition system, indicated an UPTREND on 03-24-2008 for KRC @ $50.54. For more information on SmarTrend, contact your market data provider or go to www.mysmartrend.com SmarTrend is a registered trademark of Comtex News Network, Inc. Copyright � 2004-2008 Comtex News Network, Inc. All rights reserved.
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