DALLAS, Sept. 15, 2016 /PRNewswire/ -- Ashford
Hospitality Prime, Inc. (NYSE: AHP) ("Ashford Prime" or the "Company") today announced
that its Board of Directors declared a quarterly cash dividend of
$0.12 per diluted share for the
Company's common stock for the third quarter ending September 30, 2016. The dividend, which
equates to an annual rate of $0.48
per share, is payable on October 17,
2016, to shareholders of record as of September 30, 2016.
The Board declared a quarterly cash dividend of $0.3438 per diluted share for the Company's 5.5%
Series B Cumulative Convertible Preferred Stock for the third
quarter ending September 30,
2016. The dividend, which equates to an annual rate of
$1.375 per share, is payable on
October 17, 2016, to shareholders of
record as of September 30,
2016.
Ashford Hospitality Prime is a real estate investment trust
(REIT) focused on investing in luxury hotels located in resort and
gateway markets.
Follow Chairman and CEO Monty
Bennett on Twitter at www.twitter.com/MBennettAshford or
@MBennettAshford.
Ashford has created an Ashford App for the hospitality REIT
investor community. The Ashford App is available for free
download at Apple's App Store and
the Google Play Store by searching "Ashford."
Certain statements and assumptions in this press release
contain or are based upon "forward-looking" information and are
being made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements in this press release include, among others, statements
about the implied share price for the Company's common stock.
These forward-looking statements are subject to risks and
uncertainties. When we use the words "will likely result,"
"may," "anticipate," "estimate," "should," "expect," "believe,"
"intend," or similar expressions, we intend to identify
forward-looking statements. Such statements are subject to
numerous assumptions and uncertainties, many of which are outside
Ashford Prime's control.
These forward-looking statements are subject to known and
unknown risks and uncertainties, which could cause actual results
to differ materially from those anticipated, including, without
limitation: general volatility of the capital markets and the
market price of our common stock; changes in our business or
investment strategy; availability, terms and deployment of capital;
availability of qualified personnel; changes in our industry and
the market in which we operate, interest rates or the general
economy; our ability to successfully complete and integrate
acquisitions, and manage our planned growth, and the degree and
nature of our competition. These and other risk factors are
more fully discussed in Ashford
Prime's filings with the Securities and Exchange
Commission. EBITDA is defined as net income before interest,
taxes, depreciation and amortization. EBITDA yield is defined
as trailing twelve month EBITDA divided by the purchase
price. A capitalization rate is determined by dividing the
property's annual net operating income by the purchase price.
Net operating income is the property's funds from operations minus
a capital expense reserve of either 4% or 5% of gross
revenues. Hotel EBITDA flow-through is the change in Hotel
EBITDA divided by the change in total revenues. Hotel EBITDA
Margin is Hotel EBITDA divided by total revenues. Funds from
operations ("FFO"), as defined by the White Paper on FFO approved
by the Board of Governors of the National Association of Real
Estate Investment Trusts ("NAREIT") in April
2002, represents net income (loss) computed in accordance
with generally accepted accounting principles ("GAAP"), excluding
gains (or losses) from sales of properties and extraordinary items
as defined by GAAP, plus depreciation and amortization of real
estate assets, and net of adjustments for the portion of these
items related to unconsolidated entities and joint
ventures.
The forward-looking statements included in this press release
are only made as of the date of this press release. Investors
should not place undue reliance on these forward-looking
statements. We are not obligated to publicly update or revise
any forward-looking statements, whether as a result of new
information, future events or circumstances, changes in
expectations or otherwise.
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SOURCE Ashford Hospitality Prime