Ashford Hospitality Trust Declares Dividends for First Quarter of 2011
March 15 2011 - 4:00PM
Business Wire
Ashford Hospitality Trust, Inc. (NYSE: AHT) today announced the
Board of Directors declared a quarterly cash dividend of $0.5344
per diluted share for the Company's 8.55% Series A Cumulative
Preferred Stock for the first quarter ending
March 31, 2011. The dividend, which equates to an annual
rate of $2.1375 per share, is payable on April 15, 2011, to
shareholders of record as of March 31, 2011.
The Board declared a quarterly cash dividend of $0.14 per
diluted share for the Company's Series B Cumulative Preferred Stock
for the first quarter ending March 31, 2011. The dividend, which
equates to an annual rate of $0.56 per share, is payable on April
15, 2011, to shareholders of record as of March 31, 2011.
The Board declared a quarterly cash dividend of $0.5281 per
diluted share for the Company's 8.45% Series D Cumulative Preferred
Stock for the first quarter ending March 31, 2011. The dividend,
which equates to an annual rate of $2.1125 per share, is payable on
April 15, 2011, to shareholders of record as of March 31, 2011.
As previously announced on February 24, 2011, the Board of
Directors reinstated the Company's common stock dividend and
declared a dividend for the first quarter of 2011 of $0.10 per
share The dividend, which equates to an annual rate of $0.40 per
share, is payable on April 15, 2011, to shareholders of record
as of March 31, 2011.
Ashford Hospitality Trust is a self-administered real estate
investment trust focused on investing in the hospitality industry
across all segments and at all levels of the capital structure,
including direct hotel investments, first mortgages, mezzanine
loans and sale-leaseback transactions. Additional information can
be found on the Company's website at www.ahtreit.com.
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. 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 forward-looking
statements include, but are not limited to, the timing for closing,
the impact of the transaction on our business and future financial
condition, our business and investment strategy, our understanding
of our competition and current market trends and opportunities and
projected capital expenditures. Such statements are subject to
numerous assumptions and uncertainties, many of which are outside
Ashford'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; and the degree and nature of our competition. These and
other risk factors are more fully discussed in Ashford'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.
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 or 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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