Ashford Hospitality Trust Declares Preferred Dividends for Fourth Quarter
December 15 2009 - 4:00PM
PR Newswire (US)
DALLAS, Dec. 15 /PRNewswire-FirstCall/ -- 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
fourth quarter ending December 31, 2009. The dividend, which
equates to an annual rate of $2.1375 per share, is payable on
January 15, 2010, to shareholders of record as of December 31,
2009. The Board declared a quarterly cash dividend of $0.14 per
diluted share for the Company's Series B Cumulative Preferred Stock
for the fourth quarter ending December 31, 2009. The dividend,
which equates to an annual rate of $0.56 per share, is payable on
January 15, 2010, to shareholders of record as of December 31,
2009. 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 fourth quarter ending December 31, 2009. The
dividend, which equates to an annual rate of $2.1125 per share, is
payable on January 15, 2010, to shareholders of record as of
December 31, 2009. The Company also noted that consistent with the
2009 dividend policy implemented by the Board in December 2008, the
Board has determined the Company will not make a 2009 common stock
dividend payment. The Board has also determined that, subject to
ongoing review, the suspension of the common stock dividend will
continue into 2010. 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,
second mortgages, mezzanine loans and sale-leaseback transactions.
Additional information can be found on the Company's web site at
http://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. DATASOURCE:
Ashford Hospitality Trust, Inc. CONTACT: Douglas Kessler, President
of Ashford Hospitality Trust, +1-972-490-9600; Tripp Sullivan,
Corporate Communications, Inc., +1-615-324-7318 Web Site:
http://www.ahtreit.com/
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