Ashford Hospitality Trust Declares Dividends for Fourth Quarter of
2012 and Issues Guidance for an Increase for 2013 Dividends
DALLAS, Dec. 17, 2012 /PRNewswire/ -- Ashford
Hospitality Trust, Inc. (NYSE: AHT) today announced that its Board
of Directors declared a quarterly cash dividend of $0.11 per diluted share for the Company's common
stock for the fourth quarter ending December
31, 2012. The dividend, which equates to an annual rate of
$0.44 per share, is payable on
January 15, 2013, to shareholders of
record as of December 31, 2012.
The Board also approved the Company's dividend policy for
2013. The Company expects to pay a quarterly cash dividend of
$0.12 per share for 2013, or
$0.48 per share on an annualized
basis. While this policy results in ample dividend coverage
on a historical basis, the Company believes a more conservative
approach is prudent during the continuing global economic
uncertainty and our nation's continuing economic recovery.
The adoption of a dividend policy does not commit the Board of
Directors to declare future dividends or the amount thereof. The
Board will continue to review its dividend policy on a
quarter-to-quarter basis.
The Board 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, 2012. The dividend,
which equates to an annual rate of $2.1375 per share, is payable on January 15, 2013, to shareholders of record as of
December 31, 2012.
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, 2012. The dividend,
which equates to an annual rate of $2.1125 per share, is payable on January 15, 2013, to shareholders of record as of
December 31, 2012.
The Board declared a quarterly cash dividend of $ 0.5625 per diluted share for the Company's
9.00% Series E Cumulative Preferred Stock for the fourth quarter
ending December 31, 2012. The
dividend, which equates to an annual rate of $2.25 per share, is payable on January 15, 2013, to shareholders of record as of
December 31, 2012.
Ashford 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.
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 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.
SOURCE Ashford Hospitality Trust, Inc.