Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - ASHFORD HOSPITALITY TRUST INC | d70433e8vk.htm |
Exhibit 99.1
NEWS RELEASE
Contact:
|
Douglas Kessler | Tripp Sullivan | ||
| President | Corporate Communications, Inc. | |||
| (972) 490-9600 | (615) 324-7318 |
ASHFORD HOSPITALITY TRUST DECLARES PREFERRED
DIVIDENDS FOR FOURTH QUARTER
DIVIDENDS FOR FOURTH QUARTER
DALLAS — (December 15, 2009) — 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
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
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| 14185 Dallas Parkway, Suite 1100, Dallas, TX 75254 | Phone: (972) 490-9600 |
AHT Announces Fourth Quarter Dividends
Page 2
December 15, 2009
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December 15, 2009
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.