Hersha Hospitality Trust Announces Increase In Quarterly Dividend
Hersha Hospitality Trust (NYSE:HT) (“Hersha” or the “Company”), owner of upscale hotels in urban gateway markets, today announced that its Board of Trustees declared an increased quarterly cash dividend of $0.07 per Common Share and per Limited Partnership Unit for the third quarter ending September 30, 2014. The increased dividend represents an annualized run rate of $0.28 per share and a 4.3% yield based on the closing share price on September 19, 2014.
Hersha’s increased dividend per Common Share and per Limited Partnership Unit reflects cash flow growth from the ramp-up and stabilization of strategic acquisitions and development projects delivered into the Company’s consolidated portfolio. The Common Share Dividend and Limited Partnership Unit distribution are payable October 15, 2014 to holders of record as of October 2, 2014.
In addition, the Board of Trustees declared a cash dividend of $0.50 per Series B Preferred Share and $0.4297 per Series C Preferred Share for the third quarter ending September 30, 2014. The Preferred Share Dividends are payable October 15, 2014 to holders of record as of October 1, 2014.
Hersha Hospitality Trust (HT) is a self-advised real estate investment trust in the hospitality sector, which owns and operates high quality upscale hotels in urban gateway markets. The Company’s 52 hotels totaling 8,403 rooms are located in New York, Boston, Philadelphia, Washington, DC, Miami and select markets on the West Coast. The Company’s shares are traded on The New York Stock Exchange-Euronext under the ticker ‘HT’.
Forward Looking Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and, as such, may involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance to differ from those reflected in the forward-looking statement. For a description of these factors, please review the information under the heading “Risk Factors” included in Hersha Hospitality Trust’s Annual Report on Form 10-K for the year ended December 31, 2013, filed with the U.S. Securities Exchange Commission.
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