Humphrey Hospitality Trust, Inc. (The Nasdaq Stock Market: HUMP) today announced that its board of directors had declared an increase in its monthly cash dividend.
According to Paul J. Schulte, Chairman and CEO of Humphrey Hospitality Trust, Inc., ``The dividend was increased 3% to $0.077 per month per share from $0.075. The increase is a result of the growth experienced from the merger and the continued good performance of the hotel properties. The growth in funds from operations (FFO), experienced in the first quarter was an increase of 19% to $.31 per share in 2000, compared to $.26 in 1999, and in line with the expected results of the merger of Humphrey Hospitality and Supertel Hospitality.
The dividend payment schedule for July 2000 to September 2000 is as follows:
Declared for Shareholders of Record 7/31/00
Pay date 8/31/00
Declared for Shareholders of Record 08/31/2000
Pay date 09/29/2000
Declared for Shareholders of Record 09/29/2000
Pay date 10/31/2000
The monthly dividend will be paid at the rate of $.077 per share, which represents an annualized rate of $.924 per share. Based on Monday`s closing stock price of $7.875 (or 7 7/8), the annualized dividend yield is 11.73 percent.
Humphrey Hospitality Trust, Inc. is a self-advised real estate investment trust headquartered in Silver Spring, Maryland, which owns 87 hotels located in 19 states.