Hersha Hospitality Trust (AMEX:HT) announced that its Board of Trustees has declared a quarterly cash dividend of $0.18 per Priority Class A Common Share for the second quarter ended June 30, 2003. This dividend properly reflects the anticipated dividend distribution of $0.72 per share on an annualized basis. This dividend represents an approximate yield of 8.66% based upon Wednesday`s closing share price of $8.31. The priority common dividends are payable on October 23, 2003 to shareholders of record on September 26, 2003.
This is the 18th consecutive common share dividend of $0.18 per quarter paid by the company since its initial public offering in January 1999.
Additionally, HT announced that its operating partnership, Hersha Hospitality, L.P., of which HT is the general partner and has an approximate 26.0% ownership interest, also declared a regular quarterly cash dividend of $0.18 per subordinated limited partnership unit. Hersha Hospitality, L.P. is current on all dividends owed to its limited partnership unit holders and does not maintain an accrual from previous periods. Dividends to the limited partnership unit holders are also payable on October 23, 2003 to unit holders of record on September 26, 2003.
Hersha Hospitality Trust is a self advised real estate investment trust that owns premium limited and full service hotels in the eastern United States with strong, national franchise affiliations. The Company focuses on acquisition and joint venture opportunities in primary and secondary markets near major metropolitan markets. Further inquiries regarding Hersha Hospitality Trust should be directed to Ashish Parikh, CFO, at (717) 770-2405.
Certain matters within this press release are discussed using forward-looking language as specified in 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 projected in the forward-looking statement.