Hersha Hospitality Trust Announces Reinstatement of Quarterly Cash Dividend

Rhea-AI Summary

Hersha Hospitality Trust (HT) has announced a cash dividend of $0.05 per common share and limited partnership unit for Q3 2022, payable on October 17, 2022. The Board also declared dividends for Series C ($0.4297), Series D ($0.40625), and Series E ($0.40625) Preferred Shares, also payable on October 17, 2022. CEO Jay H. Shah cited strong portfolio performance and strategic transactions as key reasons for reinstating the dividend. The company is considering a special cash dividend for Q4 2022, depending on market conditions.

Positive

• Reinstatement of quarterly cash dividend reflects strong portfolio performance.
• Strategic transactions and balance sheet rightsizing improve financial stability.
• Confidence in continued outperformance of luxury hotel portfolio.

Negative

• None.

PHILADELPHIA, Sept. 19, 2022 (GLOBE NEWSWIRE) -- Hersha Hospitality Trust (NYSE: HT) (“Hersha” or the “Company”), owner of luxury and lifestyle hotels in coastal gateway and resort markets, today announced its Board of Trustees has approved a cash dividend of $0.05 per common share and per limited partnership unit for the third quarter ending September 30, 2022. These common share dividends and limited partnership unit distributions are payable October 17, 2022, to holders of record as of September 30, 2022.

The Board of Trustees also declared a cash dividend of $0.4297 per Series C Preferred Share, $0.40625 per Series D Preferred Share, and $0.40625 per Series E Preferred Share for the third quarter ending September 30, 2022. The preferred share dividends are payable October 17, 2022, to holders of record as of October 1, 2022.

Mr. Jay H. Shah, Hersha’s Chief Executive Officer, stated, “I am pleased to announce that our Board of Trustees has reinstated the Company’s quarterly cash dividend as a result of the continued strong performance of our portfolio and the transformative transactions we have completed this year. As we highlighted in our latest investor materials, our streamlined portfolio is operating at pre-COVID levels, and we have rightsized the balance sheet with our credit facility refinancing and proceeds from our recent strategic dispositions. This decision to resume our quarterly cash dividend on the common shares reflects our confidence in the ability of Hersha’s differentiated and experiential luxury and lifestyle portfolio, along with its unique New York City cluster, to continue its outperformance.”

The Board continues to monitor and evaluate market conditions and, if in the best interests of the Company, intends to declare a special cash dividend to holders of common shares and limited partnership units in the fourth quarter of 2022, subject to the requirements of the Company’s qualification as a real estate investment trust.

Hersha Hospitality Trust (HT) is a self-advised real estate investment trust in the hospitality sector, which owns and operates luxury and lifestyle hotels in coastal gateway and resort markets. The Company’s 30 hotels totaling 4,544 rooms are located in New York, Washington, DC, Boston, Philadelphia, South Florida, and select markets on the West Coast.

The Company's common shares are traded on The New York Stock Exchange under the ticker “HT.” For more information on the Company, and the Company’s hotel portfolio, please visit the Company's website at www.hersha.com.

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. Forward-looking statements are generally identifiable by use of forward-looking terminology such as “believe,” “could,” “outlook,” “consider,” “expect,” “anticipate,” “forecast,” “project,” “likely,” “estimate,” “plan,” “continue,” “intend,” “should,” “may” and words of similar import. Because these forward-looking statements relate to future events, the Company’s plans, strategies, prospects and future financial performance, and involve known and unknown risks that are difficult to predict and may be outside the Company’s control, they are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statement. Therefore, you should not rely on any of these forward-looking statements. For a description of factors that may cause the Company’s actual results or performance to differ from its forward-looking statements, please review the information under the heading “Risk Factors” included in the Company’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q filed by the Company with the Securities and Exchange Commission (“SEC”) and other documents filed by the Company with the SEC from time to time. All information provided in this press release, unless otherwise stated, is as of September 19, 2022, and the Company undertakes no duty to update this information unless required by law.

Contact:		Ashish Parikh, Chief Financial Officer
		Andrew Tamaccio, Director of Investor Relations & Finance
		Phone: (215) 238-1046

FAQ

What is the dividend amount for Hersha Hospitality Trust (HT) for Q3 2022?

Hersha Hospitality Trust (HT) has declared a cash dividend of $0.05 per common share and limited partnership unit for Q3 2022.

When will the dividends for Hersha Hospitality Trust (HT) be paid?

The dividends will be payable on October 17, 2022.

Are there preferred share dividends announced by Hersha Hospitality Trust (HT) for Q3 2022?

Yes, dividends for preferred shares are $0.4297 for Series C and $0.40625 for both Series D and E, payable on October 17, 2022.

Is Hersha Hospitality Trust (HT) planning to declare a special cash dividend in Q4 2022?

Yes, Hersha Hospitality Trust intends to evaluate market conditions for a potential special cash dividend in Q4 2022.