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Hersha Hospitality Trust Announces Dividend Classification for 2015

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January 15, 2016 4:05 PM EST

PHILADELPHIA--(BUSINESS WIRE)-- Hersha Hospitality Trust (NYSE: HT, “Hersha” or “the Company”), owner of upscale hotels in urban gateway markets, announced the tax classification of its Priority Class A Common Share (“Common Shares”), Series B Cumulative Redeemable Preferred Share (“Series B Preferred Shares”) and Series C Cumulative Redeemable Preferred Share (“Series C Preferred Shares”) distributions for 2015 for Federal income tax reporting purposes. The tax information provided below should not be construed as tax advice and is not a substitute for careful tax planning and analysis. Shareholders should consult their tax advisors as to the tax treatment of the distributions.

 

COMMON SHARES

            Nontaxable
Total Taxable Total Distribution
Record Cash Distribution Ordinary Capital Gain Unrecaptured (Return of
Dates Paid Dates Per Share Income* Distribution Sec. 1250 Gain Capital)**
 
1/5/2015 1/15/2015 $ 0.0700 $ 0.055645 $ - $ - $ 0.014355
3/31/2015 4/15/2015 $ 0.0700 $ 0.055645 $ - $ - $ 0.014355
6/30/2015

(1)

7/15/2015

(1)

$ 0.2800 $ 0.222579 $ - $ - $ 0.057421
9/30/2015 10/15/2015 $ 0.2800 $ 0.222579 $ - $ - $ 0.057421
TOTAL $ 0.7000 $ 0.556448 $ - $ - $ 0.143552
Percent 100.00% 79.49% N/A N/A 20.51%

(1) On June 22, 2015, Hersha Hospitality Trust converted every four issued and outstanding common shares into one common share in a reverse share split. As a result of the reverse stock split a new CUSIP number was issued.

 
The CUSIP number for Hersha Hospitality Trust's Common Shares prior to June 22, 2015 is 427825104. The CUSIP number for Hersha Hospitality Trust's Common Shares after June 22, 2015 is 427825500.
 
 

SERIES B PREFERRED SHARES

 
    Total   Taxable   Total     Nontaxable
Record Cash Distribution Ordinary Capital Gain Unrecaptured Distribution
Dates Paid Dates Per Share Income* Distribution Sec. 1250 Gain (Return of Capital)
 
1/1/2015 1/15/2015 $ 0.5000 $ 0.5000 $ - $ - $ -
4/1/2015 4/15/2015 $ 0.5000 $ 0.5000 $ - $ - $ -
7/1/2015 7/15/2015 $ 0.5000 $ 0.5000 $ - $ - $ -
10/1/2015 10/15/2015 $ 0.5000 $ 0.5000 $ - $ - $ -
TOTAL $ 2.0000 $ 2.0000 $ - $ - $ -
Percent 100.00% 100.00% N/A N/A N/A
The CUSIP number for Hersha Hospitality Trust's Series B Preferred Shares is 427825302.
 
 

SERIES C PREFERRED SHARES

 
    Total   Taxable   Total     Nontaxable
Record Cash Distribution Ordinary Capital Gain Unrecaptured Distribution
Dates Paid Dates Per Share Income* Distribution Sec. 1250 Gain (Return of Capital)
 
1/1/2015 1/15/2015 $ 0.4297 $ 0.4297 $ - $ - $ -
4/1/2015 4/15/2015 $ 0.4297 $ 0.4297 $ - $ - $ -
7/1/2015 7/15/2015 $ 0.4297 $ 0.4297 $ - $ - $ -
10/1/2015 10/15/2015 $ 0.4297   $ 0.4297 $ - $ - $ -
TOTAL $ 1.7188 $ 1.7188 $ - $ - $ -
Percent 100.00% 100.00% N/A N/A N/A
The CUSIP number for Hersha Hospitality Trust's Series C Preferred Shares is 427825401
 
* For Federal income tax reporting purposes, none of Hersha Hospitality Trust's ordinary income dividends are treated as qualified dividend income.
** Distributions will reduce a shareholder's adjusted tax basis in its shares. Any amount of the distribution that exceeds a shareholder's adjusted tax basis in its shares will be treated as gain from the sale or exchange of property.
 

Shareholders of Common Shares should note that the 2015 fourth quarter distribution, which had a record date of January 4, 2016 and was paid on January 15, 2016, will be reported and the taxable portion determined in 2016.

Shareholders of Series B and Series C Preferred Shares should note that the 2015 fourth quarter distribution, which had a record date of January 1, 2016 and was paid on January 15, 2016, will be reported and the taxable portion determined in 2016.

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 54 hotels totaling 8,594 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”. For more information on the Company, and the Company’s hotel portfolio, please visit the Company's website at www.hersha.com.

Forward-Looking Statements

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, 2014, filed with the U.S. Securities Exchange Commission and the prospectus supplement and accompanying prospectus relating to the offering.

Hersha Hospitality Trust
Michael Gillespie, Chief Accounting Officer
717-236-4400

Source: Hersha Hospitality Trust


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