Form 8-K ASHFORD HOSPITALITY TRUS For: Dec 12
Tweet
Share
E-mailUNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported): December 12, 2016
ASHFORD HOSPITALITY TRUST, INC.
(Exact name of registrant as specified in its charter)
Maryland | 001-31775 | 86-1062192 | ||
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (IRS employer identification number) | ||
14185 Dallas Parkway, Suite 1100 | ||||
Dallas, Texas | 75254 | |||
(Address of principal executive offices) | (Zip code) | |||
Registrant’s telephone number, including area code (972) 490-9600
Check the appropriated box if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14-a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
ITEM 7.01 REGULATION FD DISCLOSURE.
On December 12, 2016, Ashford Hospitality Trust, Inc. (the “Company”) issued a press release announcing that its Board of Directors:
a) declared a common stock dividend for the fourth quarter ending December 31, 2016, of $0.12 per diluted share, payable January 17, 2017, for shareholders of record as of December 30, 2016;
b) declared a dividend for the fourth quarter ending December 31, 2016, of $0.5344 per diluted share, for the Company’s 8.55% Series A Cumulative Preferred Stock. This dividend is payable January 17, 2017, for shareholders of record as of December 30, 2016;
c) declared a dividend for the fourth quarter ending December 31, 2016, of $0.5281 per diluted share, for the Company’s 8.45% Series D Cumulative Preferred Stock. This dividend is payable January 17, 2017, for shareholders of record as of December 30, 2016;
d) declared a dividend for the fourth quarter ending December 31, 2016, of $0.4609 per diluted share, for the Company’s 7.375% Series F Cumulative Preferred Stock. This dividend is payable January 17, 2017, for shareholders of record as of December 30, 2016; and
e) declared a dividend for the fourth quarter ending December 31, 2016, of $0.3739 per diluted share, for the Company’s 7.375% Series G Cumulative Preferred Stock. This dividend is pro-rated for the number of days the Series G Cumulative Preferred Stock was outstanding during the quarter. This dividend is payable January 17, 2017, for shareholders of record as of December 30, 2016.
A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits
Exhibit
Number Exhibit Description
99.1 | Press Release of the Company, dated December 12, 2016, furnished under Item 7.01, announcing the declaration of dividends. |
SIGNATURE
Pursuant to the requirements of Section 12 of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: December 12, 2016
ASHFORD HOSPITALITY TRUST, INC.
By: /s/ DAVID A. BROOKS
David A. Brooks
Chief Operating Officer and General Counsel
EXHIBIT 99.1
NEWS RELEASE
Contact: | Deric Eubanks | Jordan Jennings | Joseph Calabrese |
Chief Financial Officer | Investor Relations | Financial Relations Board | |
(972) 490-9600 | (972) 778-9487 | (212) 827-3772 | |
ASHFORD TRUST DECLARES DIVIDENDS FOR FOURTH QUARTER OF 2016 AND ISSUES GUIDANCE FOR 2017 DIVIDENDS
DALLAS, December 12, 2016 -- Ashford Hospitality Trust, Inc. (NYSE: AHT) (“Ashford Trust” or the “Company”) announced today that its Board of Directors declared a quarterly cash dividend of $0.12 per diluted share for the Company's common stock for the fourth quarter ending December 31, 2016. The dividend, which equates to an annual rate of $0.48 per share, is payable on January 17, 2017, to shareholders of record as of December 30, 2016.
The Board also approved the Company's dividend policy for 2017. The Company expects to pay a quarterly cash dividend of $0.12 per share for 2017, or $0.48 per share on an annualized basis. The Board will continue to review its dividend policy on a quarter-to-quarter basis. The adoption of a dividend policy does not commit the Board of Directors to declare future dividends or the amount thereof.
The Board declared a quarterly cash dividend of $0.5344 per diluted share for the Company's 8.55% Series A Cumulative Preferred Stock for the fourth quarter ending December 31, 2016. The dividend, which equates to an annual rate of $2.1375 per share, is payable on January 17, 2017, to shareholders of record as of December 30, 2016.
The Board declared a quarterly cash dividend of $0.5281 per diluted share for the Company's 8.45% Series D Cumulative Preferred Stock for the fourth quarter ending December 31, 2016. The dividend,
which equates to an annual rate of $2.1125 per share, is payable on January 17, 2017, to shareholders of record as of December 30, 2016.
The Board declared a dividend of $0.4609 per diluted share for the Company’s 7.375% Series F Cumulative Preferred Stock for the fourth quarter ending December 31, 2016. The dividend, which equates to an annual rate of $1.8438 per share, is payable on January 17, 2017, to shareholders of record as of December 30, 2016.
The Board declared a dividend of $0.3739 per diluted share for the Company’s 7.375% Series G Cumulative Preferred Stock for the fourth quarter ending December 31, 2016. This dividend is pro-rated for the number of days the Series G Cumulative Preferred Stock was outstanding during the quarter. The dividend, which equates to an annual rate of $1.8438 per share, is payable on January 17, 2017, to shareholders of record as of December 30, 2016.
Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing opportunistically in the hospitality industry in upper upscale, full-service hotels.
Follow Chairman and CEO Monty Bennett on Twitter at www.twitter.com/MBennettAshford or @MBennettAshford.
Ashford has created an Ashford App for the hospitality REIT investor community. The Ashford App is available for free download at Apple’s App Store and the Google Play Store by searching “Ashford.”
Certain statements and assumptions in this press release contain or are based upon "forward-looking" information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward looking statements in this press release include, among others, statements about the Company’s strategy and future plans. These forward-looking statements are subject to risks and uncertainties. When we use the words "will likely result," "may," "anticipate," "estimate," "should," "expect," "believe," "intend," or similar expressions, we intend to identify forward-looking statements. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Ashford Trust’s control.
These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: general volatility of the capital markets and the market price of our common stock; changes in our business or investment strategy; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the market in which we operate, interest rates or the general economy; and the degree and nature of our competition. These and other risk factors are more fully discussed in Ashford Trust's filings with the Securities and Exchange Commission. EBITDA is defined as net income before interest, taxes, depreciation and amortization. EBITDA yield is defined as trailing twelve month EBITDA divided by the purchase price. A capitalization rate is determined by dividing the property's annual net operating income by the purchase price. Net operating income is the property's funds from operations minus a capital expense reserve of either 4% or 5% of gross revenues. Hotel EBITDA flow-through is the change in Hotel EBITDA divided by the change in total revenues. Hotel EBITDA Margin is Hotel EBITDA divided by total revenues. Funds from operations ("FFO"), as defined by the White Paper on FFO approved by the Board of Governors of the National Association of Real Estate Investment Trusts ("NAREIT") in April 2002, represents net income (loss) computed in accordance with generally accepted accounting principles ("GAAP"), excluding gains (or losses) from sales of properties and extraordinary items as defined by GAAP, plus depreciation and amortization of real estate assets, and net of adjustments for the portion of these items related to unconsolidated entities and joint ventures.
The forward-looking statements included in this press release are only made as of the date of this press release. Investors should not place undue reliance on these forward-looking statements. We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations or otherwise.
-END-
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- ASHFORD HOSPITALITY TRUST ANNOUNCES PROGRESS IN PLAN TO PAY OFF STRATEGIC FINANCING WITH CLOSING OF SALE OF THE HILTON BOSTON BACK BAY
- Emplifi Names Veteran Marketing Leader Susan Ganeshan as Its New CMO
- BitMart signs strategic memorandum of understanding (MOU) with the National Bank of the Kyrgyz Republic
Create E-mail Alert Related Categories
SEC FilingsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
