PHILADELPHIA, PA — Hersha Hospitality Trust (NYSE: HT) announced its Board of Trustees recently 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 Company also stated that its 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.
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