PHILADELPHIA, PA — Hersha Hospitality Trust (NYSE: HT), owner of luxury and lifestyle hotels in coastal gateway and resort markets, announced its Board of Trustees recently approved a special dividend of $0.50 per common share and per limited partnership unit for the year ending December 31, 2022. In addition to this special dividend, the Board also approved a cash dividend of $0.05 per common share and per limited partnership unit for the fourth quarter ending December 31, 2022. These common share dividends and limited partnership unit distributions are both payable on January 18, 2023, to holders of record as of December 30, 2022.
The Board of Trustees also recently 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 fourth quarter ending December 31, 2022. The preferred share dividends are payable on January 17, 2023, to holders of record as of December 30, 2022.
Mr. Jay H. Shah, Hersha’s Chief Executive Officer, stated, “I am very pleased to announce that our Board of Trustees has approved this significant special dividend as a result of the gains generated from our strategic dispositions. The $650M in sales generated nearly $200M in gains. The proceeds from these sales facilitated a comprehensive refinancing which substantially de-levered our balance sheet and eliminated near-term maturities. The impact of these transformational sales, in conjunction with the cash generation of our portfolio, will lead to $225M in year-end cash holdings. This special dividend, along with the continuation of our common dividend, demonstrates not only the success of our disposition strategy but also our confidence and outlook for our streamlined portfolio. As we highlighted in our latest investor materials, our portfolio composition is levered to the urban recovery, while still benefiting from strong demand in the leisure segment. We are already exceeding pre-COVID performance and expect to continue driving profitability through operations. With ample cash on hand, we maintain significant flexibility as we head into the new year.”
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 25 hotels totaling 3,811 rooms are located in New York, Washington, DC, Boston, Philadelphia, South Florida, and California.
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.
Thanks for visiting! Looking for some Chester County pride? We got you covered! Shop our MyChesCo store and show your love for Chester County, Pennsylvania. We got shirts, hats, and more – all with a unique ChesCo flair. Plus, proceeds from each purchase helps support our mission of bringing reliable information and resources to the people of Chester County.