LaSalle Hotel Properties Increases Monthly Dividend by 40 Percent; Company Declares Monthly Dividend for Second Quarter 2006
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LaSalle Hotel Properties Increases Monthly Dividend by 40 Percent; Company Declares Monthly Dividend for Second Quarter 2006
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Category: Worldwide -
This is a press release selected by our editorial committee and published online for free on 2006-04-14
LaSalle Hotel Properties (NYSE:LHO) today announced an increase in its monthly dividend to $0.14 per common share of beneficial interest for each of the months of April, May and June 2006. This represents a 40 percent increase from the prior monthly dividend of $0.10 per common share and results in a 4.1 percent annualized yield based on the Company's closing share price on April 13, 2006.
"This 40% increase reaffirms the Company's commitment to providing a reliable stream of income to our shareholders and our confidence in the ongoing performance of our portfolio," said Hans Weger, Chief Financial Officer of LaSalle Hotel Properties. "The strong performance of our hotels, including the recent acquisition of the House of Blues and Westin Michigan Avenue in Chicago, allow us to raise the dividend to an annualized rate of $1.68 per common share while maintaining a dividend coverage ratio of 1.6 times based on the midpoint of the Company's current FFO outlook."
The April dividend will be paid on May 15, 2006 to common shareholders of record on April 28, 2006; the May dividend will be paid on June 15, 2006 to common shareholders of record on May 31, 2006; and the June dividend will be paid on July 14, 2006 to common shareholders of record on June 30, 2006.
LaSalle Hotel Properties is a leading multi-tenant, multi-operator real estate investment trust, owning 28 upscale and luxury full-service hotels, totaling approximately 8,400 guest rooms in 15 markets in 11 states and the District of Columbia. The Company focuses on investing in upscale and luxury full-service hotels located in urban, resort and convention markets. LaSalle Hotel Properties seeks to grow through strategic relationships with premier hotel operating companies, including Westin Hotels and Resorts, Sheraton Hotels & Resorts Worldwide, Inc., Crestline Hotels and Resorts, Inc., Outrigger Lodging Services, Noble House Hotels & Resorts, Hyatt Hotels Corporation, Hilton Hotels Corporation, Benchmark Hospitality, White Lodging Services Corporation, Sandcastle Resorts & Hotels, Davidson Hotel Company, Gemstone Resorts International, LLC and the Kimpton Hotel & Restaurant Group, LLC.
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