LaSalle Hotel Properties Declares Dividend for First Quarter 2009
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LaSalle Hotel Properties Declares Dividend for First Quarter 2009
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Catégorie : Monde - Économie du secteur -
Chiffres et études
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Company to Pay Dividends Quarterly Versus Monthly
LaSalle Hotel Properties (NYSE:LHO) today declared a quarterly dividend of $0.01 per common share of beneficial interest for the quarter ending March 31, 2009. The first quarter dividend will be paid on April 15, 2009 to common shareholders of record on March 31, 2009. This is a reduction of the dividend from $0.255 cents a quarter to $0.01 a quarter. The Company previously paid dividends monthly. The Company expects to pay a special dividend in January 2010, if necessary, to meet REIT distribution requirements for 2009. Consistent with the Company's historical dividend policy, the Board will continue to evaluate the appropriate dividend payment on a quarterly basis.
"The Board of Trustee's decision to reduce the dividend and ultimately to pay the minimum required dividends for 2009 was made due to the lack of clarity as to the length and depth of the current economic downturn and the extremely challenging operating environment," said Hans Weger, Chief Financial Officer. "This reduction in our dividend during these uncertain times will strengthen our balance sheet, provide additional liquidity, protect long-term shareholder value and position the Company to take advantage of future opportunities, as the economy and operating fundamentals recover."
LaSalle Hotel Properties is a leading multi-operator real estate investment trust owning 31 upscale and luxury full-service hotels, totaling approximately 8,500 guest rooms in 14 markets in 11 states and the District of Columbia. The Company focuses on owning, redeveloping and repositioning upscale and luxury full-service hotels located in urban, resort and convention markets. LaSalle Hotel Properties seeks to grow through strategic relationships with premier lodging companies, including Westin Hotels and Resorts, Sheraton Hotels & Resorts Worldwide, Inc., Hilton Hotels Corporation, Outrigger Lodging Services, Noble House Hotels & Resorts, Hyatt Hotels Corporation, Benchmark Hospitality, White Lodging Services Corporation, Gemstone Hotels & Resorts, LLC, Thompson Hotels, Sandcastle Resorts & Hotels, Davidson Hotel Company, Denihan Hospitality Group and the Kimpton Hotel & Restaurant Group, LLC.
This press release, together with other statements and information publicly disseminated by the Company, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe the Company's future plans, strategies and expectations, are generally identifiable by use of the words "believe," "expect," "intend," "anticipate," "estimate," "project" or similar expressions. Forward-looking statements in this press release include, among others statements about the effect of the dividend reduction on the Company's balance sheet, its liquidity and its ability to act on future opportunities. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the Company's control and which could materially affect actual results, performances or achievements. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, (i) the Company's dependence on third-party managers of its hotels, including its inability to implement strategic business decisions directly, (ii) risks associated with the hotel industry, including competition, increases in wages, energy costs and other operating costs, actual or threatened terrorist attacks, downturns in general and local economic conditions and cancellation of or delays in the completion of anticipated demand generators, (iii) the availability and terms of financing and capital and the general volatility of securities markets, (iv) risks associated with the real estate industry, including environmental contamination and costs of complying with the Americans with Disabilities Act and similar laws, (v) interest rate increases, (vi) the possible failure of the Company to qualify as a REIT and the risk of changes in laws affecting REITs, (vii) the possibility of uninsured losses, (viii) risks associated with redevelopment and repositioning projects, including delays and cost overruns, and (ix) the risk factors discussed in the Company's Annual Report on Form 10-K as updated in its Quarterly Reports. Accordingly, there is no assurance that the Company's expectations will be realized. Except as otherwise required by the federal securities laws, the Company disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
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