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| Dennis Craven |
WEST PALM BEACH, FL —Chatham
Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused
on investing in upscale, extended-stay hotels and premium-branded,
select-service hotels, announced that its Board of Trustees has raised its
regular monthly dividend by 10 percent, or $0.01 per common share, to $0.11 per
share.
“We have raised our dividend each year since
our 2010 IPO, from $0.35 in 2010 to $1.30 per share for 2016, furthering our
commitment to increase our dividend in tandem with our growth in cash flow,
EBITDA and adjusted FFO per share,” highlighted Dennis Craven, Chatham’s chief operating officer.
“The quality of the acquisitions we made in
2015, the soundness of our balance sheet and the prospect for continued
earnings growth gave our board the confidence to reward our investors with yet
another increase.
“Excluding the special
dividend of $0.08 per common share which was due to the sale of a joint venture
interest in 2015, our 2016 dividend per share of $1.30 will represent
approximately 52 percent of adjusted FFO per share based on the midpoint of our
guidance, so the increase is healthy, supportable and prudent.”
Chatham’s Board declared
the company’s monthly common share dividend of $0.11 for March 2016, reflecting
the 10 percent increase. The common
share dividend is payable April 29, 2016, to shareholders of record on March
31, 2016. The annualized dividend of $1.32 per common share represents a
dividend yield of 6.6 percent, based on the company’s common share closing
price of $20.06 on February 29, 2016.
For a complete copy of the company’s news release,
please contact:
Patrick Daly
Office Manager
Daly Gray, Inc.
Office: (703) 435-6293
Cell: (703) 300-8289
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