PALM BEACH, Fla., Sept. 29, 2010—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on upscale extended-stay hotels and premium branded select-service hotels, today announced that its board of trustees has declared a common share dividend of $0.175 for the 2010 third quarter.
Based on the company’s $20 IPO price in April and the closing price of the common shares at the close of business on September 28, the annualized dividend represents a yield of approximately 3.5 percent and 4.0 percent, respectively.
“As expected, our current hotels are producing sustainable cash flow that gives our Board of Trustees the confidence to start paying a dividend five months after our IPO,” said Jeffrey H. Fisher (top right photo), Chatham’s chief executive officer.
“We are on schedule to close on our $85 million line of credit and complete our 12th and 13th acquisitions, and our pipeline remains very active as we continue to source attractive opportunities.”
The common dividend is payable October 29, 2010, to shareholders of record on October 15, 2010.
Contact:
Jerry Daly, Carol McCune, Daly Gray Public Relations, (Media) (703) 435-6293 jerry@dalygray.com Dennis Craven, Chief Financial Officer (Company) (561) 227-1386
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