American Hotel Income Properties REIT LP Announces March 2013 Cash Distribution
VANCOUVER, March 19, 2013 /CNW/ - American Hotel Income Properties REIT LP ("AHIP") (Toronto Stock Exchange: HOT.UN) announced today that the Board of Directors of American Hotel Income Properties REIT (GP) Inc., the general partner of AHIP, has approved the initial cash distribution of Cdn$0.096 per limited partnership unit ("Unit") of AHIP for the period of February 20, 2013 (the closing of AHIP's initial public offering) to March 31, 2013. This distribution has been pro-rated and is equal to Cdn$0.075 per Unit on a monthly basis, or Cdn$0.90 per Unit on an annualized basis. The distribution will be paid on April 15, 2013 to unitholders of record on March 28, 2013. There are currently 10,405,000 Units issued and outstanding.
The policy of AHIP is to pay cash distributions on or about the 15th day of each month to the unitholders of record on the last business day of the preceding month.
This news release contains forward-looking information within the meaning of applicable securities legislation, which reflects AHIP's current expectations regarding future events. Forward-looking information is identified by the use of terms and phrases such as "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "predict", "project", "will", "would" and similar terms and phrases and includes, but is not limited to, the amount of the expected monthly cash distributions and annual yield for the Units and the timing to pay the first cash distribution to unitholders, Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond AHIP's control, that could cause actual results and events to differ materially from those that are disclosed in, or implied by, such forward-looking information. Such assumptions include, but are not limited to, a reasonably stable North American economy and stock market. Such risks and uncertainties include, but are not limited to, the factors discussed under "Risk Factors" in AHIP`s prospectus dated February 12, 2013. The forward-looking information contained herein is made as of the date of this news release and, except as expressly required by applicable law, AHIP assumes no obligation to publicly update or revise such information,
About American Hotel Income Properties REIT LP
AHIP's long-term objectives are to: (i) generate stable and growing cash distributions from hotel properties substantially in the US; (ii) enhance the value of its assets and maximize the long-term value of the hotel properties through active management; and (iii) expand its asset base and increase its Adjusted Funds From Operations ("AFFO") per Unit through an accretive acquisition program, participation in strategic development opportunities and improvements to its properties through targeted value-added capital expenditure programs.
SOURCE: American Hotel Income Properties REIT LPFor further information:
Andrew Greig, Investor Relations
American Hotel Income Properties REIT LP
Suite 1690, 401 West Georgia Street
Vancouver, BC V6B 5A1