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FelCor Declares Current Quarterly And Accrued Preferred Dividends

Stocks in this article: FCH

Second graph, last sentence of release should read: The dividend payment to holders of its Series C Preferred Stock includes the current quarterly dividends of $0.50 per depository share (sted The dividend payment to holders of its Series C Preferred Stock includes the current quarterly dividends of $0.4875 per depository share). This correction does not impact any of the aggregate dividend numbers previously provided.

The corrected release reads:

FELCOR DECLARES CURRENT QUARTERLY AND ACCRUED PREFERRED DIVIDENDS

FelCor Lodging Trust Incorporated (NYSE: FCH) today announced that its Board of Directors declared dividends payable on its Series A Cumulative Convertible Preferred Stock and its 8% Series C Cumulative Redeemable Preferred Stock.

FelCor will pay aggregate dividends of $1.9975 per share on its Series A Preferred Stock and $2.05 per depositary share evidencing its Series C Preferred Stock to its stockholders of record on July 16, 2012. The dividend payment date is July 31, 2012. The dividend payment to holders of its Series A Preferred Stock includes the current quarterly dividends of $0.4875 per share and accrued preferred dividends of $1.51 per share. The dividend payment to holders of its Series C Preferred Stock includes the current quarterly dividends of $0.50 per depository share and accrued preferred dividends of $1.55 per depository share.

After paying these dividends, FelCor will have paid $30.0 million of the $67.7 million of its outstanding accrued preferred dividends. FelCor remains committed to paying the remaining accrued preferred dividends in 2012 using proceeds from future asset sales. We are currently marketing 10 hotels and continue to make progress relative to our long-term strategic plan. We expect to bring the 14 remaining hotels to market in late 2012 or in early 2013. The proceeds from selling these hotels will allow us to continue to reduce debt, restructure our balance sheet, and improve long-term FFO and stockholder value.

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