PMC, headquartered in Dallas, is paying out a fourth-quarter dividend of .365 cents per common share, which falls on the high end of a range that had been predicted in the third quarter. The payout is being calculated in a new manner, with dividends now being based on expectations of earnings per share and FFO. The REIT historically has paid dividends based solely on FFO expectations. The dividend will be paid Jan. 12, 2001, to stockholders of record as of Dec. 29.
The change, says PMC's chairman Dr. Andrew S. Rosemore, has occurred due to the current interest rate environment, competition, leverage availability, loan portfolio activity and other REIT stock performances. FFO not being paid out as dividends will be applied to loan originations, debt reduction and possibly an extra year-end dividend, he says.
PMC owns nearly 30 hotels and makes small business loans primarily to hotel franchisees. Days Inn, Comfort Inn and Holiday Inn franchises account for about half of the loans, with more than 25% of the properties being located in Texas. PMC's hotel portfolio involves a leaseback arrangement with Amerihost Properties.
FelCor Lodging common stock holders will see a 55-cent per share return on their investments while Series A holders will receive .4875 per share and Series B, .5625 per chare. The fourth quarter dividends will be paid Jan. 31, 2001, to shareholders of record as of Dec. 29.
The payout comes on the heels of a $250,000 gift to the New Century Fund Campaign of the American Hotel Foundation. The donation is being used to support scholarship programs, training programs, research initiatives and high-tech advancements. Thomas J. Corcoran, Jr., FelCor's president and CEO, serves on the foundation committee, which is raising $8 million for the projects.
Founded in 1994, the Irving-based FelCor has a 186-hotel portfolio, consisting of nearly 50,000 rooms and suites primarily in upscale and full-service sectors. Its holdings consist of such brands as Embassy Suites, Crowne Plaza, Holiday Inn, Sheraton Suites, Sheraton, Westin and Doubletree. FelCor is the nation's largest hotel REIT.
Tis the season for year-end accountings and Wyndham International Inc. will hold its conference call tomorrow to report on fourth quarter earnings. Wyndham's holdings span the US, Canada, Mexico, the Caribbean and Europe.
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