2010 AnnuAl RePoRT - SNL Financial

Item 4.
[REMOVED AND RESERVED]
PART II
Item 5.
Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of
Equity Securities
(a) Market Price of and Dividends on, Registrant’s Common Equity and Related Stockholder Matters
Market Price and Dividend Information
Our common stock is listed and traded on the New York Stock Exchange under the symbol “AHT.” On
February 25, 2011, there were 112 registered holders of record of our common stock. In order to comply with certain
requirements related to our qualification as a REIT, our charter limits the number of shares of capital stock that may
be owned by any single person or affiliated group without our permission to 9.8% of the outstanding shares of any
class of our capital stock. We are aware of two Section 13G filers that presently each hold in excess of 9.8% of our
outstanding common shares, but our Board of Directors has passed waiver requests which grant each of these
holders an exception to our ownership restrictions, and which are still in effect.
The following table sets forth, for the indicated periods, the high and low sales prices for our common stock as
traded on that exchange and cash distributions declared per common share:
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
2010
High.......................................................................... $7.42 $9.67 $9.58 $10.81
Low .......................................................................... $4.68 $6.00 $6.46 $ 9.00
Close......................................................................... $7.17 $7.33 $9.05 $ 9.65
Cash dividends declared per share ........................................ $ — $ — $ — $ —
2009
High.......................................................................... $1.90 $4.45 $4.23 $ 5.31
Low .......................................................................... $0.90 $1.50 $2.47 $ 3.08
Close......................................................................... $1.54 $2.81 $3.46 $ 4.64
Cash dividends declared per share ........................................ $ — $ — $ — $ —
Effective with the fourth quarter ended December 31, 2008, and in conjunction with the amendment to our
senior credit facility, the Board of Directors suspended the common stock dividend for 2009. In December 2009, the
Board of Directors determined, subject to ongoing review, to continue the suspension of the common dividend in
2010, except to the extent required to maintain our REIT status. In February 2011, the Board of Directors accepted
management’s recommendation to resume paying cash dividends on our common shares with an annualized target
of $0.40 per share for 2011. The payment of $0.10 for the first quarter of 2011 has been approved and subsequent
payments will be reviewed on a quarterly basis. We may incur indebtedness to meet distribution requirements
imposed on REITs under the Internal Revenue Code to the extent that working capital and cash flow from our
investments are insufficient to fund required distributions. Or, we may elect to pay dividends on our common stock
in cash or a combination of cash and shares of securities as permitted under federal income tax laws governing REIT
distribution requirements. To maintain our qualification as a REIT, we intend to make annual distributions to our
shareholders of at least 90% of our REIT taxable income, excluding net capital gains (which does not necessarily
equal net income as calculated in accordance with generally accepted accounting principles). Distributions will be
authorized by our Board of Directors and declared by us based upon a variety of factors deemed relevant by our
Directors. Our ability to pay distributions to our shareholders will depend, in part, upon our receipt of distributions
from our operating partnership. This, in turn, may depend upon receipt of lease payments with respect to our
properties from indirect, wholly-owned subsidiaries of our operating partnership and the management of our
properties by our property managers.
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