Sep. 14, 2009 (PR Newswire) --
Bethesda, Md., Sept. 14 /PRNewswire-FirstCall/ -- Host Hotels & Resorts, Inc. (NYSE: HST) announced that its Board of Directors authorized a dividend of $0.25 per share on its common stock. The dividend is payable on December 18, 2009 to common stockholders of record at the close of business on November 6, 2009.
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In accordance with Internal Revenue Service Revenue Procedure 2009-15, stockholders will be asked to make an election to receive this dividend either in cash or in shares of the Company's common stock. Stockholders who do not make an election will receive shares of common stock. The Board of Directors has determined to pay this dividend in cash, shares of common stock or a combination of cash and shares of common stock, provided that the cash component of the dividend (other than cash paid in lieu of fractional shares) will not exceed 10% of the aggregate dividend. To the extent the cash elections by stockholders would exceed 10% of the aggregate dividend, the cash portion will be prorated. For stockholders who will receive shares of common stock in payment for all or part of the dividend, the value per share used to determine the number of shares to be issued will be calculated based on the volume weighted average price per share of the Company's common stock on the New York Stock Exchange for the three-day period December 7, December 8 and December 9, 2009.
The Company intends that the dividend will be treated as a taxable dividend to its stockholders for U.S. federal income tax purposes, without regard to whether payment is received in cash, shares of common stock or a combination of both.
An information letter and dividend election form will be mailed to stockholders of record promptly after November 6, 2009. The information letter will describe in more detail the terms of the dividend, including the ability of stockholders to elect to receive the dividend in cash or in shares of common stock, subject to the 10% limit on the cash component of the dividend. The properly completed election form must be received by Computershare Trust Company, N.A., the Information Agent (and the Company's transfer agent), prior to 5:00 p.m. Eastern Time on December 4, 2009. Registered stockholders with questions regarding the dividend election may call Computershare Trust Company, N.A., at 800-519-3111.
