Business Context and Reporting Period
This Form 8-K filing by Hospitality Properties Trust (HPT) was submitted on October 3, 2002, reporting events occurring on October 1, 2002. HPT is a real estate investment trust headquartered in Newton, Massachusetts, with approximately $2.7 billion in investments across 251 hotels in 37 states.
Key Financial Metrics
The filing announces a regular quarterly common dividend of $0.72 per share, equating to $2.88 per share on an annualized basis. This dividend is based on operating results for the quarter ended September 30, 2002. The dividend is payable to shareholders of record as of October 25, 2002, with distribution scheduled for approximately November 21, 2002. The filing does not provide specific figures for revenue, net profit, cash flow, margins, debt levels, or liquidity ratios.
Material Changes
The primary material changes reported are corporate governance and personnel updates rather than financial performance shifts:
- Executive Promotion: Thomas M. O'Brien, who served as Treasurer and CFO since 1996, has been promoted to Executive Vice President.
- New CFO Appointment: Mark L. Kleifges, age 42, has been elected as the new Treasurer and Chief Financial Officer, replacing Mr. O'Brien. Mr. Kleifges is a CPA and joined Reit Management and Research, LLC (HPT's investment manager) as a vice president in May 2002. Prior to that, he was a partner at Arthur Andersen LLP for nine years.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on future outlook, specific risk factors, or contingencies beyond the standard announcement of the dividend and personnel changes. No unusual items were disclosed in this report.
Investor Verification Checklist
- Verify the record date (October 25, 2002) and payment date (approximately November 21, 2002) for the $0.72 quarterly dividend.
- Confirm the transition of financial leadership from Thomas M. O'Brien to Mark L. Kleifges.
- Review the full quarterly report (Form 10-Q) for the period ended September 30, 2002, to obtain detailed revenue, profit, and cash flow data not included in this 8-K.