Innkeepers USA Trust Increases Common Share Dividend 33 Percent
August 30 2006 - 8:58AM
PR Newswire (US)
Declares Third-Quarter Common and Preferred Stock Dividends PALM
BEACH, Fla., Aug. 30 /PRNewswire-FirstCall/ -- Innkeepers USA Trust
(NYSE:KPA), a hotel real estate investment trust (REIT) and a
leading owner of upscale properties throughout the United States,
today announced that its board of trustees has declared a common
share dividend of $0.20 per share for the 2006 third quarter, a 33
percent increase from the previous quarterly dividend of $0.15.
Based on the closing price of the common shares at the close of
business on August 28, the annualized dividend represents a yield
of approximately 4.8 percent. "This is our third common share
dividend increase in the past 15 months, which reflects our
continuing confidence in the company's earnings growth potential
and the overall health of the hotel industry," said Jeffrey H.
Fisher, Innkeepers chief executive officer and president. "Our
board of trustees will continue to evaluate the common share
dividend on a quarterly basis." The board also declared a regular
dividend of $0.50 per Series C Cumulative Preferred share for the
period of July 26, 2006 to October 31, 2006. The common and Series
C preferred dividends are payable October 31, 2006, to shareholders
of record on September 29, 2006. Innkeepers USA Trust owns 70
hotels with a total of 8,818 suites or rooms in 20 states and
Washington, D.C., and focuses on acquiring or developing
premium-branded upscale extended-stay and select-service hotels,
the core of the company's portfolio; selected full-service hotels;
and turn-around opportunities for hotels that operate under or can
be converted to the industry's leading brands. For more information
about Innkeepers USA Trust, visit the company's web site at
http://www.innkeepersusa.com/. Forward-Looking Statement Safe
Harbor This press release, and other publicly available information
on the Company, includes forward looking statements within the
meaning of federal securities law. These statements include terms
such as "should," "may," "believe" and "estimate," or assumptions,
estimates or forecasts about future hotel and Company performance
and results, and the Company's future need for capital. Such
statements should not be relied on because they involve risks that
could cause actual results to differ materially from the Company's
expectations when such statements are made. Some of these risks are
set forth in reports filed from time to time with the SEC and
include, without limitation, (i) the operational risks of the hotel
business (including decreasing hotel revenues and increasing hotel
expenses), (ii) risks that war, terrorism or similar activities,
widespread health alerts, disruption in oil imports or higher oil
prices, or changes in domestic or international political
environments negatively affect the travel industry and the company,
(iii) risk of declines in the performance and prospects of
businesses and industries (e.g., technology, automotive, aerospace,
pharmaceuticals) that are important hotel demand generators in the
company's key markets (e.g. the Silicon Valley, CA, Northern NJ,
Washington, DC, etc.), (iv) risk that poor, declining and/or
uncertain international, national, regional and/or local economic
conditions will, among other things, negatively affect demand for
the company's hotel rooms and the availability and terms of
financing, (v) risk that the company's ability to maintain its
properties in competitive condition becomes prohibitively
expensive, (vi) risk that pricing in the hotel acquisition market
becomes prohibitively expensive or non-financeable and that
potential acquisitions or developments do not perform in accordance
with expectations, (vii) risk that the Company may invest in hotels
of a size or nature (e.g., upscale full service or resort)
different than those it has focused on historically (e.g., upscale
extended-stay, and mid-scale limited service); (viii) risks related
to an increasing focus on development, including permitting risks,
increasing the proportion of Company assets not producing revenue
at a given time and risks that projects cost more, take longer to
complete or do not perform as anticipated; (ix) changes in travel
patterns or the prevailing means of commerce (i.e., e-commerce) may
reduce demand for hotels in general or the Company's hotels in
particular, (x) the complex tax rules that the company must satisfy
to qualify as a REIT and the potentially severe consequences of
failing to satisfy such requirements, and (xi) governmental
regulation that may increase the company's cost of doing business
or otherwise negatively effect its business or its attractiveness
as an investment and create risk of liability for non-compliance
(e.g., changes in laws affecting wages, taxes or dividends,
compliance with building codes, compliance with the Americans with
Disabilities Act, workers compensation law changes, the
Sarbanes-Oxley law, etc.). The Company undertakes no obligation to
update any forward looking statement to reflect actual results,
changes in the Company's expectation, or for any other reason.
Contact: Dennis Craven (Company) Jerry Daly or Carol McCune Chief
Financial Officer Daly Gray (Media) (561) 227-1302 (703) 435-6293
DATASOURCE: Innkeepers USA Trust CONTACT: Dennis Craven, Chief
Financial Officer of Innkeepers USA Trust, +1-561-227-1302, or
Media: Jerry Daly or Carol McCune of Daly Gray, +1-703-435-6293,
for Innkeepers USA Trust Web site: http://www.innkeepersusa.com/
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