Innkeepers USA Trust Increases Common Share Dividend 15 Percent
14 12월 2006 - 10:58PM
PR Newswire (US)
Fourth Common Share Dividend Increase in Past 18 Months PALM BEACH,
Fla., Dec. 14 /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,
announced that its board of trustees has declared a common share
dividend of $0.23 per share for the 2006 fourth quarter, a 15
percent increase from the previous quarterly dividend of $0.20.
Based on the closing price of the common shares at the close of
business on December 13, the annualized dividend represents a yield
of approximately 5.8 percent. "This is our fourth common share
dividend increase in the past year-and-a- half and up more than 50
percent from our first and second quarter of this year," said
Jeffrey H. Fisher, Innkeepers chief executive officer and
president. "We continue to have confidence in the company's
earnings growth potential and the overall health of the hotel
industry." The board also declared a regular dividend of $0.50 per
Series C Cumulative Preferred share for the period of November 1,
2006 to January 30, 2007. The common and Series C preferred
dividends are payable January 30, 2007, to shareholders of record
on December 29, 2006. Innkeepers USA Trust owns or is invested in
76 hotels with a total of 10,262 suites or rooms in 21 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/. 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 that the company may be uninsured or
underinsured against property, casualty or other risks that may
negatively affect its properties, or business, including but not
limited to earthquakes or hurricanes; (ix) 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; (x) 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, (xi) 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 (xii)
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
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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