Innkeepers USA Trust Declares Quarterly Dividends; Increases Common Dividend by 67 Percent
10 May 2005 - 6:40AM
Business Wire
Innkeepers USA Trust (NYSE: KPA), a hotel real estate investment
trust (REIT) and a leading owner of upscale extended-stay hotel
properties throughout the United States, today announced that its
Board of Trustees has declared a regular common share dividend of
$0.10 per share for the second quarter of 2005, an increase from
the previous quarterly dividend of $0.06. The board also declared a
regular dividend of $0.50 per Series C Cumulative Preferred share
for the period of April 27, 2005 to July 26, 2005. The common and
Series C preferred dividends are payable July 26, 2005, to
shareholders of record on June 24, 2005. Innkeepers USA Trust is a
hotel real estate investment trust (REIT) and a leading owner of
upscale extended-stay hotel properties throughout the United
States. The company owns 68 hotels with a total of 8,521 suites or
rooms in 20 states and Washington, D.C., and focuses on acquiring
and/or developing upscale and upscale extended-stay hotels with
premium brands and the rebranding and repositioning of other hotel
properties. For more information about Innkeepers USA Trust, visit
the company's web site at www.innkeepersusa.com. Cautionary
statements set forth in reports filed by the company from time to
time with the SEC discuss important factors impacting, or that
could impact, the company and its results or forecasted results.
These factors include, without limitation, (i) direct exposure to
the operational risks of the hotel business (including decreasing
hotel revenues and increasing hotel expenses) under the company's
taxable REIT subsidiary structure, (ii) risk 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 that the performance and
prospects of businesses and industries that are important hotel
demand generators in the company's key markets decline (e.g.,
technology, automotive, aerospace), (iv) risk that 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) changes in
travel patterns or the prevailing means of commerce (i.e.,
e-commerce), (viii) the complex tax rules that the company must
satisfy to qualify as a REIT, and (ix) 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 taxes or dividends, compliance with the
Americans with Disabilities Act, workers compensation law changes,
the Sarbanes-Oxley law, etc.).
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