PALM BEACH, Fla.--(BUSINESS WIRE)--Dec. 12, 2002--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 $0.08 per share for the fourth quarter and a regular dividend of $0.53906 per Series A cumulative convertible preferred share.
The company also announced that it will pay a special common share cash dividend of $0.08 per share. The special dividend was declared in order for the company to adhere to its policy of paying out 100 percent of its taxable income in common share dividends.
The regular common and Series A preferred dividends and the special common share cash dividend are payable January 28, 2003 to shareholders of record on December 27, 2002.
Innkeepers USA Trust is a hotel real estate investment trust (REIT) and a leading owner of upscale, extended-stay hotel properties throughout the U.S. The company owns 67 hotels with a total of 8,196 suites or rooms in 23 states and focuses on acquiring and/or developing Residence Inns and other upscale extended-stay hotels and the rebranding and repositioning of other hotel properties.
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