PHOENIX, Jan. 13 /PRNewswire-FirstCall/ -- InnSuites Hospitality Trust (AMEX:IHT) today announced that its Board of Trustees has approved the payment of an annual dividend of $0.01 per share to shareholders of record on January 20, 2003, payable on January 31, 2003. This dividend continues InnSuites' uninterrupted 33-year history of paying dividends each year on its shares of beneficial interest.
InnSuites' dividend policy represents a balance between the Company's commitment to continue its 33 years of dividend payments and its desire to utilize its $19.2 million tax loss carry-forward to pursue the attractive internal growth opportunities available to the Trust, including equity repurchases, asset upgrades, and expansion. With an estimated net asset value of $3.30 per share based on market valuations, the Board of Trustees has identified InnSuites Hospitality Trust's stock as one of these investment opportunities. Purchases of approximately 1.5 million Trust shares and units of its operating partnership, which units are convertible into Trust shares, during fiscal years 2003, 2002, 2001 and 2000 support this commitment. By re-investing a portion of its capital, the Trust believes it is better able to maximize long-term shareholder returns, including the ability to pay higher dividends in the future.
Your Suite Choice(R)- Value Concept
InnSuites Hospitality Trust is a mid-market studio and two-room suite hospitality real estate investment trust with 11 moderate service and full service hotels containing 1,672 hotel suites located in Arizona, New Mexico and Southern California.
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