DALLAS, March 3 /PRNewswire-FirstCall/ -- La Quinta Properties, Inc. announced today that the Board of Directors declared a dividend of $0.5625 per depositary share on its 9% Series A Cumulative Redeemable Preferred Stock for the period from January 1, 2003 to March 31, 2003. Shareholders of record on March 14, 2003 will be paid the dividend of $0.5625 per depositary share of Preferred Stock on March 31, 2003.
Dividends on the Series A Preferred Stock are cumulative from the date of original issuance and are payable quarterly in arrears on March 31, June 30, September 30 and December 31 of each year (or, if not a business date, on the next succeeding business day) at the rate of 9% of the liquidation preference per annum (equivalent to an annual rate of $2.25 per depositary share).
About La Quinta Corporation
Dallas-based La Quinta Corporation (NYSE:LQI), a leading limited service lodging company, owns, operates or franchises over 350 La Quinta Inns and La Quinta Inn & Suites in 33 states.
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