Equity Inns Declares Third Quarter 2007 Dividends
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Equity Inns Declares Third Quarter 2007 Dividends
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Category: Worldwide
This is a press release selected by our editorial committee and published online for free on 2007-09-17
Equity Inns, Inc. (NYSE: ENN), the third largest hotel real estate investment trust (REIT), today announced that its Board of Directors has declared quarterly cash dividends for the third quarter 2007 of $0.25 per common share and $0.546875 per Series B preferred share and $0.50 per Series C preferred share.
The record date for the common share dividend and the preferred dividends is September 28, 2007. The common share dividend is payable on the earlier of the third business day after the closing date of the Company's pending merger with an affiliate of Whitehall Street Global Real Estate Limited Partnership 2007 ("Whitehall") or November 1, 2007. Dividends for the Series B and Series C preferred shares are payable on October 31, 2007.
Separately, the Board of Directors also intends to declare at a future date a pro rated dividend on the Company's common shares, subject to obtaining stockholder approval of the previously announced merger of the Company with Whitehall and the satisfaction or waiver of the other closing conditions to the merger. If declared, the record date for the pro rated dividend will be the close of business on the last business day prior to the merger effective time. The per share amount of the pro rated dividend will be an amount equal to $0.25 per common share, multiplied by the number of days elapsed since the last dividend record date (i.e., September 28, 2007) through and including the day prior to the effective date of the merger, and divided by the actual number of calendar days in the fourth quarter of 2007. The pro rated dividend will be paid on the third business day after the closing date of the Company's pending merger with Whitehall.
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