Innkeepers USA Trust Announces 2005 Dividend Allocation
February 28 2006 - 9:00AM
PR Newswire (US)
PALM BEACH, Fla., Feb. 28 /PRNewswire-FirstCall/ -- 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 the characterization of
dividends declared in 2005 for income tax reporting purposes.
Common share dividend characterization: Common Common Common Share
Dividend Share Return Type of Declaration Record Payment Per
Ordinary of Dividend Date Date Date Share Income Capital --------
---- ---- ---- ----- ------ ------- Regular 03/01/05 03/25/05
04/26/05 $0.06 $0.0307 $0.0293 Regular 05/09/05 06/24/05 07/26/05
0.10 $0.0512 $0.0488 Regular 09/14/05 09/30/05 10/25/05 0.15
$0.0769 $0.0731 Regular 12/06/05 12/30/05 01/31/06 0.15 $0.0769
$0.0731 ----- ------- ------- $0.46 $0.2357 $0.2243 Series C
cumulative preferred share dividend characterization: Series C
Series C Cum. Pfd. Cum. Pfd. Type of Declaration Record Payment
Dividend Ordinary Dividend Date Date Date Per Share Income --------
---- ---- ---- --------- -------- Regular 03/01/05 03/25/05
04/26/05 $0.50 $0.50 Regular 05/09/05 06/24/05 07/26/05 0.50 0.50
Regular 09/14/05 09/30/05 10/25/05 0.50 0.50 Regular 12/06/05
12/30/05 01/31/06 0.50 0.50 ----- ----- $2.00 $2.00 No portion of
the dividends declared in 2005 represented foreign taxes or capital
gains. None of the common dividends paid by the company were
qualified dividends. The CUSIP number for Innkeepers USA Trust
common shares is 4576JO 10 4; the CUSIP number for the Series C
cumulative preferred shares is 4576JO 40 1. Registered shareholders
of Innkeepers USA Trust common and cumulative preferred shares who
received any of the dividends specified in the tables above will
receive an Internal Revenue Service (IRS) Form 1099-DIV from
Computershare Investor Services, L.L.C., the company's dividend
paying agent. The Form 1099-DIV will report the dividends paid with
respect to 2005. Shareholders whose shares are held in "street
name" will receive an IRS form from the bank, brokerage firm, or
other nominee holding their shares. The regular common share
dividend and regular cumulative preferred share dividend declared
on December 6, 2005 for shareholders of record as of December 30,
2005, and payable on January 31, 2006, will be reported on
shareholders' year 2005 Form 1099. The information in the tables
above will be necessary in order to properly report the company's
dividends on your federal income tax return. The laws governing
state taxation of REIT distributions may vary, and may not be the
same as those governing your federal income taxes. The company
cannot advise shareholders on how distributions should be reported
on their individual tax returns because federal and state tax laws
affect individuals differently. Innkeepers USA Trust owns 70 hotels
with a total of 8,825 suites or rooms in 20 states and Washington,
D.C., and focuses on acquiring and/or developing premium branded
upscale extended-stay, select-service and full-service hotels and
the rebranding and repositioning of other hotel properties. For
more information about Innkeepers USA Trust, visit the company's
web site at http://www.innkeepersusa.com/. This press release, and
other publicly available information on the Company, includes
forward looking statements within the meaning of securities law.
These statements include terms such as "should," "may," "believe"
and "estimate," or assumptions, estimates or forecasts about future
hotel and Company performance and results, and the Company's future
need for capital. Such statements should not be relied on because
they involve risks that could cause actual results to differ
materially from the Company's expectations when such statements are
made. Some of these risks are set forth in reports filed from time
to time with the SEC and include, without limitation, (i) the
operational risks of the hotel business (including decreasing hotel
revenues and increasing hotel expenses) under the company's taxable
REIT subsidiary structure, (ii) risks 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 of declines in the performance
and prospects of businesses and industries (e.g., technology,
automotive, aerospace, pharmaceuticals) that are important hotel
demand generators in the company's key markets (e.g. the Silicon
Valley, CA, Northern NJ, Washington, DC, etc.), (iv) risk that
poor, declining and/or uncertain 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) risk that the
Company may invest in hotels of a size or nature (e.g., upscale
full service or resort) different than those it has focused on
historically (e.g., upscale extended- stay, and mid-scale limited
service); (viii) risks related to an increasing focus on
development, including permitting risks, increasing the proportion
of Company assets not producing revenue at a given time and risks
that projects cost more, take longer to complete or do not perform
as anticipated; (ix) changes in travel patterns or the prevailing
means of commerce (i.e., e- commerce) may reduce demand for hotels
in general or the Company's hotels in particular, (x) the complex
tax rules that the company must satisfy to qualify as a REIT and
the potentially severe consequences of failing to satisfy such
requirements, and (xi) 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
wages, taxes or dividends, compliance with building codes,
compliance with the Americans with Disabilities Act, workers
compensation law changes, the Sarbanes-Oxley law, etc.). The
Company undertakes no obligation to update any forward looking
statement to reflect actual results, a changed view on the subject
matter of the forward looking statement, or for any other reason.
Contact: Bruce Riggins (Company) Jerry Daly or Carol McCune Chief
Financial Officer Daly Gray (Media) (561) 227-1302 (703) 435-6293
First Call Analyst: FCMN Contact: julie@dalygray.com DATASOURCE:
Innkeepers USA Trust CONTACT: Bruce Riggins, Chief Financial
Officer of Innkeepers USA Trust, +1-561-227-1302; or Jerry Daly or
Carol McCune (Media), +1-703-435-6293, for Innkeepers USA Trust Web
site: http://www.innkeepersusa.com/
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