CLEVELAND— The board of directors of lodging REIT Boykin Lodging Co. has voted to continue suspension of the quarterly cash dividend payment for first-quarter 2002. The company has previously announced on December 6, that it would not declare a regular fourth-quarter cash dividend payment for 2001. Commenting on the move, Robert Boykin, chairman/CEO, said, “We recognize that the cash dividend is important to our shareholders and we are working to be able to reinstitute a quarterly payment. Based on current RevPAR and cash-flow expectations, we expect that management will recommend to the board resuming the dividend for the third quarter of 2002, which, if approved by the board, would be distributed during the fourth quarter. We hope to be in a position to distribute approximately 40% to 50% of our annualized FFO per share going forward, or approximately $0.18 per share for the third-quarter payment based on the low end of the companys current FFO guidance.”
