GERMANTOWN, TN— Real estate investment trust Equity Inns, Inc. has declared quarterly cash dividends of $0.13 per common share and $0.59375 per preferred share for the second quarter ended June 30. The common dividend is payable August 1, and the preferred dividend is payable July 31, to common and preferred shareholders of record on June 28, 2002. Chairman/CEO Phillip McNeill Sr. said, “Last quarter, we stated that our goal was to increase the quarterly dividend conservatively throughout the year. We have increased the dividend amount from $0.12 in the first quarter to $0.13 in the second quarter. We continue to expect to pay a 2002 dividend of between $0.48 and $0.58, with an annualized rate by the end of 2002 ranging from $0.52 to $0.64. We are on target to meet those estimates and plan to ramp up the dividend as the economic recovery strengthens and operating results improve.” Equity Inns concentrates on the upscale extended stay, all-suites and midscale limited-service segments. The REIT owns 96 hotels with approximately 12,300 rooms located in 34 states.
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