USA | Summit Hotel Properties, Inc. has announced a cash dividend for the second quarter ended June 30, 2024, of $0.08 per share of common stock.
The cash dividend was authorised by its Board of Directors has authorised, and was also per common unit of limited partnership interest in Summit Hotel OP, LP, the Company's operating partnership. The Company's second-quarter common dividend represents an annualized dividend yield of 5.4 percent based on the closing price of shares of the common stock on July 24, 2024.
The Board of Directors has also authorised, and the Company has declared, a cash dividend of USD$0.390625 per share of the Company's 6.25 percent Series E Cumulative Redeemable Preferred Stock for the dividend period ending on August 31, 2024, and a cash dividend of USD$0.3671875 per share of the Company's 5.875 percent Series F Cumulative Redeemable Preferred Stock for the dividend period ending on August 31, 2024.
Additionally, the Board of Directors has authorized a cash distribution, and the Company has declared on behalf of the operating partnership, distributions of USD $0.328125 per unit pertaining to the operating partnership's unregistered 5.25 percent Series Z Cumulative Perpetual Preferred Units for the distribution period ending on August 31, 2024.
The dividends are payable on August 30, 2024, to holders of record as of August 16, 2024.
The announcement was made via a live webcast conference call, conducted by the company, in the presence of shareholders.
Summit Hotel Properties, Inc. is a publicly-traded real estate investment trust focused on owning premium-branded lodging properties with efficient operating models primarily in the Upscale segment of the lodging industry. As of July 25, 2024, the Company's portfolio consisted of 96 assets, 54 of which are wholly owned, with a total of 14,256 guestrooms located in 24 states.
In May, Summit Hotel Properties announced its first quarter results, where net loss attributable to common stockholders was USD$2.1 million, or USD $0.02 per diluted share, compared to a net loss of USD $5.2 million, or USD $0.05 per diluted share, for the first quarter of 2023.
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