Press Release: RFS Hotel Investors, Inc.
April 11, 2002
MEMPHIS, TN -- RFS Hotel Investors (NYSE: RFS), a hotel real estate investment trust with a portfolio of 58 hotels,
announced yesterday that the company's characterization of 2001 dividends on its common shares for income tax reporting
purposes has been corrected as follows:
Paid Dividends Ordinary Return of
Dates Per share Income Capital
------- --------- -------- ---------
2/15/01 $0.385 71.65% 28.35%
5/15/01 $0.385 71.65% 28.35%
8/15/01 $0.385 71.65% 28.35%
11/26/01 $0.100 71.65% 28.35%
The correction was due to a reduction of taxable income for certain properties that were deemed sold and reacquired
via a special provision contained in Section 311 of the Taxpayer Relief Act of 1997.
Registered shareholders holding common stock of RFS Hotel Investors at anytime during the year will receive a corrected
form 1099-DIV from Sun Trust Bank, the Company's dividend paying agent. It is also our understanding that banks,
brokerage firms, or other nominees holding your shares are not required to submit a corrected form 1099-DIV to
shareholders. The information set forth 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 distribution may vary, and may not
be the same as those governing your federal income taxes. Because federal and state tax laws affect individuals
differently, the Company cannot advise shareholders on how distributions should be reported on their individual
tax returns.
RFS Hotel Investors, Inc.'s CUSIP number is 749555J108. No part of the dividends in 2001 represented foreign taxes.
RFS Hotel Investors, Inc. (RFS) is a real estate investment trust (REIT) that owns 58 hotels with approximately
8,400 rooms located in 24 states. RFS's hotel portfolio is diversified by geography, brand and segment, Leading
brands under which RFS hotels are operated include Sheraton®, Residence Inn by Marriott®, Hilton®,
Doubletree®, Holiday Inn®, Hampton Inn®, and Homewood Suites by Hilton®. By segment, RFS receives
approximately 44% of its EBITDA from full service hotels, 32% from extended stay hotels, and 24% from limited service
hotels. Additional information can be found on the Company's web site at www.rfshotel.com.
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Contact:
RFS Hotel Investors Inc., Memphis
Dennis Craven, 901/767-7005
www.rfshotel.com