Press Release: Equity Inns, Inc.
June 19, 2002
GERMANTOWN, TN -- Equity Inns, Inc. (NYSE: ENN), a hotel real estate investment trust (REIT), today announced that
its board of directors has declared quarterly cash dividends of $0.13 per common share and $0.59375 per preferred
share for the second quarter ended June 30, 2002.
The common dividend is payable August 1, 2002, and the preferred dividend is payable July 31, 2002, to common and
preferred shareholders of record on June 28, 2002.
"Last quarter, we stated that our goal was to increase the quarterly dividend conservatively throughout the
year," said Phillip H. McNeill, Sr., Chief Executive Officer and Chairman of the Board. "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, Inc. is a self-advised REIT that focuses on the upscale extended stay, all-suite and midscale limited-service
segments of the hotel industry. The company owns 96 hotels with approximately 12,300 rooms located in 34 states.
For more information about Equity Inns, visit the company's Web site at www.equityinns.com.
Certain matters within this press release are discussed using forward-looking language as specified in the 1995
Private Securities Litigation Reform Law, and, as such, may involve known and unknown risks, uncertainties and
other factors that may cause the actual results or performance to differ from those projected in the forward-looking
statement. Such risks and uncertainties include, but are not limited to, the following: the ability of the company
to cope with domestic economic and political disruption and Federal and state governmental regulation of war, terrorism,
states of emergency or similar activities resulting from the terrorist attacks occurring on September 11, 2001;
the ability of the company to successfully implement its operating strategy; changes in economic cycles; competition
from other hospitality companies; and changes in the laws and government regulations applicable to the company.
From time to time, these and other risks are discussed in the company's filings with the Securities and Exchange
Commission.
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Contact:
Equity Inns, Inc.
Howard Silver, 901/754-7774
or
Integrated Corporate Relations, Inc.
Deborah Friedland, 203/222-9013