La Quinta Declares Dividend on 9% Preferred Stock.DALLAS, Dec. 1 /PRNewswire-FirstCall/ -- La Quinta Properties, Inc. announced today that the Board of Directors declared a dividend of $0.5625 per depositary share on its 9% Series A Cumulative Redeemable Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders.
Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. for the period from October 1, 2005 to December 31, 2005. Shareholders of record on December 15, 2005 will be paid the dividend of $0.5625 per depositary share of Preferred Stock on January 2, 2006.
Dividends on the Series A Preferred Stock are cumulative from the date of original issuance and are payable quarterly in arrears on March 31, June 30, September 30 and December 31 of each year (or, if not a business day, on the next succeeding business day) at the rate of 9% of the liquidation preference per annum Per annum
Yearly. (equivalent to an annual rate of $2.25 per depositary share).
About La Quinta Corporation
La Quinta Corporation and its controlled subsidiary, La Quinta Properties, Inc., is one of the largest owner/operators of limited-service hotels in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Based in Dallas, Texas, the Company owns, operates or franchises more than 600 hotels in 39 states under the La Quinta Inns, La Quinta Inn & Suites(R), Baymont Inn & Suites(R), Woodfield Suites(R) and Budgetel(R) brands. For more information about La Quinta Corporation, its brands or franchising programs, please visit http://www.lq.com/ .
CONTACT: Tom Ward, Investor Relations Investor relations
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Web site: http://www.lq.com/