Reminder: Summit Hotel Properties' Series A Preferred Stock Goes Ex-Dividend Soon

On 5/14/14, Summit Hotel Properties Inc's 9.25% Series A Cumulative Redeemable Preferred Stock (INN.PRA) will trade ex-dividend, for its quarterly dividend of $0.5781, payable on 5/30/14. As a percentage of INN.PRA's recent share price of $27.39, this dividend works out to approximately 2.11%, so look for shares of INN.PRA to trade 2.11% lower — all else being equal — when INN.PRA shares open for trading on 5/14/14. On an annualized basis, the current yield is approximately 8.43%, which compares to an average yield of 7.13% in the "Real Estate" preferred stock category, according to Preferred Stock Channel.

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As of last close, INN.PRA was trading at a 9.76% premium to its liquidation preference amount, versus the average premium of 0.72% in the "Real Estate" category. The chart below shows the one year performance of INN.PRA shares, versus INN:

Performance Comparison Chart

Below is a dividend history chart for INN.PRA, showing historical dividends prior to the most recent $0.5781 on Summit Hotel Properties Inc's 9.25% Series A Cumulative Redeemable Preferred Stock :

INN.PRA+Dividend+History+Chart

In Monday trading, Summit Hotel Properties Inc's 9.25% Series A Cumulative Redeemable Preferred Stock ( INN.PRA) is currently off about 0.2% on the day, while the common shares ( INN) are up about 0.6%.

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