Boykin Lodging Company (NYSE: BOY) today announced that the Board of Directors declared a quarterly cash dividend of $0.365 per common share payable on November 6, 2000, to shareholders of record at the close of business on September 29, 2000. The ex-dividend date is September 27, 2000.
“This is the sixteenth consecutive quarterly cash dividend paid since Boykin Lodging became public in November 1996,” said Robert W. Boykin, chairman, president, and chief executive officer. “This dividend also reflects the adjustment announced with the release of our second-quarter financial results on August 2. This adjustment sets the dividend at approximately 85% of Funds Available for Distribution, which is consistent with the payout ratios of other companies in our peer group and should allow us to reinvest enough into our business to grow appropriately and maintain a consistent dividend payment until earnings again support a higher level.”
Boykin Lodging Company is a real estate investment trust that currently owns 32 full-service, upscale commercial and resort hotels containing a total of 9,110 rooms located in California, Colorado, Florida, Idaho, Illinois, Indiana, Maryland, Minnesota, Missouri, Nebraska, New York, New Jersey, North Carolina, Tennessee, Ohio, Oregon, and Washington.