Sandpiper Lodging Trust Announces Third Quarter 2020 Dividend to Shareholders
Sandpiper Lodging Trust ("SLT") announced that its Board of Trustees declared a third quarter dividend of $0.1706 per share to shareholders of record on November 11, 2020. This represents an annualized dividend of 7% on the current share price of $9.75 and was distributed on November 20, 2020.
Carter Rise, CEO of SLT, stated, "After a very challenging second quarter, SLT continued to validate a key component of our investment thesis - that our focus on economy and mid-scale extended stay hotels provides significant protection during an economic downturn, on an absolute basis and especially relative to our nightly-stay competitors. While none of us contemplated a world-wide pandemic, many of the same economic characteristics played out and demonstrated why this is a resilient, stable, cash-producing investment. The third quarter showed continued, sequential improvement from the second quarter at our properties."
SLT owns 15 properties located in six states from the Mid-Atlantic region to Texas.