Equity Announces Special Dividend and Closing Date
OCTOBER 18, 2007. Equity Inns, Inc. (NYSE: ENN), the third largest hotel real estate investment trust (REIT), today announced that it currently expects its previously announced merger with an affiliate of Whitehall Street Global Real Estate Limited Partnership 2007 ("Whitehall") to close on or about Thursday, October 25, 2007.
Also, as previously announced, in connection with the closing of the merger, Equity Inns has declared a pro rated dividend on the Company's common shares, subject to the satisfaction or waiver of the closing conditions to the merger. The record date for the pro rated dividend will be the close of business on the last business day prior to the merger effective time, which the Company currently expects to be October 24, 2007. The per share amount of the pro rated dividend will be an amount equal to $0.25 per common share, multiplied by the number of days elapsed since the last dividend record date (September 28, 2007) through and including the day prior to the effective date of the merger, and divided by the actual number of calendar days in the fourth quarter of 2007. Based on the October 25 expected closing date of the merger, the amount of the pro rated dividend will be $0.07065 per share. The pro rated dividend will be paid on the third business day after the closing date of the merger.
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