PHOENIX, AZ - InnSuites Hospitality Trust (NYSE-American:IHT), a real estate investment trust, has announced a semi-annual dividend of $0.01 per share, continuing a 54-year tradition of uninterrupted annual dividends. The dividend is payable on July 31, 2024, to shareholders of record as of July 17, 2024. This declaration comes in the wake of the unexpected passing of long-time trustee Jessie Ronnie Chase on June 14, 2024.
In addition to the dividend announcement, the Trust confirmed that its 2024 Annual Meeting of Shareholders will be held on Wednesday, August 14, 2024, at its corporate offices in Phoenix, Arizona.
Shareholders on record as of July 5, 2024, will be eligible to vote at the meeting. The meeting agenda includes the election of trustee nominees Marc E. Berg and Michael G. Marchi, who has been serving temporarily following Mr. Chase's passing.
The company noted that hotel operations remain robust despite the loss of Mr. Chase, who was a respected member of the Trust. The results of the shareholder vote will be disclosed in an 8-K filing shortly after the meeting.
InnSuites Hospitality Trust specializes in hotel ownership and management, with a portfolio that includes InnSuites Hotels and Suites. The Trust operates within the real estate sector, focusing on providing hospitality services.
This news is based on the latest 8-K filing by InnSuites Hospitality Trust with the Securities and Exchange Commission.
InvestingPro Insights
InnSuites Hospitality Trust (NYSE-American:IHT) has a history of consistent dividend payments, which is a positive signal for income-focused investors. The latest InvestingPro Data reflects a modest revenue growth of 4.95% over the last twelve months as of Q1 2025, with a gross profit margin standing at a healthy 45.87%. Despite a challenging operating income margin of -9.62%, the company's liquid assets have surpassed short-term obligations, indicating a level of financial stability.
InvestingPro Tips suggest that InnSuites Hospitality Trust is a niche player in the hospitality industry and operates with a moderate level of debt. While not profitable over the last twelve months, the Trust has demonstrated strong returns over the last month and three months, with price total returns of 22.67% and 32.37%, respectively. Shareholders may find these metrics particularly relevant as they evaluate the company's performance in light of the recent dividend announcement and the upcoming election of trustee nominees.
For those interested in deeper analysis, there are additional InvestingPro Tips available, which can provide further insights into InnSuites Hospitality Trust's financial health and market position. To access these tips and more detailed metrics, visit https://www.investing.com/pro/IHT and consider using the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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