Directors of Sunstone Hotel Investors, a San Clemente real estate investment trust, declared the company's first dividend Friday. The dividend of 11.5 cents a share will be paid Nov. 1 to shareholders of record Oct. 20.
The company, which had its initial public offering in August, also said net income in the third quarter rose 7% to $1.5 million. That was an increase of 24 cents a share, from $1.4 million, or 22 cents a share, in the same period a year ago. Revenue rose to $2.7 million from $2.6 million. Nine-month net income rose 15% to $3.9 million, or 62 cents a share, from $3.4 million, or 54 cents a share, in the same period last year. Revenue totaled $7.5 million, up 10% from $6.8 million. The results have been adjusted to reflect the operations of three hotels that were acquired in August.