FFO was $7 million compared to $6.6 million for the first quarter of last year. On a per share basis, FFO for the first quarter totaled 38 cents on 18.2 million weighted average shares compared to 36 cents on 18.2 million shares a year ago.
Lease revenue was $9.7 million for both first quarters. The company reported an unleveraged return on assets of 12.7% and exceeded RevPar for its focus brands at rates ranging from almost 2.5% to above 6%.
A key factor in the company's success was its mezzanine program, James D. Rosenberg, Winston president and COO, says in a prepared statement. In addition to the Atlanta property, the company provided $2.2 million mezzanine financing to Noble Investment Group in Tampa for a Hilton Garden Inn.
The REIT owns and operates premium limited-service, high-end extended stay and full-service hotels.
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David Wilkening
David Wilkening began his long journalism career as a police reporter for Chicago-area newspapers. He became a writer-editor for major newspapers in Chicago, Washington, Detroit and Florida. He has been a business editor, political editor and travel editor for newspapers and magazines. He tried for a while to be a political operative but did better as an adjunct college professor teaching English and journalism. He is the author of several books, both ghost-written and under his own name. He is also a widely published freelance writer who currently lives in Orlando.
