PALM BEACH, FL-Innkeepers USA Trust, a locally based hotel REIT, improved its net income by 157.6% in the second quarter ended June 30, compared with the same quarter last year.Net income applicable to common shareholders was nearly $2.7 million, or 7 cents per share diluted, in the second quarter, compared with a net loss of $4.6 million, or 12 cents per share diluted, in the 2003 quarter. For the first half of the year, the company had a net loss of almost $2.6 million, or 7 cents per share diluted. That represents a 73.6% improvement from the approximately $9.7 million net loss, or 26 cents per share diluted, in the first half of 2003.Funds from operations for this year’s second quarter was $12.2 million, compared with $3.8 million in the 2003 quarter–a 223.1% increase. Funds from operations for the 2004 second quarter exclude $4.4 million and $7.9 million in deferred percentage lease revenue.Also in the second quarter, revenue per available room for Innkeepers’ 67 comparable hotels increased 9.3% to $72.60, occupancy rose 5.9% to 76.8%, and the average daily rate increased 3.2% to $94.57.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.