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Humphrey Hospitality Trust Reports FFO Down

COLUMBIA, MD-The beleaguered hotel REIT reports its FFO dipped 2.9% while per-share FFO is down 6%. The company also denies the allegations of wrongdoing claimed in two class-action suits recently filed against it.

By Wendy Watkins | Updated on May 17, 2001

COLUMBIA, MD-Humphrey Hospitality Trust Inc. reports its first-quarter FFO and earnings were down slightly. The company is currently facing two class-action lawsuits and struggling over the future of its 92 hotels.

Funds from operations, considered the prime measure of financial performance for REITs, were $3.6 million, representing a 2.9% decrease from the first quarter 2000. FFO per diluted share declined 6% to 29 cents.

The company reports total first quarter revenues of $6.8 million, and net earnings of $1.3 million, which are lower than the first quarter 2000 by $788,000 and $288,000, respectively, while earnings per diluted share declined 21% for the same period. The REIT’s board of directors has voted to temporarily suspend paying monthly dividends.

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