Total revenues for the third quarter of 2001 were $19.4 million, down 19.5% from for the third quarter of 2000. Percentage lease revenue for the third quarter was down 20.2% to $17.4 million.
On a same-unit basis, third-quarter room revenue per available room decreased 14.5% to $60.14. Occupancy during the third quarter of 2001 decreased to 65.5% from 73.9%, while the average daily rate decreased 3.5% to $91.80.
Net income for the 2001 third quarter was down 58% to $1.3 million, or $0.08 per dilutedshare.
"Our FFO of 51 cents for the quarter was down considerably from last year," says Robert W. Boykin, chairman and chief executive officer. "As I said when we announced our third-quarter dividend on Oct. 4, the reaction to the Sept. 11 terrorist attacks undermined an already weak hotel operating environment caused by the slowing economy. Under such circumstances, our board of directors will probably suspend the fourth-quarter dividend. We have already paid out enough in dividends this year to maintain our tax status as a REIT. Even if the dividend is suspended in the fourth quarter, it will be resumed at an appropriate level when the outlook turns positive and when we can see trends of tangible improvement in revenues and cash flow.
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