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Boykin Lodging Warns of Q4 Dividend Cut

CLEVELAND-Sharp decreases seen in funds from operations, revenue and occupancy, caused by a slow hotel market weakened by the Sept. 11 terrorist attacks, causes the REIT to consider suspending a pay-out.

By Robert Carr | Updated on November 07, 2001

CLEVELAND-Boykin Lodging Co., a hotel real estate investment trust, has reported financial results for the third quarter of 2001. For the three months that ended September 30, funds from operations were down 33% to $9.5 million, or $0.51 per share over the same period the year before.

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.

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