The net loss applicable to common shareholders in the fourth quarter of last year was nearly $7.4 million, compared with net income of $914, 000 in the same quarter in 2002, a change of 905.1%. For all of last year, the net loss was $18.1 million, down 61.9% from a loss of $11.2 million in 2002. Total revenue in the most recent fourth quarter was $33.3 million, down 2.6% from $34.2 million for the same quarter the year before. However, the company's total revenue for last year was up slightly to $88.7 million, from $88.4 million in 2002.

Funds from operations, a good measure of a REIT, were close to $1.5 million in the fourth quarter of 2003, down 85.4% from the $10 million the same quarter in 2002. The figure was $15.9 million, a 36.5% decrease from the $25 million in 2002.

The company also states that the net income or loss applicable to common shareholders and funds from operations includes other 2003 charges, such as $15.2 million in impairment losses on three hotel properties the company does not plan to keep long term; and $1.2 million in costs related to taxable REIT subsidiary (TRS) transaction and a litigation settlement. The company had formed TRS to buy 60 hotel property leases from Innkeepers Hospitality. At the end of last year, 34 of the hotel property leases were closed into the TRS.