Innkeepers Sees Net Loss in Q4, 2003

PALM BEACH, FL-Innkeepers USA Trust, a publicly traded hotel real estate investment trust and an owner of upscale, extended-stay hotel properties in the US, ended the fourth quarter with declines in revenue, net income and funds from operations.

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.