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Innkeepers USA Trust's Net Income Up 157.6%

PALM BEACH, FL-Net income for the locally based hotel REIT was about $2.7 million in the second quarter, up from a net loss of about $4.6 million in the same period last year. Funds from operations rose 223.1%.

By Melissa Bogdany | Updated on August 04, 2004

PALM BEACH, FL-Innkeepers USA Trust, a locally based hotel REIT, improved its net income by 157.6% in the second quarter ended June 30, compared with the same quarter last year.Net income applicable to common shareholders was nearly $2.7 million, or 7 cents per share diluted, in the second quarter, compared with a net loss of $4.6 million, or 12 cents per share diluted, in the 2003 quarter. For the first half of the year, the company had a net loss of almost $2.6 million, or 7 cents per share diluted. That represents a 73.6% improvement from the approximately $9.7 million net loss, or 26 cents per share diluted, in the first half of 2003.Funds from operations for this year’s second quarter was $12.2 million, compared with $3.8 million in the 2003 quarter–a 223.1% increase. Funds from operations for the 2004 second quarter exclude $4.4 million and $7.9 million in deferred percentage lease revenue.Also in the second quarter, revenue per available room for Innkeepers’ 67 comparable hotels increased 9.3% to $72.60, occupancy rose 5.9% to 76.8%, and the average daily rate increased 3.2% to $94.57.

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