PALM BEACH, Fla., Feb. 22 /PRNewswire-FirstCall/ -- Innkeepers USA
Trust (NYSE:KPA), a hotel real estate investment trust (REIT) and a
leading owner of upscale extended-stay hotel properties throughout
the United States, today announced results for the three and 12
month periods ended December 31, 2006. % YTD YTD % Q4 2006 Q4 2005
Change* 2006 2005 Change*
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Total revenue $75,870 $60,917 25% $286,713 $247,181 16%
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Net income (loss) applicable to common shareholders $189 $(126)
250% $18,962 $11,059 71%
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Diluted income (loss) per share $0.00 $(0.00) -% $0.42 $0.26 62%
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Funds from operations (FFO) $11,198 $9,002 24% $60,195 $49,380 22%
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Adjusted FFO $11,198 $9,010 24% $59,749 $52,565 14%
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Diluted FFO per share $0.23 $0.21 10% $1.26 $1.05 20%
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Adjusted FFO per share $0.23 $0.21 10% $1.25 $1.12 12%
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Earnings before interest, taxes, depreciation and amortization
(EBITDA) $23,397 $18,819 24% $100,153 $84,645 18%
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Adjusted EBITDA $23,397 $18,827 24% $99,631 $86,329 15%
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* In thousands, except per share and percentage change data FFO,
Adjusted FFO, FFO per share, Adjusted FFO per share, EBITDA and
Adjusted EBITDA are not generally accepted accounting principles
(GAAP) financial measures and are discussed in further detail and
reconciled to net income applicable to common shareholders later in
this press release. Adjusted FFO, Adjusted FFO per chare and
Adjusted EBITDA exclude other charges and discontinued operations.
Operating Results Revenue per available room (RevPAR) for the 2006
fourth quarter at the company's 67 comparable hotels improved 7.4
percent to $78.45, led by a 7.7 percent increase in average daily
rate (ADR) to $112.77, slightly offset by a 20-basis-point decline
in occupancy to 69.6 percent. The 2006 fourth quarter comparable
hotels exclude the Boston Bulfinch, which was acquired in the
fourth quarter of 2005, two hotels in Montvale and Atlantic City,
N.J. currently closed and being converted to the Courtyard by
Marriott brand, and five hotels acquired in the 2006 fourth quarter
and another hotel acquired through an unconsolidated joint venture.
For the full year, at the company's 65 comparable hotels (also
excludes the Westin Morristown, N.J. and the Hampton Inn in
Louisville, Ky.), Innkeepers reported a 6.9 percent increase in
RevPAR to $83.45, with ADR improving 7.4 percent to $111.54, offset
by a decline in occupancy of approximately 40 basis points to 74.8
percent. Gross operating profit (GOP) margins (hotel revenue less
hotel expenses, before property taxes and insurance) for the
company's comparable hotels improved 220 basis points in the 2006
fourth quarter to 40.3 percent. For the full year, GOP margins
advanced 80 basis points to 44.9 percent from 44.1 percent. For the
fourth quarter and full year, GOP flowthrough (increase in GOP
compared to the increase in revenue) was 72 percent and 56 percent,
respectively. "We had a strong fourth quarter and full year of
organic growth," said Jeffrey H. Fisher, chief executive officer
and president. "Fourth quarter and full year margin growth
rebounded nicely from a decline in third quarter margins,
reflecting higher profits in our room and food and beverage
departments. Our margins jumped 220 basis points in the fourth
quarter and were a robust 44.9 percent for the year. Although high
insurance costs and energy costs remain unpredictable, we believe
they have stabilized and see continued margin growth opportunities
in 2007. FFO was in line with consensus analyst expectations even
though FFO was negatively impacted by nearly $0.02 per share for
write-offs associated with foregone development deals. "For the
twelfth consecutive quarter, our Silicon Valley properties have
experienced positive RevPAR increases, with the last five
consecutive quarters of RevPAR gains at the double-digit level," he
said. "These hotels continue as one of our lead growth markets."
RevPAR at the company's eight Silicon Valley, Calif. hotels
improved 16.0 percent in the 2006 fourth quarter, reflecting a 2.6
percentage point rise in occupancy to 75.2 percent and an 11.9
percent advance in ADR to $125.32. For the full year, the Silicon
Valley properties experienced a 19.3 percent increase in RevPAR,
driven by a 6.3 percentage point increase in occupancy to 80.6
percent and a 9.8 percent rise in ADR to $121.50. Excluding Silicon
Valley, RevPAR for the company's comparable hotels increased 5.7
percent in the 2006 fourth quarter and 4.6 percent for the full
year 2006. "We continue to see significant upside in Silicon
Valley, both from current local market conditions and because
results remain well below the last historical peak," he said.
"Other strong performing markets include Seattle and Chicago, where
we have four hotels each in those markets. RevPAR at our hotels in
these markets increased 16.8 percent and 12.8 percent,
respectively, in the quarter and 11.0 percent and 12.4 percent,
respectively, for the year. We look for these markets to continue
to outperform the industry in 2007. Acquisitions/Development Update
The company acquired interests in six hotels with 1,441 rooms for a
total of $259 million in the 2006 fourth quarter in three separate
transactions. Four hotels in Southern California -- two Residence
Inns and two Hilton hotels -- aggregating 931 rooms were purchased
for $215 million. The 155-room Sheraton Rockville in Maryland was
acquired for approximately $23.5 million. The 355-room Sheraton
Capital Center Hotel in Raleigh, N.C., of which the company owns 49
percent, was purchased in a joint venture with Gencom Group, a
private, Miami-based hospitality investment firm, for approximately
$42.0 million, which includes $5 million for renovations that are
under way. Innkeepers currently has two hotels closed and
undergoing renovation and one new property under construction. The
company expects to open the renovated Montvale, N.J. property as a
Courtyard by Marriott on May 1, 2007 and its Atlantic City hotel as
a Courtyard by Marriott on July 1, 2007. The under-construction,
150-suite Embassy Suites in Valencia, California also is expected
to open in July 2007. "Hotel real estate prices remain at
historical highs, which makes development more attractive," Fisher
said. "We have the expertise to acquire and develop and have active
pipelines in both arenas. Our core products will continue to be
premium brands in the upscale extended-stay sectors, as well as
select-service and full-service properties in urban markets with
multiple demand generators and high barriers to new competition.
"The three hotels that will open in 2007 and potential new
development projects will give us substantial embedded growth for
the next two to three years as they ramp up," he said. Fisher noted
that the company is considering the divestiture of certain hotels
in the its portfolio. "The active acquisition and development
pipeline as well as any potential divestitures are a continuation
of our stated long-term strategy to transform the overall quality
of our portfolio by deploying our capital into newer, more
profitable assets that will position us for strong future growth
and improve the overall operating margins of our portfolio."
Renovations and Hyatt Summerfield Suites Investment "We invested
approximately $22 million in renovations in 2006 to keep our
properties fresh and competitive and expect to invest approximately
$36 million in 2007," Fisher commented. "Included in the $36
million is approximately $11 million to substantially upgrade our
five Hyatt Summerfield Suites properties," he noted. "We have been
sitting on the sidelines regarding upgrading the hotels until the
Hyatt plans were unveiled. We have great confidence in the Hyatt
brand and believe these hotels, which are in
high-barrier-to-new-competition markets, will enjoy higher revenues
and profits upon completion of the renovation program and will
benefit significantly from the expansion and marketing of the brand
by Hyatt, its reservation system and the Hyatt Gold Passport guest
reward program." Capital Structure Innkeepers added $237 million in
debt associated with the five hotels it acquired in the 2006 fourth
quarter as well as the 49 percent equity interest in the
unconsolidated joint venture, including $133.7 million in mortgage
debt and $104.4 million on the company's line of credit. At
year-end 2006, the company's average interest rate on its
fixed-rate debt interest was 6.84 percent with an average maturity
of 6.3 years. The company's debt to investment in hotels at cost
ratio was approximately 39 percent with 77 percent at fixed rates.
The company has $87 million available on its unsecured line of
credit. "During 2006, we executed key financing transactions that
will support our continued growth," said Dennis Craven, chief
financial officer. "We secured $208.7 million in mortgage debt at
an average interest rate of 5.96 percent and a remaining maturity
of 9.4 years, and we amended our line of credit to increase our
borrowing capacity to $205 million from $135 million and extend its
maturity to September 2008." Craven noted that the company has a
$22.0 million term loan maturing in October 2007 that will be
repaid with borrowings under the line of credit or possibly new
long-term debt. Dividend The company raised its quarterly dividend
twice in 2006 to $0.23 per common share in the fourth quarter. "We
have raised our dividend four times since May 2005," Fisher said.
"We will continue to evaluate the dividend each quarter based on
projections for continued sustainable growth and our confidence in
the economy, the hotel industry and the quality of our portfolio.
Based on current projections, we anticipate a slight increase in
the quarterly dividend later in the year barring unforeseen
economic or political issues." Earnings Guidance "Innkeepers
enjoyed its third consecutive year of significant organic hotel
growth, acquisitions and development," Fisher noted. "Forecasts by
industry experts point to continued robust growth in 2007 and 2008.
Our operators currently see nothing in our markets that would
dampen the outlook for our portfolio over the foreseeable future.
We will continue to aggressively pursue our multi-faceted strategy
of internal growth, opportunistic acquisitions and development."
The company provides the following range of estimates for the first
quarter and full-year 2007, based on assumed RevPAR growth of 5
percent to 7 percent for the first quarter and 6 percent to 8
percent for the full year. Forecasted financial results do not
include any assumptions of future acquisitions, developments,
dispositions or capital markets transactions: * Net income
applicable to common shareholders of $2.1 million to $3.1 million
for the first quarter and $26.6 million to $30.0 million for the
full year; * Diluted income per share of $0.05 to $0.07 for the
first quarter and $0.56 to $0.64 for the full year; * FFO per share
of $0.27 to $0.29 for the first quarter and $1.45 to $1.53 for the
full year; * EBITDA of $25.5 million to $27.0 million for the first
quarter and $123.5 million to $127.0 million for the full year; *
Incentive management fees to Innkeepers Hospitality of $1.0 to $1.5
million for the full year (none in the first quarter); * Capital
expenditures of $36 million, excluding conversions and developments
See reconciliations of net income applicable to common shareholders
to FFO per share, Adjusted FFO per share and Adjusted EBITDA
included in the tables of this press release. FFO per share,
Adjusted FFO per share, and Adjusted EBITDA are not GAAP financial
measures and are discussed in further detail in this press release.
The company will hold a web cast of its fourth quarter 2006
conference call today, February 22, 2007, at 10 a.m. Eastern time.
Interested parties may go to the company's Web site and click on
Conference Calls. They also may listen to an archived web cast of
the conference call on the Web site, or may dial (800) 405-2236,
pass code 11082877, to hear a telephone replay. The archived web
cast and telephone replay will be available through March 1, 2007.
Innkeepers USA Trust owns 75 hotels with a total of 9,904 rooms or
suites and one 355-room hotel in which it owns a 49 percent equity
interest in 21 states and Washington, D.C., and focuses on
acquiring or developing premium- branded upscale extended-stay and
select-service hotels, the core of the company's portfolio;
selected full-service hotels; and turn-around opportunities for
hotels that operate under or can be converted to the industry's
leading brands. For more information about Innkeepers USA Trust,
visit the company's web site at http://www.innkeepersusa.com/.
Included in this press release are certain "non-GAAP financial
measures," within the meaning of Securities and Exchange Commission
(SEC) rules and regulations, that are different from measures
calculated and presented in accordance with GAAP (generally
accepted accounting principles). These non- GAAP financial measures
are (i) funds from operations (FFO), (ii) FFO per share, (iii)
Adjusted FFO, (iv) Adjusted FFO per share, (v) net income (loss)
(computed in accordance with GAAP) before interest, taxes,
depreciation and amortization, common and preferred minority
interests and preferred dividends (EBITDA), and (vi) Adjusted
EBITDA. The following explains why we believe these measures, when
considered along with earnings per share, calculated in accordance
with GAAP, help provide investors with a more complete
understanding of our financial and operating performance. FFO As
Defined by NAREIT and Adjusted FFO The National Association of Real
Estate Investment Trusts (NAREIT) adopted the definition of FFO in
order to promote an industry standard measure of REIT financial and
operating performance. Management believes that the presentation of
FFO, FFO per share, Adjusted FFO (defined below) and Adjusted FFO
per share provide useful supplemental information to investors
regarding the company's financial condition and results of
operations, particularly in reference to the company's ability to
service debt, fund capital expenditures and pay cash dividends.
Many other real estate investment trusts use FFO as a measure of
their financial and operating performance, and therefore provides
another basis of comparison for management. FFO, as defined, adds
back historical cost depreciation. Historical cost depreciation
assumes the value of real estate assets diminishes predictably over
a certain period of time. In fact, real estate asset values
historically have increased or decreased with market conditions.
Consequently, FFO and Adjusted FFO may be useful supplemental
measures in evaluating financial and operating performance by
disregarding, or adding back, historical cost depreciation in the
calculation of FFO and Adjusted FFO. Additionally, FFO per share
and Adjusted FFO per share targets have historically been used to
determine a significant portion of the incentive compensation of
the company's senior management. NAREIT defines FFO as net income
(loss) (computed in accordance with GAAP), excluding gains (losses)
from sales of property, plus real estate depreciation and
amortization and after adjustments for unconsolidated partnerships
and joint ventures. The company calculates FFO in compliance with
the NAREIT definition. The company defines Adjusted FFO as FFO (as
defined by NAREIT), adjusted for non-recurring and/or non-cash
items, including discontinued operations and impairment losses.
FFO, Adjusted FFO, FFO per share, Adjusted FFO per share are
reconciled to net income (loss) applicable to common shareholders
determined in accordance with GAAP in the accompanying schedules.
EBITDA and Adjusted EBITDA EBITDA is defined as net income (loss)
(computed in accordance with GAAP) before interest, taxes,
depreciation and amortization, common and preferred minority
interests and preferred dividends. The company defines Adjusted
EBITDA as EBITDA adjusted for non-recurring and/or non-cash items,
including gains (losses) from sales of property, discontinued
operations and impairment losses. Management believes that the
presentation of EBITDA and Adjusted EBITDA provides useful
supplemental information to investors regarding the company's
financial condition and results of operations, particularly in
reference to the company's ability to service debt, fund capital
expenditures and pay cash dividends. Many other businesses measure
their performance, in part, by their EBITDA results, which provide
another basis for comparison between companies. EBITDA and Adjusted
EBITDA are also factors in management's evaluation of the financial
and operating performance of the company, hotel level performance,
investment opportunities, dispositions and financing transactions.
EBITDA and Adjusted EBITDA are reconciled to net income (loss)
applicable to common shareholders determined in accordance with
GAAP in the accompanying schedules. FFO, FFO per share, Adjusted
FFO, Adjusted FFO per share, EBITDA and Adjusted EBITDA, as
presented, may not be comparable to FFO, FFO per share, Adjusted
FFO, Adjusted FFO per share, EBITDA and Adjusted EBITDA as
calculated by other real estate companies. These measures do not
reflect certain expenses that the company incurred and will incur,
such as depreciation and interest (although we show such expenses
in the reconciliation of these measures to their most directly
comparable GAAP measures). None of these measures should be
considered as an alternative to net income, net cash provided by
operating activities, or any other financial and operating
performance measure prescribed by GAAP. These measures should only
be used in conjunction with GAAP measures. Forward-Looking
Statement Safe Harbor This press release, and other publicly
available information on the company, includes forward-looking
statements within the meaning of federal securities law. These
statements include terms such as "should", "may", "believe" and
"estimate," or assumptions, estimates or forecasts about future
hotel and company performance and results, and the company's future
need for capital. Such statements should not be relied on because
they involve risks that could cause actual results to differ
materially from the company's expectations when such statements are
made. Some of these risks are set forth in reports filed from time
to time with the SEC and include, without limitation, (i) the
company engages in a number of related party transactions that
create conflicts of interest, (ii) the operational risks of the
hotel business (including decreasing hotel revenues and increasing
hotel expenses), (iii) risks that war, terrorism or similar
activities, widespread health alerts, disruption in oil imports or
higher oil prices, or changes in domestic or international
political environments negatively affect the travel industry and
the company, (iv) risk of declines in the performance and prospects
of businesses and industries (e.g., technology, automotive,
aerospace, pharmaceuticals) that are important hotel demand
generators in the company's key markets (e.g. the Silicon Valley,
CA, Northern NJ, Washington, DC, etc.), (v) risk that poor,
declining and/or uncertain international, national, regional and/or
local economic conditions will, among other things, negatively
affect demand for the company's hotel rooms and the availability
and terms of financing, (vi) risk that the company's ability to
maintain its properties in competitive condition becomes
prohibitively expensive, (vii) risk that pricing in the hotel
acquisition market becomes prohibitively expensive or non-
financeable and that potential acquisitions or developments do not
perform in accordance with expectations, (viii) risk that the
company may invest in hotels of a size or nature (e.g., upscale
full service or resort) different than those it has focused on
historically (e.g., upscale extended-stay, and mid-scale limited
service); (ix) risks that the company may be uninsured or
underinsured against property, casualty or other risks that may
negatively affect its properties, or business, including but not
limited to earthquakes or hurricanes; (x) risks related to an
increasing focus on development, including permitting risks,
increasing the proportion of company assets not producing revenue
at a given time and risks that projects cost more, take longer to
complete or do not perform as anticipated; (xi) changes in travel
patterns or the prevailing means of commerce (i.e., e-commerce) may
reduce demand for hotels in general or the company's hotels in
particular, (xii) the complex tax rules that the company must
satisfy to qualify as a REIT and the potentially severe
consequences of failing to satisfy such requirements, and (xiii)
governmental regulation that may increase the company's cost of
doing business or otherwise negatively effect its business or its
attractiveness as an investment and create risk of liability for
non-compliance (e.g., changes in laws affecting wages, taxes or
dividends, compliance with building codes, compliance with the
Americans with Disabilities Act, workers compensation law changes,
the Sarbanes-Oxley law, etc.). The company undertakes no obligation
to update any forward-looking statement to reflect actual results,
changes in the company's expectation, or for any other reason.
INNKEEPERS USA TRUST CONSOLIDATED STATEMENTS OF OPERATIONS (in
thousands, except share and per share data) Three Months Ended
Twelve Months Ended December 31, December 31, --------------------
-------------------- 2006 2005 2006 2005
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Revenue: Hotel operating Rooms 68,856 56,297 266,231 232,489 Food
and beverage 4,225 2,354 11,242 6,254 Telephone 382 390 1,448 1,756
Other 2,125 1,746 7,100 6,156 Corporate Other 282 130 692 526
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Total revenue 75,870 60,917 286,713 247,181
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Expenses: Hotel operating Rooms 14,405 12,714 54,016 49,382 Food
and beverage 3,048 1,997 8,430 4,947 Telephone 892 794 3,159 2,938
Other 929 663 3,214 2,643 General and administrative 7,995 6,365
28,365 23,797 Franchise and marketing fees 4,432 3,948 18,115
16,210 Amortization of deferred franchise conversion 292 292 1,169
1,240 Advertising and promotions 3,072 2,371 9,933 8,323 Utilities
3,511 3,038 13,548 11,610 Repairs and maintenance 4,097 3,352
13,778 12,584 Management fees 2,266 1,812 8,596 7,381 Amortization
of deferred lease acquisition 131 131 523 523 Insurance 403 405
1,705 1,541 Corporate Depreciation 10,908 9,130 38,909 35,356
Amortization of franchise fees 25 17 92 68 Ground rent 148 144 567
535 Interest 8,499 4,981 23,930 18,817 Amortization of loan
origination fees 238 219 887 870 Property taxes and insurance 4,236
2,698 13,865 11,264 General and administrative 3,135 1,999 11,455
8,343 Other charges -- -- (446) 3,053
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Total expenses 72,662 57,069 253,810 221,425
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Income before minority interest and loss of unconsolidated entity
3,209 3,848 32,903 25,756 Minority interest, common 26 2 (222)
(193) Minority interest, preferred -- (1,068) (2,049) (4,273)
Equity in loss of unconsolidated entity (145) -- (145) --
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Income from continuing operations 3,089 2,782 30,487 21,290 Income
(loss) from discontinued operations -- (8) -- (132) Gain on sale of
assets from discontinued operations -- -- 75 1,501
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Net income 3,089 2,774 30,562 22,659 Preferred share dividends
(2,900) (2,900) (11,600) (11,600)
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Net income (loss) applicable to common shareholders $189 ($126)
$18,962 $11,059
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Earnings per share data: Basic - - continuing operations $0.00
$0.00 $0.43 $0.23
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Basic $0.00 $0.00 $0.43 $0.26
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Basic - - weighted average shares 45,152,152 42,730,979 44,211,475
41,962,899
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Diluted - - continuing operations $0.00 $0.00 $0.42 $0.23
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Diluted $0.00 $0.00 $0.42 $0.26
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Diluted - - weighted average shares 47,226,082 43,125,786
45,453,173 42,266,403
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INNKEEPERS USA TRUST CALCULATION OF FFO, ADJUSTED FFO, EBITDA,
ADJUSTED EBITDA AND RECONCILIATION TO NET INCOME APPLICABLE TO
COMMON SHAREHOLDERS (in thousands, except share and per share data)
Three Months Ended Twelve Months Ended December 31, December 31,
2006 2005 2006 2005 ---------------------- ----------------------
CALCULATION OF FFO Net income (loss) applicable to common
shareholders $188 ($126) $18,962 $11,059 Depreciation 10,908 9,130
38,909 35,356 Depreciation in unconsolidated entity 128 -- 128 --
Gain on sale of assets from discontinued operations -- -- (75)
(1,501) Minority interest, preferred -- -- 2,049 4,273 Minority
interest, common (26) (2) 222 193 ----------------------
---------------------- Diluted FFO $11,198 $9,002 $60,195 $49,380
---------------------- ---------------------- Weighted average
number of common shares and common share equivalents 47,841,212
43,125,786 47,800,218 46,911,391 ----------------------
---------------------- FFO per share $0.23 $0.21 $1.26 $1.05
---------------------- ---------------------- FFO 11,198 9,002
60,195 49,380 Other charges -- -- (446) 3,053 Discontinued
operations -- 8 -- 132 ----------------------
---------------------- Adjusted FFO $11,198 $9,010 $59,749 $52,565
---------------------- ---------------------- Adjusted FFO per
share $0.23 $0.21 $1.25 $1.12 ----------------------
---------------------- Three Months Ended Twelve Months Ended
December 31, December 31, 2006 2005 2006 2005 ------------------
------------------- CALCULATION OF EBITDA Net income applicable to
common shareholders $188 ($126) $18,962 $11,059 Interest 8,499
4,981 23,930 18,817 Depreciation and amortization 11,708 9,998
43,261 38,703 Depreciation in unconsolidated entity 128 -- 128 --
Minority interest, common (26) (2) 222 193 Minority interest,
preferred -- 1,068 2,049 4,273 Preferred share dividends 2,900
2,900 11,600 11,600 --------------- ---------------- EBITDA $23,397
$18,819 $100,152 $84,645 --------------- ---------------- Other
charges -- -- (446) 3,053 Discontinued operations -- 8 -- 132 Gain
on sale of hotels included in discontinued operations -- -- (75)
(1,501) --------------- ---------------- Adjusted EBITDA $23,397
$18,827 $99,631 $86,329 --------------- ---------------- INNKEEPERS
USA TRUST CONSOLIDATED BALANCE SHEETS (in thousands, except share
and per share data) December 31, December 31, 2006 2005
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ASSETS Investment in hotels: Land and improvements $183,132
$150,375 Buildings and improvements 963,997 754,131 Furniture and
equipment 125,030 106,944 Renovations in process 25,971 4,534
Hotels under development 16,562 4,413
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1,314,692 1,020,397 Accumulated depreciation (265,453) (230,139)
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Net investment in hotels 1,049,239 790,258 Cash and cash
equivalents 10,485 11,897 Restricted cash and cash equivalents
7,064 6,675 Investment in unconsolidated entity 4,132 -- Accounts
receivable, net 5,991 6,124 Prepaid 4,249 2,478 Deferred and other
20,846 19,546
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Total assets $1,102,006 $836,978
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LIABILITIES AND SHAREHOLDERS' EQUITY Debt $515,290 $269,426
Accounts payable and accrued expenses 26,987 15,956 Payable to
manager 176 236 Franchise conversion fee obligations 9,660 10,714
Distributions payable 13,110 9,645
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Total liabilities 565,223 305,977 Minority interest in Partnership
19,112 47,982 Shareholders' equity: Preferred shares, $0.01 par
value, 20,000,000 shares authorized, 5,800,000 shares issued and
outstanding 145,000 145,000 Common shares, $0.01 par value,
100,000,000 shares authorized, 45,732,800 and 42,939,086 issued and
outstanding 457 429 Additional paid-in capital 507,384 460,873
Unearned compensation -- (1,939) Distributions in excess of
earnings (135,170) (121,344)
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Total shareholders' equity 517,671 483,019
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Total liabilities and shareholders' equity $1,102,006 $836,978
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INNKEEPERS USA TRUST DEBT COMPOSITION As of December 31, 2006
(outstanding balance in thousands) Stated Outstanding Interest
Maturity Encumbered DEBT Balance Rate Date Properties
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Unsecured Line of Credit(1) $107,000 6.85% September 2008 --
Industrial Revenue Bonds(1) 10,000 3.70% December 2014 -- Term Loan
#1 21,962 8.17% October 2007 8 Term Loan #2 33,484 8.15% March 2009
8 Term Loan #3 27,486 7.02% April 2010 7 Term Loan #4 44,403 7.16%
October 2009 6 Term Loan #5 48,749 7.75% January 2011 6 Mortgage
Loan 12,310 10.35% June 2010 1 Mortgage Loan 75,000 6.03% September
2016 3 Mortgage Loan 13,700 5.41% July 2010 1 Mortgage Loan 120,000
5.98% October 2016 3 Adjustments (4) 1,196 -- -- -- TOTAL $515,290
6.78%(2) 6.3 years(3) 43(5) (1) Variable rated debt. The stated
interest rate of the industrial revenue bonds includes an annual
letter of credit fee of 1.25% (2) Weighted average calculated using
the stated interest rate (3) Weighted average maturity of debt,
excluding the unsecured line of credit (4) Adjustment to record $13
million mortgage at a fair market interest rate of 7% (the stated
interest rate is 10.35%) (5) Does not include the Sheraton Raleigh,
of which we own a 49% interest, which is encumbered but not
consolidated INNKEEPERS USA TRUST OTHER DATA (in thousands, except
shares data) December 31, December 31, 2006 2005
------------------------------ CAPITALIZATION Common share market
capitalization $746,000 $698,000 ------------------------------
Total equity market capitalization $891,000 $1,097,000
------------------------------ Common share closing price $15.50
$16.00 ------------------------------ Common share dividend(1)
$0.73 $0.46 ------------------------------ Common share dividend
yield(1) 4.7% 2.9% ------------------------------ Preferred share
closing price $25.22 $24.43 ------------------------------
Preferred share dividend(2) $2.00 $2.00
------------------------------ Preferred share dividend yield(2)
7.9% 8.2% ------------------------------ DEBT COVERAGE Debt
weighted average interest rate 6.8% 7.2%
------------------------------ Debt to investment in hotel
properties, at cost 39% 26% ------------------------------ Debt and
preferred shares to investment in hotel properties 50% 41%
------------------------------ LIQUIDITY/FLEXIBILITY Debt due 2006
-- $6,000 ------------------------------ Debt due 2007 $27,000
$91,000 ------------------------------ Debt due 2008 and thereafter
$113,000 $5,000 ------------------------------ Debt due 2009 and
thereafter $375,290 $167,426 ------------------------------
Unencumbered hotel assets(3) 57% 48% ------------------------------
Unsecured Line of Credit outstanding balance $107,000 $64,074
------------------------------ Unsecured Line of Credit available
balance(4) $86,500 $59,426 ------------------------------ SHARES
AND UNITS OUTSTANDING Common Shares 45,732,800 42,939,086
------------------------------ Common Partnership Units 2,415,248
666,891 ------------------------------ Preferred Partnership Units
- 3,884,469 ------------------------------ Preferred Shares
5,800,000 5,800,000 ------------------------------ (1) Regular
common share dividends declared for the trailing twelve months
ended December 31, 2006 and 2005 (2) Regular annual preferred share
dividends (3) Based upon the number of hotels, excluding the
Sheraton Raleigh (4) The actual amount that may be borrowed is
contingent upon many factors, such as compliance with unsecured
line of credit covenants and the use of proceeds from borrowings.
The $205 million unsecured line of credit available balance has
been reduced by $11.5 million in letters of credit. INNKEEPERS USA
TRUST HOTEL OPERATING RESULTS (UNAUDITED) Three Months Ended
December 31, % December 31, 2006 2006 2005 Inc(dec) PORTFOLIO(1)
----------------------------- Average Daily Rate $112.77 $104.73
7.68% -------------------------- Occupancy 69.57% 69.77% -0.29%
-------------------------- RevPAR $78.45 $73.07 7.36%
-------------------------- Number of hotel properties 65 ------
Percent of total rooms 100.0% ------ Percent of room revenue 100.0%
------ BY INDUSTRY CLASSIFICATION -----------------------------
Upscale Extended Stay Average Daily Rate $113.48 $103.91 9.20%
-------------------------- Occupancy 73.17% 73.74% -0.78%
-------------------------- RevPAR $83.03 $76.63 8.35%
-------------------------- Number of hotel properties 49 ------
Percent of total rooms 74.7% ------ Percent of room revenue 78.2%
------ Upscale(1) Average Daily Rate $142.31 $128.42 10.82%
-------------------------- Occupancy 56.46% 62.32% -9.41%
-------------------------- RevPAR $80.34 $80.03 0.39%
-------------------------- Number of hotel properties 3 ------
Percent of total rooms 5.8% ------ Percent of room revenue 6.3%
------ Mid Priced(1) Average Daily Rate $99.35 $98.35 1.02%
-------------------------- Occupancy 62.35% 59.06% 5.57%
-------------------------- RevPAR $61.94 $58.08 6.64%
-------------------------- Number of hotel properties 13 ------
Percent of total rooms 19.6% ------ Percent of room revenue 15.5%
------ BY FRANCHISE AFFILIATION -----------------------------
Residence Inn Average Daily Rate $113.46 $104.06 9.04%
-------------------------- Occupancy 72.62% 73.26% -0.88%
-------------------------- RevPAR $82.39 $76.23 8.08%
-------------------------- Number of hotel properties 42 ------
Percent of total rooms 63.5% ------ Percent of room revenue 66.4%
------ Summerfield Suites(2) Average Daily Rate $105.91 $98.66
7.36% -------------------------- Occupancy 75.96% 76.38% -54.00%
-------------------------- RevPAR $80.45 $75.35 6.77%
-------------------------- Number of hotel properties 6 ------
Percent of total rooms 9.4% ------ Percent of room revenue 9.3%
------ Hampton Inn Average Daily Rate $102.05 $98.34 3.78%
-------------------------- Occupancy 62.32% 57.37% 8.64%
-------------------------- RevPAR $63.60 $56.41 12.74%
-------------------------- Number of hotel properties 11 ------
Percent of total rooms 16.7% ------ Percent of room revenue 13.4%
------ BY MANAGEMENT COMPANY -----------------------------
Innkeepers Hospitality Management Average Daily Rate $113.07
$105.18 7.50% -------------------------- Occupancy 70.29% 70.05%
0.34% -------------------------- RevPAR $79.47 $73.68 7.86%
-------------------------- Number of hotel properties 64 ------
Percent of total rooms 97.3% ------ Percent of room revenue 97.5%
------ Third Party Managed Average Daily Rate $93.87 $84.63 10.92%
-------------------------- Occupancy 42.31% 59.13% -28.46%
-------------------------- RevPAR $39.71 $50.04 -20.65%
-------------------------- Number of hotel properties 1 ------
Percent of total rooms 2.7% ------ Percent of room revenue 2.5%
------ BY GEOGRAPHIC REGION ----------------------------- New
England [ME, NH, VT, MA, CT, RI] Average Daily Rate $109.29 $106.92
2.22% -------------------------- Occupancy 68.48% 65.15% 5.11%
-------------------------- RevPAR $74.84 $69.65 7.45%
-------------------------- Number of hotel properties 4 ------
Percent of total rooms 4.6% ------ Percent of room revenue 4.4%
------ Middle Atlantic [NY, NJ, PA] Average Daily Rate $120.65
$116.34 3.71% -------------------------- Occupancy 71.65% 67.17%
6.68% -------------------------- RevPAR $86.45 $78.14 10.63%
-------------------------- Number of hotel properties 10 ------
Percent of total rooms 14.2% ------ Percent of room revenue 14.1%
------ South Atlantic [DE, MD, WV, DC, VA, NC, SC, GA, FL] Average
Daily Rate $112.53 $108.07 4.13% --------------------------
Occupancy 61.85% 67.66% -8.58% -------------------------- RevPAR
$69.60 $73.12 -4.81% -------------------------- Number of hotel
properties 15 ------ Percent of total rooms 23.9% ------ Percent of
room revenue 23.5% ------ East North Central [OH, MI, IN, IL, WI]
Average Daily Rate $98.24 $90.03 9.12% --------------------------
Occupancy 65.92% 68.00% -3.05% -------------------------- RevPAR
$64.76 $61.22 5.79% -------------------------- Number of hotel
properties 12 ------ Percent of total rooms 16.7% ------ Percent of
room revenue 13.9% ------ East South Central(1) [KY, TN, AL, MS]
Average Daily Rate $96.58 $94.34 2.37% --------------------------
Occupancy 69.97% 54.79% 27.72% -------------------------- RevPAR
$67.58 $51.68 30.75% -------------------------- Number of hotel
properties 2 ------ Percent of total rooms 2.2% ------ Percent of
room revenue 1.9% ------ West North Central [MN, IA, MO, KS, NE,
SD, ND] Average Daily Rate $84.90 $81.04 4.76%
-------------------------- Occupancy 81.30% 77.16% 5.37%
-------------------------- RevPAR $69.02 $62.53 10.39%
-------------------------- Number of hotel properties 1 ------
Percent of total rooms 0.8% ------ Percent of room revenue 0.7%
------ West South Central [AR, LA, OK, TX] Average Daily Rate
$108.17 $95.41 13.37% -------------------------- Occupancy 74.48%
78.02% -4.54% -------------------------- RevPAR $80.56 $74.44 8.22%
-------------------------- Number of hotel properties 5 ------
Percent of total rooms 8.7% ------ Percent of room revenue 8.5%
------ Mountain [MT, ID, WY, CO, UT, NM, AZ, NV] Average Daily Rate
$101.40 $89.03 13.90% -------------------------- Occupancy 71.52%
73.56% -2.78% -------------------------- RevPAR $72.52 $65.49
10.73% -------------------------- Number of hotel properties 2
------ Percent of total rooms 3.6% ------ Percent of room revenue
3.3% ------ Pacific [WA, OR, CA, AK, HI] Average Daily Rate $123.44
$110.94 11.27% -------------------------- Occupancy 75.62% 74.51%
1.49% -------------------------- RevPAR $93.34 $82.66 12.92%
-------------------------- Number of hotel properties 14 ------
Percent of total rooms 25.4% ------ Percent of room revenue 29.7%
------ BY SELECTED MSA ----------------------------- Atlanta
Average Daily Rate $107.61 $105.08 2.41% --------------------------
Occupancy 68.30% 70.85% -3.60% -------------------------- RevPAR
$73.50 $74.45 -1.28% -------------------------- Number of hotel
properties 2 ------ Percent of total rooms 3.5% ------ Percent of
room revenue 3.4% ------ Boston Average Daily Rate $103.97 $98.14
5.94% -------------------------- Occupancy 59.88% 54.53% 9.80%
-------------------------- RevPAR $62.26 $53.52 16.33%
-------------------------- Number of hotel properties 1 ------
Percent of total rooms 1.3% ------ Percent of room revenue 0.9%
------ Chicago Average Daily Rate $105.49 $92.09 14.55%
-------------------------- Occupancy 65.61% 66.64% -1.56%
-------------------------- RevPAR $69.21 $61.37 12.77%
-------------------------- Number of hotel properties 4 ------
Percent of total rooms 7.1% ------ Percent of room revenue 6.1%
------ Dallas/Ft. Worth Average Daily Rate $95.82 $87.37 9.68%
-------------------------- Occupancy 73.53% 78.34% -6.14%
-------------------------- RevPAR $70.46 $68.45 2.94%
-------------------------- Number of hotel properties 4 ------
Percent of total rooms 6.8% ------ Percent of room revenue 6.0%
------ Denver Average Daily Rate $101.40 $89.03 13.90%
-------------------------- Occupancy 71.52% 73.56% -2.78%
-------------------------- RevPAR $72.52 $65.49 10.73%
-------------------------- Number of hotel properties 2 ------
Percent of total rooms 3.6% ------ Percent of room revenue 3.3%
------ Detroit Average Daily Rate $95.93 $90.23 6.32%
-------------------------- Occupancy 65.01% 72.26% -10.03%
-------------------------- RevPAR $62.36 $65.20 -4.35%
-------------------------- Number of hotel properties 3 ------
Percent of total rooms 4.5% ------ Percent of room revenue 3.7%
------ Hartford Average Daily Rate $112.40 $112.40 0.00%
-------------------------- Occupancy 73.83% 72.83% 1.38%
-------------------------- RevPAR $82.99 $81.85 1.38%
-------------------------- Number of hotel properties 2 ------
Percent of total rooms 2.4% ------ Percent of room revenue 2.5%
------ Philadelphia Average Daily Rate $107.24 $101.96 5.18%
-------------------------- Occupancy 79.52% 74.46% 6.80%
-------------------------- RevPAR $85.28 $75.92 12.33%
-------------------------- Number of hotel properties 4 ------
Percent of total rooms 5.8% ------ Percent of room revenue 5.7%
------ Richmond Average Daily Rate $100.94 $94.84 6.42%
-------------------------- Occupancy 76.04% 74.23% 2.44%
-------------------------- RevPAR $76.75 $70.40 9.02%
-------------------------- Number of hotel properties 2 ------
Percent of total rooms 2.3% ------ Percent of room revenue 2.3%
------ San Francisco/San Jose/Oakland (Silicon valley) Average
Daily Rate $125.32 $111.99 11.91% --------------------------
Occupancy 75.20% 72.57% 3.63% -------------------------- RevPAR
$94.24 $81.27 15.97% -------------------------- Number of hotel
properties 8 ------ Percent of total rooms 15.0% ------ Percent of
room revenue 17.6% ------ Seattle/Portland Average Daily Rate
$123.71 $109.34 13.14% -------------------------- Occupancy 77.26%
74.83% 3.25% -------------------------- RevPAR $95.58 $81.83 16.81%
-------------------------- Number of hotel properties 4 ------
Percent of total rooms 6.3% ------ Percent of room revenue 7.6%
------ Washington, D.C. Average Daily Rate $146.87 $135.88 8.09%
-------------------------- Occupancy 64.83% 67.50% -3.96%
-------------------------- RevPAR $95.21 $91.71 3.81%
-------------------------- Number of hotel properties 4 ------
Percent of total rooms 6.7% ------ Percent of room revenue 8.3%
------ Twelve Months Ended December 31, % 2006 2005 Inc(dec)
--------------------------------- PORTFOLIO(1)
----------------------------- Average Daily Rate $111.54 $103.82
7.44% --------------------------------- Occupancy 74.82% 75.18%
-0.48% --------------------------------- RevPAR $83.45 $78.05 6.92%
--------------------------------- Number of hotel properties
Percent of total rooms Percent of room revenue BY INDUSTRY
CLASSIFICATION ----------------------------- Upscale Extended Stay
Average Daily Rate $112.38 $103.84 8.22%
--------------------------------- Occupancy 77.74% 78.18% -0.56%
--------------------------------- RevPAR $87.36 $81.18 7.61%
--------------------------------- Number of hotel properties
Percent of total rooms Percent of room revenue Upscale(1) Average
Daily Rate $135.10 $123.57 9.33% ---------------------------------
Occupancy 67.75% 68.54% -1.16% ---------------------------------
RevPAR $91.52 $84.70 8.06% --------------------------------- Number
of hotel properties Percent of total rooms Percent of room revenue
Mid Priced(1) Average Daily Rate $100.61 $97.66 3.02%
--------------------------------- Occupancy 65.73% 65.68% 0.08%
--------------------------------- RevPAR $66.13 $64.14 3.10%
--------------------------------- Number of hotel properties
Percent of total rooms Percent of room revenue BY FRANCHISE
AFFILIATION ----------------------------- Residence Inn Average
Daily Rate $112.63 $103.98 8.31% ---------------------------------
Occupancy 77.50% 77.62% -0.15% ---------------------------------
RevPAR $87.29 $80.71 8.15% --------------------------------- Number
of hotel properties Percent of total rooms Percent of room revenue
Summerfield Suites(2) Average Daily Rate $105.00 $103.98 8.31%
--------------------------------- Occupancy 78.87% 77.62% -15.00%
--------------------------------- RevPAR $82.81 $80.71 8.15%
--------------------------------- Number of hotel properties
Percent of total rooms Percent of room revenue Hampton Inn Average
Daily Rate $102.68 $97.81 4.97% ---------------------------------
Occupancy 65.44% 64.42% 1.59% ---------------------------------
RevPAR $67.19 $63.01 6.64% --------------------------------- Number
of hotel properties Percent of total rooms Percent of room revenue
BY MANAGEMENT COMPANY ----------------------------- Innkeepers
Hospitality Management Average Daily Rate $111.16 $103.67 7.22%
--------------------------------- Occupancy 75.21% 75.58% -0.49%
--------------------------------- RevPAR $83.60 $78.35 6.70%
--------------------------------- Number of hotel properties
Percent of total rooms Percent of room revenue Third Party Managed
Average Daily Rate $128.61 $110.53 16.36%
--------------------------------- Occupancy 60.80% 61.02% -0.36%
--------------------------------- RevPAR $78.19 $67.44 15.94%
--------------------------------- Number of hotel properties
Percent of total rooms Percent of room revenue BY GEOGRAPHIC REGION
----------------------------- New England [ME, NH, VT, MA, CT, RI]
Average Daily Rate $110.80 $106.57 3.96%
--------------------------------- Occupancy 71.20% 70.39% 1.15%
--------------------------------- RevPAR $78.89 $75.02 5.16%
--------------------------------- Number of hotel properties
Percent of total rooms Percent of room revenue Middle Atlantic [NY,
NJ, PA] Average Daily Rate $111.55 $108.88 2.45%
--------------------------------- Occupancy 74.58% 74.36% 0.29%
--------------------------------- RevPAR $83.19 $80.97 2.74%
--------------------------------- Number of hotel properties
Percent of total rooms Percent of room revenue South Atlantic [DE,
MD, WV, DC, VA, NC, SC, GA, FL] Average Daily Rate $117.82 $109.35
7.74% --------------------------------- Occupancy 69.67% 72.82%
-4.33% --------------------------------- RevPAR $82.09 $79.63 3.08%
--------------------------------- Number of hotel properties
Percent of total rooms Percent of room revenue East North Central
[OH, MI, IN, IL, WI] Average Daily Rate $96.94 $91.62 5.81%
--------------------------------- Occupancy 71.73% 71.57% 0.23%
--------------------------------- RevPAR $69.54 $65.57 6.05%
--------------------------------- Number of hotel properties
Percent of total rooms Percent of room revenue East South
Central(1) [KY, TN, AL, MS] Average Daily Rate $92.87 $88.18 5.31%
--------------------------------- Occupancy 78.10% 79.68% -1.98%
--------------------------------- RevPAR $72.53 $70.26 3.23%
--------------------------------- Number of hotel properties
Percent of total rooms Percent of room revenue West North Central
[MN, IA, MO, KS, NE, SD, ND] Average Daily Rate $84.22 $81.66 3.13%
--------------------------------- Occupancy 87.48% 83.89% 4.29%
--------------------------------- RevPAR $73.67 $68.51 7.55%
--------------------------------- Number of hotel properties
Percent of total rooms Percent of room revenue West South Central
[AR, LA, OK, TX] Average Daily Rate $104.67 $93.30 12.19%
--------------------------------- Occupancy 78.33% 81.92% -4.38%
--------------------------------- RevPAR $81.99 $76.43 7.27%
--------------------------------- Number of hotel properties
Percent of total rooms Percent of room revenue Mountain [MT, ID,
WY, CO, UT, NM, AZ, NV] Average Daily Rate $100.46 $92.58 8.51%
--------------------------------- Occupancy 76.26% 76.00% 0.35%
--------------------------------- RevPAR $76.61 $70.36 8.89%
--------------------------------- Number of hotel properties
Percent of total rooms Percent of room revenue Pacific [WA, OR, CA,
AK, HI] Average Daily Rate $121.38 $110.63 9.72%
--------------------------------- Occupancy 80.37% 78.01% 3.03%
--------------------------------- RevPAR $97.56 $86.30 13.05%
--------------------------------- Number of hotel properties
Percent of total rooms Percent of room revenue BY SELECTED MSA
----------------------------- Atlanta Average Daily Rate $107.93
$99.18 8.82% --------------------------------- Occupancy 74.33%
73.67% 0.90% --------------------------------- RevPAR $80.23 $73.07
9.80% --------------------------------- Number of hotel properties
Percent of total rooms Percent of room revenue Boston Average Daily
Rate $103.10 $95.35 8.13% ---------------------------------
Occupancy 60.44% 57.59% 4.96% ---------------------------------
RevPAR $62.32 $54.91 13.49% ---------------------------------
Number of hotel properties Percent of total rooms Percent of room
revenue Chicago Average Daily Rate $101.61 $93.10 9.14%
--------------------------------- Occupancy 71.24% 69.20% 2.94%
--------------------------------- RevPAR $72.38 $64.43 12.35%
--------------------------------- Number of hotel properties
Percent of total rooms Percent of room revenue Dallas/Ft. Worth
Average Daily Rate $94.57 $84.33 12.14%
--------------------------------- Occupancy 77.83% 82.44% -5.59%
--------------------------------- RevPAR $73.61 $69.53 5.87%
--------------------------------- Number of hotel properties
Percent of total rooms Percent of room revenue Denver Average Daily
Rate $100.46 $92.58 8.51% ---------------------------------
Occupancy 76.26% 76.00% 0.35% ---------------------------------
RevPAR $76.61 $70.36 8.89% --------------------------------- Number
of hotel properties Percent of total rooms Percent of room revenue
Detroit Average Daily Rate $98.07 $93.58 4.80%
--------------------------------- Occupancy 69.06% 74.47% -7.27%
--------------------------------- RevPAR $67.73 $69.69 -2.82%
--------------------------------- Number of hotel properties
Percent of total rooms Percent of room revenue Hartford Average
Daily Rate $114.24 $112.58 1.48% ---------------------------------
Occupancy 75.17% 73.79% 1.88% ---------------------------------
RevPAR $85.88 $83.07 3.38% --------------------------------- Number
of hotel properties Percent of total rooms Percent of room revenue
Philadelphia Average Daily Rate $104.66 $101.64 2.97%
--------------------------------- Occupancy 78.72% 78.19% 0.68%
--------------------------------- RevPAR $82.39 $79.47 3.67%
--------------------------------- Number of hotel properties
Percent of total rooms Percent of room revenue Richmond Average
Daily Rate $103.76 $95.40 8.76% ---------------------------------
Occupancy 79.29% 80.53% -1.54% ---------------------------------
RevPAR $82.27 $76.83 7.08% --------------------------------- Number
of hotel properties Percent of total rooms Percent of room revenue
San Francisco/San Jose/Oakland (Silicon valley) Average Daily Rate
$121.50 $110.63 9.83% --------------------------------- Occupancy
80.64% 74.25% 8.60% --------------------------------- RevPAR $97.98
$82.14 19.27% --------------------------------- Number of hotel
properties Percent of total rooms Percent of room revenue
Seattle/Portland Average Daily Rate $123.33 $109.14 13.00%
--------------------------------- Occupancy 81.09% 82.53% -1.74%
--------------------------------- RevPAR $100.01 $90.07 11.03%
--------------------------------- Number of hotel properties
Percent of total rooms Percent of room revenue Washington, D.C.
Average Daily Rate $145.37 $134.05 8.45%
--------------------------------- Occupancy 70.72% 71.84% -1.57%
--------------------------------- RevPAR $102.80 $96.31 6.75%
--------------------------------- Number of hotel properties
Percent of total rooms Percent of room revenue (1) Hotel operating
results exclude one hotel property acquired in June 2003 which is
closed for conversion to a Courtyard hotel, one hotel property
acquired in June 2004 which was converted and opened as a Hampton
Inn hotel in August 2005, one hotel property acquired in February
2005 which is closed for conversion to a Courtyard hotel, one
Westin hotel acquired in May 2005, the Bullfinch hotel acquired in
November 2005 and the six hotels acquired during the fourth quarter
of 2006. For the quarter, it excludes the two Courtyard
conversions, the Bullfinch hotel and the six hotels acquired during
the fourth quarter of 2006. The percentage of total rooms and room
revenue calculations are based on the 65 comparable hotels for the
twelve months ended December 31, 2006. (2) Includes the Sunrise
Suites Tinton Falls, NJ. Contact: Dennis Craven (Company) Jerry
Daly or Carol McCune Chief Financial Officer Daly Gray (Media)
(561) 227-1302 (703) 435-6293 DATASOURCE: Innkeepers USA Trust
CONTACT: Dennis Craven, Chief Financial Officer of Innkeepers USA
Trust, +1-561-227-1302; or Media: Jerry Daly or Carol McCune of
Daly Gray, +1-703-435-6293, for Innkeepers USA Trust
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