PALM BEACH, Fla., Feb. 28 /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 months and
full-year ended December 31, 2005. % Full Yr Full Yr % 4Q 2005* 4Q
2004* Change* 2005* 2004* Change*
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Total revenue $60,917 $50,519 21% $247,181 $205,029 21%
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Net income (loss) applicable to common shareholders $(126) $(2,340)
95% $11,059 $(1,138) 1,072%
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Diluted income (loss) per share $0.00 $(0.06) 100% $0.26 $(0.03)
967%
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Funds from operations (FFO) $9,002 $5,796 55% $49,380 $31,418 57%
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Adjusted FFO $9,010 $5,867 54% $52,565 $34,631 52%
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FFO per share $0.21 $0.15 40% $1.05 $0.81 30%
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Adjusted FFO per share $0.21 $0.15 40% $1.12 $0.89 26%
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Earnings before interest, taxes, depreciation and amortization
(EBITDA) $18,819 $15,353 23% $84,645 $74,276 14%
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Adjusted EBITDA $18,827 $15,428 22% $86,329 $72,458 19% *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. FFO and FFO per share for the twelve months
ended December 31, 2004 include $4,249 in issuance costs pertaining
to the Series A Cumulative Convertible preferred shares that were
redeemed in January 2004. The $4,249 of Series A preferred share
issuance costs have been excluded from Adjusted FFO, Adjusted FFO
per share, EBITDA and Adjusted EBITDA. Adjusted FFO, Adjusted FFO
per share and Adjusted EBITDA exclude other charges and
discontinued operations. Adjusted EBITDA excludes a gain on sale of
hotels of $1,501 and $786 for the 12 months ended December 31, 2005
and 2004, respectively. Operating Results Revenue per available
room (RevPAR) for 65 of the company's hotel properties (excluding
five hotels closed for renovation and/or conversion during part or
all of the periods presented) increased 7.2 percent to $73.21 for
the fourth quarter 2005, compared to the same period in 2004.
Average daily rate (ADR) accounted for the entire RevPAR gain,
rising 7.2 percent to $103.42, while occupancy was unchanged at
70.8 percent. The 2005 fourth quarter RevPAR improvement reflects
an 11.7 percent increase in RevPAR at the company's eight Silicon
Valley, Calif. hotel properties. RevPAR for the portfolio,
excluding Silicon Valley, increased 6.3 percent. Gross operating
profit margins for the company's 61 comparable hotels improved 140
basis points to 40.4 percent. The company's 61 comparable hotels
exclude the eight hotels acquired in 2004 and 2005 and the Atlantic
City hotel acquired in 2003 that is closed for renovation and
conversion. "We had a very positive fourth quarter, capping a
strong 2005," said Jeffrey H. Fisher, chief executive officer and
president. "We achieved our second consecutive year of robust
growth as a result of strong hotel operations and opportunistic
acquisitions. We also benefited from positive industry
fundamentals, including the return of the business traveler to pre-
9/11 levels in many markets, healthy leisure travel demand,
continued strength in the economy, and low levels of new hotel
construction. We believe that there is still significant upside to
the current industry recovery and that the positive underlying
fundamentals will continue for at least the next few years.
"Operationally, our strong results were led by our Silicon Valley
properties," he noted. "We believe there is significant room for
additional improvement at these properties as RevPAR would have to
increase 73 percent from 2005 levels to reach their historical
peak. "Our 2005 RevPAR gain was principally the result of higher
room rates, which has been a primary focus of our operators. Our
ability to raise rate translated into higher gross operating profit
margins, which created strong flow-through. Our adjusted EBITDA
rose 19 percent to $86.3 million for the full year, and our
adjusted FFO per share improved 26 percent to $1.12. "Externally,
our acquisition program continued at a strong pace as we added four
hotels to our portfolio and opened one that had been closed for an
extensive renovation and conversion to a Hampton Inn. "Our
substantial growth in 2005 allowed us to significantly increase our
common share dividend, reflecting our continued confidence in our
cash flow and the durability of the recovery," he said. "At year
end, we maintained a $0.15 dividend, which was up 150 percent from
our first quarter dividend of $0.06. Based on our projections for
continued sustainable growth, we expect to increase our dividend
again in 2006." Acquisitions/Development/Renovations Update In
2005, the company acquired four hotels in key MSAs for a total of
$83 million: the 83-room Hampton Inn Columbia, Md.; the 190-room
hotel in Montvale, N.J., which currently is closed for renovation
and conversion to the Courtyard brand; the newly renovated 224-room
Westin Governor Morris hotel in Morristown, N.J.; and the 80-room
Bulfinch hotel in Boston, Mass. The company also re-opened a hotel
acquired in downtown Louisville in 2004, following a complete
renovation and conversion to the Hampton Inn brand. Fisher noted
that three properties (two that are closed for renovation and
conversion and one being developed) represent a significant source
of embedded growth for 2007 as all three hotels are located in
strong markets with high barriers to new competition. "The
permitting process for our Atlantic City and Montvale properties
has taken longer than initially expected and we now are projecting
a third-quarter 2006 opening for the Montvale hotel and late 2006
opening for the Atlantic City hotel. We expect to spend
approximately $21 million in 2006 on these two brand conversion
projects, and both hotels will open under the Courtyard by Marriott
brand. In California, we expect to break ground in March on our
first Embassy Suites hotel, a 150-room property in Valencia, and we
are projecting a late 2006 or early 2007 opening. We expect to
spend approximately $17 million in 2006 on the development of this
hotel." Fisher said that acquisitions remain a principal focus of
the company's growth. "We continue to target premium brands in the
upscale extended-stay sectors, as well as select-service and
full-service hotels that have the potential to be rebranded and
repositioned, located in major urban markets with multiple demand
generators and high barriers to new competition. We also will
selectively consider development opportunities where it makes
economic sense or in markets where the cost of building a new hotel
is comparable to or lower than prices for existing hotels. Capital
Structure Bruce A. Riggins, chief financial officer, pointed out
that the company continues to maintain one of the industry's
strongest capital structures and lowest-levered balance sheets. "We
paid down $17 million of debt during the year and reduced our debt
to investment in hotels at cost ratio to 26 percent at year-end
2005, compared to 30 percent at year-end 2004. Our weighted average
interest rate on our total debt is 7.2 percent, and 73 percent of
our total debt is at fixed rates. Our low leverage gives us
significant flexibility to fund future acquisition and development
projects." Earnings Guidance The company provides the following
range of estimates for the first quarter and full-year 2006, based
on assumed RevPAR growth of 6.0 percent to 8.0 percent for the
first quarter and 6.0 percent to 8.0 percent for the full year
(forecasted financial results do not include any assumptions for
future acquisitions, developments, dispositions or capital markets
transactions): * Net income applicable to common shareholders of
$1.3 million to $2.8 million for the first quarter and $20.5
million to $24.5 million for the full year; * Diluted income per
share of $0.03 to $0.07 for the first quarter and $0.48 to $0.57
for the full year; * FFO and Adjusted FFO per share of $0.24 to
$0.27 for the first quarter and $1.30 to $1.38 for the full year; *
Adjusted EBITDA of $20.5 million to $22.0 million for the first
quarter and $98.0 million to $102.0 million for the full year; *
Gross operating profit margin increase of approximately 100 basis
points for the first quarter and 60 basis points for full-year 2006
(includes effect of a 70 basis point increase in 2006 (no impact in
first quarter) for incentive management fees which have not
historically been paid); and * Capital expenditures of $25 million
(excludes $38 million of capital expenditures related to the two
hotels closed for renovation and conversion and one hotel under
development). See reconciliations of net income applicable to
common shareholders to FFO per share and Adjusted FFO per share and
net income applicable to common shareholders to Adjusted EBITDA
included in the tables of this press release. FFO per share,
Adjusted FFO per share, and Adjusted EBITDA are not generally
accepted accounting principles (GAAP) financial measures and are
discussed in further detail in this press release. The company will
hold a web cast of its fourth quarter 2005 conference call today,
February 28, 2006, 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 11051602, to
hear a telephone replay. The archived web cast and telephone replay
will be available through March 7, 2006. Innkeepers USA Trust owns
70 hotels with a total of 8,825 suites or rooms in 20 states and
Washington, D.C., and focuses on acquiring and/or developing
premium branded upscale extended-stay, select-service and
full-service hotels and the rebranding and repositioning of other
hotel properties. 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 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, and Adjusted FFO (defined below) 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 real estate
companies use FFO as a measure of their financial and operating
performance, which 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.
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. 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. EBITDA and Adjusted
EBITDA are reconciled to net income (loss) applicable to common
shareholders determined in accordance with GAAP in the accompanying
schedules. 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 operational risks of the hotel business
(including decreasing hotel revenues and increasing hotel expenses)
under the company's taxable REIT subsidiary structure, (ii) 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, (iii) 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.),
(iv) 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, (v) risk that
the company's ability to maintain its properties in competitive
condition becomes prohibitively expensive, (vi) 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, (vii) 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); (viii) 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; (ix) 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, (x) 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 (xi) 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. Contact: Bruce Riggins
(Company) Jerry Daly or Carol McCune Chief Financial Officer Daly
Gray (Media) (561) 227-1302 (703) 435-6293 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, -------------------- ---------------------- 2005
2004 2005 2004
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Revenue: Hotel operating Rooms 56,297 48,513 232,489 192,260 Food
and beverage 2,354 269 6,254 1,061 Telephone 390 414 1,756 1,769
Other 1,746 1,243 6,156 4,544 Corporate Percentage lease -- 0 --
5,010 Other 130 80 526 385
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Total revenue 60,917 50,519 247,181 205,029
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Expenses: Hotel operating Rooms 12,714 11,681 49,382 43,253 Food
and beverage 1,997 218 4,947 1,020 Telephone 794 777 2,938 2,571
Other 663 602 2,643 2,036 General and administrative 6,365 5,171
23,797 18,509 Franchise and marketing fees 3,947 3,322 16,210
13,305 Amortization of deferred franchise conversion 292 274 1,240
1,047 Advertising and promotions 2,371 1,759 8,323 6,618 Utilities
3,038 2,405 11,610 9,290 Repairs and maintenance 3,352 3,013 12,584
10,771 Management fees 1,812 1,618 7,381 6,382 Amortization of
deferred lease acquisition 131 131 523 512 Insurance 405 398 1,541
1,543 Corporate Depreciation 9,130 8,202 35,356 31,806 Amortization
of franchise fees 17 15 68 53 Ground rent 144 130 535 505 Interest
4,981 4,744 18,817 18,553 Amortization of loan origination fees 219
235 870 953 Property taxes and insurance 2,698 2,695 11,264 11,355
General and administrative 1,790 1,302 7,697 5,413 Amortization of
unearned compensation 209 194 646 948 Other charges 0 0 3,053 875
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Total expenses 57,069 48,886 221,425 187,318
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Income before minority interest 3,848 1,633 25,756 17,711 Minority
interest, common 2 70 (193) 32 Minority interest, preferred (1,068)
(1,068) (4,273) (4,272)
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Income from continuing operations 2,782 635 21,290 13,471 Income
from discontinued operations (8) (75) 1,369 1,129
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Net income 2,774 560 22,659 14,600 Series A Preferred Share
issuance costs -- -- -- (4,249) Preferred share dividends (2,900)
(2,900) (11,600) (11,489)
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Net income applicable to common shareholders ($126) ($2,340)
$11,059 ($1,138)
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Earnings per share data: Basic - continuing operations $0.00
($0.06) $0.23 ($0.06)
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Basic $0.00 ($0.06) $0.26 ($0.03)
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Basic - weighted average shares 42,730,979 37,576,641 41,962,899
37,576,641
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Diluted - continuing operations $0.00 ($0.06) $0.23 ($0.06)
-----------------------------------------------------------------------
Diluted $0.00 ($0.06) $0.26 ($0.03)
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Diluted - weighted average shares 43,125,786 37,774,527 42,266,403
37,576,641
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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,
2005 2004 2005 2004 ---------------------- -----------------------
CALCULATION OF FFO Net income (loss) applicable to common
shareholders ($126) ($2,340) $11,059 ($1,138) Depreciation 9,130
8,202 35,356 31,806 Depreciation included in discontinued
operations -- 0 -- 1,564 Gain on sale of hotels included in
discontinued operations 0 4 (1,501) (782) Minority interest,
preferred 0 (32) 4,273 (32) Minority interest, common (2) (38) 193
0 ---------------------- ----------------------- Diluted FFO $9,002
$5,796 $49,380 $31,418 ----------------------
----------------------- Weighted average number of common shares
and common share equivalents 43,125,786 39,196,016 46,911,391
39,013,311 ---------------------- ----------------------- FFO per
share $0.21 $0.15 $1.05 $0.81 ----------------------
----------------------- FFO 9,002 5,796 49,380 31,418 Series A
preferred share issuance costs -- 0 -- 4,249 Other charges 0 0
3,053 875 Discontinued operations 8 71 132 (1,911)
---------------------- ----------------------- Adjusted FFO $9,010
$5,867 $52,565 $34,631 ----------------------
----------------------- Adjusted FFO per share $0.21 $0.15 $1.12
$0.89 ---------------------- ----------------------- Three Months
Ended Twelve Months Ended December 31, December 31, 2005 2004 2005
2004 ---------------------- ----------------------- CALCULATION OF
EBITDA Net income applicable to common shareholders ($126) ($2,340)
$11,059 ($1,138) Interest 4,981 4,744 18,817 18,553 Depreciation
and amortization 9,998 9,051 38,703 35,319 Depreciation included in
discontinued operations -- 0 -- 1,564 Minority interest, common (2)
(70) 193 (32) Minority interest, preferred 1,068 1,068 4,273 4,272
Series A preferred share issuance costs -- 0 -- 4,249 Preferred
share dividends 2,900 2,900 11,600 11,489 ----------------------
----------------------- EBITDA $18,819 $15,353 $84,645 $74,276
---------------------- ----------------------- Other charges 0 0
3,053 875 Discontinued operations 8 71 132 (1,911) Gain on sale of
hotels included in discontinued operations 0 4 (1,501) (782)
---------------------- ----------------------- Adjusted EBITDA
$18,827 $15,428 $86,329 $72,458 ----------------------
----------------------- INNKEEPERS USA TRUST 2006 Forecast
Reconciliation (in thousands, except share and per share data)
Three months ended Twelve months ended March 31, 2006 December 31,
2006 Low End High End Low End High End Range Range Range Range
---------------------- ---------------------- CALCULATION OF FFO
Net income (loss) applicable to common shareholders 1,282 2,782
20,548 24,548 Depreciation 9,182 9,182 37,611 37,611 Gain on sale
of hotels included in discontinued operations -- -- -- -- Minority
interest, preferred -- -- 3,565 3,565 Minority interest, common 29
29 135 135 ---------------------- ---------------------- Diluted
FFO 10,493 11,993 61,859 65,859 ----------------------
---------------------- Weighted average number of common shares and
common share equivalents 43,723,265 43,723,265 47,698,469
47,698,469 ---------------------- ---------------------- FFO per
share 0.24 0.27 1.30 1.38 ----------------------
---------------------- FFO 10,493 11,993 61,859 65,859 Other
charges -- -- -- -- Discontinued operations -- -- -- --
---------------------- ---------------------- Adjusted FFO 10,493
11,993 61,859 65,859 ---------------------- ----------------------
Adjusted FFO per share 0.24 0.27 1.30 1.38 ----------------------
---------------------- Three months ended Twelve months ended March
31, 2006 December 31, 2006 Low End High End Low End High End Range
Range Range Range ---------------------- ----------------------
CALCULATION OF EBITDA Net income (loss) applicable to common
shareholders 1,282 2,782 20,548 24,548 Interest 4,942 4,942 20,103
20,103 Depreciation and amortization 10,296 10,296 42,056 42,056
Minority interest, preferred 1,068 1,068 3,565 3,565 Minority
interest, common 29 29 135 135 Preferred share dividends 2,900
2,900 11,600 11,600 ---------------------- ----------------------
EBITDA 20,517 22,017 98,007 102,007 ----------------------
---------------------- Other charges -- -- -- -- Discontinued
operations -- -- -- -- Gain on sale of hotels included in
discontinued operations -- -- -- -- ----------------------
---------------------- Adjusted EBITDA $20,517 $22,017 $98,007
$102,007 ---------------------- ---------------------- INNKEEPERS
USA TRUST CONSOLIDATED BALANCE SHEETS (in thousands, except share
and per share data) December 31, December 31, 2005 2004
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ASSETS Investment in hotels: Land and improvements $150,375
$127,392 Buildings and improvements 754,131 687,754 Furniture and
equipment 106,944 101,909 Renovations in process 4,534 2,794 Hotels
under development 4,413 3,864 Hotels held for sale -- 19,299
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1,020,397 943,012 Accumulated depreciation (230,139) (207,853)
-------------------------------------------------------------------------
Net investment in hotels 790,258 735,159 Cash and cash equivalents
11,897 22,837 Restricted cash and cash equivalents 6,675 10,781
Accounts receivable, net 6,124 4,577 Prepaid and other 2,478 2,539
Deferred and other 19,546 20,099
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Total assets $836,978 $795,992
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LIABILITIES AND SHAREHOLDERS' EQUITY Debt $269,426 $286,865
Accounts payable and accrued expenses 15,956 12,663 Payable to
manager 236 209 Franchise conversion fee obligations 10,714 10,825
Distributions payable 9,645 5,450
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Total liabilities 305,977 316,012 Minority interest in Partnership
47,982 51,088 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, 42,914,086 and 37,966,756 issued and
outstanding, respectively 429 380 Additional paid-in capital
460,873 396,631 Unearned compensation (1,939) (448) Distributions
in excess of earnings (121,344) (112,671)
-------------------------------------------------------------------------
Total shareholders' equity 483,019 428,892
-------------------------------------------------------------------------
Total liabilities and shareholders' equity $836,978 $795,992
INNKEEPERS USA TRUST DEBT COMPOSITION As of December 31, 2005
(outstanding balance in thousands) Outstanding Stated Maturity
Encumbered Balance Interest Date Properties DEBT Rate
--------------------------------------------------------------------------
Unsecured Line of Credit(1) $64,074 5.59% July 2007 --
------------------------------------------ Industrial Revenue
Bonds(1) $10,000 3.25% December 2014 --
------------------------------------------ Term Loan #1 $23,163
8.17% October 2007 8 ------------------------------------------
Term Loan #2 $34,915 8.15% March 2009 8
------------------------------------------ Term Loan #3 $28,090
7.02% April 2010 7 ------------------------------------------ Term
Loan #4 $45,533 7.16% October 2009 6
------------------------------------------ Term Loan #5 $49,422
7.75% January 2011 6 ------------------------------------------
Mortgage $12,709 10.35% June 2010 1
------------------------------------------ Adjustment (4) $1,520 --
-- -- ------------------------------------------ TOTAL $269,426
7.2%(2) 5 years(3) 36 ------------------------------------------
(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 (4) Adjustment to record $13 million
mortgage at a fair market interest rate of 7% (the stated interest
rate is 10.35%) INNKEEPERS USA TRUST OTHER DATA (in thousands,
except shares data) December 31, December 31, 2005 2004
------------------------------- CAPITALIZATION
------------------------------- Common share market capitalization
$698,000 $539,000 ------------------------------- Total Market
capitalization $1,097,000 $1,042,000
------------------------------- Common share closing price $16.00
$14.20 ------------------------------- Common share dividend(1)
$0.46 $0.18 ------------------------------- Common share dividend
yield(1) 2.9% 1.3% ------------------------------- Preferred share
closing price $24.43 $25.75 -------------------------------
Preferred share dividend(2) $2.00 $2.04
------------------------------- Preferred share dividend yield(2)
8.2% 7.9% ------------------------------- DEBT COVERAGE
------------------------------- Debt weighted average interest rate
7.2% 6.8% ------------------------------- Debt to investment in
hotel properties, at cost 26% 30% -------------------------------
Debt and preferred shares to investment in hotel properties 41% 46%
------------------------------- Debt to market capitalization 25%
28% ------------------------------- Debt and preferred shares to
market capitalization 38% 41% -------------------------------
LIQUIDITY/FLEXIBILITY ------------------------------- Debt due 2005
-- $6,000 ------------------------------- Debt due 2006 $6,000
$7,000 ------------------------------- Debt due 2007 $91,000 $7,000
------------------------------- Debt due 2008 and thereafter
$172,426 $267,000 ------------------------------- Unencumbered
hotel assets(3) 48% 43% ------------------------------- Unsecured
Line of Credit outstanding balance $64,074 $60,000
------------------------------- Unsecured Line of Credit available
balance(4) $59,426 $65,000 ------------------------------- SHARES
AND UNITS OUTSTANDING ------------------------------- Common Shares
42,939,086 37,966,756 ------------------------------- Common
Partnership Units 666,891 1,117,056 -------------------------------
Preferred Partnership Units 3,884,469 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, 2005 and 2004 (2) Regular annual preferred share dividends (3)
Based upon the number of hotels (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 $135 million revolving 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, 2005 2005 2004 Inc
(dec) ------------------------------------ PORTFOLIO(1)
------------------------------------ --------------------------
Average Daily Rate $103.42 $96.47 7.20% --------------------------
Occupancy 70.79% 70.79% 0.00% -------------------------- RevPAR
$73.21 $68.29 7.20% -------------------------- ------ Number of
hotel properties 65 ------ Percent of total rooms 100.0% ------
Percent of room revenue(2) 100.0% ------
------------------------------------ Upscale Extended Stay
-------------------------- Average Daily Rate $103.91 $97.89 6.15%
-------------------------- Occupancy 73.75% 73.07% 0.93%
-------------------------- RevPAR $76.64 $71.53 7.14%
-------------------------- ------ Number of hotel properties 49
------ Percent of total rooms 74.7% ------ Percent of room
revenue(2) 77.7% ------ Upscale(1) --------------------------
Average Daily Rate $113.53 $105.14 7.98% --------------------------
Occupancy 64.57% 63.04% 2.43% -------------------------- RevPAR
$73.31 $66.28 10.61% -------------------------- ------ Number of
hotel properties 3 ------ Percent of total rooms 5.8% ------
Percent of room revenue(2) 6.2% ------ Mid Priced(1)
-------------------------- Average Daily Rate $98.00 $87.82 11.59%
-------------------------- Occupancy 61.27% 64.33% -4.76%
-------------------------- RevPAR $60.05 $56.50 6.28% ------ Number
of hotel properties 13 ------ Percent of total rooms 19.5% ------
Percent of room revenue(2) 16.1% ------ BY FRANCHISE AFFILIATION
------------------------------------ Residence Inn
-------------------------- Average Daily Rate $104.06 $97.99 6.19%
-------------------------- Occupancy 73.28% 72.08% 1.66%
-------------------------- RevPAR $76.25 $70.63 7.96%
-------------------------- ------ Number of hotel properties 42
------ Percent of total rooms 63.5% ------ Percent of room
revenue(2) 65.6% ------ Summerfield Suites
-------------------------- Average Daily Rate $98.66 $92.64 6.50%
-------------------------- Occupancy 76.38% 79.51% -3.94%
-------------------------- RevPAR $75.35 $73.66 2.29%
-------------------------- ------ Number of hotel properties 6
------ Percent of total rooms 9.4% ------ Percent of room
revenue(2) 9.7% ------ Hampton Inn(1) --------------------------
Average Daily Rate $99.08 $88.28 12.23% --------------------------
Occupancy 60.83% 64.18% -5.22% -------------------------- RevPAR
$60.27 $56.66 6.37% -------------------------- ------ Number of
hotel properties 12 ------ Percent of total rooms 18.3% ------
Percent of room revenue(2) 15.2% ------ BY MANAGEMENT COMPANY
------------------------------------ Innkeepers Hospitality
Management(1)(3)(4) -------------------------- Average Daily Rate
$103.85 $96.67 7.43% -------------------------- Occupancy 71.11%
71.39% -0.39% -------------------------- RevPAR $73.85 $69.01 7.01%
-------------------------- ------ Number of hotel properties 64
------ Percent of total rooms 97.3% ------ Percent of room
revenue(2) 97.7% ------ Third Party Managed
-------------------------- Average Daily Rate $84.63 $86.10 -1.71%
-------------------------- Occupancy 59.13% 49.24% 20.09%
-------------------------- RevPAR $50.04 $42.40 18.02%
-------------------------- ------ Number of hotel properties 1
------ Percent of total rooms 2.7% ------ Percent of room
revenue(2) 2.4% ------ BY GEOGRAPHIC REGION
------------------------------------ New England [ME, NH, VT, MA,
CT, RI] -------------------------- Average Daily Rate $106.92
$97.31 9.88% -------------------------- Occupancy 65.15% 71.95%
-9.45% -------------------------- RevPAR $69.65 $70.02 -0.53%
-------------------------- ------ Number of hotel properties 4
------ Percent of total rooms 4.6% ------ Percent of room
revenue(2) 4.5% ------ Middle Atlantic(1) [NY, NJ, PA]
-------------------------- Average Daily Rate $108.68 $101.81 6.75%
-------------------------- Occupancy 69.04% 70.38% -1.90%
-------------------------- RevPAR $75.03 $71.66 4.70%
-------------------------- ------ Number of hotel properties 10
------ Percent of total rooms 14.2% ------ Percent of room
revenue(2) 14.7% ------ South Atlantic(1) [DE, MD, WV, DC, VA, NC,
SC, GA, FL] -------------------------- Average Daily Rate $108.07
$96.06 12.50% -------------------------- Occupancy 67.70% 70.47%
-3.93% -------------------------- RevPAR $73.16 $67.69 8.08%
-------------------------- ------ Number of hotel properties 15
------ Percent of total rooms 23.9% ------ Percent of room
revenue(2) 24.4% ------ East North Central [OH, MI, IN, IL, WI]
-------------------------- Average Daily Rate $90.03 $88.00 2.31%
-------------------------- Occupancy 68.00% 65.09% 4.47%
-------------------------- RevPAR $61.22 $57.28 6.88%
-------------------------- ------ Number of hotel properties 12
------ Percent of total rooms 16.7% ------ Percent of room
revenue(2) 14.0% ------ East South Central(1) [KY, TN, AL, MS]
-------------------------- Average Daily Rate $89.37 $81.18 10.09%
-------------------------- Occupancy 69.81% 78.96% -11.59%
-------------------------- RevPAR $62.39 $64.10 -2.67%
-------------------------- ------ Number of hotel properties 2
------ Percent of total rooms 2.2% ------ Percent of room
revenue(2) 2.0% ------ West North Central [MN, IA, MO, KS, NE, SD,
ND] -------------------------- Average Daily Rate $81.04 $79.32
2.17% -------------------------- Occupancy 77.16% 74.05% 4.20%
-------------------------- RevPAR $62.53 $58.74 6.45%
-------------------------- ------ Number of hotel properties 1
------ Percent of total rooms 0.8% ------ Percent of room
revenue(2) 0.7% ------ West South Central [AR, LA, OK, TX]
-------------------------- Average Daily Rate $95.41 $88.96 7.25%
-------------------------- Occupancy 78.02% 76.19% 2.40%
-------------------------- RevPAR $74.44 $67.78 9.83%
-------------------------- ------ Number of hotel properties 5
------ Percent of total rooms 8.7% ------ Percent of room
revenue(2) 8.5% ------ Mountain [MT, ID, WY, CO, UT, NM, AZ, NV]
-------------------------- Average Daily Rate $89.03 $89.45 -0.47%
-------------------------- Occupancy 73.56% 64.80% 13.52%
-------------------------- RevPAR $65.49 $57.97 12.97%
-------------------------- ------ Number of hotel properties 2
------ Percent of total rooms 3.5% ------ Percent of room
revenue(2) 3.2% ------ Pacific [WA, OR, CA, AK, HI]
-------------------------- Average Daily Rate $110.94 $104.32 6.35%
-------------------------- Occupancy 74.55% 73.02% 2.10%
-------------------------- RevPAR $82.70 $76.18 8.56%
-------------------------- ------ Number of hotel properties 14
------ Percent of total rooms 25.4% ------ Percent of room
revenue(2) 28.1% ------ BY SELECTED MSA
------------------------------------ Atlanta
-------------------------- Average Daily Rate $105.08 $86.52 21.45%
-------------------------- Occupancy 70.85% 65.76% 7.74%
-------------------------- RevPAR $74.45 $56.89 30.87%
-------------------------- ------ Number of hotel properties 2
------ Percent of total rooms 3.5% ------ Percent of room
revenue(2) 3.3% ------ Boston -------------------------- Average
Daily Rate $98.14 $86.30 13.72% --------------------------
Occupancy 54.53% 59.54% -8.41% -------------------------- RevPAR
$53.52 $51.38 4.17% -------------------------- ------ Number of
hotel properties 1 ------ Percent of total rooms 1.2% ------
Percent of room revenue(2) 0.9% ------ Chicago
-------------------------- Average Daily Rate $92.09 $88.12 4.51%
-------------------------- Occupancy 66.64% 64.45% 3.40%
-------------------------- RevPAR $61.37 $56.79 8.06%
-------------------------- ------ Number of hotel properties 4
------ Percent of total rooms 7.0% ------ Percent of room
revenue(2) 5.8% ------ Dallas/Ft. Worth --------------------------
Average Daily Rate $87.37 $80.08 9.10% --------------------------
Occupancy 78.34% 76.67% 2.18% -------------------------- RevPAR
$68.45 $61.40 11.48% -------------------------- ------ Number of
hotel properties 4 ------ Percent of total rooms 6.8% ------
Percent of room revenue(2) 6.1% ------ Denver
-------------------------- Average Daily Rate $89.03 $89.45 -0.47%
-------------------------- Occupancy 73.56% 64.80% 13.52%
-------------------------- RevPAR $65.49 $57.97 12.97%
-------------------------- ------ Number of hotel properties 2
------ Percent of total rooms 3.6% ------ Percent of room
revenue(2) 3.2% ------ Detroit -------------------------- Average
Daily Rate $90.23 $92.39 -2.34% --------------------------
Occupancy 72.26% 64.11% 12.71% -------------------------- RevPAR
$65.20 $59.23 10.08% -------------------------- ------ Number of
hotel properties 3 ------ Percent of total rooms 4.5% ------
Percent of room revenue(2) 4.0% ------ Hartford
-------------------------- Average Daily Rate $112.40 $104.04 8.04%
-------------------------- Occupancy 72.83% 75.08% -3.00%
-------------------------- RevPAR $81.85 $78.12 4.77%
-------------------------- ------ Number of hotel properties 2
------ Percent of total rooms 2.4% ------ Percent of room
revenue(2) 2.6% ------ Philadelphia --------------------------
Average Daily Rate $101.96 $94.97 7.36% --------------------------
Occupancy 74.46% 74.52% -0.08% -------------------------- RevPAR
$75.92 $70.78 7.26% -------------------------- ------ Number of
hotel properties 4 ------ Percent of total rooms 5.8% ------
Percent of room revenue(2) 5.9% ------ Richmond
-------------------------- Average Daily Rate $94.84 $88.54 7.12%
-------------------------- Occupancy 74.23% 75.31% -1.43%
-------------------------- RevPAR $70.40 $66.67 5.59%
-------------------------- ------ Number of hotel properties 2
------ Percent of total rooms 2.3% ------ Percent of room
revenue(2) 2.3% ------ San Francisco/San Jose/Oakland (Silicon
valley) -------------------------- Average Daily Rate $111.99
$103.89 7.80% -------------------------- Occupancy 72.63% 70.07%
3.65% -------------------------- RevPAR $81.33 $72.80 11.72%
-------------------------- ------ Number of hotel properties 8
------ Percent of total rooms 15.0% ------ Percent of room
revenue(2) 15.8% ------ Seattle/Portland --------------------------
Average Daily Rate $109.34 $103.62 5.52% --------------------------
Occupancy 74.83% 74.61% 0.29% -------------------------- RevPAR
$81.83 $77.32 5.83% -------------------------- ------ Number of
hotel properties 4 ------ Percent of total rooms 6.3% ------
Percent of room revenue(2) 7.3% ------ Washington, D.C.(1)
-------------------------- Average Daily Rate $135.88 $120.77
12.51% -------------------------- Occupancy 67.62% 71.08% -4.87%
-------------------------- RevPAR $91.88 $85.85 7.02%
-------------------------- ------ Number of hotel properties 4
------ Percent of total rooms 6.7% ------ Percent of room
revenue(2) 8.3% ------ Twelve Months Ended December 31, % 2005 2004
Inc (dec) ------------------------------------ PORTFOLIO(1)
------------------------------------
------------------------------- Average Daily Rate $103.82 $97.42
6.57% ------------------------------- Occupancy 75.21% 74.80% 0.55%
------------------------------- RevPAR $78.08 $72.87 7.15%
------------------------------- Upscale Extended Stay
------------------------------- Average Daily Rate $103.84 $98.12
5.83% ------------------------------- Occupancy 78.19% 77.41% 1.01%
------------------------------- RevPAR $81.20 $75.95 6.91%
------------------------------- Upscale(1)
------------------------------- Average Daily Rate $123.57 $115.07
7.39% ------------------------------- Occupancy 68.54% 73.82%
-7.15% ------------------------------- RevPAR $84.70 $84.95 -0.29%
------------------------------- Mid Priced(1)
------------------------------- Average Daily Rate $97.66 $88.38
10.50% ------------------------------- Occupancy 65.77% 65.09%
1.04% ------------------------------- RevPAR $64.23 $57.53 11.65%
------------------------------- BY FRANCHISE AFFILIATION
------------------------------------ Residence Inn
------------------------------- Average Daily Rate $103.98 $98.05
6.05% ------------------------------- Occupancy 77.63% 76.55% 1.41%
------------------------------- RevPAR $80.73 $75.06 7.55%
------------------------------- Summerfield Suites
------------------------------- Average Daily Rate $98.35 $93.76
4.90% ------------------------------- Occupancy 81.61% 83.06%
-1.75% ------------------------------- RevPAR $80.26 $77.88 3.06%
------------------------------- Hampton Inn(1)
------------------------------- Average Daily Rate $98.50 $88.87
10.84% ------------------------------- Occupancy 65.52% 64.64%
1.36% ------------------------------- RevPAR $64.53 $57.45 12.32%
------------------------------- BY MANAGEMENT COMPANY Innkeepers
Hospitality Management(1)(3)(4) -------------------------------
Average Daily Rate $103.67 $97.19 6.67%
------------------------------- Occupancy 75.61% 74.91% 0.93%
------------------------------- RevPAR $78.38 $72.80 7.66%
------------------------------- Third Party Managed
------------------------------- Average Daily Rate $110.53 $106.45
3.83% ------------------------------- Occupancy 61.02% 70.94%
-13.98% ------------------------------- RevPAR $67.44 $75.52
-10.70% ------------------------------- BY GEOGRAPHIC REGION
------------------------------------ New England [ME, NH, VT, MA,
CT, RI] ------------------------------- Average Daily Rate $106.57
$99.37 7.25% ------------------------------- Occupancy 70.39%
69.89% 0.72% ------------------------------- RevPAR $75.02 $69.45
8.02% ------------------------------- Middle Atlantic(1) [NY, NJ,
PA] ------------------------------- Average Daily Rate $108.88
$103.26 5.44% ------------------------------- Occupancy 74.36%
74.00% 0.49% ------------------------------- RevPAR $80.97 $76.41
5.97% ------------------------------- South Atlantic(1) [DE, MD,
WV, DC, VA, NC, SC, GA, FL] ------------------------------- Average
Daily Rate $109.35 $98.94 10.52% -------------------------------
Occupancy 72.91% 74.47% -2.09% -------------------------------
RevPAR $79.72 $73.68 8.20% ------------------------------- East
North Central [OH, MI, IN, IL, WI] -------------------------------
Average Daily Rate $91.62 $87.22 5.04%
------------------------------- Occupancy 71.57% 68.94% 3.81%
------------------------------- RevPAR $65.57 $60.13 9.05%
------------------------------- East South Central(1) [KY, TN, AL,
MS] ------------------------------- Average Daily Rate $88.18
$81.28 8.49% ------------------------------- Occupancy 79.68%
86.33% -7.70% ------------------------------- RevPAR $70.26 $70.17
0.13% ------------------------------- West North Central [MN, IA,
MO, KS, NE, SD, ND] ------------------------------- Average Daily
Rate $81.66 $81.22 0.54% ------------------------------- Occupancy
83.89% 77.99% 7.57% ------------------------------- RevPAR $68.50
$63.35 8.13% ------------------------------- West South Central
[AR, LA, OK, TX] ------------------------------- Average Daily Rate
$93.30 $89.60 4.13% ------------------------------- Occupancy
81.92% 78.91% 3.81% ------------------------------- RevPAR $76.43
$70.71 8.09% ------------------------------- Mountain [MT, ID, WY,
CO, UT, NM, AZ, NV] ------------------------------- Average Daily
Rate $92.58 $88.22 4.94% ------------------------------- Occupancy
76.00% 70.19% 8.28% ------------------------------- RevPAR $70.36
$61.92 13.63% ------------------------------- Pacific [WA, OR, CA,
AK, HI] ------------------------------- Average Daily Rate $110.63
$104.48 5.89% ------------------------------- Occupancy 78.04%
78.44% -0.51% ------------------------------- RevPAR $86.34 $81.95
5.36% ------------------------------- BY SELECTED MSA
------------------------------------ Atlanta
------------------------------- Average Daily Rate $99.18 $89.95
10.26% ------------------------------- Occupancy 73.67% 71.97%
2.36% ------------------------------- RevPAR $73.07 $64.74 12.87%
------------------------------- Boston
------------------------------- Average Daily Rate $95.35 $85.36
11.70% ------------------------------- Occupancy 57.59% 55.74%
3.32% ------------------------------- RevPAR $54.91 $47.58 15.41%
------------------------------- Chicago
------------------------------- Average Daily Rate $93.10 $88.79
4.85% ------------------------------- Occupancy 69.20% 64.46% 7.35%
------------------------------- RevPAR $64.43 $57.24 12.56%
------------------------------- Dallas/Ft. Worth
------------------------------- Average Daily Rate $84.33 $80.45
4.82% ------------------------------- Occupancy 82.44% 79.08% 4.25%
------------------------------- RevPAR $69.53 $63.62 9.29%
------------------------------- Denver
------------------------------- Average Daily Rate $92.58 $88.22
4.94% ------------------------------- Occupancy 76.00% 70.19% 8.28%
------------------------------- RevPAR $70.36 $61.92 13.63%
------------------------------- Detroit
------------------------------- Average Daily Rate $93.58 $90.19
3.76% ------------------------------- Occupancy 74.47% 74.57%
-0.13% ------------------------------- RevPAR $69.69 $67.26 3.61%
------------------------------- Hartford
------------------------------- Average Daily Rate $112.58 $105.08
7.14% ------------------------------- Occupancy 73.79% 73.02% 1.05%
------------------------------- RevPAR $83.07 $76.73 8.26%
------------------------------- Philadelphia
------------------------------- Average Daily Rate $101.64 $94.85
7.16% ------------------------------- Occupancy 78.19% 76.61% 2.06%
------------------------------- RevPAR $79.47 $72.66 9.37%
------------------------------- Richmond
------------------------------- Average Daily Rate $95.40 $91.34
4.44% ------------------------------- Occupancy 80.53% 76.64% 5.08%
------------------------------- RevPAR $76.83 $70.01 9.74%
------------------------------- San Francisco/San Jose/Oakland
(Silicon valley) ------------------------------- Average Daily Rate
$110.63 $103.78 6.60% ------------------------------- Occupancy
74.31% 74.68% -0.50% ------------------------------- RevPAR $82.21
$77.51 6.06% ------------------------------- Seattle/Portland
------------------------------- Average Daily Rate $109.14 $105.27
3.68% ------------------------------- Occupancy 82.53% 80.81% 2.13%
------------------------------- RevPAR $90.07 $85.07 5.88%
------------------------------- Washington, D.C.(1)
------------------------------- Average Daily Rate $134.05 $118.98
12.67% ------------------------------- Occupancy 71.98% 76.43%
-5.82% ------------------------------- RevPAR $96.49 $90.93 6.11%
------------------------------- (1) Hotel operating results exclude
one hotel property acquired in June 2003 which will be converted 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 will be converted to
a Courtyard hotel, one Westin hotel acquired in May 2005 and one
Independent hotel acquired in November 2005. (2) Room revenue for
YTD December 2005. (3) Innkeepers Hospitality Management, Inc.
assumed management of one Sunrise Suites hotel previously managed
by affiliates of Wyndham International, Inc. on March 1, 2004, and
five Summerfield Suites by Wyndham hotels previously managed by
affiliates of Wyndham International, Inc. on April 1, 2004. (4)
Operating statistics for hotels acquired in 2004 and 2005 include
room revenue for those periods prior to our acquisition of the
hotels. First Call Analyst: FCMN Contact: julie@dalygray.com
DATASOURCE: Innkeepers USA Trust CONTACT: Bruce Riggins, Chief
Financial Officer of Innkeepers USA Trust, +1-561-227-1302, or
Jerry Daly or Carol McCune, both of Daly Gray, +1-703-435-6293, for
Innkeepers USA Trust Web site: http://www.innkeepersusa.com/
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