Hospitality Properties Trust (NYSE: HPT) today announced its financial results for the quarter ended March 31, 2012.
Results for the Quarter Ended March 31, 2012:
Normalized funds from operations, or Normalized FFO, for the quarter ended March 31, 2012 were $96.4 million, or $0.78 per share, compared to Normalized FFO for the quarter ended March 31, 2011 of $102.4 million, or $0.83 per share.
Net income available for common shareholders was $28.8 million, or $0.23 per share, for the quarter ended March 31, 2012, compared to $45.6 million, or $0.37 per share, for the same quarter last year. Net income available for common shareholders for the quarter ended March 31, 2012, was reduced by $2.9 million, or $0.02 per share, due to the liquidation preference for HPT’s preferred shares that it redeemed during that period exceeding the carrying value for those preferred shares and $1.1 million, or $0.01 per share, due to acquisition related costs.The weighted average number of common shares outstanding was 123.5 million and 123.4 million for the quarters ended March 31, 2012 and 2011, respectively. A reconciliation of net income available for common shareholders determined according to U.S. generally accepted accounting principles, or GAAP, to funds from operations, or FFO, and Normalized FFO for the quarters ended March 31, 2012 and 2011 appears later in this press release. Hotel Portfolio Performance: For the quarter ended March 31, 2012 compared to the same period in 2011 for HPT’s 288 comparable hotels: average daily rate, or ADR, increased 5.2% to $98.62; occupancy decreased 3.7 percentage points to 64.0%; and, as a result, revenue per available room, or RevPAR, decreased by 0.5% to $63.12. During the quarter ended March 31, 2012, HPT had 86 hotels under renovation for all or part of the quarter. For the quarter ended March 31, 2012 compared to the same period in 2011 for HPT’s 202 comparable hotels not under renovation during the quarter: ADR increased 3.8% to $102.22; occupancy increased 0.5 percentage points to 66.8%; and, as a result, RevPAR increased by 4.5% to $68.28.
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