, a real estate investment trust, reported a 14% rise in funds from operations in the fourth quarter, helped by a rise in revenue per available room.
The Newton, Mass.-based owner of hotels across the U.S. and Canada said funds from operations were $65.5 million, or 91 cents a share, for the quarter, compared with FFO of $57.4 million, or 85 cents a share, a year ago. Analysts polled by Thomson First Call were expecting 89 cents a share.
Revenue in the fourth quarter climbed 36.4% from a year ago to $213.9 million, led by a 45% rise in hotel operating revenue to $172 million. Analysts were estimating $214.53 million in the most recent quarter.
After paying preferred distributions, the company earned 64 cents a share, on revenue of $46.3 million, compared with 51 cents a share, on revenue of $33.9 million, a year ago.
Revenue per available room increased 11.6% to $64.82 for the quarter. The average daily rate rose 8.9% to $91.69, even as occupancy increased 1.7 percentage points to 70.7% from a year ago.
The company announced a quarterly dividend of 73 cents a share, which will be distributed on or about Feb. 16, 2006.
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