Eagle Hospitality 4Q results rise |
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Thu, 22 Feb 2007 00:09
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COVINGTON, Ky. (AP) - Eagle Hospitality Properties Trust Inc., a real estate investment trust, on Wednesday said fourth-quarter results improved, lifted by higher revenue per available room.Quarterly funds from operations grew 17 percent to $5 million, or 21 cents per share, from $4.2 million, or 18 cents per share during the same period a year ago.Analysts polled by Thomson Financial expected funds from operations of 16 cents per share.FFO, a widely used gauge of real estate operating performance, adds depreciation and amortization expenses, as well as other non-operating items, back to net income.Quarterly net income available to common shareholders fell 39 percent to $192,000, or a penny per share, from $315,000, or a penny per share during the year-ago quarter.Revenue grew 19 percent to $39.1 million, from $32.7 million last year. Revenue per available room grew 12.2 percent to $93.24.Embassy Suites San Juan Hotel & Casino, Embassy Suites Cleveland, and Embassy Suites Columbus/Dublin led the portfolio's revenue per available room growth.In the fourth quarter, the average daily rate rose 8 percent to $137.89. Occupancy grew 3.5 percent to 67.6 percent.For the year, funds from operations grew 19.7 percent to $21.3 million, or 91 cents per share, from $17.5 million, or 76 cents per share during the year-ago period.Net income available to common shareholders grew 4 percent to $3.1 million, or 17 cents per share, from $3 million, or 16 cents per share a year ago. Revenue grew 30 percent to $151 million, from $116.4 million last year.Shares of Eagle Hospitality added 2 cents to close at $10.20 on the New York Stock Exchange.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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