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Real estate investment trusts

Winston Hotels Reports Record Results for Second Quarter and First Six Months of 1995

Strategic Insights

— 1 min read

Winston Hotels, Inc. announced record results for the second quarter and first six months ended June 30, 1995. The company's funds from operations (FFO) increased 87% to $3.4 million for the second quarter, compared to pro forma FFO of $1.8 million for the same quarter in 1994. Net income for the second quarter also saw a significant increase, rising 73% to $2.4 million, or $0.29 per share. Lease revenue for the quarter was $4.6 million, a 122% increase from pro forma lease revenue of $2.1 million for the same quarter in 1994.

Key Takeaways:

  • FFO for the second quarter of 1995 increased 87% to $3.4 million, compared to pro forma FFO of $1.8 million for the same quarter in 1994.
  • Net income for the second quarter of 1995 increased 73% to $2.4 million, or $0.29 per share, compared to pro forma net income of $1.4 million, or $0.23 per share, in the year-earlier period.
  • Lease revenue for the quarter was $4.6 million, a 122% increase from pro forma lease revenue of $2.1 million for the same quarter in 1994.
  • Room revenue for the 21 properties was $12 million for the three-month period ended June 30, 1995, up 10.7% from $10.9 million for the same quarter of 1994.
  • Occupancy for the quarter was 86.7% compared to 86.2% for the prior-year quarter.
  • Robert W. Winston III, President and Chief Executive Officer, stated: "We have had an exceptional first half of the year. With solid occupancy levels and continued increases in average daily rates, we are very optimistic about our profitability outlook for the second half of the year."

Statistics:

  • FFO for the second quarter of 1995: $3.4 million
  • FFO for the same quarter in 1994 (pro forma): $1.8 million
  • Net income for the second quarter of 1995: $2.4 million
  • Occupancy for the quarter: 86.7%
  • Room revenue for the 21 properties (three-month period ended June 30, 1995): $12 million
  • Room revenue per available room (REVPAR): $49.08
  • Lease revenue for the second quarter: $4.6 million
  • FFO for the six months ended June 30, 1995: $5.6 million
  • Net income for the six months: $3.6 million
  • Occupancy for the six months: 83.6%

Sources:

  • Winston Hotels, Inc. (1995, July 27). Winston Hotels, Inc. Reports Record Results for Second Quarter and First Six Months of 1995. Business Wire.

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