Boykin Lodging Company has announced it’s financial results for the fourth quarter and year ended December 31, 2005.Some of the financial highlights include:
- Revenue per available room (RevPAR) for the fourth quarter for hotels owned and
operating as of December 31, 2005 increased 0.8% to $58.63 from last year’s $58.19. The increase in RevPAR was the result of a 3.8% increase in average daily room rate to $97.96 and a 1.9 point decrease in occupancy to 59.8%.
- The Company’s net income attributable to common shareholders for the fourth
quarter of 2005
totaled $6.3 million, or $0.35 per fully-diluted share, compared with the same
period last year
when net loss totaled $4.8 million, or $0.27 per share.
- Funds from operations attributable to common shareholders (FFO) for the fourth
$82,000, or $0.00 per fully diluted share, a decrease from fourth-quarter 2004 FFO
of $0.7 million,
or $0.04 per share. Primary contributors to the decrease in FFO included a $0.8
million decline in
contribution from hotel operations as a result of lower levels of business
recorded and increasing insurance costs and a $0.4 million increase in corporate
administrative expenses, all net of minority interest.
- The Company’s EBITDA for the fourth quarter, including the Company’s share of
unconsolidated joint venture subsidiaries, totaled $4.7 million, down from last
year’s fourth quarter
EBITDA of $6.0 million as the result of a $1.0 million decline in contribution from
combined with a $0.5 million increase in corporate general and administrative
expenses. The EBITDA
change is not impacted by minority interest. FFO and EBITDA are non-GAAP financial
should not be considered as alternatives to any measures of operating results under
- The operating results of the five properties sold or divested during 2004, the
sold in 2005 and the joint venture which owned and leased out a third property sold
in 2005 are reflected
in the financial statements as discontinued operations for all periods presented.